FirstFT: Joe Biden to visit Israel in show of solidarity

Stay informed with free updates

Simply sign up to the Global Economy myFT Digest — delivered directly to your inbox.

President Joe Biden plans to visit Israel tomorrow to “reaffirm the US’s solidarity with Israel and our ironclad commitment to its security”, said secretary of state Antony Blinken.

Speaking after meetings with senior Israeli leaders in Tel Aviv, Blinken said the US president would be “coming here at a critical moment for Israel, for the region and the world” and would make clear that Israel has the right “and indeed the duty to defend its people from Hamas and other terrorists and to prevent future attacks”.

Blinken also said that at Washington’s request, the US and Israel had agreed to “develop a plan” for humanitarian aid to reach civilians in Gaza, “including the possibility of creating areas to help keep civilians out of harm’s way”. He added: “It is critical that aid begin flowing into Gaza as soon as possible”. 

The announcement of Biden’s trip came after a US-led effort to allow aid into the Gaza Strip faltered yesterday. People in the Hamas-controlled territory have “severely limited access to clean drinking water”, the UN warned, while a fifth consecutive day without electricity was pushing services such as health and sanitation to “the brink of collapse”.

The US and regional powers have been pushing Israel to allow aid into Gaza and urging Egypt to open the Rafah crossing between its territory and the south of the bombarded enclave for other countries’ passport holders. They are also seeking to contain hostilities, amid fears that the war between Israel and Hamas could trigger a broader regional conflict.

John Kirby, the US National Security Council spokesperson, said that after visiting Israel, Biden would travel to Amman to meet the leaders of Jordan and Egypt and would also meet Mahmoud Abbas, the president of the Palestinian Authority, during a one-day trip to the region. Here are the latest updates from the war.

• Utopia destroyed: Tens of thousands of Israelis have fled the “Gaza envelope” after Hamas’s attack, with Kfar Aza’s kibbutzniks unsure when they will feel safe enough to return.

• Egypt’s fears: Alarm is mounting in Cairo that the deepening humanitarian crisis in Gaza will increase pressure on it to accept an exodus of Palestinian refugees.

• Hamas funding: Israeli authorities have ordered dozens of cryptocurrency accounts to be closed and seized millions of dollars’ in crypto assets as they step up longstanding efforts to cut the militant group’s digital financing.

• Opinion: Compassion for innocent people suffering on all sides of this conflict is not just the moral position — it is also the only practical way forward, writes Gideon Rachman.

Here’s what else I’m keeping tabs on today:

• Economic data: ZEW releases results from its economic sentiment survey for Germany, the UK publishes unemployment and earnings data, and the US has retail sales figures.

• Ecofin: The EU’s Economic and Financial Affairs Council meets to discuss a review of the bloc’s economic governance framework for member states.

• Scottish National party: Humza Yousaf speaks at the last day of his party’s conference in Aberdeen. For more UK politics, sign up for our Inside Politics newsletter.

• Results: Bank of America, Ericsson, Goldman Sachs, Johnson & Johnson, Jupiter Fund Management and Lockheed Martin report.

• FT Africa summit: Join African business leaders and international investors today in London and online to explore how macro trends are impacting economics and business on the continent. Sign up here.

Don’t miss the first issue of our new Central Banks newsletter today. Chris Giles will use his nearly 20 years of experience as the FT’s economics editor to provide weekly insights on interest rates and monetary policy. Sign up here if you’re a premium subscriber or upgrade your subscription.

Five more top stories

1. Two Swedes were shot dead in Brussels in an attack authorities have linked to terrorism. The terror threat alert in Belgium’s capital was raised to its highest level, the first time this has happened since Islamist terrorist attacks in 2016 killed 35 people. The shooting took place after thousands of Swedes had arrived in Brussels for a Euro 2024 football match. The alleged shooter is still at large.

2. Exclusive: EU regulators will seek tougher concessions from airlines looking to merge in order to ensure fair competition, the bloc’s new antitrust commissioner has said. In his first interview since taking up the role, Didier Reynders said Brussels will ask airlines to ensure slots are allocated to rivals on routes with competition concerns. Read the full interview here.

3. Rolls-Royce is preparing to cut about 2,500 white-collar jobs as part of a major restructuring by its new chief executive aimed at streamlining operations and boosting returns. The move, which represents an almost 6 per cent cut to the UK aerospace and defence company’s global workforce, is expected as early as today. Sylvia Pfeifer has more details from London.

4. Donald Tusk is on track to secure power in Poland, with the former European Council president gaining the upper hand over the ruling Law and Justice (PiS) party in parliamentary elections. PiS appeared to be on the brink of losing office after almost all votes were counted, failing to obtain a majority. Here’s more on the EU’s most significant election this year.

• Opinion: For now, pro-European Poles have reason to celebrate, but a true test of the country’s democratic health will be an orderly transfer of power, writes Ben Hall.

• Go deeper: Polish voters showed up in unprecedented numbers at the ballot box to secure a stunning victory for opposition parties, with participation estimated at 73 per cent.

5. Donald Trump is willing to testify in the UK in his lawsuit over a dossier that alleged he had links to Russia, he told London’s High Court in a written witness statement yesterday. The former US president is suing Orbis Business Intelligence over the notorious dossier compiled by its co-founder, former MI6 spy Christopher Steele. The dossier made headlines globally in early 2017 and included lurid allegations about Trump’s conduct in a Moscow hotel.

• Trump and Israel: Donald Trump is facing fierce rebukes from across the US political spectrum for criticising Benjamin Netanyahu in the wake of the Hamas attacks.

• US politics: Federal filings show that Trump and Biden have raised far more money for their election campaigns in the third quarter than their rivals.

The Big Read

It was science fiction writer Isaac Asimov who first mooted the idea of space solar power in his 1941 short story “Reason”. In reality, however, it has long been dismissed as too costly and technologically challenging to be commercially viable. But as the sense of urgency over the threat of climate change grows and the economics of space evolve, governments around the world are reconsidering its potential.

We’re also reading . . . 

• US arms support: Israel’s war on Hamas is straining a US defence sector already under pressure to arm Ukraine and replenish depleted Pentagon stocks.

• War disinformation: Amateurs rushing to document atrocities in Israel and Gaza must not spread darkness where they intend to shed light, writes Bellingcat’s Giancarlo Fiorella.

• Geopolitical risk: Companies are increasingly seeking out former diplomats, politicians and civil servants to boost political expertise on their boards.

Graphic of the day

Covering an area roughly a quarter of London, Gaza is more crowded in parts than Manhattan, and its population of 2.3mn includes almost as many children as adults. Its extraordinary demographics are exacerbating the humanitarian crisis unfolding as Israel prepares to step up its offensive against Hamas. Here’s what we know about the besieged territory — in charts.

Take a break from the news

Would you eat a cricket crisp? Insect proteins are a powerful new ingredient. In the form of meat substitutes, they have the potential to reduce greenhouse gas emissions associated with conventional meat by up to 97 per cent. But there are hurdles, including the “yuck factor”.

Additional contributions from Benjamin Wilhelm and Gordon Smith