Mixed performance from Biden at Nato news conference fails to quell Democrat rebellion

Good morning. Joe Biden closed the Nato summit with a mixed performance at a high-stakes press conference that failed to quell more defections from Democrats.

The US president vowed to stay in the White House race and defended his fitness for office, defying mounting calls from his party’s lawmakers and donors for him to abandon his re-election bid.

“I beat him once, and I’ll beat him again,” the 81-year-old Biden said of his 78-year-old Republican rival, Donald Trump.

In a closely watched press conference, Biden showed both his grasp of global affairs, with detailed answers on Ukraine and Israel, as well as the kind of lapses that have triggered calls for his exit from the race — including referring to Kamala Harris as “vice-president Trump”. Here’s how members of his party and rivals reacted.

And here’s what I’m keeping tabs on today and over the weekend:

• Apple: The Vision Pro goes on sale in Europe today, but the tech giant is struggling to attract apps for its $3,500 headset from developers.

• Results: A dealmaking revival is expected to boost earnings at Wall Street banks. JPMorgan Chase and Wells Fargo report today, as will Citigroup, which issued more than $40mn in shares to new head of banking Viswas Raghavan and was recently fined $136mn for compliance failures.

• Sport: Omar Berrada takes over as Manchester United’s CEO tomorrow. The Wimbledon singles finals are this weekend, while England will play against Spain in the Euro 2024 final on Sunday.

• France: The country celebrates Bastille Day on Sunday.

How well did you keep up with the news this week? Take our quiz.

Five more top stories

1. Russia is believed to be behind a foiled plot to assassinate the head of Europe’s largest arms manufacturer over his company’s support for Ukraine, according to Nato diplomats. The diplomats said the alleged conspiracy against Armin Papperger, chief executive of Düsseldorf-based Rheinmetall, was being treated as part of Russia’s wider sabotage and hybrid attack campaign against European Nato states.

2. Exclusive: China’s CATL has held talks with overseas sovereign wealth funds and the world’s super-rich about raising a $1.5bn fund to build out its global supply chain. The offshore fund would enable the world’s biggest electric vehicle battery maker, which supplies Tesla, Volkswagen and Ford, to finance expansion to Europe and other foreign markets. Read the full story.

3. The US will not reopen its makeshift pier delivering aid to Gaza after American troops tried and failed to reattach it to the shore this week. Bad weather halted the marine facility in late June, the third time waves had disrupted its operations since it was completed on May 17. Here’s how much aid the pier has delivered since it was set up.

• October 7: In its first probe into the day Hamas attacked, Israel’s military admitted its forces delayed entering a kibbutz for several hours.

4. Exclusive: KKR and Axel Springer are in talks to break up the German media group, in a deal that would separate its media assets from its digital classifieds operation. Under the separation being discussed, the group’s chief executive Mathias Döpfner and Friede Springer, the widow of its founder, would assume greater control of the group’s media properties, according to people with knowledge of the matter. Here’s more on the talks.

5. The UK will announce plans today to release thousands of prisoners earlier than planned as new Prime Minister Sir Keir Starmer warned there were “simply not enough” prison spaces left. The government is set to cut the amount of time some non-violent offenders spend in jail from 50 per cent of their sentence to 40 per cent. Here are more details on the move.

The Big Read

On July 5, Rachel Reeves walked into the UK Treasury as the first woman chancellor. But tax rises, further pressure on fraying public services and new strains on the country’s public finances could soon dent the enthusiasm from that historic moment. The economist is central to Labour’s pro-business transformation under Sir Keir Starmer. What happens if her promise of sustained, stronger growth fails to materialise, let alone any time soon?

We’re also reading . . . 

• French politics: As political parties jostle for power, President Emmanuel Macron has yet to appoint a new prime minister. Here are the contenders.

• Merkel the German Marple: Nearly three years after quitting politics, the former chancellor has “reappeared” on Italian TV as a fictionalised heroine investigating crimes.

• Donald Tang: The executive whose rise on Wall Street won fame in his native China now faces a tough task leading Shein as it plans for a London listing.

• Rise of the right: As the populist right surges across the rest of Europe, writes John Burn-Murdoch, British voters seem to be the last bastion of moderation. Or are they?

Chart of the day

The world is set to have 200mn fewer people than previously expected by 2100, according to a UN report that highlights the dramatic impact of falling birth rates on the global population.

Take a break from the news

What contrition do we expect from the descendants of the guilty? The Commandant’s Shadow follows the child and grandchild of Nazi mass murderer Rudolf Höss as they return to their family home — next to the site of Auschwitz. Read Danny Leigh’s review of Daniela Völker’s careful, startling documentary, in UK cinemas from today.

Additional contributions from Benjamin Wilhelm and Gordon Smith