Israel prepares for ground invasion of Gaza, UK justice secretary announces plan for prison shortage, Exxon's acquisition could lead to industry consolidation
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Quick takeaways
Israel is preparing to launch a major ground invasion of Gaza to eliminate Hamas, creating uncertainty about the effectiveness of the military operation and its aftermath.
ExxonMobil's $60 billion acquisition of Pioneer Natural Resources signals a wave of consolidation in the US shale oil industry, potentially reshaping the industry and indicating their confidence in future oil demand.
Deep dives
Israel prepares for major ground invasion of Gaza
Israel is preparing to launch a major ground invasion of Gaza in response to Hamas's surprise attack. The Israeli Air Force has already launched intense bombing strikes, and ground forces are gathering at the borders of Gaza. The objective of the invasion is to root out and eliminate Hamas from Gaza, although the challenge lies in the fact that Hamas is deeply embedded in the region and runs the strip. This creates uncertainty about the effectiveness of the military operation and what will happen after Hamas is dealt with.
ExxonMobil's acquisition signals consolidation in the shale oil industry
ExxonMobil's recent acquisition of Pioneer Natural Resources for nearly $60 billion is expected to kickstart a wave of consolidation in the US shale oil industry. With prime drilling spots running dry, companies are resorting to acquisitions to expand their operations. The Exxon-Pioneer deal is the largest in decades and paves the way for other major acquisitions by US oil companies. The consolidation means that oil production will fall into the hands of a smaller number of big operators, potentially reshaping the industry. This move also highlights ExxonMobil's confidence in the future of oil demand, despite growing focus on the transition to cleaner energy sources.
Israel is preparing to launch a major ground invasion of Gaza, the UK justice secretary is set to announce a controversial plan to address the chronic shortage of space in jails, and Exxon’s $60bn acquisition of a shale company could set off a wave of industry consolidation.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
CORRECTION: An earlier version of today's show wrongly said Israel's Gaza operation in 2014 didn't involve the use of ground forces, whereas there was in fact a ground offensive.