Turkey’s state of emergency, HSBC arrests and the upside of student debt

Presidential powers strengthened as 60,000 are accused of involvement in Turkey’s coup

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President Recep Tayyip Erdogan has declared three months of emergency rule in Turkey, citing the need to “take the necessary precautions to protect the nation from terror” and “protect democracy” after Friday’s failed coup.

As many as 60,000 people have been either detained or suspended from their jobs for alleged complicity in the putsch. They include members of the judiciary and workers in the education sector as well as military and police officials.

European officials have warned that democratic freedoms are under threat in Turkey, amid fears that Mr Erdogan is using the putsch as an excuse for blanket repression and constitutional vandalism. (FT) Experts are divided on whether this eclipse of liberalism is temporary or permanent. (FT, Carnegy Europe)

In the news

Forex charges Two top foreign exchange traders employed by HSBC have been charged with making $8m in profits and fees by “front running” a client’s $3.5bn foreign exchange trade, according to a US criminal complaint unsealed on Wednesday. The charges could cause reputational damage to the global bank’s forex trading business and fuel more calls for HSBC to face full criminal charges. (FT)

Pokémon No Saudi Arabia’s top clerics renewed a religious edict, or fatwa, that warns against playing Pokémon Go, the wildly popular mobile game. Clerics in the kingdom had their first brush with the Pokémon phenomenon back in 2001, when they banned what was then a card game for promoting “forbidden images” violating a prohibition on gambling. (The National)

Nice attack charges Five people will appear in a Paris court on Thursday over alleged links to Mohamed Lahouaiej-Bouhlel, who killed 84 people by driving a truck through crowds in Nice — the third major attack in the country in 18 months. The French senate is due to pass a bill allowing a six-month extension to the country’s state of emergency giving police extra powers. (Guardian)

GOP boos Cruz Ted Cruz was booed off the stage of the Republican National Convention on Wednesday night after he declined to endorse Donald Trump for president. It marked an ignominious end for the conservative Texas senator who came second in the GOP primary. It also highlights the party’s divisions over the Trump nomination. (FT, NYT)

Farage on tour Nigel Farage is planning a tour of European countries to encourage more referendums on EU membership, the UK Independence party’s outgoing leader said on Wednesday. (FT)

It’s a big day for

European Central Bank The bank’s governing council will meet today to discuss its response to the UK’s vote to leave the EU, which has potentially hobbled the ECB’s ability to pursue its quantitative easing programme. While the bank may hold off from a firm decision this week, analysts say that a clear signal from Mario Draghi would soothe jitters. (FT)

Jeremy Corbyn will launch his re-election effort this morning. The Labour party revealed it has received a windfall of £4.5m in just 48 hours after more than 180,000 people each paid £25 to vote for its next leader. (FT)

Food for thought

How a maverick shook up the razor industry When Michael Dubin launched his $1 razor online business with an in-your-face slapstick video, his website crashed after two hours and his inventory of razors sold out in six. Four years later, Mr Dubin could be sitting on a billion dollar company. (FT)

Brexit’s metropolitan myths There has been plenty of coverage in the UK about the myths spread by the “Leave” campaign ahead of the EU referendum. Less attention has been paid to the spurious ideas that motivated the centre left to support remaining in the union. (FT) Read our new daily Brexit Briefing, or forward to other FT subscribers who can sign up to receive it daily by email here.

An upside to student debt A White House report comes to the counterintuitive conclusion that $1.3tn of student debt is helping, rather than harming, the US economy by boosting overall economic output and productivity. (WSJ)

Hotels v Airbnb The battle has truly begun. Already popular with uber-connected millennials, Airbnb is now targeting business travellers and the results are starting to stack up. Hotels are being forced to innovate, potentially heralding a new era of experiential lodgings. (NYT)

The graveyard of the Earth Ozersk, codenamed City 40, was the birthplace of the Soviet nuclear weapons programme. Now it is one of the most contaminated places on the planet — so why do so many residents still view it as a fenced-in paradise? (The Guardian)

Video of the day

Republican delegates stand behind Trump Republican party delegates talk about selecting Donald Trump as their presidential candidate. (FT)

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