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  1. US unemployment falls to 4.7% but labour force shrinks
  2. JP Morgan boss warns of job cuts after Brexit
  3. Spain opens investigation into tax evasion using leaked details from HSBC's Swiss private bank
  4. Mike Ashley refuses MPs' summons to working conditions inquiry

Live Reporting

By Chris Johnston

All times stated are UK

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Good night

That's all we have time for today and this week on Business Live - thanks for reading. We're back at 06:00 on Monday - do join us then. 

Walmart meets Uber

Walmart store
AFP/Getty Images

Walmart customers in the US could soon have their groceries delivered by Uber and Lyft drivers under a scheme announced by chief executive Doug McMillon at the company's shareholder meeting on Friday.

The retailer expects the trial to start within the next two weeks.

Walmart already offers an online grocery delivery service in 13 markets.

Read more here.

Profit or plunder?

Wall Street slips

Wall Street closed lower on Friday, dragged down by financial shares, after surprisingly weak May jobs growth raised questions about the state of the US economy and whether the Federal Reserve would raise interest rates this summer.

The Dow Jones industrial average slipped about 0.2%, the S&P 500 lost about 0.3% and the Nasdaq Composite fell 0.6%.

Facebook - after Zuckerberg...

Mark Zuckerberg
Getty Images

Facebook's board has proposed removing Mark Zuckerberg's grip on control of the social network if the founder and chief executive  decides to depart at some point in future. 

In a filing with the US Securities and Exchange Commission, Facebook's board will ask shareholders to vote on a proposal that would convert Mr Zuckerberg's class B shares into class A shares if he is no longer chief executive. 

"These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," the board said in the filing.

LATAM gets set for Rio Games

LATAM plane
Getty Images

LATAM Airlines - Latin America's largest carrier - plans to add up to 300 additional flights to service the 2016 Rio de Janeiro Olympic Games in August.

The airline, which has increased the number of ground staff and fitted planes for Paralympic athletes, will carry about a quarter of athletes flying to Rio for the Games, including 30% of Paralympians. 

No apologies from Chappell

Back to BHS again for a moment, the Financial Times reports that former BHS owner Dominic Chappell sent BHS chief executive Darren Topp a text message on Thursday afternoon after the announcement that the retailer would be wound down. 

“Well done. I hope you and Michael [Hitchcock, a consultant to BHS] are happy that you got the out come you wanted. You ****ing prick.”

Mr Chappell was unapologetic on Friday about the message: “I absolutely sent it and I absolutely mean it. Darren Topp was the main board director and the managing director of the company, so don’t shirk his responsibilities.”  

Plea for less 'negative noise'

Pravin Gordhan
Getty Images

After South Africa escaped a downgrade by S&P today, finance minister Pravin Gordhan says it is "important to create optimism in our economy and our country and stop making negative noises which harms us not just in the eyes of global investors, but the global public as well".

A lifeline for South Africa

Lerato Mbele

BBC African Business Report

In deciding to keep South Africa a notch or two above "junk" status, both Moody's and S&P are throwing South Africa a lifeline. The ratings agencies' message is simple - get things right or suffer the consequences. 

Both have given differing reasons, but they agree on one issue: that the South African economy is not as attractive or stable as it previously was. 

To assess whether there is general consensus on how bad things are, the investment community will be waiting for Fitch's announcement later this month. 

If South Africa wants  to avoid a downgrade of its sovereign credit rating, it will have to take bold actions quickly.

Otherwise the near future is one of downgrade to “junk" status, which will lead to reputational damage, higher borrowing costs, disinvestment, the decline in the value of pension funds and make life more expensive for its citizens.

Viacom saga drags on

Sumner Redstone
Getty Images
Sumner Redstone, pictured with Hillary Clinton, in 2013

For those readers following the battle for control of Viacom - the owner of MTV, Comedy Central and Paramount Pictures - here's the latest development. 

A psychiatrist who examined Sumner Redstone twice last month found the 93-year-old retained the mental capacity needed to remove Viacom chief executive Philippe Dauman from the trust that will eventually control the media giant, according to a spokesman for the media mogul. 

Dr James Spar said Mr Redstone displayed only a "mild degree" of age-related cognitive impairment when he saw the mogul at his Los Angeles home on 20 May and 24 May. 

He concluded that Mr Redstone had the "legal mental capacity" required when he removed Dauman and Viacom board member George Abrams from the Sumner M. Redstone National Amusements Trust on 30 May, the statement said. 

The trust will determine the future of Viacom and TV network CBS when Redstone dies or is declared mentally incapacitated. Redstone is the controlling shareholder of both companies, and his mental status is a subject of dispute. 

New evidence raises more questions about BHS sale

Emma Simpson

Business correspondent, BBC News

Getty Images

MPs investigating the collapse of BHS have published new evidence that they say raises a host of new questions around the controversial sale for £1.

The Work and Pensions and the Business select committees released a log provided by a Goldman Sachs banker who informally advised Sir Philip Green.

Anthony Gutman has already given evidence to MPs.

He told them he had initially warned Arcadia that BHS buyer Dominic Chappell had been declared bankrupt.

Read more here.

'The writing was on the wall'

Getty Images

Retail analyst Nick Bubb comments on the demise of BHS:

The final collapse of BHS is not surprising, in the sense that the Portuguese consortium supposedly looking at BHS at the last-minute was barely any more credible than the clowns at Retail Acquisitions, so the writing was on the wall a few days ago. What is surprising is that there seemed to be such interest in BHS a few weeks ago, with the administrators trumpeting about four or five serious contenders, but it’s obvious now that they were just scavengers trying to get parts of it on the cheap. Some people will miss the BHS lighting departments and some (old) people will miss the BHS cafes and some people will miss the tacky BHS Christmas gift shop, but there are other lighting shops and cafes and tacky gift shops in the High Street. The big beneficiary of BHS’s closure will be the chain that has done the most in recent years to put BHS out of business and that is Primark.

Joining the dots

Journalist Charles Arthur has spotted this gem in the Bookseller:

View more on twitter

South Africa dodges junk downgrade

South Africa has avoided losing its investment grade credit rating from Standard & Poor's, but the agency has maintained its negative outlook.

S&P held the country's sovereign debt rating at BBB- but warned about the consequences of low economic growth.

It had been feared the agency would cut South Africa to so-called "junk status", making it more expensive to borrow.

The rand extended gains to rise 3% against the dollar.

Read more here.

Santander shares slide

Getty Images

That raid on Santander has not done anything to help the bank's share price today. 

The stock closed 3.6% lower in Madrid at €4.05, valuing the bank at €58bn (£45bn).

200 BHS head office staff depart

Emma Simpson

Business correspondent, BBC News

BHS store
Getty Images

About 200 staff at BHS head office have been made redundant, with Friday being their last day. This leaves about 70 to 80 staff in place to assist in the winding down of the failed retailer.

I also understand that the process to wind down BHS will take up to eight weeks from start to finish and that it’s unlikely any stores will close within the next fortnight. There is “sufficient” stock and the retailer may even buy more to generate as much money as possible.

The administrators have had a “lot” of interest in the stores and have already received offers.

BreakingSouth Africa avoids S&P downgrade

Africa Business Report presenter Lerato Mbele tweets:

View more on twitter

BreakingFTSE closes higher

Not a bad end to the week for the FTSE 100, which rose 24 points, or 0.4%, to 6,209.6 points. 

However, the listed supermarkets did not have a great Friday, with Tesco sinking 4.3%, Sainsbury's down 4.2% and Morrisons shedding 3.8%.

Top riser was Fresnillo, up 7.5%.

BHS workers vent their anger

BHS store
Getty Images

Both current and former BHS employees have been talking to BBC News. It won't surprise you that many are not very happy, such as Ben, who worked part-time at a BHS store in the Midlands.

"It's a shame. I've lost my job and it's down to Philip Green, cheers pal. I am lost for words."

Read more here. 

Santander HQ raided

Santander logo
Getty Images

The Spanish High Court is investigating 40 cases of possible tax evasion following leaks of details from HSBC's Swiss private bank and police have raided Santander's Madrid headquarters to seek documents related to a number of accounts. 

The Spanish court said all 40 of the people and families under investigation had been on Herve Falciani's list leaked in 2008. He was a former IT employee at the bank in Switzerland.

Santander said the authorities had asked the bank for details related to the movement of funds between banks and was cooperating with the investigation. 

Last year Falciani was sentenced by a Swiss court in his absence to five years in prison for aggravated industrial espionage. However, he may not serve time in Switzerland since he lives in France and there are no legal proceedings against him there. 

BHS: who gets paid?

BHS store
Getty Images

Edward Curwen, from the BBC's Analysis and Research unit, writes:

When BHS ran out of money it was taken over by administrators. Their job is to get the best possible outcome for its creditors – anyone it owes money too.

This covers everything from the big banks that gave it loans, to suppliers, employees, shareholders and the taxman. Where they all rank is established by law.

At the front of the queue are the secured creditors: Arcadia Group, Sir Philip Green’s retail empire, was owed about £35m. Barclays bank and two investment firms were owed around £89m.

They will all get paid off before the unsecured creditors. That includes the taxman, who was owed about £6m in unpaid VAT and taxes, suppliers to BHS, owed about £40m between them as of late February, and any redundancy payments owed to BHS employees.

Up to £600,000 of the money administrators get their hands on goes into a special pot to make sure the unsecured creditors get something. But in the case of BHS it is going to be spread very thin.

July rate rise 'still possible'

BBC News Channel

After today's "disastrous" US job creation figures, Gareth Isaac of Schroders tells business presenter Jamie Robertson that the Federal Reserve could still raise rates in July - but only if the slump does not persist. 

Why US jobs report was weak

Andrew Walker

World Service economics correspondent

US flag
Getty Images

This is a weak report even if you make an allowance for a strike at Verizon, the mobile phone network, over pay. The number is still weak, and still short of what’s needed to keep up with a growing population. 

There’s no mystery about weak job growth at the same time as there was a marked decline in unemployment. That was down to people dropping out of the labour market. If someone is not looking for work they are not counted as unemployed even if they would like to have a job. 

The number “not in the labour force” rose by more than 600,000 . So it is a disappointing monthly report. Still, unemployment below 5%, however the US got there, suggests a labour market doing a lot better than many other countries.  

BreakingWall Street opens lower

Wall Street has opened lower after the disappointing jobs figures out earlier. 

Banks were hit as traders anticipated that interest rates would remain low for longer than previously forecast. 

The Dow Jones industrial average fell 95 points, or 0.5%, to 17,738 points. The S&P 500 lost 13 points, or 0.6%, to 2,091 points and the Nasdaq composite dropped 29 points, or 0.6%, to 4,941 points. 

Prospect of June rise diminishes

Charles Stanley chief investment commentator Garry White tweets:

View more on twitter

Sterling set for weekly losses

Sterling is on track for its worst weekly performance since late March after more worries about Britain's future in the European Union.

Sterling was flat against the dollar at $1.4432 and against the euro at €1.2936.

How will the Fed react?

The jobs figures calls into question when the US Federal Reserve will raise interest rates, as University of Michigan academic Justin Wolfers tweets:

View more on twitter

New Goldman Sachs BHS letter

Guardian business reporter Graham Ruddick tweets:

View more on twitter

US hiring falls to worst in more than five years

US hiring dropped in May to its lowest level in more than five years.

The Labor Department said employers added 38,000 jobs last month, the fewest since September 2010.

Fifa HQ searched again in corruption probe

Brexit 'could lead to 4,000 JP Morgan job losses in UK'

Brexit 'could lead to 4,000 JP Morgan job losses'

JP Morgan chief executive Jamie Dimon says Brexit could lead to 4,000 job losses in its UK business.He says the firm has to be prepared to serve its clients in the EU.  

Vote Leave says JP Morgan 'wrong then, wrong now'

The Vote Leave campaign has responded to JP Morgan boss Jamie Dimon saying that Brexit would lead to job losses at the bank.

It said JP Morgan had been wrong in backing the euro for the UK, and was wrong to back Remain.

Conservative MP Steve Baker said:

Campaigners for Brussels can't have it both ways. They say the EU is about peaceful cooperation, yet then they threaten us if we dare to consider taking back control in favour of a relationship based on trade rather than EU dictats. The British people will not be bullied into voting to hand more money and more power to Brussels by someone whose bonus would make even some eurocrat's eyes water and whose bank helped crash the economy. It's time for 'In' campaign to engage in an honest debate, not make unsubstantiated and illogical threats which are the real danger to our economy."

Could 250,000 refugees come to the UK?

Reality Check

Migration Watch saying: "Between a quarter and a half a million refugees and their dependants could come to the UK from 2020 onwards after acquiring Eu citizenship."

The claim: The Migration Watch think tank says that between a quarter and half a million refugees and their dependants could come to the UK from 2020 onwards after acquiring EU citizenship.

Reality Check verdict: We could not find clear evidence to support this figure. It is very difficult to predict what future migration flows will look like, as they depend on a number of factors. It can also take a number of years for refugees granted asylum in EU countries to acquire citizenship and apply for EU passports. We don't know how many people granted asylum in the stated period will go on to become citizens of another EU country.

Read the full Reality Check here.

MPs: 'What is Mike Ashley frightened of?'

MPs investigating working conditions at Sports Direct's Shirebrook warehouse have said they are "disappointed" that Mike Ashley has refused a summons to appear before them.

Mr Ashley said he was unable to attend the hearing as his lawyer was unable to attend.

Business committee chair Iain Wright said: 

As democratically elected MPs, we are responding to serious allegations of exploitative employment-practices and mistreatment of workers at Sports Direct... Business leaders regularly come before the Committee and answer our questions. Sir Philip Green, for example, has agreed to attend as part of our joint inquiry into BHS. Does Mr Ashley, owning and operating a business in a parliamentary democracy, see himself as being beyond such public scrutiny? What has he got to be frightened of? The committee will decide on the next steps when it meets next week."

'Party time at Credit Suisse' says FT

Credit Suisse logo
Getty Images

Credit Suisse is encouraging its bankers to have some time off on a Friday, the FT reports.

"Protected Friday Nights" mean they're expected to be out of the office by 7.00pm, and not back in again until midday on Saturday, it reports.

Osborne: 'Think carefully' about consequences of leaving the EU

George Osborne speaking in Bournemouth

George Osborne has urged voters to "think carefully about the consequences of leaving the EU". 

In a speech to JP Morgan employees in Bournemouth, the chancellor said financial services, which employ one million people, services generally, which employ 25 million, plus people's livelihoods "would be at risk".

Stressing that "Britain is in charge of its own destiny", he warns:

Weigh all these things up before you vote, but think carefully about the consequences of leaving the EU....It is not all about numbers but people's livelihoods and ability to support their families

George Osborne: 'UK is stronger, safer and better off inside the EU'

The UK has "the best of both worlds" - its not in the euro, or the Schengen open border area, but is part of the single market, Chancellor George Osborne says.

In an appeal for the EU Remain campaign, he argues that "it's deceiving people to pretend that if we leave the EU jobs won't be at risk".

He tells workers at JP Morgan's hub in Bournemouth:

I love this country like all of you do, and the Britain that I love is an outward looking country that has probably done more to shape our world and influence our world, than any other country on our planet. And we've done that because we've engaged in the world, and never thought that we could pull up the drawbridge and retreat from our world. We are not people who quit Britain, and for me, it's about who we are as a country and our relationship with the world and Europe. And I believe we are stronger, safer and better off inside this reformed EU."

Sports Direct boss Mike Ashley refuses MPs' summons

BBC political correspondent Mark D'Arcy writes...

Mike Ashley
Getty Images

Sports Direct boss Mike Ashley has written to the Business Innovation and Skills Select Committee, refusing their summons to appear and give evidence in their inquiry into workplace practices.

The Committee will meet in private session on Tuesday, to consider their next move.

Mr Ashley has told the Committee his lawyer will not be available - but committee sources believe he has had plenty of notice.

Their next step could be to bring the issue to the floor of the Commons and put down a motion referring Mr Ashley to the Privileges Committee, the guardian of the rights of the House; they would then have to decide if his refusal amounted to a breach of privilege.

The ante has been upped.

George Osborne: 'Big economic price' for UK if it leaves the EU

George Osborne

There "will be a big economic price to pay" if the UK leaves the EU, Chancellor George Osborne claims.

He says that outcome will result in financial turbulence, a huge amount of uncertainty, with companies needing to make decisions about where they invest, and who they hire. The UK will also be doing less trade with its principle market - the European Union, he says.

Mr Osborne made the claims during a "town hall" speech to JP Morgan's hub in Bournemouth, which employs 4,000 people.

My concern is that if we quit the EU then there will be a big economic price to be paid for this country ... Let's end this deception that if we leave the EU, jobs won't be at risk. In the services sector alone 400,000 jobs could be at risk."