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Economic activity in the UK has had its sharpest drop since 2009, according to a special survey released on Friday. The Markit/CIPS purchasing managers’ survey showed that activity plunged in the weeks following the June 23 vote to leave the EU.
Analysts said the survey was the first major evidence that the UK was entering a downturn. The decline was most evident in the service sector, which accounts for about 80 per cent of the UK economy.
The figures come just hours after Philip Hammond, the UK chancellor, hinted he might “reset” the British economy in the coming months. (FT, BBC)
In the news
Erdogan military restructuring In his first interview since announcing a state of emergency this week, Turkish president Recep Tayyip Erdogan has promised to restructure the country’s armed forces, bringing in “fresh blood” after last week’s failed military coup. (Reuters)
Pokémon Go home The worldwide craze launched in Japan, where the original Pokémon game originated. App stores were jammed as fans crowded online to download the game. Shares in Nintendo jumped 5 per cent on Friday, propelling the company into the top 20 largest companies in Japan. (FT)
JPMorgan ‘princelings’ probe The US bank is expected to pay $200m to settle a probe into its hiring practices in Asia, including claims in China it hired sons and daughters of powerful people. (WSJ)
Zimbabwe’s ageing loyalists rebel Robert Mugabe’s staunchest allies have been members of Zimbabwe’s National Liberation War Veterans Association. But after decades supporting their leader, they’ve finally had enough, calling the 92-year-old dictatorial, manipulative and egocentric. (Guardian)
Trump’s dark vision Donald Trump accepted the Republican presidential nomination in a prime-time speech on Thursday night, setting the stage for what will almost certainly become an ugly battle with Hillary Clinton for the White House. His acceptance speech was dark in tone as he appealed to voters who feel that their country is spiralling out of control and yearn for a leader who will take aggressive, even extreme, actions to protect them.
ECB Italy bailout (FT)
It’s a big day for
Cancer treatment Scientists at the leading UK cancer lab will launch a strategy to counter the Darwinian process by which cancer cells become increasingly virulent and begin to evade even precisely targeted drugs. (FT)
US Democrats Hillary Clinton and the US Democratic party will be taking over the spotlight on Friday with the close of the Republican National Convention. Mrs Clinton is expected to announce her pick for vice-president ahead of the Democrats’ convention in Philadelphia, which will begin on Monday. (NYT)
Food for thought
Global disorder: from Trump to Turkey On the face of it, the harrowing events of the past week are unconnected. But take a harder look and some uncomfortable patterns start to emerge, writes Philip Stephens. “Governments have lost control, and citizens faith . . . This is not quite a Hobbesian world but the direction of travel is evident.” (FT)
France’s deradicalising imam As France reels from the third major terror attack in 18 months, Mohamed Loueslati is trying to stop impressionable young prisoners from being radicalised. The French-Tunisian imam from the city of Rennes is one of 25 Muslim prison chaplains volunteering to visit convicts in 20 prisons in an effort to undermine charismatic fellow inmates preaching jihad. (The National)
Obituaries in the selfie age A cottage industry of obituary coaching is growing in the US. For some, writing their own obituary is a way of ensuring a legacy. (WSJ)
How Japan came to believe in depression Until the late 1990s in Japan, “depression” was a word rarely heard outside psychiatric circles. Doctors rarely used the diagnosis and people suffering symptoms were likely to be told simply to rest. Then a remarkable marketing campaign changed everything; diagnoses doubled and the illness became not just acceptable — but slightly fashionable. (BBC)
India’s extrajudicial killers In a state bloodied by decades of armed rebellion, Thounaojam Herojit became one of India’s most deadly policemen — killing more than a hundred people. This year, he became something rarer still: an executioner who wanted to tell the world about his crimes. (The Guardian)
Video of the day
Turkey’s state of emergency explained President Erdogan’s grip on power will be tightened with three months of emergency rule. The FT’s Daniel Dombey explains what’s at stake. (FT)