:00:00. > :00:26.Live from London, that's our top story on Friday 2nd June.
:00:27. > :00:28.President Trump's decision to withdraw the United States
:00:29. > :00:30.from the Paris climate change agreement has been condemned
:00:31. > :00:33.Cities across America and nations across the world
:00:34. > :00:35.say the fight against global warming will continue.
:00:36. > :00:38.Russia signs a deal to build two new reactors at a nuclear
:00:39. > :00:41.power station in India - oh, and it's going to loan
:00:42. > :00:47.Plus, we'll bring you all the latest market reaction
:00:48. > :00:49.to President Trump's decision - and, in short,
:00:50. > :00:53.Wall Street stocks powered to fresh records on Thursday,
:00:54. > :00:55.sending Asia higher, and the upward trend looks set
:00:56. > :01:02.Later in the programme, we'll be hearing about the reaction
:01:03. > :01:04.of technology companies to President Trump's
:01:05. > :01:06.decision to quit the Paris climate agreement.
:01:07. > :01:09.Plus, we'll talk about Snapchat and Amazon -
:01:10. > :01:12.that's all with our techology guru Rory Cellan-Jones.
:01:13. > :01:16.And today we want to know what you think about America leaving
:01:17. > :01:19.Paris climate agreement - is the deal now in tatters,
:01:20. > :01:24.or can the rest of the world manage without America?
:01:25. > :01:47.President Trump has said he will pull the United States out
:01:48. > :01:49.of the Paris climate change accord, calling it an unfair agreement that
:01:50. > :01:52.would hamstring the American economy while empowering
:01:53. > :01:56.In a few hours, Chinese and EU leaders will issue
:01:57. > :02:01.their joint statement on the Paris climate agreement.
:02:02. > :02:04.China has already said it will honour its commitments
:02:05. > :02:10.So, how much common ground is there between the EU and China
:02:11. > :02:21.In 2016 almost 90% of NEW power in Europe came
:02:22. > :02:29.from renewable sources - that covers wind, solar,
:02:30. > :02:33.In particular, wind energy has now overtaken coal as the EU's second
:02:34. > :02:37.The EU plans to source 20% of its energy from
:02:38. > :02:40.So far 11 member states have met this goal -
:02:41. > :02:47.But Germany, France and the UK have yet to meet their targets.
:02:48. > :02:52.It still uses half the world's coal -
:02:53. > :02:54.but use of the black stuff is falling.
:02:55. > :02:57.In 2016 it dropped for the third year in a row.
:02:58. > :02:59.China is now investing heavily in renewables -
:03:00. > :03:03.it hopes to put more than $780 billion into
:03:04. > :03:08.China has already got the world's largest installations of hydro,
:03:09. > :03:16.But many Chinese grid operators are still set up to use coal -
:03:17. > :03:20.so renewable energy is getting wasted.
:03:21. > :03:23.Greenpeace estimate 19% of Chinese wind power didn't get used
:03:24. > :03:35.in the first three quarters of last year.
:03:36. > :03:37.Trevor Sikorski is the Head of Natural Gas Carbon
:03:38. > :03:45.He joins us in the studio. Thanks very much for coming in. Donald
:03:46. > :03:49.Trump says America is out. We are expecting to hear from Chinese and
:03:50. > :03:53.EU leaders in a few hours. What do you expect them to say? I think they
:03:54. > :03:57.will reaffirm their commitment to the Paris agreement. The Paris
:03:58. > :04:00.agreement was very much countries coming to the table saying, "This is
:04:01. > :04:04.what we are going to do, these other domestic policies we have in place
:04:05. > :04:14.for reducing emissions". The idea was that the world at that and put
:04:15. > :04:17.on pressure for people to do more so I think both the EU and China will
:04:18. > :04:20.come out and say they are still on track of it, still good with the
:04:21. > :04:22.Paris agreement. The Paris agreement is still going to be a strong
:04:23. > :04:24.agreement. Is problematic that the US is out but they will say they
:04:25. > :04:27.will provide leadership globally. How problematic is it that the US is
:04:28. > :04:30.at? It is not about reducing emissions. The US was also pledged
:04:31. > :04:36.to provide finance and innovations to help other countries reduce their
:04:37. > :04:38.emissions. I think the biggest impact is on those financial
:04:39. > :04:42.commitments. There are some big commitments whether developed world
:04:43. > :04:47.is supposed to help the developing and emerging markets to adapt and to
:04:48. > :04:53.finance mitigation efforts in those countries. It is about 100 billion a
:04:54. > :04:56.year from 2020 to 2025 with an expectation that number would go up
:04:57. > :05:00.and those numbers are going to be very, very hard without, I would
:05:01. > :05:04.say, a big strong US presence because it is such a big country.
:05:05. > :05:12.That is very good at mobilising capital without them.... Without
:05:13. > :05:16.is the reaction within the USA? is the reaction within the USA?
:05:17. > :05:20.Hours and President Obama signed the agreement, green energy boom that
:05:21. > :05:24.the US. What will happen to that? That is one of the big losers in a
:05:25. > :05:29.way from this. When you look at renewables, it is pretty patchy in
:05:30. > :05:34.the states. Some states are very good and active in the renewable
:05:35. > :05:38.space, others aren't. I think what will happen now is that those states
:05:39. > :05:42.which are still active will have to step up, maybe do a bit more because
:05:43. > :05:46.some of the federal support for renewables may start to come away
:05:47. > :05:51.from this, particularly tax credits, which are really important. I think
:05:52. > :05:55.those can be taken away. The states are going to have to step up and I
:05:56. > :05:58.think a lot of them will step up but those states that are doing nothing,
:05:59. > :06:01.there is going to be no pressure to really get into renewables, which is
:06:02. > :06:06.what Paris probably would have done if the US was going to be complying
:06:07. > :06:09.with what they said they would do. We have a ready heard from the
:06:10. > :06:13.coastal states, saying they will still forge ahead with their plans,
:06:14. > :06:17.despite his agreement. Absolutely and so I think you have some states
:06:18. > :06:23.which are very good on renewables and will continue to be good on
:06:24. > :06:26.renewables. A lot of people in the USA will see that coming out of
:06:27. > :06:32.Paris as a terrible thing for the USA and they will do things locally
:06:33. > :06:37.to ensure that emissions reductions are continuing to be made in the US
:06:38. > :06:39.and that US companies are on the forefront of technology development.
:06:40. > :06:47.This is a really important space to be in globally. I think we are going
:06:48. > :06:50.to see a revolution in energy, particularly in power and power
:06:51. > :06:54.generation and I think that will affect transport. You have to be in
:06:55. > :06:57.that space and if you're not, it will be problematic. Trevor, thank
:06:58. > :07:11.you very much for your time. Let's take a look at some of
:07:12. > :07:14.the other stories making the news. President Trump has asked the US
:07:15. > :07:17.Supreme Court to allow his revised travel ban which targets visitors
:07:18. > :07:19.from six mainly-Muslim countries. It follows an earlier decision
:07:20. > :07:21.by several lower courts that ruled that the ban violated
:07:22. > :07:23.constitutional rights. The Attorney General said
:07:24. > :07:25.the verdict thwarted Mr Trump's effort to protect
:07:26. > :07:27.US national security. Airbnb has appointed a dedicated
:07:28. > :07:30.boss for China as it tries to make The appointment of this local head
:07:31. > :07:35.has been a top priority for the home sharing giant because it faces stiff
:07:36. > :07:37.competition from local rivals Russia says it's ready to build
:07:38. > :07:47.a dozen nuclear reactors in India over the next 20 years to back
:07:48. > :07:51.Prime Minister Narendra Modi's growth strategy for Asia's
:07:52. > :07:54.third-largest economy, which continues to
:07:55. > :07:59.suffer power shortages. Mariko Oi in Singapore has
:08:00. > :08:12.more details for us. What more can you tell us? I guess
:08:13. > :08:16.it is somewhat related to your top story, climate change on the Paris
:08:17. > :08:23.agreement, but as you mentioned the two leaders of India and Russia met
:08:24. > :08:30.and Russia has agreed to build two new nuclear reactors at a site in
:08:31. > :08:33.India. India is looking to expand its green energy capacity. Those
:08:34. > :08:39.will be the first of 12 that will be designed and built by Russia, and
:08:40. > :08:42.Moscow has also agreed to lend over $4 billion for the construction and
:08:43. > :08:47.the two leaders really emphasised the importance of natural gas as
:08:48. > :08:52.well as a more economically efficient and environmentally
:08:53. > :08:58.friendly feel, in order to meet the Paris agreement. So despite the fact
:08:59. > :09:00.of the US pulling out of the agreement, the two leaders are
:09:01. > :09:05.really recommitting to the agreement. Thanks.
:09:06. > :09:07.So, what's been the markets reaction to Donald Trump's
:09:08. > :09:09.controversial decision to withdraw the US room the Paris
:09:10. > :09:17.Staying in Asia, Japan's benchmark index, the Nikkei,
:09:18. > :09:19.led shares higher right across they region -
:09:20. > :09:22.as it closed above 20,000 on Friday, chalking up its best finish
:09:23. > :09:27.We also saw the yen also retreated against the dollar.
:09:28. > :09:30.It's all thanks to some strong corporate profits and a record
:09:31. > :09:33.All three major New York indexes enjoyed a record close
:09:34. > :09:35.thanks to some forecast-busting jobs numbers.
:09:36. > :09:37.We'll have more on that in just a moment.
:09:38. > :09:39.Meanwhile, here in Europe, stocks look to be
:09:40. > :09:45.Well, let's hop across the pond and check in with Michelle Fleury,
:09:46. > :09:50.who has all the details about what's ahead on Wall Street Today.
:09:51. > :09:57.It is a jobs Friday in America. The closely watched monthly government
:09:58. > :10:03.report is likely to show US employers added 185,000 jobs in May,
:10:04. > :10:07.signalling that the trend of slow but steady economic growth
:10:08. > :10:11.continues. The unemployment rate is forecast to remain unchanged at 4.4%
:10:12. > :10:17.and it will be interesting to see how Wall Street reacts. All of the
:10:18. > :10:21.major US indexes closed higher on Thursday and Donald Trump touted
:10:22. > :10:25.this market's strong performance while announcing his decision to
:10:26. > :10:28.withdraw the US from the Paris climate accord. But analysts said
:10:29. > :10:33.the rise in the market was not actually due to that. Instead,
:10:34. > :10:38.investors had already factored that in. It was, in fact, data pointing
:10:39. > :10:43.to strengthening the economy that drove prices higher and set
:10:44. > :10:44.expectations high for this Friday's jobs report. That was Michelle
:10:45. > :10:47.Fleury on Wall Street. Joining us is Jeremy Cook,
:10:48. > :10:55.chief economist, World First. There wasn't a huge amount of
:10:56. > :10:58.reaction on the stock markets to this announcement that President
:10:59. > :11:01.Trump is going to Paul US out of the Paris climate accord. There was a
:11:02. > :11:06.bit of reaction with the oil price? Yes, moving a bit lower. That has
:11:07. > :11:12.been in a funk since the Opec meeting a week or so ago and this
:11:13. > :11:16.has just continued a bit of the negative trend on the belief that if
:11:17. > :11:20.we are at a stage where the US, one of the largest producers of energy
:11:21. > :11:25.globally, is moving away from renewables or in any way ceding
:11:26. > :11:29.responsibility for green energy and moving back towards something, for
:11:30. > :11:32.example oil, and more supply coming into the market it one reason we
:11:33. > :11:36.haven't seen too much movement of the stock markets is that it takes
:11:37. > :11:39.former careers to get out of the Paris Accord Audi has just signalled
:11:40. > :11:43.the intention to do it. The benefits will be felt over decades and stock
:11:44. > :11:47.markets aren't clever enough to price that in yet. There has been a
:11:48. > :11:54.huge reaction on Twitter. Business leaders, Goldman Sachs tweeting for
:11:55. > :11:56.the first time ever. He is on Twitter and bail following him and I
:11:57. > :12:01.hope you are because he's probably going to cry with most of the first
:12:02. > :12:06.week was, "Today's decision is a setback for the environment and the
:12:07. > :12:10.US's position in the world". You don't get more condemning than that
:12:11. > :12:17.and we've seen other members of the business community, Hewlett-Packard,
:12:18. > :12:23.Microsoft, Apple... Morgan Chase, Walmart, PepsiCo. Yes, BP Shell,
:12:24. > :12:27.Conoco, Exxon Mobil. Rex Tillerson was cancelling Donald Trump to stay
:12:28. > :12:32.part of this deal and people who have been supporting him also saying
:12:33. > :12:42.that this is a bad idea. Very briefly, as I did tease it, we had
:12:43. > :12:45.some very good news which is making people encouraged about the main
:12:46. > :12:49.sector. The official figures were out at 1:30pm UK town today to talk
:12:50. > :12:54.anything above 200,000, you would expect the dollar to rally and
:12:55. > :12:58.continue the record highs we have seen. The key dynamic is not how
:12:59. > :13:02.many jobs have been added but how they are paid. If hourly earnings
:13:03. > :13:06.are around 2.5 present, beating inflation, good news for rate rises
:13:07. > :13:10.later in the year. Jeremy, you will be back to do the papers.
:13:11. > :13:14.How have tech firms been reacting to the news that America is quitting
:13:15. > :13:18.We'll have all that and more with our techology guru
:13:19. > :13:28.You're with Business Live from BBC News.
:13:29. > :13:32.Only one week to the UK's election, and the markets seem very uncertain
:13:33. > :13:36.about the mixed messages they are getting from the polls.
:13:37. > :13:39.The pound is on a roller-coaster ride, rising in recent weeks
:13:40. > :13:42.while the FTSE keeps making new highs.
:13:43. > :13:43.But are any of these moves significant?
:13:44. > :13:50.Let's find out with our business correspondent Andrew Walker.
:13:51. > :13:55.Andrew, just tell us, what has the pound been doing over the last we?
:13:56. > :14:01.It has been up and down, and what has caused the fluctuations?
:14:02. > :14:10.We had a striking move on Tuesday when we got advanced indications of
:14:11. > :14:15.what would be in voting surveys in the next morning's papers. If you
:14:16. > :14:24.look at the graphs, it looks a sharp decline in fact it was half a cent
:14:25. > :14:31.of the dollar. That is because the survey indicated the vote was likely
:14:32. > :14:34.to be closer than people assumed and that the markets then took the view
:14:35. > :14:41.perhaps the Prime Minister is not going to have such a free hand, if
:14:42. > :14:46.it is Theresa May, she might otherwise have expected and it might
:14:47. > :14:49.create more uncertainty about what will come out of the Brexit
:14:50. > :14:56.negotiations. Since then, background has been regained. Certainly the
:14:57. > :15:00.general picture has been a continuing one of the pound is being
:15:01. > :15:07.significantly sensitive towards development on the political front.
:15:08. > :15:15.It has been a roller-coaster. Is this uncertainty set to continue.
:15:16. > :15:19.I guess in ten days, two weeks, one uncertainty will be over, we will
:15:20. > :15:24.know the result of the election. Then about to launch into the Brexit
:15:25. > :15:31.negotiations themselves. It is fair to say one way or another, we can
:15:32. > :15:35.expect to see episodes of significant uncertainty about what
:15:36. > :15:39.kind of post-Brexit arrangement the UK will have and I think that is
:15:40. > :15:47.likely to be reflected in the markets in the months ahead. Great
:15:48. > :15:50.to talk to you, Andrew Walker. Much more on this story on the website.
:15:51. > :15:59.Indeed all the stories we are covering on the business news
:16:00. > :16:03.website. And we are wrong Twitter. We have had some tweets already
:16:04. > :16:08.which we will read at the end of the programme. What you think of
:16:09. > :16:10.President Trump pulling out of the Paris Accord?
:16:11. > :16:15.President Trump has walked away from the Paris climate agreement.
:16:16. > :16:21.But in the next few hours, Europe and China are expected
:16:22. > :16:28.to reaffirm their comittments and expand their collaborations.
:16:29. > :16:35.We can see how the markets are reacting. They have not been
:16:36. > :16:44.reacting much. You can see the FTSE 100. Fairly flat. Only really
:16:45. > :16:50.starting to get going. Following strong finishes in Asia and the US
:16:51. > :16:50.overnight with all three major indices
:16:51. > :16:51.overnight with all three major indices in New York enjoying record
:16:52. > :16:52.closures on Thursday. The tech industry in particular has
:16:53. > :16:57.supported the Paris Agreement, and many of the big tech companies
:16:58. > :16:59.are currently transitioning their energy-guzzling
:17:00. > :17:00.data centres to using After Trump announced
:17:01. > :17:03.his decision yesterday, reaction from the tech
:17:04. > :17:06.industry was swift. Let's find out what they said
:17:07. > :17:19.with our technology correspondent, Fantastic to have you. We have heard
:17:20. > :17:27.about what the corporate world has been saying. What has the tech world
:17:28. > :17:31.been saying? The tech world, largely based in California, pretty liberal,
:17:32. > :17:35.generally, were not receptive to Donald Trump when he arrived but
:17:36. > :17:42.some got together and joined his various advisory councils. The big
:17:43. > :17:47.announcement last night, Elon Musk, the charismatic standout figure in
:17:48. > :17:51.Silicon Valley, he resigned, departing presidential councils,
:17:52. > :17:57.climate change is real, leaving Paris is not good for America all
:17:58. > :18:02.the world. Elon Musk, not surprising, he came under pressure
:18:03. > :18:08.for staying on the presidential Council. Tim Cook of Apple, not a
:18:09. > :18:12.guy out there much politically. A company that very much wants to get
:18:13. > :18:16.on with what it is doing and its vision of the world says, decision
:18:17. > :18:22.to withdraw was wrong for the planet. Apple is committed to fight
:18:23. > :18:26.climate change and we will never waver. Mark Zuckerberg went to his
:18:27. > :18:31.Facebook page and said it was bad for the environment and he said it
:18:32. > :18:37.puts our children's future at risk and in a plug, we've committed every
:18:38. > :18:40.new data centre will be powered by 100% renewable energy. A lot of
:18:41. > :18:47.these companies have big investments in green energy. That is one of the
:18:48. > :18:55.big frontiers in Silicon Valley. Not surprising they are not happy. What
:18:56. > :19:00.a reaction. And from IBM, as well. We want to talk about Amazon.
:19:01. > :19:06.Their share price reached a pretty penny this week. $18 when it was
:19:07. > :19:12.first on sale? It went through $1000. A lot of the
:19:13. > :19:18.acceleration over the last couple of years. What is interesting President
:19:19. > :19:20.Trump started his speech talking how fantastic the stock market had been
:19:21. > :19:27.performing under him. Of course, just about all of that was the big
:19:28. > :19:33.tech company stocks which continued to accelerate. I have a chart
:19:34. > :19:38.spotted in the Financial Times. The biggest stocks in the world by
:19:39. > :19:44.market capitalisation, Apple, Alphabet, that is Google, Microsoft
:19:45. > :19:48.and Facebook. Extraordinary transformation in the way tech
:19:49. > :19:52.companies were valued. We would have expected a fuel years ago Exxon
:19:53. > :19:58.Mobil to be top of the heap will stop technology is key to the
:19:59. > :20:02.American economy. It used to be like Exxon Mobil and now it is the tech
:20:03. > :20:05.companies and President Trump seems to be on the wrong side. It will be
:20:06. > :20:11.interesting to see how the relationship develops over the next
:20:12. > :20:17.few years. I am just going to turn my phone. Very bad practice in the
:20:18. > :20:26.studio. You protect guy, you have do stay plugged in! -- you are the tech
:20:27. > :20:29.guy. I think somebody was ringing about this. These are Snapchat
:20:30. > :20:34.spectacles. They have arrived in Europe will stop they have been out
:20:35. > :20:42.in the States for a while. I press the button. They record ten seconds
:20:43. > :20:47.of video. I am the guy who wore Google Glass for three months and
:20:48. > :20:55.eventually got sick of being mocked by my friends and family and
:20:56. > :21:08.colleagues. I am not sure. My issue is, they look old. They are not
:21:09. > :21:13.fashionable. You say that... Snapchat claims it is a camera
:21:14. > :21:17.company, not just a social network. I am not convinced. It is a great
:21:18. > :21:22.gimmick. Popular amongst a certain crowd. People who used to buy you go
:21:23. > :21:28.pro and strap it to their head and go down a mountain, these will be
:21:29. > :21:33.cheaper. I cannot talk to you. Are you not taking me seriously? It is
:21:34. > :21:37.knowing we are being filmed while talking to you.
:21:38. > :21:42.Disconcerting. We will leave it there. Have a nice weekend. In a
:21:43. > :21:47.moment we will take you through the business pages.
:21:48. > :21:51.Here's a quick reminder of how to get in touch with us.
:21:52. > :21:58.Stay ahead with the breaking business news. We will keep you
:21:59. > :22:03.up-to-date with latest details with inside analysis from editors around
:22:04. > :22:12.the world. We want to hear from you. Get involved on the business live
:22:13. > :22:21.web page. On Twitter and you can find us on Facebook.
:22:22. > :22:23.What other business stories has the media been
:22:24. > :22:31.Jeremy Cook is joining us again to discuss.
:22:32. > :22:38.We asked you at the beginning of the show to let us know what you think
:22:39. > :22:46.about President Trump taking the US out of the Paris climate agreement.
:22:47. > :22:51.One said by leaving the Paris agreement, America has proved it is
:22:52. > :22:56.not to be relied upon in any agreement of international light.
:22:57. > :23:01.Lulu said, why should USA keep EU happy country to USA agreements.
:23:02. > :23:06.Good for Trump. Corbyn will wreck the economy so we won't need fuel.
:23:07. > :23:12.That is reference to Jeremy Corbyn here in the UK.
:23:13. > :23:15.Also Melvin Munro says, the Americans pulling out of the
:23:16. > :23:19.agreement is catastrophic for our world and should be repealed.
:23:20. > :23:24.Jeremy you were talking earlier about reaction on the markets and
:23:25. > :23:33.also from businesses. It feels like there has been a huge and immediate
:23:34. > :23:37.response. It was channelled, I do not know if you saw Emmanuel
:23:38. > :23:42.Macron's speech, he finished in English saying, make our world great
:23:43. > :23:47.again. A direct challenge to Donald Trump to say if you are going to
:23:48. > :23:53.take that position, I will take this position and I have more people
:23:54. > :23:58.behind me ready to fight back. This could be the defining, certainly
:23:59. > :24:02.characteristic of politics. We have economic some productivity and jobs
:24:03. > :24:05.and tech to talk about, but it could be channelled through this
:24:06. > :24:11.environmental concern. Interesting you said a lot of the oil company
:24:12. > :24:14.bosses tweeted to say they do not agree with the decision. They have
:24:15. > :24:19.huge investment tied up in green energy because the Obama plan made
:24:20. > :24:24.them do it. They want to be good corporate citizens. They know as
:24:25. > :24:31.people become aware they do not want to buy from a dirty company,
:24:32. > :24:37.so-called. With corporate and social responsibility they want bank for
:24:38. > :24:43.their buck. Facebook shareholders rejecting proposals on fake news app
:24:44. > :24:46.and Mark Zuckerberg control. When the headline says Facebook
:24:47. > :24:54.shareholders, it is Mark Zuckerberg, he has majority shares. 14% of the
:24:55. > :24:59.share capital. One of the richest men in the world. Most of the voting
:25:00. > :25:05.rights are in his back pocket and a couple of activist investors,
:25:06. > :25:12.including the Baldwin brothers, Juno capital, trying to push to agree to
:25:13. > :25:17.change terms around the promotion of fake news and around the gender pay
:25:18. > :25:20.gap within the company. This has been rejected. We have seen more
:25:21. > :25:26.activist investors taking on big business. You just have to look at
:25:27. > :25:28.pensions companies and the remuneration of CEOs to see this is
:25:29. > :25:43.a trend. Thanks for your insights. For now, thanks for watching. Have a
:25:44. > :25:45.nice weekend.