Major International Business Headlines Brief::: 03 October 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  03 October 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Shell's Controversial Data Raises Questions About Efforts to
Control Methane Emissions in Nigeria, Others

ü  Nigeria: Govt, Labour Reach Truce, Planned Strike Suspended for One Month

ü  Nigeria's First Privately-Owned 100mw Solar PV Module Assembly Factory
Takes Off in Lagos

ü  Rwanda's Proposed U.S.$53 Million Aviation Training Centre - What You
Need to Know

ü  Nigeria: NLC, TUC Suspend Planned Strike Action for 30 Days

ü  Nigeria: Dollar Now Underground Currency of Nigeria's Economy - Peter Obi

ü  Malawi: Fuel Scarcity Disrupts Businesses in Malawi

ü  Kenya: Absa Eyes Chinese Investors With a New Desk

ü  Kenya: Over 300,000 Jobs for Kenyans in Google, Intel, Apple

ü  Ukraine war: Burger King still open in Russia despite pledge to exit

ü  Evergrande: Shares in crisis-hit property giant jump in market return

ü  Oil cartel leader says demand expected to grow

ü  HS2: Rishi Sunak refuses to commit to Manchester link

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Shell's Controversial Data Raises
Questions About Efforts to Control Methane Emissions in Nigeria, Others

With over a third of methane emissions stemming from fossil fuels production
and operation, oil majors - led by Shell - publicly claim to be reducing
their methane pollution.

 

Much worse for the climate than carbon dioxide, despite global efforts to
control methane, emissions continue soaring. With over a third stemming from
fossil fuels production and operation, oil majors - led by Shell - publicly
claim to be reducing their methane pollution, but scientists, experts and
watchdogs warn that industry data reporting is very misleading.

 

Despite years of awareness about the climate crisis, greenhouse gas levels
continue to soar. Historically, much of the focus has been on carbon
dioxide; however, it is now clear that a rapid and sustained reduction in
methane is also key to limiting global warming.

 

Methane, with over 80 times the heat-trapping potential of carbon dioxide
over 20 years, has contributed to over 30 per cent of global temperature
rise since the Industrial Revolution, according to the International Energy
Agency (IEA).

 

 

Unlike carbon dioxide, which is a wasteful by-product of human activities,
methane is a sought-after gas, a product of fracking and other
gas-extraction methods.

 

In that sense, allowing methane to be leaked or vented would seem a waste of
potential profits. Nevertheless, the energy sector alone is responsible for
about 40 per cent of all methane emissions, an estimated 80 million tons per
year.

 

In the case of Shell, one of the world's largest oil and gas producers and
leader in industry efforts to control methane, the company reported a
decrease in total methane emissions from its operations from 50,000 metric
tons in 2021 to 40,000 metric tons in 2022, a 27 per cent reduction. It also
claims to have met its target to keep methane emissions intensity below 0.2
per cent.

 

 

However, the way fossil giants calculate their emissions is flawed.
Currently, only a small number of producers regularly take field
measurements and do routine maintenance on equipment to determine leakages
or other accidental emissions.

 

Sector-wide, there's virtually "no direct measurement happening at oil and
gas extraction sites or infrastructure, including pipelines," said Dominic
Watson, a methane expert at the Environmental Defense Fund.

 

Watson said that oil and gas producers have generally been self-reporting
their methane emissions for decades. They have also been setting pollution
targets in whatever ways "they saw fit for their sustainability reports,
using whatever metrics, baselines and target years they wanted to," he said.

 

Everywhere we go, we find methane

 

As power plants and industrial facilities have been rapidly shifting away
from burning dirty coal towards cleaner natural gas, "fugitive" methane
escaping all along the oil and gas value chain has been significantly
underreported - even in jurisdictions where regulators are supposedly paying
attention.

 

 

In 2018, a pivotal study of oil and gas facilities in the United States
found that rates of methane pollution were more than 60 per cent worse than
what the U.S. Environmental Protection Agency was then estimating.

 

Researchers found that over 2.3 per cent of all produced methane was simply
venting into the atmosphere.

 

In early 2023, Clean Air Task Force released a report visually documenting
widespread methane pollution venting from 430 European oil and gas sites
over two years.

 

"Almost everywhere we go, we find methane," said Theophile
Humann-Guilleminot, a certified thermographer at the nonprofit. "Up and down
the value chain, there is dangerous methane pollution coming out of Europe's
oil and gas network."

 

Even "very small methane leakage rates from gas systems rival coal's
greenhouse gas emissions," said Debbie Gordon, senior principal of RMI's
Climate Intelligence Program.

 

Shell's role in methane emissions

 

Shell is now the world's 5th largest oil producer by volume and fifth
largest oil and gas super major by revenue with ongoing exploration,
production, refining and chemical operations spread across 70 countries. The
company's profits soared to $40 billion in 2022, almost double the amount
reported in 2021.

 

Aware of the industry's growing methane problem, in 2018, Shell made
headlines by announcing their intent to lead the sector's efforts to control
leakage. The company vowed to keep methane emissions intensity below 0.2 per
cent by using advanced equipment to detect and repair methane leaks and
replacing older equipment.

 

Other companies then followed with similar targets, leading to industry
initiatives such as the United Nations Environmental Programme Oil and Gas
Methane Partnership 2.0 (OGMP) in 2020. It's the world's only attempt to set
a comprehensive measurement-based reporting framework, covering all material
sources of methane emissions from both operated and non-operated assets in
the oil and gas sector. Over 100 companies have already signed up.

 

In the OGMP's 2022 report, Shell's efforts yielded the awarding of a Gold
Standard label - the OGMP's highest rating.

 

For Shell and the rest of the industry to curtain emissions, operators need
to both understand where accidental emissions are escaping from, as well as
end the practice of deliberately "liberating" methane during routine venting
operations. Unintentional methane leaks can flow from malfunctioning valves,
compressors and storage tanks, which often are designed to vent methane when
pressures build.

 

 

Studies conducted by the IEA found that more than 70 per cent of emissions
can be abated using existing technologies and that about 40 per cent of
current emissions can be avoided with measures that would come at virtually
no net cost.

 

How oil majors address methane emissions at their owned and operated assets
compared to their non-operated assets also varies dramatically. Shell and
others "make a lot of public-facing statements that say they are addressing
the issue, but significant equity is placed in non-operated assets for which
they do not report and have not made any commitments towards cleaning up,"
said James Turrito, director of Global Campaigns at CATF.

 

"To date, we have not seen as many [national oil companies] attempt to
really tackle the methane issue. There are reasons for this and barriers
that go beyond simply being bad actors," Mr Turrito said.

 

Shell's on-going methane stain in Nigeria

 

"25 years after Shell left Ogoniland in Nigeria, it continues to ooze oil
from wellheads and pipelines into the Niger Delta," said Avena Jacklin from
Friends of the Earth South Africa. As it reduces its climate commitments,
Shell "continues to extract massive profits from countries in the
South...increases in methane emissions, and contamination of our critical
water supplies from Shell's operations will exacerbate the climate crisis,"
she said.

 

According to the World Bank's 2020 Global Gas Flaring Tracker, Nigeria is
the seventh-largest gas-flaring country globally. But a 2022 World Bank
report shows Nigeria contributed most to the overall global reduction,
reducing its flare volumes by 1.3 bcm in 2022, a 20 per cent reduction from
2021 levels. Shell joined the Nigerian Gas Flare Commercialization programme
alongside other producers in support of Nigeria's goal to achieve zero
routine gas flaring by 2035. First launched in 2018, the program was
relaunched in 2022.

 

Shell which helped establish Nigeria's oil sector in the 1950s, contributes
close to 40 per cent of the country's total oil production and is the
largest oil operator. In 2022, Shell Nigeria paid the Nigerian government
over $900 million in taxes and royalties.

 

According to statistics provided by Nigeria's National Oil Spill Detection
and Response Agency (NOSDRA) and the Gas Flaring Tracker satellite of the
World Bank, oil companies throughout the nation, including Shell, have
flared about $3.9 billion worth of gas in the last four years.

 

However, Shell's Sustainability Report 2022, scope 1 emissions for upstream
flaring in Nigeria witnessed 2 million metric tons of emissions reduction,
with a figure of 3 million metric tonnes in 2022 compared to 5 million
metric tonnes in 2021. Their data also shows that between 2018 and 2019, the
metric tonnes emissions were pegged at 4 million, respectively. For 2020 it
increased to 5 million metric tonnes of emissions.

 

"They have to explain their data," said Segun Omidele, President of the
Polaseo Group, a Nigerian oil and gas service company and former Shell
employee. Given all the many crude thefts throughout the Niger Delta,
leading many operators to reduce, shut down or abandon production, "it is
difficult to accept there's been an emissions reduction," he said.

 

Ayodele Oni, an oil and gas expert and member of the legal advisory team for
Nigerian National Petroleum Company Limited (NNPCL), said all identified gas
flare points in Nigeria are part of the commercialization programme and
compliance with it is necessary for companies and producers to get or renew
their mining and operating permits. He said reported gas flaring in Shell
dropped by 80 per cent between 2010 and 2019. Mr Oni said this was due to
the IOC's investment in gas-gathering facilities in Aloma, Adibawa and
Otumara.

 

Send in the satellites

 

Detection tools, including handheld devices, airborne technology and more
robust methane monitoring satellites, are increasingly available and coming
online.

 

Last year, satellites detected around three million tons of methane from oil
and gas operations. The European Space Agency alone tracked dozens of
"methane events" from oil and gas operations lasting for more than 15 days
across almost 70 countries, according to IEA's Methane Tracker.

 

A BBC investigation last year, using World Bank flare-tracking satellite
data, identified millions of tons of undeclared emissions from gas flaring
at oil fields where Shell, ExxonMobil, and other majors operate.

 

In 2021, Geofinancial Analytics, a satellite data provider, compared the
methane output of fossil fuel companies with their expected emissions level
based on self-reported data. Shell and Chevron were the worst performers.
The company relies on satellite readings of airborne methane concentrations
in North America, Europe and Brazil.

 

However, the coverage provided by satellites isn't complete, which means
there could be more leaks that are not being accounted for. Existing
satellites don't provide measurements over equatorial regions, offshore
operations or northern areas such as Russia's main oil and gas-producing
areas, the IEA said in a report last year.

 

With help and support from the UN, using a combination of satellite, private
and public monitoring methods, the OGMP funds, coordinates and facilitates
measurement studies around the world.

 

There are plans to launch a series of cutting-edge satellites with
significantly enhanced resolutions in the coming years. EDF will launch
MethaneSat in early 2024, which they argue will be the most advanced
methane-tracking satellite in space. Carbon Mapper, a US-based NGO, said it
will deploy a complete satellite "constellation" by 2025.

 

Shell Games

 

Despite the ongoing climate crisis, Shell continues to develop new oil and
gas assets. Since a Dutch high court ordered the company in May to make
deeper carbon cuts, Shell has made investments in 10 assets in various
countries, including Argentina, Australia, and Brazil.

 

The company's share of the oil and gas from these assets, once burned, will
result in 325 million metric tonnes of CO2 emissions, campaigners estimate.
The company also co-owns more than 750 untapped oil and gas assets which
would amount to 4.3 billion metric tonnes of extra CO2; 30 times more than
the total emissions from the Netherlands in 2021.

 

"Every new extraction project Shell approves digs the world into a deeper
hole of climate crisis, and the company's relatively meagre investments in
renewable energy do not make up for that," Kelly Trout, research co-director
at the NGO Oil Change International, said.

 

This report was supported by Clean Energy Wire grants for cross-border
journalism on company climate claims.

 

- Premium Times.

 

 

 

 

 

 

Nigeria: Govt, Labour Reach Truce, Planned Strike Suspended for One Month

Organised Labour last night suspended its planned nationwide strike for one
month following an agreement with the Federal Government. Though details of
the Memorandum of Understanding suspending the strike, were sketchy at the
time of this report, the agreement, Vanguard gathered, was reached very late
at night.

 

The meeting was reconvened yesterday for both government and labour to find
common ground and avert the planned strike by organized labour to force the
government to address the suffering and pains of Nigerians, occasioned by
the petrol subsidy removal.

 

Earlier yesterday, the National Executive Council, NEC, of NLC and its TUC's
counterpart, had met separately to review Sunday's meeting with the Federal
Government's offers.

 

Vanguard gathered that at the end of the separate NEC meeting, leaders of
NLC and TUC set up a committee to harmonise their resolutions to arrive at
common ground.

 

 

According to the sources, the joint resolution of NLC and TUC was presented
to the government team around 5 pm.

 

But the meeting did not reconvene until 8.15 pm when the government team
returned to the chagrin of labour leaders who Vanguard gathered, almost left
the venue in anger. Recall that President Bola Tinubu had on Sunday evening
succumbed to the N35,000, provisional wage award demanded by labour after
his initial N25,000 for the average low-grade worker to run for six months
was rejected.

 

Instead, labour insisted that the wage award should be across the board and
run till a new minimum wage expected to be negotiated next year is put in
place.

 

A statement issued by the Minister of Information and National Orientation,
Mohammed Idris explained that some of the resolutions reached at the Sunday
meeting were that, "the issues in dispute can only be resolved when workers
are at work and not when they are on strike.

 

 

"Labour unions argued for higher wage awards and the Federal Government Team
promised to present Labour's request to President Bola Tinubu for further
consideration.

 

"A sub-committee to be constituted to work out the details of the
implementation of all items for consideration regarding government
interventions to cushion the effect of fuel subsidy removal.

 

"The lingering matter of Road Transport Employees Association of Nigeria
(RTEAN) and National Union of Road Transport Workers (NURTW) in Lagos State
needs to be addressed urgently and Lagos State Governor, Babajide Sanwo-Olu,
who participated virtually, pledged to resolve the matter.

 

"NLC and TUC will consider the offers by the Federal Government with a view
to suspending the planned strike to allow for further consultations on the
implementation of the resolutions above", the statement said.

 

 

Members of the organized labour team present are, the NLC President, Joe
Ajaero, his TUC counterpart, Festus Osifo, the NLC General Secretary, Emma
Ugbaja, the TUC Secretary General, Nuhu Toro among others.

 

On the government team are the National Security Adviser, NSA, Nuhu Ribadu,
the Minister of Finance, Wale Edun, Minister of Information and National
Orientation, Mohammed Idris, and the Minister of State for Labour, Nkeiruka
Onyejecha.

 

JAF lauds NLC, TUC's doggedness

 

Meanwhile, the umbrella body for Pro-Labour civil society groups, the Joint
Action Front, JAF, in a statement by its Chairperson and Secretary, Dr Dipo
Fashina and Abiodun Aremu, respectively, commended the doggedness of the NLC
and TUC.

 

According to the statement "We pledge the unwavering solidarity of the Joint
Action Front (JAF) for the struggles of the labour movement against the
anti-poor and neo-liberal attacks of the President Bola Ahmed Tinubu
administration particularly the withdrawal of fuel subsidy, hike in fuel
prices, devaluation of the naira, hike in school fees and other attacks on
living standards.

 

"We assure the NLC and TUC of the readiness of all workers and oppressed
Nigerians to join the general strike to begin to demand a reversal of the
fuel subsidy removal, hike in fuel prices and school fees of public
educational institutions as well as all other policies of the administration
that have made life miserable for the working class and poor.

 

"The current struggle is being framed by the corrupt capitalist ruling elite
as simply about demands for palliatives. This is not true. This struggle is
an ideological struggle against a neoliberal and capitalist policy of
deregulation of the oil sector. We are well aware of a number of concessions
being granted at the eleventh hour by a federal government that conveniently
ignored labour over the past 21 days.

 

This includes a wage award of N35,000 across the board for federal workers
as well as promised provision of CNG buses etc.

 

"So far, all of these concessions are promises, none have been implemented.
Therefore, it would be a costly gamble for labour to suspend its strike on
the basis of promises by a ruling elite that habitually fails to implement
collective bargaining agreements with trade unions especially the ASUU-FGN
2009 agreement as well as the 2019 minimum wage agreement which is still not
being paid in a number of states across the federation.

 

"As far as JAF is concerned, palliatives only address symptoms whereas the
root of the crisis is where the solution lies.

 

 

Even if implemented, no matter the amount of wage awards granted so far the
policy of fuel subsidy removal and fuel price hike subsist, Nigerian workers
and the poor masses will continue to suffer.

 

Therefore we urge NLC and TUC to accept the concessions already won while at
the same time going forward to demand that the wage award applies to all
categories of workers in both public and private sectors, a complete
reversal of the fuel price hike and the policy of subsidy removal as well as
reversal of the criminal hike in school fees at universities and other
tertiary institutions as the only minimum criteria before a suspension of
the general strike can be considered.

 

Fuel price reversed

 

"Unless fuel price (hike) is reversed and the oil and gas sector placed
under public ownership and workers democratic control and management, the
incidence of inflation and collapse of living standards cannot be assuaged
by mere wage awards or even a review of the minimum wage.

 

This is because of the primary and fundamental role of Nigeria's oil sector
in the character of Nigeria's economy and the prices of all commodities.

 

"IF the leadership of the NLC and TUC decide to suspend the general strike
prematurely due to the weak concessions the Federal government is proposing
right now, this would only be a postponement of the struggle.

 

"Meanwhile the current balance of force shows that labour can win far more
if the general strike continues."

 

- Vanguard.

 

 

 

Nigeria's First Privately-Owned 100mw Solar PV Module Assembly Factory Takes
Off in Lagos

All On, a Shell-funded impact investment company, and Auxano Solar Nigeria
Limited have brought to operation Nigeria's biggest fully-automated 100
Megawatts (MW) Solar Photovoltaic (PV) module assembly factory located in
Ibeju Lekki, Lagos.

 

The plant is targeted at reducing Nigeria's dependence on imported solar
panels, thereby driving down foreign exchange costs and creating economies
of scale in the use of climate-smart alternative energy sources.

 

The landmark solar PV assembling plant, financed by All On, as part of its
$2 million investment in Auxano Solar in 2021 has the capacity to produce
150 solar panels daily, 3,000 panels monthly, and about 72,000 panels
yearly.

 

 

Speaking at the inauguration, Managing Director/Chief Executive Officer, All
On, Caroline Eboumbou, said the facility represented a significant milestone
in the growth and development of the renewable energy sector in Nigeria and
Africa at large.

 

According to her, All On has been there with Auxano from the early days -
from a $50,000 investment in 2018 to a much larger $1.5 million investment
in 2020 at the height of the Covid-19 disruption to an additional $500,000
in 2022.

 

She said: "The success of Auxano as the first privately-owned solar assembly
factory is a triumph for the promotion of local manufacturing within the
Nigerian renewable energy sector."

 

Chairman of Shell Companies in Nigeria, Osagie Okunbor, who was represented
at the event by Shell All On board member, Hans Nijkamp, said: "The Auxano
project is a visual representation of what we at Shell, hoped to achieve
when we established All On in 2017.

 

Co-Founder and Chief Executive Officer of Auxano Solar Nigeria, Chuks
Umezulora, emphasised that inaugurating the 100MW automated solar panel
factory was a dream come true.

 

Umezulora stated: "Nigeria may be behind on so many things necessary for
development, but I am determined to be a part of the solution. This factory
is my contribution to the growth of our economy, and I hope my story of grit
and dedication inspires someone to try something even bigger. Go for it,
because you can."

 

- This Day.

 

 

 

 

Rwanda's Proposed U.S.$53 Million Aviation Training Centre - What You Need
to Know

Rwanda plans to set up an aircraft hangar and centre of excellence in
aviation training in Kigali, aiming to build local capacity and empower the
labour force in the aviation industry, not only in Rwanda but also in the
region and beyond, The New Times understands.

 

According to an Environmental and Social Impact Assessment (ESIA) report on
the Aircraft Hangar and Centre of Excellence Aviation Training Centre
Project, by Akagera Aviation, dated May 2023, the project will cost an
estimated $53.5 million (approx. Rwf65 billion).

 

It indicated that as Rwanda invests in the construction of its international
airport in Bugesera and its airplane fleet, skilled personnel are required
to manage, operate, and maintain these investments.

 

 

Therefore, the report noted, that the African Development Bank (AfDB) will
assist the government in establishing the Centre of Excellence for Aviation
Skills (CEAS), which will serve as an aviation academy training centre to
meet the demand for qualified human capital.

 

The project is in line with the Government of Rwanda's vision to develop the
transportation sector by enhancing the quality and dependability of
transport services while reducing costs.

 

1. Project objectives

 

The aviation industry in Rwanda is experiencing rapid growth and has set its
sights on becoming a leading centre for aviation excellence. As part of this
goal, the objective of the proposed centre of excellence in the aviation
training centre and aircraft hangar project is to provide training for
pilots, maintenance staff, air traffic management personnel, and other
related fields. The aircraft hangar will also serve as a shelter for
airplanes and a facility for technical activities.

 

 

2. Capacity and developer

 

Akagera Aviation Limited (developer) plans to build an aircraft hangar at
Kigali International Airport that can accommodate eight Beechcraft King Air
size aircraft. They also propose the establishment of an aviation training
centre of excellence, which will cater to a maximum of 490 students.

 

The centre of excellence will offer different aviation training/courses such
as pilot training, maintenance training, cabin crew, dispatch, ancillary
courses, air traffic management courses, aeronautical information services,
aeronautical meteorological services, aeronautical communications
operations, communication navigation, and surveillance, airport emergency
services (operations), and other supporting programs.

 

 

Again, the centre will partner with higher learning institutions to provide
academic aviation courses.

 

3. Drone piloting training

 

Given the increasing importance of drones applications in Rwanda, the centre
of excellence will also provide drone piloting training along with other
manned aircraft pilot training courses such as, Private Pilot License
classroom (PPL), Commercial Pilot License (CPL) training, Airline Transport
Pilot License (ATPL), Flight Simulator Recurrent training and other advanced
pilot training for specialised missions.

 

4. Cost and staffing

 

Cost estimation involves predicting project expenses, including materials
and labour. The project's total cost amounts to $53.5 million, divided into
infrastructure and equipment expenses of $29.1 million and $24.4 million,
respectively. The construction phase will require up to 1,000 workers while
the operation phase takes up to 98 workers, as per the above-mentioned
report.

 

5. Financier

 

The proposed hangar and centre of excellence aviation training centre
project will be financed by the African Development Bank (AfDB).

 

The AfDB's financial support for the project is a testament to their
commitment to promoting sustainable economic development and social progress
in the region by investing in critical infrastructure and human capital
development.

 

6. Construction timeframe

 

It is estimated the construction will take a period of 24 months.
Construction of the aircraft hangar and the aviation training centre of
excellence will involve site fencing and managing site access and contact
points, and pollution generation control and management during construction
works, among others.

 

- New Times.

 

 

 

 

Nigeria: NLC, TUC Suspend Planned Strike Action for 30 Days

In a significant development, the Nigeria Labour Congress (NLC) and the
Trade Union Congress (TUC) have decided to suspend their planned indefinite
nationwide strike, scheduled to begin on Tuesday, October 3, 2023, for a
period of 30 days.

 

This decision followed a Memorandum of Understanding (MOU) reached between
the Organised Labour and the Federal Government of Nigeria at the
Presidential Villa, Abuja, on Monday night.

 

Recall that a strike notice had been issued by the NLC and TUC in response
to the withdrawal of subsidy on Premium Motor Spirit (PMS) or petrol by the
Federal Government, leading to an increase in fuel prices.

 

Key points of the MoU include: "The Federal Government's commitment to a
wage award of N35,000 for all Federal Government workers, starting from
September, until a new national minimum wage is enacted

 

"The establishment of a minimum wage committee within one month from the
date of the agreement.

 

 

"Suspension of Value Added Tax (VAT) collection on Diesel for six months,
starting in October 2023.

 

"Allocation of N100 billion for the provision of high-capacity Compressed
Natural Gas (CNG) buses for mass transit, along with CNG conversion kits and
stations nationwide, aiming to commence by November.

 

"Implementation of various tax incentives for the private sector and the
general public."

 

Others include "commitment to resolve leadership crises within the NURTW
(National Union of Road Transport Workers) and address issues regarding the
purported proscription of RTEAN (Road Transport Employers' Association of
Nigeria).

 

"Referral of the outstanding salaries and wages of tertiary education
workers in federal-owned educational institutions to the Ministry of Labour
and Employment for further engagement.

 

"Payment of N25,000 per month for three months, starting in October 2023, to
15 million households, including vulnerable pensioners.

 

"Expansion of initiatives for the subsidized distribution of fertilizers to
farmers nationwide.

 

"Encouragement of state governments, local governments, and the private
sector to implement wage awards for their workers.

 

"Commitment to provide funds for Micro and Small Scale Enterprises (MSMEs)
and a focus on creating decent jobs.

 

"A joint visitation to the refineries to assess their rehabilitation status.

 

Also there was a commitment by all parties to follow the principles of
social dialogue in future engagements."

 

The MoU will be filed with the relevant Court of competent jurisdiction as a
consent judgment by the Federal Government within one week.

 

The MoU was signed by NLC president, Joe Ajaero, general secretary of NLC,
Emmanuel Ugboaja, President and Secretary of TUC, Festus Osifo, and Nuhu A.
Toro, respectively on the part of Organised Labour.

 

On the federal government's side was the minister of Labour, Simon Lalong,
minister of State for Labour, Nkeiruka Onyejeocha, and minister of
Information, Mohammed Idris.

 

- Leadership.

 

 

 

Nigeria: Dollar Now Underground Currency of Nigeria's Economy - Peter Obi

The presidential candidate of the Labour Party in the 2023 general
elections, Peter Obi, has lamented the 'dollarisation' of the Nigerian
economy.

 

Speaking during an interview with Arise TV on Monday on the state of the
country, Peter Obi stated that the naira should have been devalued, adding
that the use of the dollar in the country has led to unproductivity.

 

He said, "Dollar has become the underground currency of our economy; it
shouldn't be. We have a currency called the naira. All the things people use
dollars to do that are not productive should be removed.

 

"I can assure you that when you remove it, it can strengthen the currency.
Today, even when you want to do party primaries, people share dollars. That
is not our currency.

 

"There should be a stiff penalty in dealing with the issue. If people earn
dollars legitimately, let them spend it the way they want. However, it has
now become a means of corruption and criminality in our system."

 

Peter Obi further stated that the country should work more on exports to
strengthen the currency.

 

- Vanguard.

 

 

 

Malawi: Fuel Scarcity Disrupts Businesses in Malawi

Minibus operators say the current fuel scarcity in most parts of the country
is impacting negatively on their business as the minibus operators are
forced to buy the commodity on black market.

 

Fuel on black market costs twice or more than it costs at fuel pump

 

Minibus operators are just one section of society hit hard by the fuel
scarcity in the country.

 

Fuel problems bite

 

Over the past few days, some parts of the country have faced fuel shortages
as a result of limited fuel supply due to what authorities say scarcity of
forex.

 

 

Peter Mvalo, the Chairperson of the Minibus Owners Association of Malawi
said the situation is significantly disrupting their business activities.

 

Mvalo has called upon Malawi Regulatory Authority (MERA) authorities to take
action against individuals who are illicitly selling fuel at exorbitant
prices, as high as K5000 per litre, which is five times the market rate.

 

The Chairperson said the situation is forcing minibus operators who are
buying fuel from these unscrupulous sources to raise their fares, to the
disadvantage of the passengers.

 

Motorists in Malawi are back to long winding queues in fuel filling stations
as some parts of the country, especially Blantyre and some districts in the
southern region, are experiencing sporadic fuel scarcity.

 

Some motorists have resorted to inquire from social media platforms where
fuel is found.

 

Lack of fuel in pump stations lead to motorists resorting to the black
market where they buy the commodity at an exorbitant price.

 

Mera spokesperson Fitina Khonje said the prevailing forex challenge has
affected the flow of fuel supplies.

 

Some parts of the country have for the past few days been experiencing dry
pumps, especially for petrol.

 

In Blantyre, for instance, the situation is worse as most filling stations
have run out of of the commodity, with motorists stuck in queues waiting for
the delivery of the commodity.

 

In mid September, 2023, the country received 446,000 litres of fuel.

 

The Petroleum Importers Limited (PIL) has offloaded about 800, 000 litres of
petrol and 700, 000 litres of diesel brought by rail from Nacala in
Mozambique.

 

- Nyasa Times.

 

 

 

 

Kenya: Absa Eyes Chinese Investors With a New Desk

Nairobi — Chinese investors and businesspeople operating in Kenya and East
Africa will access banking services after the relaunch of the China Desk by
Absa Bank Kenya.

 

The new desk, which is fully staffed with Mandarin-speaking professionals,
will offer project and trade financing as well as foreign exchange and
hedging, cross-cultural expertise, and access to a global network of
experts.

 

Absa says that this will support growing trade between the two nations.

 

"The establishment of the China Desk is a response to the increasing demand
for financial services and expertise in facilitating trade and investment
between Kenya and China," Absa Bank's Managing Director and CEO, Abdi
Mohamed, said.

 

 

"As the trade relations between the two nations continue to flourish, Absa
Bank is well-positioned to offer specialized support to businesses and
individuals engaging in cross-border transactions," Mohamed added.

 

China is one of Kenya's top trading partners and remains the single leading
source of Kenya's imports, accounting for slightly over a quarter of total
imports valued at Sh452.6 billion in 2022, according to the 2023 Economic
Survey Report.

 

On the other hand, Kenya's exports to China were valued at Sh27.5 billion in
2022 compared to Sh21.9 billion in 2021, representing a 25.8 percent
increase.

 

"Indeed, China has been a critical participant in Kenya's economic growth
and development story over the last two decades, supporting modern
infrastructure projects that have laid a solid foundation for Kenya's
long-term economic growth," Mohamed stated.

 

"We recognize the immense potential for growth in this area and provide the
financial tools and expertise required for businesses to thrive in both
markets."

 

Mohamed said this on Saturday while attending the Chinese Mid-Autumn
Festival.

 

The Mid-Autumn Festival is an evening celebration when families gather to
light lanterns, eat moon cakes, and appreciate the round moon.

 

On that night, the moon appears to be at its roundest and brightest.

 

The full moon is a symbol of family reunion, which is why the day is also
known as the Festival of Reunion.

 

- Capital FM.

 

 

 

 

Kenya: Over 300,000 Jobs for Kenyans in Google, Intel, Apple

Nairobi — President William Ruto has disclosed that foreign digital
companies have expressed interest in hiring nearly 300,000 employees for
their digital industries.

 

President Ruto, speaking during a church service in Nairobi's Langata area,
stated that the government has successfully secured employment opportunities
for Kenyan citizens in various companies, including Google, Intel, and
Apple.

 

"We have engaged in negotiations with multiple companies. During my visit to
the United States, I toured Google, Intel, and Apple, and they are actively
seeking Kenyan youth to work in the digital sector," he remarked.

 

The head of state emphasized that the government is currently in the process
of establishing Information, Communication, and Technology (ICT) hubs in
every ward to provide training for young Kenyans, equipping them with the
necessary skills for positions overseas.

 

"We are committed to constructing ICT hubs in every ward across Kenya,
equipped with computers and other essential facilities, with the goal of
facilitating employment for 300,400, or even 500 young people in the digital
sector," the president added.

 

In a move to enhance digital opportunities for the nation's youth, the
government, through the Ministry of ICT, has recently initiated the
provision of free Wi-Fi hotspots.

 

- Capital FM.

 

 

 

 

Ukraine war: Burger King still open in Russia despite pledge to exit

Burger King remains open as usual in Russia despite the brand's owner
pledging to leave more than a year ago.

 

Restaurant Brands International (RBI), which owns 15% of the fast-food's
franchise business in Russia, told the BBC it had "no new updates to share
at this time" on its exit.

 

The firm said in March 2022 that it had started the process to leave Russia.

 

Since the outbreak of the war in Ukraine, Western companies have been under
pressure to leave Russia.

 

Critics accused RBI of "sustaining Putin's regime" by failing to ditch its
stake in its Russian business.

 

RBI, one of the world's largest fast-food restaurant companies, has cited
its complicated franchise agreement for its difficulty in trying to exit the
country.

 

The deal is a joint venture with three other partners for some 800
restaurants.

 

New home-grown chain replaces Starbucks in Russia

Burger King Russia partner 'refuses' to shut shops

David Shear, RBI's president, said in March 2022 that Burger King's main
operator in Russia had "refused" to shut the outlets following the first
attacks on Ukraine.

 

But he added that the company had "started the process" to dispose if its
15% ownership stake and that it would take "some time".

 

Asked by the BBC about the progress made 18 months on from the pledge, a
spokesperson for the Canadian-American company said the firm had no updates.

 

Steven Tian, part of a team of researchers at Yale University who track what
companies have done in response to the Ukraine war, argued using franchise
agreements as an "excuse" was a "convenient smokescreen". He pointed out
that the likes of Starbucks had managed to terminate its deal in the country
and exit.

 

"Saying they [RBI] want to leave but then dragging their feet is not the
same as actually exiting Russia, and by continuing to do business in Russia
18 months into Putin's invasion of Ukraine, they are sustaining Putin's
regime," he said.

 

The spokesperson for RBI said the company was refusing new investment and
supply chain support, and had not made any profits from Burger King in
Russia since early 2022.

 

'Do the right thing'

Mark Dixon, founder of the Moral Rating Agency, which campaigns against
firms doing business in Russia, called for RBI to disclose what specific
actions it had taken in its attempts to leave.

 

"[The firm] should be willing to break its agreement... It needs to accept
the legal risk of doing the right thing."

 

Franchising is a business method of distributing products or services. It
involves a franchisor, a company that has established the brand's name, and
a franchisee, a company that pays a fee for the right to do business under
the brand and to sell its products.

 

It has been a tool used by many Western brands in recent decades looking to
enter new markets in different countries. The agreements typically span many
years.

 

Burger King food in Russia

-

While Burger King remains open for business in Russia, its biggest rival
McDonald's, which corporately owned most of its restaurants, has managed to
leave the country.

 

KFC's parent company Yum! Brands has also sold more than 100 restaurants to
a local operator in Russia, which were rebranded as Rostic's in April.

 

David Bond, partner at law firm Fieldfisher, said RBI's 15% stake meant it
could not simply "dictate terms" to its fellow shareholders to require them
to close Burger King branches.

 

He also suggested companies that franchise out their brands would be
reluctant to simply walk away from deals as it could lead to "dire
consequences", including being sued for breach of contract, as well as
reputational damage.

 

But he said consequences aside, there was nothing stopping RBI from
terminating the franchise arrangement if it was adamant it wanted to do so,
though added it might not result in the Burger King brand ceasing to exist
in Russia.

 

He said the majority of "de-brands" in the country, such as McDonald's, had
been achieved through agreed sales with local businesspeople "willing to
de-brand in return for the discounted purchase price".

 

Who runs Burger King in Russia?

The joint venture that holds the Burger King franchise in Russia is made up
of RBI and three other parties:

 

Businessman Alexander Kobolov is responsible for day-to-day operations and
oversight of the 800 restaurants with a 30% stake in the business. Mr
Kolobov previously told the BBC he does not have the "authority or power" to
stop Burger King operations in Russia and that any closure must be approved
by all investors in the business. He said his share "has always been far
below control".

ICU Group, a large Ukrainian investment firm, owns a 35% stake. ICU Group
told the BBC it has no control over the joint venture or operations in
Russia and other countries covered by the franchise deal. It said the firm
was "at the final stage of exiting" the franchise agreement with terms
agreed with a buyer. The company added it had abstained from managing the
joint venture, investing in it and had not received any dividends since the
war began.

VTB Capital, an affiliate of VTB Bank - Russia's second largest financial
institution which has been sanctioned by the US, UK and other European
countries.-bbc

 

 

 

 

Evergrande: Shares in crisis-hit property giant jump in market return

Shares in crisis-hit Chinese real estate giant Evergrande have jumped as
trading in the firm resumed after being suspended in Hong Kong.

 

The company halted trading in its shares on Thursday as it confirmed that
its billionaire founder was being investigated by authorities.

 

Evergrande shares soared by more than 40% in early trading on Tuesday before
settling at around 20% higher.

 

It defaulted on its debts in 2021, triggering a property crisis in China.

 

The latest share suspension came just a month after the firm's previous
17-month trading halt was lifted.

 

"There is currently no other inside information in relation to the company
that needs to be disclosed," Evergrande said in a statement to the Hong Kong
Stock Exchange on Monday, when the city's market was closed for the National
Day holiday.

 

What China's economic problems mean for the world

The rise and fall of Evergrande's billionaire founder

In August, Evergande's shares plunged by almost 80% when trading resumed
after a suspension of more than a year and a half.

 

The firm's stock market valuation has fallen by almost 99% since July 2020,
with it shares now worth around HK$ 0.35 ($0.05; £0.04) each.

 

Once China's top-selling property developer, the company has been struggling
under the weight of more than $300bn (£248bn) of debt.

 

Evergrande sent jitters through the global financial markets when it failed
to make payments on its overseas debts in late 2021.

 

The crisis deepened last week when it revealed that its flagship Chinese
business Hengda Real Estate was unable to sell new debt as it was being
investigated by authorities.

 

The development further complicated the company's plan to renegotiate
agreements with its bondholders.

 

Just days later, the company confirmed that its founder and chairman Hui Ka
Yan was "subject to mandatory measures in accordance with the law due to
suspicion of illegal crimes."

 

In August, Evergrande filed for Chapter 15 bankruptcy protection in the US.
Chapter 15 protects the US assets of a foreign company while it works on
restructuring its debts.

 

Some analysts have said the latest setbacks have increased the risk that the
company will be unable to agree a restructuring plan with its creditors.

 

Evergrande faces a court hearing in Hong Kong on a winding-up petition which
could potentially force it into liquidation. The hearing, which was
scheduled for July, is now due to take place on 30 October.-bbc

 

 

 

 

Oil cartel leader says demand expected to grow

Demand for oil will continue to grow and remain "resilient" this year,
according to the secretary general of Opec+.

 

Opec+ is a group of 23 oil-exporting countries which decides how much crude
oil to sell on the world market.

 

"We see demand growing about 2.4 million barrels a day," Haitham Al Ghais
told the BBC.

 

Saudi Arabia said it would be cutting its production of crude oil by a
million barrels a day to boost prices.

 

The International Energy Agency (IEA) said the decision by Saudi Arabia and
Russia - two major oil producers and members of Opec+ - to cut production
could cause a "significant supply shortfall" by the end of this year.

 

Mr Al Ghais said: "This is a voluntary decision taken by two sovereign
nations, Saudi Arabia and Russia. This decision can be described as
precautionary or pre-emptive because of uncertainties".

 

Haitham Al Ghais, Secretary General of OPEC

- -,

Haitham Al Ghais said Opec was taking pre-emptive, precautionary measures by
cutting oil production

Following Russia's invasion of Ukraine in February 2022, oil prices soared,
hitting more than $120 a barrel in June last year. They fell back to a
little above $70 a barrel in May this year, but have steadily risen since
then as producers have tried to restrict output to support the market.

 

Brent crude, a benchmark for prices, breached $95 a barrel on Tuesday amid
predictions of shorter supplies, with fears the price may breach $100 per
barrel. The rise prompted a warning to drivers that fuel prices could rise
in the coming 10 months, and stoked fears that inflation in key economies
could be prolonged.

 

But Mr Al Ghais said Opec was more concerned about "under investment" in the
oil sector.

 

"Some have called for stopping investments in oil. We believe this is
equally dangerous. It will lead to volatility in the future, possible supply
shortages. And therefore we at Opec have always advocated for the importance
of continuing to invest in the oil industry as we also invest in
decarbonising the industry and move on to adding other forms of alternative
energy such as renewables".

 

Asked if he was concerned about rising oil prices affecting inflation around
the world if it goes above $100 a barrel, Mr Al Ghais said it was "important
not to look at things in a short-sighted manner".

 

"For next year we see demand continuing to grow north of 2 million barrels a
day - of course, all subject to some of the uncertainties in the global
market. Nevertheless, we still feel quite optimistic... that global oil
demand is going to be quite resilient this year".

 

Mr Al Ghais said that the oil industry would need close to $14tn in
investment to the year 2045.

 

"Energy demand will grow by nearly 25% by the year 2045 compared to what it
is today - and all forms of energy will be required", he said.

 

His comments come ahead of a meeting of key oil players on Wednesday in Abu
Dhabi for the International Petroleum Exhibition and Conference
(ADIPEC).-bbc

 

 

 

 

HS2: Rishi Sunak refuses to commit to Manchester link

Prime Minister Rishi Sunak has again refused to say if the Birmingham to
Manchester leg of HS2 will be axed.

 

Asked by the BBC's Laura Kuenssberg if the high-speed line would reach
Manchester, he said: "We're getting on with delivering [the project], I'm
not going to comment on this speculation."

 

Rising costs have led to growing doubts over this second leg of HS2.

 

The first leg, between London and Birmingham, is already under construction.

 

HS2 is seen as key to the government's pledge to "level up" the country.
Labour and some Tory MPs have warned against scaling it back.

 

On Saturday, former PM Theresa May became the latest Conservative voice to
warn against downgrading the project.

 

Andy Street, the Tory mayor of the West Midlands, has also criticised the
idea, while London mayor Sadiq Khan warned it could make the UK a "laughing
stock".

 

But Mr Sunak said he "completely" rejected the criticism, telling Kuenssberg
that the government was "absolutely committed to levelling up across this
country".

 

He highlighted a levelling up fund for 55 towns, adding that the UK was
attracting "billions of pound of investment into this country, creating jobs
everywhere".

 

On Sunday, Transport Minister Richard Holden said the government was right
to keep the HS2 leg to Manchester under review as it had a "big impact" on
cost.

 

He told BBC News: "It is right we properly look at it and the chancellor and
prime minister really dig into the detail of it."

 

Asked if the government was saying it could not currently commit to the line
coming to Manchester, he said: "Exactly. There is a lot of detailed work
going on."

 

He added: "With any large project you'd obviously want to keep it constantly
under review... this is one of the biggest projects the country is looking
at at the moment."

 

Speculation around the future of HS2 has been swirling for weeks, with the
PM and other ministers repeatedly declining to confirm whether the project
will be scaled back.

 

 

-,

Watch: Ros Atkins on
 How the HS2 plan changed over the years

 

Many in Westminster had expected an announcement to have happened before the
start of the Conservative Party Conference in Manchester, which kicks off on
Sunday.

 

No 10 appears to have concluded it can get through the four days of
conference without clarifying its position.

 

A senior government source told the BBC: "We are in Manchester - but we are
not speaking to Manchester, we are speaking to the country."

 

With no announcement this week, it may be that the fate of HS2 is not
clarified until Jeremy Hunt's Autumn Statement - which won't take place
until 22 November.

 

Delays and cuts

The HS2 scheme has already faced delays, cost increases and cuts. The
planned eastern leg between Birmingham and Leeds was axed in late 2021.

 

In March, the government announced that building the line between Birmingham
and Crewe, and then onto Manchester, would be delayed for at least two
years.

 

The last official estimate on HS2 costs, excluding the cancelled eastern
section, added up to about £71bn. But this was in 2019 prices so it does not
account for the rise in costs for materials and wages since then.

 

The possible scrapping of the leg to Manchester has also raised concerns
over other plans to improve rail services across northern England.

 

The Northern Powerhouse Rail (NPR) scheme plans to speed up links between
Liverpool, Manchester and Leeds through a mixture of new and upgraded lines.

 

However, these plans include a section of the HS2 line from Manchester
Airport to Manchester Piccadilly, as well as planned upgrades to Manchester
Piccadilly station.

 

Earlier this week, the mayor of Greater Manchester, Andy Burnham, said
scrapping the HS2 extension to Manchester risked "ripping the heart" out of
the NPR scheme.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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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