Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Steve Cohen, the billionaire who ran one of Wall Street’s most infamous hedge funds, is trying to stage a big comeback.
Less than four years after his old firm pleaded guilty to insider trading, Cohen is launching a new fund, reportedly with a goal of managing as much as $US20 billion. The question now is, what matters more, Cohen’s past or his future?
The pace of job creation in the US slowed by more than expected in May, and less participation in the labour market helped to push the unemployment rate to a 16-year low. Here’s what you need to know about the jobs report:
- The jobs report holds some worrying signs for Trump
- Retail keeps bleeding jobs
- The dollar drops after the jobs report whiffs
- Trump says the US economy is “absolutely tremendous” — but it still looks like the “mess” he says he inherited from Obama
- Trump’s chief economic adviser just made a surprising admission
- Trump adviser Gary Cohn denies reports he wants Janet Yellen’s job
- HENRY BLODGET: This chart explains everything that’s wrong with the economy today
In other news, Goldman Sachs wants to expand in Saudi Arabia. UBS is changing how its army of financial advisers get paid. And big money managers are squeezing smaller ones at the worst possible time.
In deal news, Blue Apron has filed to go public — and it lost almost as much last quarter as it did all last year. And here’s how US paint maker PPG lost its $US29.5 billion battle for Dulux.
President Donald Trump announced Thursday that he would pull the US out of the landmark Paris Agreement on climate change, following through with a key campaign promise. Here’s what you need to know:
- Five claims Trump used to justify pulling the US out of the Paris Agreement — and the reality
- BARRO: Trump’s withdrawal from the Paris accord is performative isolationism
- Lloyd Blankfein tweeted for the first time to lament Trump pulling out of the Paris Agreement
- Elon Musk bails on Trump’s advisory councils after US withdraws from Paris climate deal
- The real reason Elon Musk left Trump’s advisory councils
- Disney CEO Bob Iger quits Trump’s advisory council after US withdraws from Paris climate deal
- “INDUSTRY MUST NOW LEAD”: Business leaders slam Trump’s decision to withdraw from Paris climate agreement
- BREMMER: “If you want a watershed moment beyond Trump’s inauguration, American withdrawal from the Paris Accord is it”
- Trump’s pulling the US out of the Paris climate agreement could be disastrous for the economy
- Billionaire Michael Bloomberg is launching a coalition to defy Trump and uphold the Paris Agreement
- “The time to act is now”: The private sector must pave the way for renewables
Lastly, here’s what it looks like from the top of nine of New York’s most exclusive buildings.
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