Axios

The massive effort to rescue those inside a missing tourist submersible that vanished Sunday during a journey to the wrecked RMS Titanic came to a halt Thursday, with the pilot and four passengers believed to be dead.

Driving the news: While officials from the U.S. and Canadian Coast Guards worked for days to locate the vessel, debris discovered in the search area ultimately led them to believe the vessel's pressure chamber suffered a "catastrophic loss."

Indian Prime Minister Narendra Modi, who rarely takes questions from reporters, issued an emphatic defense of India's democracy in a press conference on Thursday alongside President Biden.

Why it matters: The Biden administration sees Modi's state visit as a launchpad to a deeper relationship with India, a rising economic power that is central to Biden's strategy to contend with China. But India's crackdown on dissent and persecution of minorities on Modi's watch cast a shadow over the proceedings.

Guatemala's young democracy will be further tested during Sunday's elections, which experts say have been plagued by illegal use of government funds and secretive rulings on which candidates qualify to run.

What to know: Guatemalans will also choose 160 members of Congress, 340 mayors and 20 representatives to the Central American Parliament amid what human rights experts say is a democratic backsliding that includes widespread corruption in the country's main institutions.

A majority of Latinos in a new survey say it's important to shift to electric vehicles to minimize climate change damage, but they expressed more interest in buying gas-powered cars over EVs.

Why it matters: Experts say that illustrates a lack of access to electric vehicles, which can be more expensive, as U.S. leaders push toward widespread adoption.

The Bank of England said it would raise interest rates by a half percentage point Thursday, surprising economists and traders that anticipated a smaller move.

Why it matters: The central bank returned to hiking rates by an outsized amount as the U.K. faces the worst inflation pressures of any major developed nation.

India is undercutting President Biden's strategy on Ukraine and backsliding on the human rights and democracy issues at "the core" of Biden's foreign policy — but U.S. officials are anxious to demonstrate this week that relations have never been better.

Why it matters: Prime Minister Narendra Modi's state visit underscores the stakes of the bet the U.S., and some major U.S. companies, are placing on the world's most populous country.

Editor's note: The Titan sub’s passengers are believed to be dead. See Axios’ latest coverage.

The massive search for a tourist submersible carrying five people that went missing in the North Atlantic during a diving trip to the wreck of the Titanic entered its fifth day Thursday, as oxygen supply concerns grow.

Driving the news: Capt. Jamie Frederick, the response coordinator from the First Coast Guard District, said during a news conference remotely operated vehicles (ROV) were searching an area where underwater noises were detected Tuesday and Wednesday.

Apple, FedEx and Marriott CEOs are reportedly among business leaders invited to tomorrow’s state dinner for India’s Prime Minister Narendra Modi at the White House.

Why it matters: Their attendance emphasizes a key signal of Modi’s first official state visit — that the U.S. and India are strengthening political and economic ties amid drifting relations between the U.S. and China.

Violence in the occupied West Bank dramatically escalated this week after the Israeli military killed six Palestinians in a raid, Palestinian militants killed four Israeli settlers in an attack, Israeli settlers rampaged through a Palestinian town and torched dozens of homes and cars, and Israel conducted a rare drone strike on a car.

Thought bubble: The rapid escalation, which came as State Department's senior Middle East diplomat Barbara Leaf visited Israel and the West Bank, shows how quickly the situation in the West Bank can deteriorate and what little influence the Biden administration's warnings to prevent or stop the violence has had on either side.

The Department of Defense (DOD) said on Tuesday an accounting error revealed last month overestimated U.S. military aid to Ukraine since the start of Russia’s invasion by $6.2 billion.

Why it matters: The "valuation errors," as the Pentagon described them, will allow it to send additional military aid packages to Ukraine, which earlier this month embarked on its long-awaited counteroffensive against Russian forces in occupied territories.

Amos Hochstein, President Biden's senior adviser for energy and infrastructure, is visiting Saudi Arabia this week for talks with senior Saudi officials, two sources familiar with the trip tell Axios.

Why it matters: Hochstein’s trip is part of the diplomatic push by the White House to try to reach a set of agreements that would upgrade U.S.-Saudi relations and include a normalization deal between Saudi Arabia and Israel.

A meeting between Israel’s diaspora minister and a group of Jewish congressional Democrats earlier this month quickly turned tense after the Israeli politician invoked the term “woke," according to four U.S. and Israeli sources who attended the meeting or were briefed on it.

Why it matters: The difficult atmosphere, as well as the criticism and concerns expressed by the U.S. lawmakers during the meeting with Amichai Chikli, shows the growing rift between Jewish Democrats in Congress — many of whom are strong supporters of Israel — and Netanyahu’s right-wing government.

The U.K. has the worst inflation problem of any major developed economy. Last month, it got worse.

Driving the news: The nation's Consumer Prices Index rose by 8.7% in the 12 months through May, unchanged from the prior month and bucking analysts' expectations of a slowdown, the government's statistics agency said Wednesday.

President Biden referred to Xi Jinping as a dictator Tuesday after U.S. Secretary of State Antony Blinken met with China's leader on a trip to Beijing that was aimed at reducing diplomatic tensions, per a pool report.

Driving the news: "The reason why Xi Jinping got very upset in terms of when I shot that balloon down with two box cars full of spy equipment is he didn’t know it was there," Biden said at a fund-raiser in Kentfield, California about the Chinese balloon that the U.S. shot down over Atlantic Ocean in February.

Tropical Storm Bret formed Monday afternoon in the Central Atlantic, after emerging off the west coast of Africa and tracking over record warm ocean waters for this time of year.

Why it matters: This storm shows what can happen when the tropical North Atlantic Ocean features temperatures more typical of September than June, defying seasonal norms.