The US economy added a weaker-than-expected 75,000 jobs in May, although the unemployment rate remains at its lowest level in half a century. Non-farm payrolls rose by 75,000 last month, from April’s downwardly revised 224,000 (previously 263,000), the Department of Labor revealed on Friday, and ahead of the median 185,000 predicted by economists. The unemployment rate was unchanged at 3.6 per cent, matching its lowest level since 1969. (FT)
Elliott Management has agreed a deal to acquire bookstore chain Barnes & Noble for $6.50 a share, in an all-cash transaction valued at $683m including debt. Barnes & Noble once towered over the industry and became known for its big-box bookstores in a rapid expansion during the 1980s and 1990s, as independent booksellers declined. But, its subsequent struggles to deal with the disruption of ecommerce have left the company vulnerable to a lowball takeover. Even after the rally on Thursday, the shares are still down more than 82 per cent from a 2006 peak, when they were worth nearly $32. (WSJ)
Talks between the U.S. and Mexico are set to continue into a third day in a bid to reach an agreement that would stop the imposition of 5% tariffs on American imports from its southern neighbor on Monday. Mexican Foreign Minister Marcelo Ebrard confirmed that his government has offered to send about 6,000 national guard troops to Mexico’s southern border with Guatemala to help stem migration, while Vice President Mike Pence said it is still the U.S. plan to go ahead with the tariffs.