Biden drops out of White Home race and endorses Harris

Good morning. We begin the week with information that has thrown November’s US presidential race into turmoil: Joe Biden has dropped out.

After weeks of overwhelming stress from fellow Democrats, the president yesterday deserted his re-election bid and endorsed Kamala Harris to succeed him, saying it was “in the very best curiosity of my celebration and the nation for me to face down”.

Biden, who has not been seen in public since he was recognized with Covid-19 on Wednesday, introduced his determination to give up the race in a letter revealed to social media. He mentioned he would converse to the nation “later this week in additional element”.

In the meantime, Harris has secured the backing of senior Democrats and a few of the celebration’s’ largest donors, strengthening the vice-president’s place because the favorite to win the celebration’s nomination.

What’s subsequent?: Biden’s exit triggers a rush to endorse a brand new Democratic candidate. Right here’s the way it will occur.

A profession of firsts: Now the celebration’s frontrunner for the nomination, Kamala Harris could be the primary feminine US president if elected. However her choice is on no account a accomplished deal.

Uncharted territory: Democrats should now determine whether or not to unify round Harris or flip subsequent month’s celebration conference right into a divisive battle, writes Edward Luce.

Biden’s transfer has made historical past and upset the presidential election. With lower than 4 months to go earlier than People head to the polls, hold updated with our US Election Countdown publication. And right here’s what I’ll be keeping track of right now:

WTO: The World Commerce Group’s common council meets in Geneva.

Outcomes: Ryanair and Verizon report.

Trump capturing: Secret Service director Kimberly Cheatle is about to testify in a US Home oversight committee listening to on the assassination try on the previous president.

5 extra high tales

1. Mysterious consumers with suspected hyperlinks to Russia have begun amassing dozens of vessels able to carrying liquefied pure gasoline in strikes that recommend Moscow is increasing its “darkish fleet” of power tankers. The clutch of beforehand unknown firms are largely registered within the United Arab Emirates, transport trade insiders mentioned. Extra particulars on the acquisition spree.

2. Unique: EY’s former Germany boss Hubert Barth is to problem a €300,000 fantastic for alleged violations {of professional} duties in the course of the Huge 4 agency’s audits of Wirecard, which collapsed 4 years in the past in one among Europe’s largest accounting scandals. Learn the total story.

3. Cyber safety watchdogs have warned of phishing scams within the wake of Friday’s world IT outage, with an increase in malicious websites claiming to repair glitches. US, UK and Australian cyber defence companies all issued warnings over the weekend as airways and healthcare companies had been amongst these nonetheless grappling with the results.

4. Unique: The UK financial system might want to develop at thrice this 12 months’s anticipated price if the brand new Labour authorities is to keep away from a gap within the public funds, the IMF has warned, in a stark illustration of the challenges dealing with Rachel Reeves as she prepares for a landmark Funds this autumn. Sam Fleming has extra particulars from London.

Extra on Reeves: The chancellor will talk about Labour’s “spending inheritance” on the finish of the month in an effort to melt opinion for a troublesome autumn Funds and doable tax rises.

UK markets: The variety of small firms quoted on London’s Intention trade has plunged to its lowest degree in additional than 20 years.

5. Google co-founder Sergey Brin is bankrolling the event of a hallucinogen derived from a rainforest shrub to be used as a psychological well being remedy. Ibogaine, native to west Africa, has traditionally been used as a part of religious rituals by forest-dwelling tribes in Gabon on account of its mind-altering results. Right here’s extra on Silicon Valley’s newest deal within the nascent psychedelics sector.

The Huge Learn

Germany is already more and more alone on the planet. To the east it faces an expansionist Russia, whereas its western neighbour and closest ally France is mired in political uncertainty. Now, Berlin additionally has to brace for the doable return of a US president with an much more unashamedly protectionist financial coverage than throughout his first time period, together with the specter of tariffs that might wreak enormous harm on its export-driven financial system. Right here’s how German officers are getting ready for a second Donald Trump presidency.

We’re additionally studying . . . 

Israel-Hamas battle: Israeli evacuation orders are forcing Palestinians in Gaza on a seemingly endless seek for shelter.

Indian politics: Narendra Modi faces an early check to his third time period as his new coalition companions make calls for forward of the prime minister’s funds.

Paris Olympics: Police are locking down giant swaths of town forward of the Video games, as France wrestles with one among its largest safety challenges.

Solar energy: A world provide glut has pummelled photo voltaic panel costs over the previous two years but in addition elevated the variety of installations.

Chart of the day

The pound has been the best-performing main developed market forex this 12 months, boosted by a resilient financial system and hopes for political stability. Wall Avenue banks are betting that sterling will lengthen the successful run, which has carried it to its strongest degree for the reason that 2016 Brexit referendum.

Take a break from the information

The Bootleg Beatles are Britain’s oldest, most well-known and most profitable tribute act, performing greater than 5,000 instances worldwide since 1980. FT Journal’s Kieran Morris follows a band that will have probably the greatest jobs in rock.

Further contributions from Annie Jonas and Emily Goldberg