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Today, 3pm in the White House Rose Garden: Donald Trump has given the time and location for an announcement on whether he will honour the Paris climate pact. Aides say he has decided to pull out of the landmark climate deal despite intense international pressure. Here’s an explainer on what is at stake in the Paris deal and a warning on how pulling out will only energise climate activists.

China and the EU are already responding by forging a new green alliance. Large shareholders in ExxonMobil— the oil company in favour of the US staying in the Paris pact — are supporting a call for the company to publish an annual assessment of the impact of climate policies on its business, despite opposition from the board. (FT, BBC, NYT)

In the news

JPMorgan in unicorn trial
The bank is to face trial alone over alleged wrongdoing in the 2015 fire sale of Good Technology to BlackBerry, after the bank failed to block a settlement by other defendants including the software company’s venture capital backers. (FT)

May’s no-show
The UK prime minister refused to take part in a televised BBC debate, instead sending Amber Rudd, her home secretary and rising Tory star. Theresa May’s absence prompted her rivals to claim she was running scared ahead of polling day on June 8. (FT)

Touching the sun
A US spacecraft will journey within 6m km of the Sun’s surface, seven times closer than any previous spacecraft. The mission of Nasa’s $1.5bn Parker Solar Probe is to learn more about how stars work. (FT)

Women paid more
The heads of the 500 biggest US companies made anywhere from $100m to $1 — but while they are far outnumbered, female chief executives out-earned their male counterparts. (WSJ)

Ousted FBI director to testify
James Comey may testify publicly as early as next week and is expected to confirm the bombshell allegations that Donald Trump pressed him to end his investigation into the Trump campaign’s Russia ties. The White House said it will no longer take questions on the investigation, with all queries from now on referred to the US president’s lawyer. (CNN, Guardian)

Uber’s record revenues — and large losses
Uber reported strong revenues in the first quarter and said it was looking for a new chief financial officer. The San Francisco-based company, which has been rocked by a series of scandals this year, also reported steep losses, which grew to $708m. (FT)

Putin and Erdogan rapprochement
Russia will lift most of the sanctions it had imposed on Ankara after the Turkish military shot down a Russian fighter jet over the border with Syria 18 months ago. The move will bring some relief for Turkey’s struggling economy. (FT)

The day ahead

SpaceX blasts off
Elon Musk’s company will launch its sixth rocket trip this year to the International Space Station under its $4.2bn Nasa contract, but it plans four more for June as it seeks to increase the pace of flights to bring down costs. (ArsTechnica)

Facebook shareholders question Zuckerberg
Investors will confront Mark Zuckerberg at the company’s annual meeting over the social network’s role in spreading fake news. (FT)

US and UK manufacturing data
The UK manufacturing purchasing managers’ index for May dipped slightly from a three-year high in April, one week ahead of the British election. The PMI is also expected to decline in the US. (Investing.com)

Keep up with the important business, economic and political stories in the coming days with the FT’s Week Ahead.

What we’re reading

US-Mexico sugar talks turn sour
The commodity’s American barons are frustrating efforts to cut a deal on imports, in a dress rehearsal for Nafta renegotiations. (FT)

China-US relations President Trump has pulled the US out of the Trans-Pacific Partnership free-trade agreement, is counting on China to deal with North Korea, and also considering China’s positions in its South China Sea disputes. Is China playing him like a violin? (NAR)

Health summit The World Health Organization wrapped up its 10-day meeting with a new leader — Ethiopia’s Tedros Adhanom Ghebreyesus — and a blitz of policy announcements on everything from antimicrobial resistance to vaccination programmes. (Devex)

Chinese labour not cheap enough With many workers complaining about excessive hours and lower pay, the owner of the factory that makes Ivanka Trump’s shoes wants to send their jobs to Ethiopia. (NYT)

The addicts next door A haunting long read on the opioid epidemic afflicting America’s heartland. (New Yorker)

Can science crack the peanut allergy? Amid the rise in food allergies, two new treatments are on the verge of approval. Here is how they work and a look at why our food has turned against us. (FT) ​

Video of the day

Space chief warns UK on Brexit. UK companies could ‘move to Europe’ to stay within EU space programmes. (FT)

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