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August 1, 2016 11:11 PM Honours system 'is a bargain for the taxpayer' Cameron's ex-aide (who was handed a knighthood himself back in June)

A Tory MP handed a knighthood by David Cameron claimed last night that the honours system means the taxpayer is ‘getting a bargain’. Sir Desmond Swayne rushed to defend the former prime minister’s actions just two months after himself being rewarded in the previous list. He insisted that the system was a ‘light way’ for Mr Cameron to pay off his political 27

August 1, 2016 11:03 PM Home ownership falls across English cities, says think tank

Major English cities - particularly Manchester - have seen the sharpest falls in home ownership since an early 2000s peak, analysis suggests. The Resolution Foundation said homes were becoming increasingly unaffordable for struggling potential buyers. The proportion of home owners dropped from 72% in April 2003 to 58% this year in Greater Manchester 18

August 1, 2016 11:44 AM Mixed manufacturing survey keep a lid on global markets

LONDON (AP) — European stock markets drifted lower Monday after a mixed set of manufacturing surveys from around the world, notably from China. KEEPING SCORE: In Europe, Britain's FTSE 100 was down 0.3 percent at 6,703, while Germany's DAX was flat at 10,333. The CAC-40 in France was 0.6 percent lower at 4,415. Wall Street was poised for a fairly flat opening 18

August 1, 2016 9:59 AM Manufacturing slumps to three-year low ahead of interest rate decision

Britain's manufacturing industry has slumped to its lowest level in more than three years ahead of a key interest rate decision this week as the Brexit vote took its toll on the sector. The closely-watched Markit/CIPS UK Manufacturing purchasing managers' index fell to levels last seen in February 2013 as it hit 48.2 in July, down from 52.4 in June and below 25

August 1, 2016 8:12 AM Monte Paschi Rises After Stress Tests While Barclays Declines

While the stress-test results showed most of the region’s firms would keep an adequate level of capital in a crisis, investors remained skeptical about their future. Lenders in the benchmark Stoxx Europe 600 Index slipped 1.5 percent at 10:15 a.m. in London, reversing a gain of as much as 1.3 percent. Italy’s Banca Monte dei Paschi di Siena SpA, the worst 34 3

August 1, 2016 5:10 AM China July factory activity unexpectedly dips on softer orders, flooding

BEIJING Activity in China's manufacturing sector eased unexpectedly in July as orders cooled and flooding disrupted business, an official survey showed, adding to fears the economy will slow in coming months unless the government steps up a huge spending spree. While a similar private survey showed business picked up for the first time in 17 months 17

July 31, 2016 11:13 PM UK business morale plunged after EU vote

LONDON British business confidence plunged in the immediate aftermath of the June 23 vote to leave the European Union, regained a little ground later, but was still down sharply compared with last quarter, an industry body said on Monday. The Institute of Chartered Accountants in England and Wales (ICAEW) said its business confidence index fell to -27.7 for the period 21

July 31, 2016 9:24 AM Turkey Expels Nearly 1,400 Military Officers For Suspected Links To Gulen

President Tayyip Erdogan announced sweeping changes to the armed forces in the wake of the failed coup against him. The Turkish government dismissed nearly 1,400 military personnel for suspected links to a cleric it blames for an attempted coup, state media said on Sunday, hours after President Tayyip Erdogan announced sweeping changes to the armed forces 98

July 31, 2016 12:42 AM Turkey's President Erdogan seeks to rein in spy agency after coup

Turkey's president has said he wants to close the nation's military academies and put the spy agency and the military chief of staff under his own control. Recep Tayyip Erdogan said the proposals would be brought before parliament. The measures are the latest in a large-scale crackdown launched after the failed coup on 15 July. The authorities say Fetullah 27

July 30, 2016 1:18 PM Erdogan cancels 50,000 passports in latest post-coup crackdown in Turkey as he tells Western leaders who criticise him: 'Mind your own business!'

Turkish President Recep Erdogan has cancelled 50,000 passports as his post-coup crackdown continues amid criticism from western states. Some 60,000 people have been arrested, removed from their jobs or suspended in the two weeks following the botched putsch. Dismissing the criticism, Erdogan has warned Western leaders to mind their own business as he strengthens 18