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Bernie Sanders accused Hillary Clinton of “jumping the gun” by claiming she will definitely be the Democratic presidential contender. “We’re going to have to do very, very, very well in the remaining nine contests,” Sanders recognized before adding, “I think we have a shot.”

The bitterness in this year’s Democratic race has not yet hit a point where Mr Sanders is threatening to run as a third-party candidate. But it is getting perilously close, writes Ed Luce. Donald Trump is urging the Vermont socialist to run as an independent in November. Hillary Clinton has rigged the system, says Mr Trump, which is robbing Mr Sanders of what is rightfully his. “Could Mr Sanders be blind enough to fall for Mr Trump’s ruse? The answer is maybe.”

Meanwhile, An NBC/WSJ poll shows Mrs Clinton’s advantage over Mr Trump has narrowed. She now leads the presumptive GOP nominee 46 per cent to 43 per cent. Pundits cautioned that it is early, and that the narrow gap is partially explained by Republican unity and the fractious Democratic primary fight. Sign up for our daily US politics newsletter here. (Slate, FT, NBC)

In the news

US lifts Vietnam arms embargo The US is rescinding a decades-old ban on sales of lethal military equipment to Vietnam, President Obama announced at a news conference in Hanoi, ending one of the last legal vestiges of the Vietnam war. Five things to know about Mr Obama’s trip to Vietnam (NYT)

Bayer bids for Monsanto The German aspirin-to-weed-killer conglomerate has revealed a $62bn all-cash offer for Monsanto, the US agribusiness, in what would be the biggest ever all-cash takeover. The deal would create a global juggernaut providing farmers with everything from seeds to crop chemicals. (FT)

Axa ditches tobacco investments The French insurer says that owning them clashes with its position as a health insurer. The move is a timely boost to anti-tobacco campaigners, coming as other big investors consider going back into the sector. Axa owns €1.7bn of tobacco shares and bonds. The shares will be sold immediately while the bonds will be left to run off. The move comes exactly a year after the group said it would sell its €500m of coal investments ahead of the Paris climate change summit, becoming one of the first big financial groups to do so. (FT)

Iraq begins assault on Fallujah Islamists Haider al-Abadi, Iraq’s prime minister, said the operation aims to evict the Islamic State extremists from one of their last major territorial holdings in Iraq. “The moment of real victory has come, and Daesh has no option but to flee,” Mr. Abadi told state TV, using an Arabic acronym for the Sunni extremist group. (WSJ)

O’Keefe sting backfires Conservative “investigator” James O’Keefe, known for a series of “stings” against liberal targets, has publicly outed himself in a failed Soros investigation. After posing as a foreign donor named “Victor”, and leaving a voicemail for a Soros official, he began a conversation with his staff about their investigation, not realising his telephone line was still open. (Daily Kos, Breibart.)

Austrian presidential run-off too close to call Far-right nationalist Norbert Hofer, of the Freedom party, won 50.2 per cent of the vote, according to projections based on early results. That gave him only a wafer-thin lead over his Green party opponent, Alexander Van der Bellen, on 49.8 per cent. (FT)

It's a big day for

BHS postmortem Parliamentarians investigating the collapse of the UK retailer will delve into the links between Sir Philip Green and investment bank Goldman Sachs. (FT)

Brexit debate A bleak analysis of the short-term economic shock of a Brexit vote to be published today warns that Britain will be plunged into a year-long recession if it votes to leave the EU. The Treasury report suggests growth could be 3.6 per cent lower after two years. (FT)

Humanitarian reform or photo op? Representatives of 175 countries, including 57 heads of states or governments, will attend the world humanitarian summit, as the outgoing UN secretary-general, Ban Ki-moon, attempts to restructure the way the world responds to humanitarian crises. (Guardian)

Food for thought

The Great Swiss bank heist How an Italian computer technician exposed a Swiss bank’s darkest secrets at the onset of the global financial crisis. Asked whether it was worth it, he “hesitated, then said yes. ‘It used to be that when people thought of Switzerland it was chocolate, watches, and rich people,’ he said. ‘Now it is also corruption.’” (New Yorker)

Digitised renaissance. EdTech may finally be coming of age for three main reasons: product, cost, and accessibility, writes John Thornhill. He meets Xavier Niel, the French internet and telecoms billionaire who founded Ecole 42, a coding school for young adults in Paris in 2013 and is spending a further $100m on a new school in San Francisco.(FT)

Piketty’s last laugh Some critics dismissed Capital in the Twenty-First Century as doctrinaire, statistically flawed and boring. Three years later, the French economist’s broadside against rising financial inequality is receiving validation from an unlikely quarter: stock market investors. (FT)

China’s science revolution The BBC looks at five giant science projects that illustrate China’s enormous strengths, as well as some of its weaknesses, and may help answer the question as to whether China can become a global leader in scientific research. (BBC)

What a ‘CV of failures’ reveals If your long list of life failures is actually quite short, then you probably aren’t trying hard enough. If it is very long that may mean you are a no hoper, or it may mean you merely aim high. “For each of us there is a perfect ratio of rejections to acceptances — probably about four to one: any fewer than that, and you aren’t putting yourself out there enough,” writes Lucy Kellaway. (FT)

Israeli army’s war with politicians In most countries, the political class supervises the defence establishment and restrains its leaders from violating human rights or pursuing dangerous, aggressive policies. In Israel, the opposite is happening, writes Ronen Bergman. “Here, politicians blatantly trample the state’s values and laws and seek belligerent solutions, while the chiefs of the Israel Defense Forces and the heads of the intelligence agencies try to calm and restrain them.” (NYT)

Video of the day

Week Ahead — G7 summit, HP results 

Problems in the world economy will top the agenda at the annual G7 summit in Japan, HP puts its faith in 3D printing, and EU foreign ministers continue to grapple with the migration crisis. (FT)

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