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☆ Short-seller sends Globe Life shares plunging 53% as insurance giant calls report 'defamatory,' threatens legal action
▼ + stars: | 2024-04-12 | by ( Susan Antilla | ) www.businessinsider.com time to read: +12 min

Read previewShares of insurance giant Globe Life Inc. plunged 53% today and trading was halted eight times after a short-seller issued a damning narrative on the company. (Globe Life, AIL, and the other defendants denied the allegation in a legal filing.) Meanwhile, Warren Buffett's Berkshire Hathaway sold all 6.35 million shares of Globe Life stock the investor once held. In his April 3 presentation to investors, Koppikar called Globe Life "a dead-end pyramid scheme." He predicted that the DOJ investigation will hinder recruiting, "which is the lifeblood for pyramid schemes like Globe Life."

Persons: —, Arias, Panda, Fuzzy Panda, Steve Greer, Dave Zophin, Trina Orlando, Renee Zinsky, Zinsky, AIL, Simon Arias, Michael Russin, Amy Williamson, Zinsky's, Russin, Warren Buffett's Berkshire Hathaway, John Kane, Matthew D, Williamson, wasn't, I'm, Michael Clark, Renee, Jennifer Haworth, Abeni Mayfield, Susan Antilla, Orlando, Nate Koppikar, Haworth, J, Matthew Darden, Russin's, Koppikar Organizations: Service, Inc, Business, BI, Organization, Globe, AIL, Arias Organization, Agencies, Opportunity, Department of Justice, Globe Life, Russin, AAA, Orlando, Alpha, Reuters, DOJ Locations: Globe's, Pittsburgh, Columbia , Maryland, Mayfield, Arias

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Maersk is evolving to become a logistics powerhouseEach year about 90% of world trade is transported by ship. In addition to its fleet of 672 vessels, Maersk the world's second largest container shipping company and runs one of the globe's largest port terminal businesses with 64 terminals. To offset some of its risks the company is beefing up its end-to-end logistics business, investing in last mile delivery and air freight.

Organizations: Maersk

☆ Department of Justice opens probe of Globe Life, American Income Life
▼ + stars: | 2024-03-06 | by ( Susan Antilla | ) www.businessinsider.com time to read: +6 min

The U.S. Department of Justice has subpoenaed Globe Life Inc. and its subsidiary American Income Life seeking documents related to one of its top life insurance agencies — the Pittsburgh-based Arias Organization. Globe Life executives made no mention of the DOJ probe during a quarterly earnings call on February 8. In October, insurance regulators in Pennsylvania fined American Income Life $130,000 for engaging in deceptive consumer practices. "We do not believe the litigation will be material to Globe Life's overall results or American Income Life's agency operations," he said. Darden told the analysts that "as soon as American Income became aware of" the allegations, AIL hired an outside investigator to look into the matter.

Persons: Arias, Renee Zinsky, Michael Russin, Joel Scarborough, Globe's, Trina Orlando, Cathy Seifert, Seifert, Scarborough, Simon Arias, Natalie Price, AIL, Warren Buffett's Berkshire, James Darden, Darden, Zinsky, Janet Hendrick, Phillips Murrah, Kathryn D, Terry, Liz Rita, Susan Antilla Organizations: U.S . Department of Justice, Inc, Organization, News, Business, BI, CFRA Research, Securities and Exchange Commission, Globe, DOJ, Scarborough, US, Office, Western, Western District of Pennsylvania, Arias Agencies, The, Justice, Warren, Warren Buffett's Berkshire Hathaway, Commission, Department of Justice, AIL, Income, Zinsky, Law Locations: Pittsburgh, Scarborough, Western District, Pennsylvania, Dallas, Globe, Denver, AIL, susan.antilla1@gmail.com

☆ Inside Nestle's instant coffee business
▼ + stars: | 2024-03-02 | by ( Shawn Baldwin | Jeniece Pettitt | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside Nestle's instant coffee businessIn Vietnam's Central Highlands growers eagerly await the annual coffee harvest in October when coffee cherries turn deep red in color. Vietnam is the world's second largest exporter of coffee behind Brazil which produces about 40% of the globe's coffee supply. Fluctuating coffee prices and high labor costs have caused financial difficulties for farmers in recent years. To keep up with demand Nescafé works with over 100,000 farmers and buys more than 13 million bags of green coffee annually.

Locations: Highlands, Vietnam, Brazil

Kerry and Xie paved the way for progress at international summits that could have otherwise stagnated. The annual U.N. climate summit was being held in Copenhagen later that year, and Kerry was eager to talk about it with Chinese officials. Stern said the deal “ricocheted around the climate world" and convinced countries that “we can actually get this done.”The importance of the deal became evident one month later. It was the relationship with China, Kerry said afterward, that helped “change the paradigm.”——-The warm feelings were short-lived. Donald Trump was elected president in 2016, and he promptly withdrew the U.S. from the Paris agreement after taking office.

Persons: John Kerry, Xie Zhenhua, Kerry, Xie, Mao Zedong's, Christiana Figueres, ”, Li Shuo, ” —, George W, Bush, Barack Obama's, Obama, Todd Stern, ” Stern, “, Xi Jinping, Stern, Figueres, ” Xie, —, Donald Trump, Joe Biden, Xi, hadn’t, Trump, Biden, Jonathan Pershing, Nancy Pelosi, John, John Podesta, Podesta, ___ Read, Chris Megerian, Seth Borenstein Organizations: WASHINGTON, United, Communist Party, U.S, Asia Society, Greenpeace, Senate Foreign Relations, International, Trump, William, Flora Hewlett Foundation, Associated Press Locations: United Nations, Dubai, Paris, England, Vietnam, China, Copenhagen, Lima, Glasgow, Sunnylands, Beijing, Christiana, U.S, “, Lima , Peru, South, Taiwan, COVID, Egypt, California, Arab Emirates, AP.org

☆ Cramer's Lightning Round: 'I'm pulling the plug' on Plug Power
▼ + stars: | 2023-12-04 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Cleveland-Cliffs' year-to-date stock performance. Cleveland-Cliffs : "[buy, buy, buy.] Stock Chart Icon Stock chart icon InterDigital's year-to-date stock performance. Stock Chart Icon Stock chart icon Ferroglobe's year-to-date stock performance. Stock Chart Icon Stock chart icon Marathon Digital's year-to-date stock performance.

Organizations: Cliffs, Nvidia Locations: Cleveland

"Since then, the United States has turned ambition into action." On the sidelines of the conference, the United States also unveiled new measures to curb emissions of the powerful greenhouse gas methane from oil and gas operations. That awkward coincidence underscores one of COP28's most contentious questions: Can the world's response to climate change involve continuing use of fossil fuels? Harris told the conference that the United States supports phasing out of "unabated coal" use, but she did not mention other fossil fuels. "We're in a context in which we need to reduce production of fossil fuels and ... we need to be on a path of lower consumption.

Persons: Kamala Harris, Joe Biden, Harris, haven't, aren't, Catherine Abreu, John Podesta, Richard Valdmanis, Valerie Volcovici, Sarah McFarlane, Simon Jessop, Katy Daigle, Kevin Liffey, Diane Craft Organizations: Climate Fund, OPEC, United, UAE, Saturday, Exxon Mobil, Saudi Arabia's Aramco, Oil, Climate Initiative, Reuters, Thomson Locations: DUBAI, United States, Dubai, COP26, America, China, Texas, New Mexico, United Arab Emirates, U.S, Saudi, Ukraine

[1/2] A woman shops for groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. The U.S. banking sector was in turmoil in the spring as Silicon Valley Bank abruptly collapsed after grappling with large amounts of unrealized losses spurred by rapidly rising interest rates. She said reinflation was a risk, especially if banks do not correctly anticipate interest rate moves and adjust their portfolios appropriately. That led to unrealized losses across the sector coming under closer scrutiny. Global banking and securities regulators are also still grappling with the fallout from the collapse of Credit Suisse Group (CSGC.UL).

Persons: Sarah Silbiger, Ana Arsov, Arsov, reinflation, ” Arsov, Tim Wennes, Paul Servais, Paritosh Bansal Tatiana Bautzer, Megan Davies, Lisa Shumaker, David Gregorio Our Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, Banco Santander, Global, Credit Suisse Group, UBS, Jean, International Organization of Securities Commissions, Financial, Swiss, Thomson Locations: Mount Pleasant, Washington ,, U.S, SVB

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.

Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London

☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.

Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S

☆ Dollar unlikely to lose global dominance soon even as BRICS expand, BNY Mellon says
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 1 (Reuters) - The dollar is unlikely to lose its status as the global reserve currency anytime soon, even as the expansion of the BRICS group of developing nations signals another challenge to the dollar's dominance in the world economy, BNY Mellon said in a note. One of the objectives of the BRICS is to find an alternative to the dollar, BNY noted in a report published on Friday. Adding Saudi Arabia, the UAE, and Iran, to the BRICS meanwhile would include three of the world’s largest oil exporters and make up 42% of global oil supply. Still, BNY Mellon added this would not be enough to challenge the dollar's dominance. "The USD is unlikely to lose its global reserve status anytime soon – new currency unions should look to technology or green baskets, rather than gold- or carbon-based ones," said Bob Savage, head of markets, strategy and insights at BNY Mellon wrote.

Persons: BNY Mellon, BNY, Bob Savage, Savage, Dhara Ranasinghe, Amanda Cooper Organizations: United Arab Emirates, BNY, Thomson Locations: Brazil, Russia, India, China, South Africa, Iran, Argentina, Saudi Arabia, UAE, Ethiopia, Egypt, Johannesburg

☆ Dangerous US heat wave pushes eastward, capping globe's record July
▼ + stars: | 2023-07-27 | by ( Brendan O'Brien | ) www.reuters.com time to read: +3 min

REUTERS/Mike BlakeCHICAGO, July 27 (Reuters) - An intensifying heat wave descended on the eastern United States on Thursday, prompting warnings about the dangers presented by the sweltering heat and humidity in the final days of a record-smashing July around the world. The nation's capital was expected to see the heat index, a measure of what the temperature feels like to the human body, reach 107 degrees F (41.7 C). The heat index could reach 103 degrees F (39.4 C) on Friday in the most populous U.S. city. June 2023 was the hottest on record in the United States, dating back to 1850. It also was the 47th consecutive June and the 532nd consecutive month with temperatures above the 20th-century average, according to the weather service.

Persons: Mike Blake CHICAGO, Muriel Bowser, Ashwin Vasan, Brendan O'Brien, Rosalba O'Brien Organizations: Cardiff State Beach, REUTERS, National Weather Service, Washington D.C, Washington, Twitter, Germany's Leipzig University, Union, U.S, Thomson Locations: Encinitas , California, U.S, United States, New York City, Washington, Philadelphia, York City, Greece, China, Phoenix , Arizona, Chicago

☆ Welcome to the Dollar War: a Global Fight Over America's Economic Dominance
▼ + stars: | 2023-07-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +17 min

The US even reminded everyone just how influential the buck is when it effectively froze Russia out of the global financial system with sanctions last year. Becoming the issuer of the global reserve currency is about trust. The US has controlled the global reserve currency for 102 years — giving it a special status in the world economy. Still, given that the country controlling the global reserve currency holds that status of an average of 94 years, history seems to indicate it's high time for a successor. Why shouldn't the financial world resemble something closer to the mosaic of cultures, politics, and nations that exists today?

Persons: Chenzi Xu, there's, Xu, —, Ron Temple, Gregory Brew, Eurasia's Brew, dollarizing, Stephen Jen, Jen, we've, Stanford's Xu, Luiz Inácio Lula da Silva, Josh Lipsky, " Lipsky, It's, Alexander Wise, Jan Loeys, Loeys, dollarization, Wise, Lazard's Temple, isn't, Phil Rosen Organizations: Stanford, Federal, European Central Bank, People's Bank of China, Lazard, Publishing, Getty Images, International Monetary Fund, Bank of International Settlements, Eurasia Group, Sandman's, Eurizon, IMF, Atlantic Council, JPMorgan Locations: Russia, Israel, France, China, America, Saudi Arabia, Brazil, India, Pakistan, Bolivia, Iraq, South Africa, Beijing

[1/2] Greenpeace activists hang a banner to protest Deutsche Bank and DWS investment policies on Deutsche Bank's headquarters in Frankfurt, Germany, June 14, 2023. REUTERS/Tom SimsFRANKFURT, June 14 (Reuters) - Climate activists on Wednesday targeted two of the globe's biggest banks - Deutsche Bank (DBKGn.DE) and JPMorgan (JPM.N) - for their fossil fuel investment policies with separate protests in Germany's financial capital, Frankfurt. Greenpeace activists scaled Deutsche Bank's headquarters shortly after dawn and strung up a large yellow banner to protest against the climate investment policies of the German lender and its asset management company DWS. The protests highlight the ongoing tension between climate activists and financial firms. Mauricio Vargas, a Greenpeace finance expert who was standing outside Deutsche Bank's headquarters, said: "DWS's scandal is Deutsche Bank's scandal."

Persons: Tom Sims FRANKFURT, DWS, Stefan Hoops, Mauricio Vargas, KoalaKollektiv, Chuka Umunna, Tom Sims, Rachel More, Jamie Freed, Sharon Singleton Organizations: Greenpeace, Deutsche Bank, Deutsche Bank's, REUTERS, JPMorgan, Deutsche, Thomson Locations: Frankfurt, Germany, Europe

☆ China’s economy is way more screwed than anyone thought
▼ + stars: | 2023-06-14 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

The bubble in China's property market finally popped. In April, China's economic data came in weak largely across the board. The problem is that while consumers may be picking up, the biggest drivers of the Chinese economy — property and exports — are going to stay dormant. Consumer consumption makes up about 37% of the Chinese economy (in the US that figure is about 70%). Beijing has tried to shift the country toward a consumption model, like the US, but exports still make up 20% of China's economy.

Persons: lockdowns, it's, Xi Jinping, Stanley Druckenmiller, We're, Morgan Stanley, Goldman Sachs, Wei Yao, Leland Miller, Miller, Yao, Wright, I've, —, Kearney, Linette Lopez Organizations: Trade, JPMorgan, Bloomberg Invest Conference, Bank of America's, China's National Bureau, Statistics, Societe Generale, Analysts, Beijing, China, Chinese Communist Party, China's Locations: China, globalism, Beijing, York, Asia

BERLIN, June 8 (Reuters) - Reality star Kim Kardashian's arrival at a gathering of the globe's top deal brokers in Berlin failed to dispel their dark mood as the rising cost of money puts the brakes on the private equity industry. But private equity is currently experiencing one of its toughest runs since coming of age in the 1980s as rapid rises in interest rates to combat inflation make the debt that underpins the industry scarce and expensive. "It has been easier in the past, deal flow is reduced significantly...we have to pedal harder," said Jose Pfeifer, who leads Investcorp's European private equity group, on the sidelines of SuperReturn. "Europe is doing better than expected...we are seeing opportunity in corporate carve-outs," said Marco De Benedetti, co-head of Europe private equity at Carlyle (CG.O). Emmanuel Laillier, head of private equity at Tikehau Capital, said that makes it hard to read the level of competition, although there is more flexibility in the M&A process.

Persons: Kim Kardashian's, Kardashian, Jose Pfeifer, Hythem, Marco De Benedetti, Sellers, Emmanuel Laillier, Christian Sindig, Jay Sammons, Emma, Victoria Farr, John O'Donnell, Kirsten Donovan Organizations: European Central Bank, Bundesliga, TA Associates, Carlyle, Tikehau, Thomson Locations: BERLIN, Berlin, Europe, SuperReturn

☆ The 16 cities around the world with the most billionaires, ranked
▼ + stars: | 2023-06-03 | by ( Hana R. Alberts | ) www.businessinsider.com time to read: +2 min

A third of the world's billionaires are concentrated in just 16 cities, according to a new study. Wealth-X's annual Billionaire Census tracks where they live, how they make their money, and more. Here, the 16 cities across the globe with the most billionaires, from Istanbul to Moscow. Almost a third of the world's billionaires are concentrated in just 16 cities, according to a new analysis of the habits and patterns of the richest individuals. So let's take a tour of the 16 cities the most members of the world's wealthiest population call home.

Persons: — Organizations: Service, New Locations: Istanbul, Moscow, New York City, Asia, America, Singapore, Europe, China

☆ Nigeria is the world's biggest cassava producer. So why doesn't it make money off exports?
▼ + stars: | 2023-05-16 | by ( Korey Isbell | Victoria Barranco | ) www.businessinsider.com time to read: 1 min

Nigeria is the globe's biggest producer of cassava, or yuca. It could stand to earn billions from exports of flour, sorbitol, bubble tea, and ethanol.

☆ Mexican president backs U.S. dollar as globe's 'principal currency'
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, May 8 (Reuters) - Mexican President Andres Manuel Lopez Obrador gave the U.S. dollar a vote on confidence on Monday after he was asked if a weakening greenback might spur a move to diversify Mexico's foreign currency reserves. "We are going to continue considering the dollar as the world's principal currency," Lopez Obrador told a press conference. "We have sufficient reasons to not move to other currencies," he said, underscoring Mexico's "increasingly close" economic ties to the United States. The United States is by far Mexico's largest trading partner, with both economies closely integrated over decades in sectors ranging from energy, autos and agriculture. The dollar remained weaker against most of its major peers on Monday as fears persist about a potential recession in the United States later this year.

☆ Ocean-Shot rebuilds coral reefs to save island economics after climate damage
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOcean-Shot rebuilds coral reefs to save island economics after climate damageCNBC's Diana Olick reports on efforts to save the globe's damaged coral reefs.

☆ Ubben’s Inclusive sees opportunity to boost value at Dutch chemical maker and help the environment
▼ + stars: | 2023-04-08 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

It operates through the following segments: Methanol U.S., Methanol Europe, Nitrogen U.S., Nitrogen Europe and Fertiglobe. It will be a state-of-the-art facility at the forefront of blue ammonia production and is expected to come online in 2025 and produce 1.1 million tons of blue ammonia annually. This facility will combine nitrogen with blue hydrogen to create blue ammonia. It is considered "blue" ammonia because the carbon emissions produced from the hydrogen production process are captured and stored. Second, this blue ammonia will be sold through an ammonia terminal at the port of Rotterdam that OCI owns and operates.

A reversal of low rates to stem rampant inflation has forced a risk rethink and exposed the vulnerability of firms such as Credit Suisse. Meanwhile, Credit Suisse still needs to push ahead with a radical restructuring it undertook in October to restore profitability. [1/2] The Credit Suisse logo adorns one of their buildings at their campus in Research Triangle Park in Morrisville, North Carolina, U.S., March 15, 2023. "Credit Suisse has been in our watch-list for a while," one senior executive told Reuters. The radical move by the Swiss central bank is aimed at banishing such doubts.

☆ Crypto founders are running out of bank options after the collapses of SVB and Signature. Here's where they're scrambling to move their money.
▼ + stars: | 2023-03-15 | by ( April Joyner | Morgan Chittum | ) www.businessinsider.com time to read: +5 min

Crypto founders face dwindling banking options after the collapses of Silvergate and Signature Bank. After back-to-back collapses of several crypto- and startup-friendly banks — Silvergate, Signature, and Silicon Valley Bank — crypto founders face a huge void. Silvergate and Signature, in particular, filled a vital role in the financial system for crypto startups, several founders told Insider. Well before the collapse of SVB and downfall of Signature, crypto founders had found banking havens outside the US in locales such as Dubai and Singapore. "It's a recurring conversation that crypto companies have that are based out of the states," she said.

☆ Europe’s now dealing with an oversupply of natural gas after hoarding it for months before winter
▼ + stars: | 2023-02-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The benchmark price for natural gas futures has cratered about 28% this year, and it's trading roughly 85% cheaper than record highs reached in August. At that time, natural gas was costing buyers about 10 times more than usual ahead of the winter months. As a key energy supplier to Europe, many feared that Russia would cut off natural gas flows in retaliation to Western sanctions. Europe enjoyed its third hottest January ever last month, meaning people used less heating and thus less natural gas. A former Gazprom official told Reuters this week that all the years of work to build up Russia's natural gas exports have become moot.

☆ Israel exports oil for the first time ever after diplomatic breakthrough with Lebanon
▼ + stars: | 2023-02-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Israel launched its first-ever export of crude oil, sending a shipment to Europe. Israel's oil export was sold to commodities giant Vitol through a multi-cargo agreement. "The first ever lifting of an Israeli crude oil cargo has taken place at the company's Karish field," Energean said. While the country is still expected to import most of its oil, Israel has become self-sufficient on natural gas and has been exporting it for years. Israel's largest gasfield, Leviathan, also produces some crude oil, but those supplies go to domestic refineries.

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