Update on the latest in business:

FINANCIAL MARKETS

Asian shares rise, China trading closed for national holiday

TOKYO (AP) — Asian shares have risen amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China. Trading was closed in China for the Dragon Boat Festival, a national holiday.

Benchmarks in Tokyo, Sydney and Seoul advanced, cheered by a rally Thursday on Wall Street.

FINANCIAL MARKETS

Asian shares rise, China trading closed for national holiday

TOKYO (AP) — Asian shares have risen amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China. Trading was closed in China for the Dragon Boat Festival, a national holiday.

Benchmarks in Tokyo, Sydney and Seoul advanced, cheered by a rally Thursday on Wall Street.

Market players are closely watching for U.S. non-farm employment data later in the day and a slew of economic data on Japan next week.

The OPEC meeting, in which oil-producing nations decided to boost some output, proved disappointing.

ECONOMY-JOBS REPORT

Hiring might have slipped last month to a still-strong level

WASHINGTON (AP) — After months of robust hiring, U.S. employers might have pulled back slightly in May, to levels that would still be consistent with a healthy job market, despite high inflation and rising borrowing costs.

Economists estimate that the nation added a solid 325,000 jobs last month, down from 428,000 in both March and April. If so, that would snap a record-breaking streak of 12 straight months in which job growth had topped 400,000.

The unemployment rate is expected to slip to 3.5% — matching a half-century low — from 3.6%. The May jobs report the government will issue today coincides with inflation near a four-decade high.

FRONTIER-SPIRIT

Frontier, Spirit add $250 million breakup fee to merger deal

DENVER (AP) — Frontier Airlines is sweetening its offer for Spirit Airlines just a week before Spirit shareholders vote on the deal.

Spirit and Frontier said late Thursday that they have amended their agreement, and Frontier will pay a $250 million termination fee if it can’t complete the deal. JetBlue, which is also trying to buy Spirit, has already offered a $200 million breakup fee.

Shareholders of Florida-based Spirit are scheduled to vote June 10 on Frontier’s stock and cash offer, which has the unanimous support of the Spirit board. The airlines valued the deal at $2.9 billion when they announced it, but it has lost about a quarter of its value with a drop in Frontier’s stock price.

JetBlue is asking Spirit shareholders to reject the Frontier bid and tell the Spirit board to negotiate with JetBlue.

CALIFORNIA-DRIVERLESS TAXI

California regulators approve state’s 1st robotic taxi fleet

UNDATED (AP) — California regulators have given a robotic taxi service the green light to begin charging passengers for driverless rides in San Francisco. The decision will make Cruise, a company controlled by automaker General Motors, the first fully driverless ride-hailing service in California.

Cruise and another robotic car pioneer, Waymo, already have been charging passengers for rides in parts of San Francisco in autonomous vehicles with a back-up human driver present to take control if something goes wrong with the technology.

But now Cruise has been cleared to charge for rides in vehicles that will have no other people in them besides the passengers — an ambition that a wide variety of technology companies and traditional automakers have been pursuing for more than a decade

SPACE COMMAND

Space Command base change process was flawed, report says

DENVER (AP) — The U.S. Air Force changed its procedures to move the U.S. Space Command from Colorado to Alabama after President Donald Trump’s re-election loss in 2020.

That’s the finding of a new report from Congress’ General Accounting Office. The report says Trump was at the White House meeting when the decision was made. But the report says participants don’t agree on who made the decision.

Colorado lawmakers used the report to call on President Joe Biden to keep the command’s headquarters in Colorado Springs. U.S. Sen. Richard Shelby of Alabama insists the decision to move the Space Force headquarters was correct.

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