10 things you need to know in markets today

FILE PHOTO: U.S. President Donald Trump (L) listens to EPA Administrator Scott Pruitt after announcing his decision that the United States will withdraw from the Paris Climate Agreement, in the Rose Garden of the White House in Washington, U.S., June 1, 2017. REUTERS/Kevin Lamarque

Good morning! Here’s what you need to know.

1. US President Donald Trump said he would order the Environmental Protection Agency to cut more regulations on manufacturers. “Today I will sign a presidential memorandum directing the EPA to cut even more red tape for our manufacturers,” he said, “so that they can expand and continue to hire and to grow.”

2. The German government will continue border controls at its border with Austria for six more months. It’s to to ensure Germany’s security and deal with ongoing migrant flows.

3. A US judge ruled that limousine drivers for Uber are independent contractors and not the company’s employees under federal law. Uber does not exert enough control over drivers for its limo service, UberBLACK, to be considered their employer, the judge said.

4. Italy’s 5-Star Movement reiterated that Silvio Berlusconi and his Forza Italia party were an obstacle to forming a government after last month’s inconclusive election. “We see only one solution to resolve this stalemate, this solution concerns Silvio Berlusconi. He should step to one side and allow the creation of a government of change,” said Luigi Di Maio, the leader of the anti-establishment 5-Star that won the most votes at the March 4 ballot.

5. Volkswagen said Herbert Diess will take over from Matthias Mueller as chief executive. The move added fresh impetus to its efforts to slim down and reorganize the way its 12 brands are managed.

6. Exxon Mobil Chairman and Chief Executive Darren Woods’s compensation package rose about 4% last year to $ 17.5 million. It’s his first year running the world’s largest publicly traded oil producer.

7. Rolls-Royce and Boeing have both invested in rocket engine company Reaction Engines as the latest blue-chip companies to back the start-up’s thermal management technology. Reaction Engines, based in Oxfordshire, England, raised £26.5 million from a range of new investors.

8. Spain is due to sign a framework deal to sell Saudi Arabia warships worth around €1.8 billion euros. Spanish state-owned shipbuilder Navantia will sell five small warships, Spain’s army will train Saudi military personnel and contractors will build a naval construction center in the kingdom.

9. BlackRock, the world’s largest asset manager, reported first-quarter profit above Wall Street estimates. Investment advisory, administration fees and securities lending revenue rose 17% to $ 2.95 billion from $ 2.52 billion a year earlier.

10. The CEO of Credit Suisse used Arsenal manager Arsene Wenger to outline his investment philosophy on Thursday — but said he is, in fact, the “anti-Wenger.” Tidjane Thiam, who supports North London football club Arsenal, told the Wall Street Journal’s CEO Council in London on Thursday: “I define myself as a paranoid optimist — on simpler terms, the anti-Wenger for those who follow football.”

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