The Bulletin

• Biden's first TV interview after debate: President Joe Biden will appear in his first televised interview since his widely criticized debate performance. The interview is set to air on ABC in segments starting today. Get more details.
• Hurricane Beryl update: Beryl weakened to a Category 2 storm as it approached the eastern coast of the Yucatan Peninsula in Mexico. The storm is expected to move toward southern Texas by the end of the weekend, according to the National Hurricane Center.
• US ally detects Russian submarine: Portuguese "submarine-hunting" plane detected a Russian submarine transiting northern European waters last week, NATO said, which continues monitoring amid Moscow's prolonged invasion of Ukraine. Learn more.
• Fourth of July incident: Three people were killed, and others were hurt after a pickup truck "driving at a high rate of speed" hit a group celebrating the Fourth of July at a New York City Park, according to officials.
• Texas shark attack: Several people were injured in a shark attack at a beach on Texas' south coast on Thursday. Know more about the incident.
• US ally detects Russian submarine: Portuguese "submarine-hunting" plane detected a Russian submarine transiting northern European waters last week, NATO said, which continues monitoring amid Moscow's prolonged invasion of Ukraine. Learn more.
• In the ongoing war in Ukraine, Ukrainian forces downed all Iranian-designed Shahed drones launched by Russia in an overnight barrage, the commander of the Ukrainian Air Force, Mykola Oleschuk, said.

The rundown: Britain's Labour Party is back in power after a landslide victory, ending 14 years of Conservative rule. The Labour leader Sir Keir Starmer will now become the UK prime minister, replacing Rishi Sunak. Here is the margin of seats by which he secured victory.

Why it matters: The Conservative Party, which has governed Britain for the past 14 years through economic austerity, Brexit, Covid, and five prime ministers, suffered a devastating setback, with their numbers halved to some 120 seats—their worst performance in almost 200 years. Moreover, Nigel Farage, one of Trump's most vocal foreign supporters, also won its first seats and came second in many more, splitting the right-wing vote and contributing to the Conservatives' losses.

Read more in-depth coverage:
Donald Trump Celebrates Ally's Election Performance

TL/DR: Keir Starmer will be the next prime minister, telling supporters at a victory rally that “change begins now.”

What happens now? King Charles called Starmer to Buckingham Palace at noon. London time, or 7 a.m. ET, on Friday, to officially ask him to form a government in the monarch's name, which is the British equivalent of a swearing-in ceremony.

Deeper reading UK Election: Labour Sweeps Conservative Party Aside After 14 Years in Power

The rundown: President Joe Biden raised Vice President Kamala Harris' hand on the Truman Balcony of the White House in a show of unity during Thursday night's Independence Day fireworks display. See the footage.

Why it matters: The Fourth of July event occurred as donors and voters continue to revolt from the campaign of Biden, 81, following the president's poor debate performance against former President Donald Trump last week. Several Democratic donors have withdrawn their support of Biden. Netflix co-founder Reed Hastings and Disney heiress Abigail Disney are among the big-money donors who have said they wouldn't donate to the Biden campaign unless he is replaced. Here's also a full list of Democrats who are urging Biden to step down.

Read more in-depth coverage:
Biden Campaign Posts New Job to Help Kamala Harris

TL/DR: Harris is widely seen as in the best position to defeat Trump in November's election among potential alternative Democratic nominees.

What happens now? Biden and his team have said the president will remain in the race despite the resistance. White House press secretary Karine Jean-Pierre said Biden "is clear-eyed and he is staying in the race" at a news conference on Wednesday.

Deeper reading Biden Raises Kamala Harris' Hand in Show of Unity as Donors, Voters Revolt

The rundown: Rudy Giuliani has sought a $2 million payment from Donald Trump "any number of times," the former New York mayor told a bankruptcy deposition.

Why it matters: Giuliani lost a $148 million lawsuit and has been disbarred as a lawyer because of his work for Trump yet has never been paid for his services. In his deposition, he said Trump's campaign ignored the numerous invoices he sent and only ever paid his expenses. On Wednesday, Giuliani's lawyers appeared in bankruptcy and announced that he wanted to liquidate his assets.

Read more in-depth coverage:
Rudy Giuliani Responds to Disbarment

TL/DR: In a February 7 deposition before attorney Andrea Schwartz of the Office of the United States Trustee, Giuliani said that the Trump campaign has never paid him anything.

What happens now? The U.S. trustee may appoint a trustee to oversee Giuliani's income and assets.

Deeper reading Bankrupt Rudy Giuliani Sought Trump Payment 'Any Number of Times'—Court Documents

The rundown: Israel will not have its pioneering Iron Beam high-energy laser weapon system up and running ahead of schedule despite the looming possibility of full-scale war breaking out across its northern border with Lebanon-based Hezbollah. Learn what this means for Israel's defense.

Why it matters: Israel, now nearly nine months into all-out war in Gaza following Palestinian militant group Hamas' unprecedented attacks on Israel on October 7, is also contending with Hezbollah pressing from southern Lebanon into Israel's northern towns and villages. The Tehran-backed group has said it is firing drones, rockets, and missiles into northern Israel in solidarity with Hamas after Israel vowed to eradicate the group from the Gaza Strip. Iran's mission to the United Nations has promised an "obliterating war" should any Israeli operation into Lebanon get underway.

Read more in-depth coverage:
Israel Poised For Hezbollah War: 'The Situation Here Must Change'

TL/DR: The U.S. has dedicated $1.2 billion to developing the Iron Beam while Washington looks at its laser projects. The U.S. Army has floated the idea of acquiring the Iron Beam if it proves successful.

What happens now? Israel's Defense Ministry and industries are doing all they can to speed up the deployment of the Iron Beam, but the tail end of 2025 is still the earliest the first-of-its-kind air defense system will be fielded, Newsweek understands. This timeline has long been in place.

Deeper reading Israel's Iron Beam Defense Can't be Rushed Despite 'Obliterating' War Fears

The rundown: For the first time in its history, California has introduced permanent water restrictions for its cities and towns to address the issues of water conservation and resilience in the drought-stricken state. Find out how these measures will impact the residents.

Why it matters: The new regulation, which was approved by the California State Water Resources Control Board (SWRCB) on Wednesday, will require the state's largest water utilities—which serve 95 percent of California residents—to reduce the amount of water they provide over the next 15 years. It doesn't apply directly to households or individuals in the state. It's the first time that the Golden State has adopted permanent measures to save water.

Read more in-depth coverage:
City in California Warns Residents 'Do Not Drink' the Water

TL/DR: Any solution to save water is desperately needed in the state, which has suffered two significant droughts in the last decade and is expected to endure a 10 percent water supply shortfall by 2040 due to hotter and drier weather conditions.

What happens now? Under the new regulation, which is expected to come into effect by January 1, 2025, suppliers must calculate water budgets based on the needs of each community.

Deeper reading California Imposes Permanent Water Restrictions on Residents