Frontrunning: June 2

• Strong U.S. job growth expected in May; wage rise seen moderate (Reuters)
• Trump’s Paris Exit Leaves Him Isolated From C-Suites to Capitals (BBG)
• Critics lament Trump climate move, supporters seek new deal (Reuters)
• Musk, Iger to quit Trump advisory councils after Paris accord decision (Reuters)
• Yuan Forecasters Getting It Wrong as China Jolts Markets (BBG)
• Commodity Rebound Evaporates as Slowing Demand Spells More Gluts (BBG)
• Mnuchin and Mulvaney at Odds as Trump Confronts Debt Default (BBG)
• Three lawmakers question Kushner Cos on concerns over White House tie (Reuters)
• EU, China united on climate, still divided over trade (Reuters)
• Putin Says Snowden No Traitor, But Leaking Information Was Wrong (BBG)
• General leading Philippine battle with Islamists relieved of command (Reuters)
• Denmark Is Killing Tesla (and Other Electric Cars) (BBG)
• World’s Biggest Wind-Turbine Maker Falls as Trump Drops Paris (BBG)
• Puerto Rican Exodus Is Speeding the Island’s Economic Collapse (BBG)
• Munich prosecutors expand Audi investigation (Reuters)
• Why Whistleblowers Get Paid in the U.S. but Not in Britain (BBG)
• Mattis says U.S. committed to Asia-Pacific as allies seek clear policy (Reuters)

Overnight Media Digest

WSJ

– President Donald Trump said on Thursday he will withdraw U.S. from the Paris climate accord in an effort to boost the nation’s industry and independence, making a dramatic shift in policy despite intense lobbying from business leaders and close allies. on.wsj.com/2qLfBon

– U.S. meal kit service Blue Apron Holdings has filed preliminary documents for an initial public offering. on.wsj.com/2rqWQc7

– Wal-Mart Stores Inc is testing a program in which store workers deliver some orders placed on Walmart.com or Jet.com, a sign of how the retailer hopes to use its 4,700 U.S. stores to its advantage in its battle against Amazon.com Inc . on.wsj.com/2sv6MR7

– Google has told publishers it will give them at least six months to prepare for a new ad-blocking tool the company is planning to introduce in its Chrome web browser next year, according to people familiar with the company’s plans. on.wsj.com/2stfH5y

– KKR & Co closed a $9.3 billion fund dedicated to private-equity investments across Asia Pacific, the largest such fund in the region, the U.S. private-equity company said on Friday. on.wsj.com/2qMEHn7

FT

President Donald Trump said on Thursday he will withdraw the United States from the landmark 2015 global agreement to fight climate change, a move that prompted widespread criticism from allies and business leaders as America became one of only three nations to oppose the Paris climate accord.

In the event of a “cliff-edge” Brexit, UK pharmaceuticals companies could have to set up some operations related to drug safety and approval within the EU to ensure their products comply with European requirements, the European Commission has warned.

British Police released more photographs of Manchester bomber Salman Abedi on Thursday as they try to discover his movements in the days the attack that killed 22 and injured more than 100.

Black workers with temporary jobs in UK increased between 2011 and 2016, while the proportion of white workers on these contracts held steady over the same period, according to analysis of official data by the Trades Union Congress.

NYT

– President Trump announced on Thursday that the United States would withdraw from the Paris climate accord. Trump said the landmark 2015 pact imposed wildly unfair environmental standards on American businesses and workers. He vowed to stand with the people of the United States against what he called a “draconian” international deal. nyti.ms/2qMSIRF

– Uber said last week that it had recently discovered an accounting error that had deprived New York drivers of tens of millions of dollars, and vowed to pay back drivers every cent, with interest. Now evidence has emerged suggesting that Uber and New York State regulators were aware of the improper deductions from drivers’ earnings as early as 2015. nyti.ms/2qMKRnh

– In a rare slowdown in one of the hottest areas of the entertainment business, attendance declined at 13 of 14 Disney theme parks around the world in 2016 compared with 2015, according to a report by Themed Entertainment Association and Aecom. nyti.ms/2qN1q2d

– Food kits delivery service Blue Apron filed on to go public, moving to become one of the most prominent consumer start-ups in recent years to pursue a stock listing. The size of Blue Apron’s offering has yet to be determined. The prospectus listed a $100 million fund-raising target. nyti.ms/2qMTk9V

Britain

The Times

PPG Industries Inc has walked away from pursuing a hostile 26.9 billion euros ($30.17 billion) offer for Akzo Nobel NV, the Dutch owner of Dulux paints, after weeks of fractious wrangling between the two companies. bit.ly/2qLWFGf

Britain may be back in the European Union in little more than five years if the common market radically reinvents itself, George Soros, the billionaire financier who once beat the Bank of England, has speculated. bit.ly/2qLKyJc

The Guardian

Willie Walsh, the chief executive of British Airways (BA)parent company International Consolidated Airlines Group SA , has praised BA bosses for “doing everything possible” after the IT meltdown that left 75,000 passengers stranded over the bank holiday weekend. bit.ly/2qLwUWC

Alphabet Inc’s Google has officially submitted plans for its new 1 million square feet “landscraper” London headquarters, with the intention of beginning construction on the building in 2018. bit.ly/2qM1VcP

The Telegraph

Lloyds Banking Group Plc has completed a 1.9 billion pounds ($2.45 billion) takeover of credit card issuer MBNA Ltd, significantly boosting its slice of the market just weeks after the Government sold its final shares in the lender. bit.ly/2qLx2FA

The UK pharmaceuticals sector has been told to prepare for a “crisis” Brexit scenario of drastically reduced access to European markets and hundreds of millions of pounds of restructuring costs unless a swift regulatory deal can be struck with Brussels. bit.ly/2qLSBFK

Sky News

Film Finances Inc, a movie financing company with credits including the Hollywood hits La La Land and Nocturnal Animals is plotting a blockbuster premiere on the London stock market that will value it at several hundred million pounds. bit.ly/2qLRaHy

Some of the world’s biggest buyout firms have walked away from potential bids for Shop Direct, the online retailer, amid concerns about its reliance on revenues from a vast consumer credit arm. bit.ly/2qLQYbb

The Independent

Workers’ union Unite has branded the Bank of England “arrogant and out of touch” after some staff at the bank on Thursday started voting in an industrial action ballot over pay. ind.pn/2qLRFkZ