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Donald Trump swept all of the five Republican primary races on Tuesday, securing big wins that boosted his chances of avoiding a contested convention when the party meets in Cleveland to choose its presidential nominee. “I consider myself the presumptive nominee,” Mr Trump declared in a victory speech at Trump Tower in New York.

In the Democratic contest, Hillary Clinton sealed her status as the presumptive nominee by beating Bernie Sanders in four of the five contests. Speaking in Pennsylvania, she made a pitch for Mr Sanders’ supporters, applauding him for “challenging us to get unaccountable money out of our politics” and adding: “Whether you support Senator Sanders or support me, there is much more that unites us than divides us.”

In the news

Apple revenues decline A growing preference among consumers for lower-priced iPhones took the US tech giant to its first quarterly revenue decline in 13 years. Revenues of $50.6bn and earnings of $1.90 a share were lower than the $52bn and $2 a share most analysts had expected. The longer Apple struggles to revive the fortunes of its dominant product, the greater the concerns that the iPhone’s glory days are behind it, says Richard Waters. (FT)

Comcast in talks to buy DreamWorks The deal would value the animation company at more than $3bn, according to people familiar with the matter, and could make the cable giant a rival to Walt Disney in the lucrative family-entertainment business. Comcast’s Universal Pictures studio has enjoyed success in recent years with its animated “Despicable Me” and “Minions” movies but is still a relatively small player. (WSJ)

US targets Islamic State cash pile Up to $800m in cash held by Islamic State militants has been destroyed in air strikes, a US military official said. Maj Gen Peter Gersten, who is based in Baghdad, said the blow to the group’s financing had contributed to a 90 per cent jump in defections and a drop in new arrivals. (BBC)

Barclays results please investors Shares in the bank rose after the release of robust results for the first quarter but it was unlikely that the encouraging performance would prevent a dividend cut of more than 50 per cent this year. Barclays, which is in the middle of a significant restructuring that includes refocusing around the US and UK markets, reported an 18 per cent rise in earnings at the “core” business it will be left with after disposing of its unwanted assets. (FT)

Spain goes back to the polls Spain will hold another election on June 26 after party leaders made clear to the king that there was no chance of striking a coalition deal to break a four-month political deadlock. Tobias Buck outlines three possible outcomes. (FT)

OECD forecasts Brexit effect on UK Likening the effects of Britain leaving the European Union to a permanent annual tax on UK incomes, Ángel Gurría, OECD secretary-general, said it was “equivalent to missing out on one month’s income within four years”. (FT)

Twitter tumbles as advertising fails to fly Shares in Twitter dropped as much as 10 per cent in after-hours trading after the messaging platform revealed revenue rose 36 per cent year on year to $595m, lower than the consensus forecast for $608m. (FT)

BTG Pactual founder freed Star banker André Esteves, the founder of Latin America’s largest standalone investment bank who was jailed in November over corruption allegations, has been freed by Brazil’s Supreme Court in a move that is set to delight investors but could heap criticism on the country’s landmark graft investigation. (FT)

It’s a big day for

Rate watchers All eyes are on the Federal Reserve, which will hold its third monetary policy meeting of the year. Economists expect it to keep interest rates in a 0.25-0.5 per cent range amid continuing questions about the strength of the economy. (FT)

Former Valeant executives Howard Schiller, former chief financial officer of Valeant Pharmaceuticals, joins a list of company witnesses testifying at a Senate committee hearing looking into dramatic increases in drug prices. Michael Pearson, Valeant’s departing chief executive, and William Ackman, a major Valeant investor and board member, will also testify. (WSJ)


Food for thought

Rebutting Brexit Martin Wolf breaks down the top 10 points in favour of an exit, and finds them all wanting. (FT)

Iran opens a new front The country is rapidly emerging as the sixth member of the cyber superpower club, writes Sam Jones. Denuded of its nuclear ambitions by the landmark deal struck last year to limit uranium and plutonium enrichment, some fear Tehran will wield its cyber arsenal as an equally long-range weapon with which to menace its adversaries. (FT)

Now it’s not just the yoghurt that’s rich Hamdi Ulukaya, the Turkish immigrant who founded yoghurt company Chobani in 2005, is handing his 2,000 full-time employees an ownership stake that could make some of them millionaires. The goal, he said, was to pass along the wealth they have helped build in the decade since the company started. Chobani is now widely considered to be worth several billion dollars. (NYT)

Righting the ‘Fiscal Ship’ A new online game from the Brookings Institution and the Wilson Center requires players to maintain the US national debt at its current level while meeting three major policy objectives. Try it out here.

Difficulty sleeping? It’s so common to find sleeping in a new environment difficult that neuroscientists have a name for it: the “first-night effect”. FNE is basically the neurological equivalent of sleeping with one eye open. When you go to sleep for the first time in a new environment only half of your brain really rests, according to a study recently published in Current Biology. (Quartz)

Whistleblower behind bars Convicted burglar Harold Hempstead has paid a steep price for exposing the circumstances under which fellow prisoner Darren Rainey died. (New Yorker)

Video of the day

Immigration top card for Brexit campaign After the geopolitical fallout of President Barack Obama’s visit to the UK, many believe those campaigning to leave Europe in the UK referendum have been put on the defensive. FT editor Lionel Barber asks Janan Ganesh what cards the Brexiteers have left. (FT)

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