Trump and Clinton win NY primaries, Eurozone credit conditions ease and from bulk copper to bulk wine

With 98 per cent of the ballots counted, Donald Trump had secured 60.5 per cent of the vote in the empire state’s Republican primary election. In the Democratic primary, Hillary Clinton had won 57.9 per cent of the vote to Mr Sanders' 42.1 per cent with 98 per cent of the ballots counted.

The victories are welcome news for both parties’ leading candidates. Yet Mr Trump still faces an uphill climb to secure the 1,237 delegates needed to win his party’s nomination in July, and Mrs Clinton will get little respite in the coming months as Mr Sanders has vowed to fight on until the end of the Democratic primary season in June. (FT)

In the news

UK trade will thrive outside EU, says Gove Britain will move outside the EU’s single market and instead join “Bosnia, Serbia, Albania and Ukraine” in a European free-trade zone if voters choose Brexit in June’s referendum, according to a vision outlined on Tuesday by Michael Gove. The pro-Brexit justice secretary insisted the UK’s financial services sector would “thrive” in this new environment. (FT)

Paulson’s funds plunge after Allergan, Valeant bets John Paulson’s losing bets on Allergan and Valeant helped drive an almost $2bn fall in his funds’ assets in the space of five months, documents from Paulson & Co show, taking the total amount managed by his hedge fund business to its lowest level in almost 10 years. (FT)

Mayer confident as Verizon makes Yahoo bid The search and digital media firm has made “substantial progress” in pursuing strategic alternatives, Marissa Mayer, its chief executive, said on Tuesday as US telecoms group Verizon emerged as the leading contender in a diverse group of bidders for the company. (FT)

Eurozone credit conditions ease The latest edition of the European Central Bank’s quarterly bank lending survey suggested monetary policymakers’ stimulus was helping to ease conditions for businesses in the single currency area that are looking to borrow. (FT)

Apple rebuffs China source code request Bruce Sewell, Apple’s general counsel, told members of the House energy and commerce committee on Tuesday that the company had refused a Chinese government request to hand over the proprietary source code for its operating system. (FT)

It's a big day for

UK policymakers as unemployment data for February is released today. The unemployment rate is expected to hold steady at 5.1 per cent from January, while jobless claims are expected to have fallen by 10,000 in March after dropping by 18,000 the month prior.

Food for thought

Britain’s friends are right to fear Brexit Martin Wolf is having none of the Leave campaign. “Those in favour of remaining, like me, would argue that, far from bringing gains, exercising the option to depart would deliver immediate losses. This, proponents of Brexit complain, is ‘project fear’. That objection is absurd. Avoiding needless and costly risks is how adults differ from children.” (FT)

Rebuilding progresses slowly one year after Nepal quake Overstretched even in normal times, the government has yet to rebuild a single permanent house or school destroyed by the April 25 2015 quake and its aftershocks — and bureaucratic snarls are just the latest hold-up. (WSJ)

How America’s coastal cities left the heartland behind St Louis and other Midwestern hubs prospered for much of the 20th century because of antitrust laws that kept distant economic predators at bay. Then lawmakers in Washington quietly changed the rules. (Atlantic)

The New York primary by NYC neighbourhood As winners are crowned in the state’s high-profile primaries, a local public radio station provides a visual guide of how the Democratic and Republican contests played out across New York City’s often vaguely-defined neighbourhoods. (WNYC)

From bulk copper to bulk wine China is the world’s largest market for red wine, but as the business seeks to recover from the Chinese government’s crackdown on corruption and lavish gift-giving, consumers are turning away from expensive French labels to “new world” exporters like copper-rich Chile, the fifth-largest wine-producing nation and second-largest supplier to China. (FT)

Video of the day

Yahoo on the block US Lex editor Sujeet Indap and US M&A correspondent James Fontanella-Khan discuss the long list of prospective buyers for Yahoo, led by Verizon, which might end up as the new owner and why they would want it. (FT)