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The US’s closest G7 allies led international anger at Donald Trump’s decision to withdraw the US from the Paris climate accord, with Germany, France and Italy rejecting the White House’s hints it might be willing to renegotiate the treaty.
Two members of the White House’s business councils — Tesla’s Elon Musk and Walt Disney’s Bob Iger — said they would resign in response, while some US cities and companies affirmed their commitment to renewables. The UK’s Theresa May abstained from the European criticism, and some fossil fuel groups welcomed Mr Trump’s decision. A fact check argues Mr Trump ignored the benefits of tackling climate change and overplayed the drawbacks for the US of the deal.
Fresh reports said a massive crack in an Antarctic ice shelf grew by 11 miles over the past six days, as one of the world’s biggest icebergs is poised to break off into the ocean. The impact of the world at 1.5 degrees C warmer will include more extreme weather and require changes to crops and land use. (FT, NYT, WaPo, USA Today, Conversation)
In the news
Baccarat adds Chinese tint
The 250-year-old French luxury crystal maker is selling 8.8 per cent to Fortune Fountain Capital for €164m, in a move to help it expand into emerging markets. FFC’s main shareholder comes from the family of Wang Xizhi, the most famous calligrapher in Chinese history who lived in the Jin Dynasty around 300AD. (FT)
Theresa May’s wobble
The UK prime minister’s lead over the opposition Labour party has fallen from 20 points at the start of the campaign in mid-April to an average of just nine points. Philip Stephens says the election “has shown Theresa May to be anything but strong and stable”. The FT has endorsed the Conservatives, and the Economist the Lib Dems. (FT, Economist)
People and laptop bans widen
The Trump administration asked the Supreme Court to reinstate its travel ban from six Muslim-majority countries. Its laptop ban is causing a headache for Middle Eastern airlines, which reported their first annual decline in traffic on affected routes in seven years. A new estimate suggests 51,000 passengers on daily Asia-US routes would be affected if the ban widens. (CNN, Reuters, NAR)
US stays in Tel Aviv
Donald Trump has reversed on his campaign pledge to move the embassy in Israel to Jerusalem, which had raised fears of fresh Middle East tension given international disagreements over the status of the Holy City. That reflects some consistency since his election on the need for a peace deal. (FT, Haaretz)
JPMorgan settles conflict of interest case
The bank reached a $35m settlement with shareholders of the former software unicorn, Good Technology, over claims related to Good’s $425m sale to BlackBerry in late-2015. (FT)
Hold the yacht
The party’s over. Organisers of this year’s Cannes Lions advertising festival are introducing new restrictions on super yachts entering the Cote d’Azur port as part of a wider crackdown on what they call “inappropriate” and “distasteful” behaviour during the week-long event. (FT)
Test your knowledge of this week’s news with the FirstFT quiz. How many British Airways passengers were left stranded by a global power outage?
The day ahead
US jobs data due
Official government data will be released on Friday, the day after a report from payroll processor ADP showed private employers added 253,000 jobs in May, easily beating Wall Street estimates of 180,000. (FT)
James Mattis, the US defence secretary, flies to Singapore for an Asian defence dialogue at a time of concerns about US isolationism and rising tensions over the South China Sea and North Korea. (FT)
What we’re reading
Drowning Brexit sorrows
The UK’s exit from Europe will be bad news for wine producers abroad as prices rise at home. The FT’s expert Jancis Robinson recommends survival strategies: buy older vintages, and hunt out South African and British bottles. (FT)
Flatter screens, fatter children
Seven-year-olds with televisions in their bedrooms are more likely to become overweight, new research shows. That may reflect snacking, exposure to junk food advertising and less sleep. (Guardian)
Isis informant networks mushroom
As the militant group’s territory shrinks, fleeing Syrians are feeding intelligence to the US in its battle against jihadis. Here’s one refugee’s jarring entrance to the murky world of informants. (FT)
Welcome to the machine
Take a look inside the secretive world of RT, with recruitment of inexperienced journalists and intimidation, after the Russian network faced fresh allegations from the new French president of peddling propaganda for the Kremlin. (Moscow Times)
Queens of blood
Women were less likely than men to support the Vietnam war, the Gulf war, or the invasions of Afghanistan and Iraq. They commit far fewer murders. They are less likely to favour drone strikes. These are grounds for thinking that a world run by women would be more peaceful. European history suggests otherwise. (Economist)
Video of the day
Trump pulls US out of Paris climate deal
Allies and business leaders condemn decision. (FT)