Major International Business Headlines Brief::: 25 August 2023

Fri Aug 25 10:12:51 CAT 2023

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Major International Business Headlines Brief::: 25 August 2023 

 <https://www.nedbank.co.zw/> 

ü  Nigeria: Govt Seeks Stakeholders' Collaboration On Energy Stability

ü  Nigeria: 5.3m Prepaid Meters Risk Crashing Over Software Expiration

ü  Kenya: Tiktok CEO Commits to Work With Authorities in Moderating Content

ü  Nigeria: Petrol Stations Ration Fuel As Marketers Shun Importation

ü  Nigeria Statistics Agency Revises Labour Data, Says Unemployment 4.1% in
Q1 2023

ü  Kenya Agrees With Global Social Media Networks on Monetization of Content

ü  South Africa: Standard Bank Renews Partnership With Industrial and
Commercial Bank of China

ü  Kenya: Govt Relaunches Eldoret Cargo Flights to Spur Regional Trade

ü  Kenya: Six Roads to Be Opened in Lamu County to Enhance Security - CS
Kindiki

ü  Nigerian Troops Destroy Illegal Oil Refinery in Delta - Official

ü  Subway agrees sale to Dunkin' and Baskin-Robbins investor Roark Capital

ü  US sues Elon Musk's SpaceX over hiring policy

ü  Gas prices fall as fears over Australian strike recede

 <https://www.cloverleaf.co.zw/> Nigeria: Govt Seeks Stakeholders'
Collaboration On Energy Stability

The Energy Commission of Nigeria (ECN) has called for collaboration among
stakeholders and government officials in policy-making bodies to enhance
national energy efficiency and conservation.

The acting director-general of the ECN, Mr. Joseph Sunday Olayande,
highlighted the importance of this collaborative effort during a workshop
focused on industrial energy efficiency policy and regulatory formation.

The workshop provided capacity building and training to government energy
policymakers and regulators in Nigeria.

He said that this collaborative approach aims to strengthen National
Industrial Energy Efficiency (IEE) Policies and Regulatory Frameworks,
fostering the adoption of Energy Management Systems Standards (EnMS/ESO/ISO
50001) across Nigeria.

A representative from UNIDO, Oluyomi Banjo, recognised energy efficiency's
potential to optimise energy security and highlighted UNIDO's commitment to
collaborating with Nigeria to achieve efficiency benefits.

-Daily Trust.

Nigeria: 5.3m Prepaid Meters Risk Crashing Over Software Expiration

Electricity consumers nation-wide are faced with possible dilemma and risk
of not being able to energise their pre-paid meters after the Nigerian
Electricity Regulatory Commission (NERC) alerted on software expiration by
November 2024.

Though NERC said the pre-paid meters software would crash next year, some
Electricity Distribution Companies, DisCos, have warned customers that they
may not be able to load energy token by the end of this year.

LEADERSHIP Friday reports that NERC has advised DisCos to assist customers
update their meters, warning that failure by electricity customers to update
their metering devices would make them face challenges with recharging by
next year.

In a message on its Twitter handle, the Commission said the process of
updating would be free of charge, with customers expected to approach the
power Distribution Companies (Discos) on how to go about it.

" If you have a prepaid meter, it may be time for an update. From November
2024, you may not be able to recharge your meter. However, updating is easy
and free.

"Discos shall commence issuance of two free Key Change Tokens (KCTs) which
will update your meter," NERC stated in the message.

It further stated that the process will not in any way impact the units in
the meters, even it urged consumers not to be apprehensive.

"The update will not affect the units in your meter nor will it make your
meter run faster than usual. Contact your Disco for more information," it
said.

The NERC further explained that the update would not affect meter units, nor
would it result in any acceleration of its usual operational pace.

"The update will not affect the unit in your meter, nor will it make your
meter run faster than usual. Contact your DisCo for more information," NERC
said.

However, a message by Ikeja DisCo said though NERC indicated that all
current software for all pre-paid electricity meters in the world, including
Nigeria, would expire on 24th of November 2024 in what it referred to as TID
rollover, all customers with Standard Transfer Specification (STS) pre-paid
meters within its network, who fail to upgrade, are at the risk staying in
darkness from 1st November, 2023.

The DisCo said it had set that date for its own TID rollover process.

This move is coming as MOJEC, Nigeria's foremost indigenous meter
manufacturer, has stepped up action to support DisCos in providing upgrade
process for customers.

Ms Chantelle Abdul, managing director and chief executive of MOJEC
International Holdings, a conglomerate with subsidiaries in the power and
energy sectors, in a chat with our correspondent, confirmed that the
deadline for the TID rollover migration is November 2024, not 2023.

She said NERC's directives is for electricity distribution companies and
utilities as well as meter manufacturers to ensure compliance with the TID
rollover for Utilities Software infrastructure (Vending Solutions) upgrades
to support the issuance of the TID rollover Key Change Tokens (Tokens) as
well as the conformance of the electricity meters already deployed to the
customers.

She also said the directive would ensure new meters are produced on the new
base date of 2014 and will not necessitate the need for TID rollover for new
meters yet to be deployed.

According to Abdul, the TID rollover process is only possible if the energy
meters support the TID migration.

"It is believed that all STS prepayment meters supplied (produced) since
2011 by local manufacturers and others should support the TID rollover as
meters that do not support the TID rollover must be phased out of the system
as customers will not be able to vend at the set deadline."

She noted that local meter manufacturers must also upgrade their
infrastructure, (manufacturing software) to enable energy meters yet to be
supplied to be configured with the new base date of 2014.

According to her, once the upgrade of the vending system is done by the
DisCos/Utilities, meters supplied by local manufacturers must be produced on
the new base date before it can work.

Currently, she stated, MOJEC meters is partnering with the DisCos/Utilities
to ensure a seamless TID rollover.

"All MOJEC STS prepayment meters hardware and firmware deployed across all
the electricity distribution companies comply with the TID rollover and can
be migrated.

"The Advanced Metering Infrastructure (AMI), the monitoring system for the
meters deployed, can be used to seamlessly implement the TID rollover for
the percentage of meters with smart features activated by the
DisCos/Utilities Technical support to all DisCos/Utilities throughout the
migration process," she said.

Abdul said the process had commenced for the Secondary Markets/Estates and
Off-Grid projects where MOJEC controls the vending solution, with the firm
having over 50 estates, she said

Speaking on the situation, she said the periodic upgrade is not something to
avert as it is an algorithm of how the STS prepayment meters works.

She, however, revealed that the next TID rollover would be in over 30 years'
time when the existing meters should have been phased out.

"It is also a form of security to eliminate the reuse of tokens and revenue
protection to DisCo/Utilities that deploy the STS prepayment solution," she
said.

Offering more explanation, she asserted that all energy prepaid meters
deployed by the electricity distribution companies in Nigeria adopt the
Standard Transfer Specification (STS) protocol in achieving its prepayment
functionalities using its encrypted algorithm, protocols and standards.

"For all prepaid meters, this protocol regulates the encryption and
uniqueness of token generation and usage by STS-certified prepayment meters.
In STS-compliant tokens, the TID Rollover, also known as the Token
Identifier, is a 24-bit field that contains the date and time the token was
generated. It is used to check whether a token has been used in a prepayment
meter. The TID is the number of minutes that have passed since January 1,
1993. The 24-bit field is incremented, which means that eventually the TID
value will roll over to zero.

"All STS prepayment meters will be affected by TID roll over on the
24/11/2024. Any tokens generated after this date and utilising the 24-bit
TID will be rejected by the meters as being old tokens as the TID value
embedded in the token will have reset back to 0.Which raises the need to
change the Base Date of the Prepayment meters from 1993 to 2014. The TID
Rollover will achieve this with the use of Key Change Tokens generated by
the Discos/Utility Vending systems and issued to all customers to apply on
the meters physically to complete the migration," Abdul.

Meanwhile, a report released by NERC shows that distribution companies
installed 171,107 meters for consumers in the first quarter of 2023.

The figure represents an additional 6,495 meters installed, which is a 3.95
percent increase compared to the 164,612 meters installed in Q4, 2022.

According to the report, only 5.36 million of the registered 12.38 million
subscribers have prepaid meters.

"As of 31st March 2023, there were 12,378,243 registered customers with
43.31 percent (5,360,434) of them metered," the report reads.

"Over the course of 2023/Q1, 171,107 end-user customers were metered which
increased the metering rate by 1.06 percent relative to the 42.25 percent
recorded in 2022/Q4. Compared to 2022/Q4 (164,612), an additional 6,495
(+3.95%) meters were installed in 2023/Q1The report shows that the meter
asset provider (MAP) scheme covered 92.71 percent of the total 171,107
installations in the quarter under review.

The new data indicates that the scheme was responsible for the installation
of 158,633 meters in Q1 2023, considered a significant number.

At the beginning of the year, the federal government proposed that about six
million meters are to be deployed nationwide in the first and second
quarters of this year to reduce the number of unmetered electricity
consumers in Nigeria.

This was disclosed in a December 2022 document on the review of the
performance of the power sector/Nigerian Electricity Supply Industry under
the current administration.

In the document from the Federal Ministry of Power, the government said it
had successfully executed a metering initiative post privatisation with one
million meters rolled out in the first phase of the National Mass Metering
Programme.

The Central Bank of Nigeria and the Nigerian Electricity Regulatory
Commission were fundamental in designing and implementing this programme.

-Leadership.

Kenya: Tiktok CEO Commits to Work With Authorities in Moderating Content

Nairobi — TikTok CEO Shou Zi Chew has committed to play part in a joint
working team with Kenyan authorities to moderate content on its platform.

Shou made the commitment Thursday when he held talks with President William
Ruto.

He has also committed to have TikTok set up an office in Nairobi to
coordinate its operations in the region.

The CEO also pledged to hire more Kenyans to work for the platform, pointing
out that Kenya was among the most active countries on the platform, State
House officials said.

-Capital FM.

Nigeria: Petrol Stations Ration Fuel As Marketers Shun Importation

Most filling stations across the country are currently rationing Premium
Motor Spirit (PMS), popularly known as petrol as fuel marketers have shunned
importation, LEADERSHIP can exclusively reveal.

Although the level of fuel consumption has drastically dropped in recent
months following the hike in fuel pump price, which explains why the
rationing is not creating heavy queues in filling stations, LEADERSHIP
findings revealed light queues in petrol stations across some major cities,
particularly, Lagos.

The light queues being experienced in some major cities of the country and
in particular Lagos is expected to build up in coming days due to the
rationing.

For over one week now most dispensing outlets in Lagos operate at low
capacity selling for a few hours daily.

Initial excuse was that marketers were expecting upward price adjustment
which the Nigerian National Petroleum Company Limited, (NNPCL) earlier
denied.

Another rumour claimed the federal government was contemplating return of
partial subsidy to cushion the effect of rising price of petrol.

Again a highly reliable source had told our correspondent that although
there has not been any official confirmation to that effect but the rumour
is rife that the government is contemplating such.

He said the move is to arrest the escalating pump price of petrol which has
taken a toll on the cost of living of the masses.

The source said the action is the only available option left for the
government at the moment given that it has no control of crude oil in the
international market which is the key determinant factor that translates
into cost of refined products which is imported into the country.

A competent industry source however confirmed to our correspondent on phone
that depots are apparently getting dry.

Our source said that the experience by motorists at filling stations is a
confirmation of the situation on ground.

"The truth is that marketers are not importing. The landing cost is above
ex-depot price at the moment and access to foreign exchange is challenging."
she said.

According to her, marketers have not resolved the issue of pricing with the
NNPCL and the decision by the company stipulating the price at which
marketers will sell negates the principle of deregulation and competition.

The source claimed though under deregulation prices wouldn't continue to go
up but the exchange rate and scarcity of forex remain unresolved the price
of petrol will continue to go up.

LEADERSHIP recently reported that major petroleum products marketers and
other independent traders which recently restarted importation of Premium
Motor Spirit, PMS, (Petrol) after the federal government removed petrol
subsidy had contemplated declining further importation.

We were informed by industry sources that a rise in the exchange rate had
made the business unprofitable.

Only last month the Nigerian Midstream and Downstream Petroleum Regulatory
Authority, NMDPRA, said oil marketers have started importing petrol into the
nation.

Until now, the importation of the product was solely done by the Nigerian
National Petroleum Company Limited, NNPCL.

At a stakeholders' engagement in Lagos, the chief executive officer of the
Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA),
Farouk Ahmed, said of the 56 oil marketing companies that applied for
licences, 10 demonstrated commitment while three have imported fuel into the
nation.

Ahmed listed the three companies currently importing the product to include,
A.Y. Ashafa, Prudent and Emadeb, adding that others would import in the
coming weeks.

He also expressed the commitment of the federal government towards the
deregulation of the sector in line with the Petroleum Industry Act, PIA.

He said some challenges that previously affected the seamless importation of
the product were being addressed.

Recently, the oil marketers urged the federal government to tackle
insecurity and suspend the 7.5 per cent Value Added Tax, VAT on diesel as
part of measures needed to impact operations in the downstream sector.

The oil markers also urged the government to put in place measures capable
of addressing the rising cost of food items and transportation in the nation
in order to impact the welfare of citizens affected by the recent
deregulation of the sector.

The chairman, Major Oil Marketers Association of Nigeria, MOMAN, Olumide
Adeosun, who applauded the government for inaugurating the committee on
fiscal policy and tax reforms by President Bola Tinubu, said the measures
are needed as citizens currently pass through very difficult times.

In a statement, MOMAN members confirmed the capacity of its members to
import petrol into the country; especially since their licences are renewed
on a quarterly basis.

He said: "The reality is that many of us have importation licences that have
never lapsed. We renew them on a quarterly basis via the NMDPRA portal. Some
of us are also importing diesel, so we need these licences."

-Leadership.

Nigeria Statistics Agency Revises Labour Data, Says Unemployment 4.1% in Q1
2023

The NBS had in March 2021 reported that Nigeria's unemployment rate rose to
33.3 per cent, translating to some 23.2 million people

Nigeria's unemployment rate stood at 5.3 per cent in the fourth quarter of
2022 and 4.1 per cent in the first quarter of 2023, the National Bureau of
Statistics (NBS) has said.

The bureau said this in its Nigeria Labour Force Survey (NLFS) report for Q4
2022 and Q1 2023 launch on Thursday.

The NBS had in March 2021 reported that Nigeria's unemployment rate rose to
33.3 per cent, translating to some 23.2 million people, the highest in at
least 13 years and the second-highest rate in the world.

The figure jumped from 27.1 per cent recorded in the second quarter of 2020
amidst Nigeria's lingering economic crisis made worse by the coronavirus
pandemic. The unemployment rate in the country has more than quadrupled
since 2016 when the economy slipped into a recession.

In April 2021, the then Nigeria's Minister of Labour, Chris Ngige, claimed
that the World Bank questioned the methodology employed by the NBS to
generate its employment statistics.

He added that he had on several occasions queried the employment statistics
released by the NBS.

"We have a virtual meeting of the national economic advisory council with
the World Bank to look at Nigeria's modalities for employment statistics
data collection.

"There has been a little confusion there as to the accuracy of data
generated by the NBS. So, we want to align everything tomorrow (Thursday).
The World Bank says the NBS methodology doesn't conform to the global
standard, especially the ILO format of arriving at such (an) employment
Index." Mr Ngige said at the time.

But the NBS dismissed Mr Ngige's claim, adding that the World Bank never
questioned its methodology.

On Thursday the NBS said it has enhanced its methodology of collecting
labour market data through the Nigeria Labour Force Survey (NLFS) in line
with International Labour Organisation (ILO) guidelines.

"The data collection for the revised NLFS is based on a sample of 35,520
households nationwide.

"It is conducted continuously throughout the year, with national-level
results produced quarterly and state-level results at the end of a full
year," the bureau said.

Highlights

A breakdown of the new report showed that About three-quarters of
working-age Nigerians were employed 73.6 per cent in Q4 2022 and 76.7 per
cent in Q1 2023.

This, the report said shows that most people were engaged in some type of
jobs for at least one hour in a week, for pay or profit.

It said about one-third (36.4 per cent in Q4 2022 and 33.2 per cent in Q1
2023) of employed persons worked less than 40 hours per week in both
quarters.

"This was most common among women, individuals with lower levels of
education, young people, and those living in rural areas.

"The underemployment rate, which is a share of employed people working less
than 40 hours per week and declaring themselves willing and available to
work more, was 13.7 per cent in Q4 2022 and 12.2 per cent in Q1 2023," it
said.

The NBS said the share of wage employment was 13.4 per cent in Q4 2022 and
11.8 per cent in Q1 2023.

"Most Nigerians operate their own businesses or engage in farming
activities. The shares are 73.1 per cent and 75.4 per cent in Q4 2022 and Q1
2023 respectively.

"A further 10.7 per cent in Q4 2022 and 10.6 per cent in Q1 2023 were
engaged in helping in a household business," it said.

In Q4 2022, 2.6 per cent were engaged as Apprentices/Interns and 2.2 per
cent in Q1, 2023.

"Unemployment stood at 5.3 per cent in Q4 2022 and 4.1 per cent in Q1 2023.

"This aligns with the rates in other developing countries where work, even
if only for a few hours and in low-productivity jobs, is essential to make
ends meet, particularly in the absence of any social protection for the
unemployed," the NBS said.

It noted that 22.3 per cent of the working-age population were out of the
labour force in Q4 2022, while it was 20.1 per cent in Q1, 2023.

-Premium Times.

Kenya Agrees With Global Social Media Networks on Monetization of Content

Nakuru — Kenya has reached agreements with global digital platforms on the
monetization of content.

President William Ruto said Youtube, X.com (formerly Twitter) and Facebook
have agreed to push for revenue earning from content created by the youth.

He noted that the Government has engaged the leadership of the said firms
with the aim of creating opportunities for gifted Kenyans.

"The establishment of a robust creative economy is our priority," he said.

He explained that to convert talents into livelihoods requires commercial
acumen.

He spoke on Wednesday at State House in Nakuru County during the 95th Kenya
Music Festival Winners' State Concert.

He lauded the participants for their incredible performances and committed
to lay more emphasis on the creative sector for the youth to productively
exploit their talents.

First Lady Rachel Ruto, Deputy President Rigathi Gachagua, Cabinet
Secretaries, Nakuru Governor Susan Kihika and a host of MPs were present.

President Ruto disclosed that on Thursday (tomorrow), he will have talks
with the global Chief Executive Officer of Tik Tok Shou Zi Chew on content
moderation and monetisation.

"We want to agree on a mechanism to moderate content on Tik Tok so that we
can reduce negative content and leverage on monetisation that will benefit
more people."

He announced that the Permanent Presidential Music Commission will be
rebranded to Creative Commision of Kenya and revamped to boost the creative
industry.

"The Commission will have professional studios in every county to give
opportunities to every artist ," he added.

The President directed the Kenya Institute of Curriculum Development (KICD)
to digitise all performances within a month and run a monetised YouTube
channel.

"We believe it is possible to build a society where the artist, the
songwriter, the choreographer, the instrumentalist and the vocalist can make
a decent living from their craft and talents," he said

The Head of State said the Government will promote teachers who have
excelled in the training of artists in schools.

"We will also offer scholarships to learners who flourished in this
festival."

-Capital FM.

South Africa: Standard Bank Renews Partnership With Industrial and
Commercial Bank of China

Two of the biggest banks in their respective geographies have committed to
building on their already successful 15-year partnership.

Just days after South Africa signed a memorandum of cooperation with eight
Chinese power companies at the Brics Summit, Standard Bank has announced a
five-year renewal of its cooperation partnership with the Industrial and
Commercial Bank of China (ICBC).

Two of the biggest banks in their respective geographies have committed to
building on their already successful 15-year partnership by unlocking
enhanced opportunities across the growing China-Africa trade corridor. Last
year alone, the two banks facilitated trade flows valued at $600-million
between Africa and China.

"Standard Bank has long understood the primary importance of China to the
growth of our continent, and I am privileged and honoured to thank my
colleagues at ICBC for their ongoing partnership," said Standard Bank's
Group CEO, Sim Tshabalala.

"We look forward to the next 15 years together as we build on our successes
and drive inclusive and sustainable growth in Africa."

Earlier this month, Standard Bank posted positive results, showing that its
African operations were significantly buoying the bottom line, with a 45%
contribution to headline earnings.

"This relationship is critical to accelerating Africa's economic
development, broadens China's relationships with Africa, and gives African
exporters access to the world's largest and most dynamic...

-Daily Maverick.

Kenya: Govt Relaunches Eldoret Cargo Flights to Spur Regional Trade

Nairobi — Trade Cabinet Secretary Moses Kuria and his Transport counterpart
Kipchumba Murkomen on Thursday presided over the re-opening of cargo flights
at the Eldoret International Airport in move to boost regional economy and
exports.

Speaking during the event, CS Murkomen said the move will play a critical
role in expanding business and elevating the quality of life Eldoret town of
the residents and the expansive Rift Valley region.

"This is a great milestone for the business community and farmers in the
region and beyond as it will ensure faster transportation of goods, expand
the scope of business, and improve livelihoods," Murkomen said.

The Transport CS said that his Ministry is working with the private sector
in extending the airport's runway and construction of warehouses within the
facility.

CS Kuria said that his office has engaged global logistics Investors and
Government stakeholders on how to improve the ease of doing business in the
country.

Eldoret International Airport is a large airport that serves the city of
Eldoret and the surrounding communities.

Situated at 2,150 metres (7,050 ft) above sea level,the airport has a single
asphalt runway that measures 3,475 metres (11,401 ft) in length.

-Capital FM.

Kenya: Six Roads to Be Opened in Lamu County to Enhance Security - CS
Kindiki

Nairobi — The Ministry of Interior and National Administration will now open
six security roads in Lamu County to enhance the progress of restoring peace
and stability in the county prone to Al Shabaab attack.

Interior Cabinet Secretary Kithure Kindiki told MPs that his docket seeks to
create a cutline in Boni Forest following a spate of violent attacks over
perennial terror attacks in the coastal county.

"Some of the problems are being caused by people who have encroached the
Boni forest and therefore there must be a cutline just like we have in the
Northern region. We say however is in certain coordinate must leave so that
we manage security," said Kindiki.

Kindiki mentioned that some residents have taken advantage of the historical
injustice to encroach Boni Forest which has now has become a notorious
sanctuary for the extremists.

"They are people pretending to do Agriculture but they are right inside Boni
Forest and we have discovered that some of them could be harboring
criminals," he said.

Boni Forest, which borders Somalia, continues to be a major headache for
security officers. It has been the site of some of the bloodiest battles
between the military and Al Shabaab.

On Tuesday, a lorry driver and his co-driver were killed by suspected al
Shabaab militants in Lango la Simba area on the Witu-Lamu-Garsen road, Lamu.

Lamu West deputy county commissioner Gabriel Kioni confirmed the incident
saying the attackers escaped.

The militants, believed to be between 30 and 60, raided the villages between
8.30 pm and 11pm on Monday night and stole household items including
television sets, solar panels, lamps, maize flour and goats.

At the beginning of the month, over 60 terrorists affiliated with the
al-Shabaab terror group from Somalia targeted civilians in Lamu County,
killing two and injuring at least 10 others.

Kindiki confirmed the attack on the busy Garsen-Witu-Lamu Highway in Lamu
County saying two travelers were killed and 10 others injured who were taken
to the hospital.

-Capital FM.

Nigerian Troops Destroy Illegal Oil Refinery in Delta - Official

Oil theft and its negative impact on the country's economy have been a
source of concern to the Nigerian government over the years.

Troops of the Nigerian army, on Wednesday, destroyed an illegal oil refinery
in Warri South Local Government Area of Delta State, south-south Nigeria.

The army spokesperson, Onyema Nwachukwu, disclosed this in a statement on
Thursday.

Mr Nwachukwu, a brigadier-general, said the illegal refinery was destroyed
by troops of 6 Division of the army as part of their ongoing onslaught
against "saboteurs of Nigeria's oil sector in South-south Nigeria."

The army spokesperson said the operation was carried out in response to a
tip-off about activities of some suspected oil thieves at the site of the
illegal refinery located in Ogboko and Atu in the council area.

"During the operations, troops destroyed eight active ovens used for illegal
refining of stolen crude oil, 14 storage reservoirs containing stolen crude
oil estimated at 200, 000 litres and 90, 000 litres of locally refined
Automotive Gas Oil," he said.

Mr Nwachukwu said the suspected oil thieves fled the scene, on sighting the
troops advancing to the site.

The spokesperson added that the illegal refinery was destroyed in line with
extant guidelines of operations Delta Safe of the army.

"Investigation is ongoing to arrest the fleeing criminals," he stated.

He urged residents of the state to report to security agencies any crime
around their neighbourhood to enhance the army's operations and ongoing
efforts to curb oil theft in the country.

Oil theft, illegal bunkering in oil-producing communities mainly in
South-south Nigeria, and its negative impact on the country's economy have
been a source of concern to the Nigerian government over the years.

The federal government in August 2022 awarded a pipeline surveillance
contract reportedly worth N48 billion per year (N4 billion per month) to
Government Ekpemupolo, who is popularly known as Tompolo, to check massive
oil theft in the region.

-Premium Times.

Subway agrees sale to Dunkin' and Baskin-Robbins investor Roark Capital

Sandwich chain Subway is set to be bought by a private equity firm, ending
six decades of family ownership.

The company announced it had agreed a deal with US-based firm Roark Capital,
which has brands Baskin-Robbins and Dunkin' on its books.

The chain did not reveal the terms of the sale, but Reuters reported it has
been valued at more than $9bn (£7.1bn).

Subway has grown rapidly in recent years but has faced soaring costs and
increased competition.

It hailed its takeover as a "major milestone" and said it reflected
"substantial value of our brand".

The sale will make Roark Capital one of the largest restaurant operators in
the world. It already controls US restaurant giant Inspire Brands, which
owns chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild
Wings.

"This transaction reflects Subway's long-term growth potential, and the
substantial value of our brand and our franchisees around the world," said
John Chidsey, chief executive of Subway.

Subway was founded in 1965 as Pete's Super Submarines in Bridgeport,
Connecticut, by 17-year-old Fred DeLuca and family friend Peter Buck.

It went through several name changes before finally being renamed Subway in
1972.

Within two years they had opened 16 sandwich shops in their home state and
then started to franchise the brand. It now has nearly 37,000 outlets in
more than 100 countries.

Subway restaurants are owned and operated by franchisees, including
thousands of entrepreneurs and small business owners.

The company noted Roark's "deep expertise in restaurant and franchise
business models" and said it had a "bright future" with the private equity
firm.

Like many companies, it has faced rising costs of everything from energy to
food ingredients.

But in July the company said its global sales had increased 9.8% in the
first half of this year compared to the same period in 2022.-bbc

US sues Elon Musk's SpaceX over hiring policy

The US Department of Justice (DOJ) has said it is suing Elon Musk's SpaceX,
alleging the rocket firm discriminates against refugees and asylum seekers
in its hiring practices.

The DoJ says SpaceX falsely claimed that it was not allowed to hire non-US
citizens.

The investigation into SpaceX by the DoJ was prompted after allegations of
discrimination from a foreign worker.

The BBC has contacted SpaceX for comment.

The DoJ alleged that SpaceX "routinely discouraged asylees and refugees from
applying and refused to hire or consider them, because of their citizenship
status" from September 2018 to May 2022.

An asylee is a person who has been granted asylum. They are authorised to
work in the US, may apply for a social security card, may request permission
to travel overseas, and can apply to bring family members to the country.

Elon Musk's company said it was only allowed to hire citizens and green card
holders because of "export control laws," the DOJ said.

However, the DoJ also said that this was not correct and that these laws do
not mandate such restrictions.

The jobs from which refugee and asylee applicants were allegedly excluded
from were wide ranging - from rocket engineering to dish-washing and
cooking.

The DoJ has asked SpaceX to look at providing backpay for those who were
wrongly denied work because of this alleged discrimination.

This lawsuit is not the first time one of Mr Musk's companies has been
accused of discriminatory behaviour.

A group of former employees of the social media website formerly known as
Twitter, now X, filed a lawsuit earlier this month alleging that Mr Musk
engaged in gender, age and racial discrimination.-bbc

Gas prices fall as fears over Australian strike recede

Wholesale gas prices in Europe have fallen after a planned strike at
Australia's largest liquefied natural gas plant looked to have been averted.

The walkout at Woodside Energy's North West Shelf plant had threatened to
disrupt global LNG supplies, driving up gas prices sharply.

But on Thursday the firm reached an agreement in principle with unions,
which it is hoped will halt the strike.

Benchmark EU and UK gas prices are down almost 33% since their peak on
Tuesday.

Employee representatives at the North West Shelf plant said they were
"supportive of the in-principle agreement" with Woodside Energy and would
vote to ratify the deal on Thursday.

"It's pleasing that Woodside has made our members a strong offer without
industrial action being taken," union alliance spokesman Brad Gandy said.

Following the start of the war in Ukraine, Russia slashed supplies of
natural gas to Europe, which led countries to seek out alternative sources
of energy.

Many countries are relying on LNG to fill the gap, with Australia being one
of world's largest exporters.

It has led to a gradual fall in global gas prices and energy bills, which
soared in 2022.

However, the prospect that workers at the North West Shelf plant might walk
out on 2 September sparked fears that prices would start to rise again.

Last week, analysts at Cornwall Insight predicted the uncertainty would
contribute to a rise in the price cap set by the UK's energy regulator -
which limits what suppliers charge consumers per unit of energy - next year.

The cap means the typical annual household bill currently stands at £2,074,
but October's cap, which will be announced on Friday, is forecast to fall
slightly to £1,926.

However, Cornwall forecast the cap would rise to £2,082.56 in January. The
analyst says it will be issuing a fresh forecast on Friday.

Woodside said it would continue to work with the unions to finalise the
agreement.

"Substantial progress was made at talks held on Wednesday and the parties
have reached in-principle agreement on a number of issues that are key to
the workforce," it added.

Workers at two other offshore LNG facilities in Australia, Gorgon and
Wheatstone, operated by Chevron, voted to endorse possible strike action on
Thursday.

Together with the North West Shelf site, the plants make up about 10% of the
world's supply of LNG.

However, energy analyst Saul Kavonic told Reuters that the risk of
industrial action at Chevron's facilities was unlikely to significantly
disrupt supplies.-bbc

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Border Timbers

EGM

4 – 12 Paisley Road, Southerton, Harare, or virtually
:https://escrowagm.com/eagmZim/Login.aspx” 

August 18 – (10am)

zIMBABWE

2023 harmonised elections

August 23

Companies under Cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

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