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Global airline profitability up for this year – but so are airline expenses

Published: 04 Jun 24

At its AGM in Dubai, the global representative body for the airline industry, the International Air Transport Association (IATA), announced that its profitability forecast for the worldwide airline sector this year is now higher than it has been in its previous two forecasts. These previous profitability forecasts for 2024 were issued in June and December last year. IATA now expects total airline net profits to amount to $30.5-billion this year, giving a net profit margin of 3.1%. This would be an increase over the current estimate of net profits of $27.4-billion for last year (with a net profit margin of 3%). For comparison, IATA’s December forecast was $25.7-billion, with a net profit margin of 2.7%.

Diamond transparency from mine to finger is on way from Petra

Published: 04 Jun 24

Traceability is becoming an increasingly important part of the natural diamond industry, specifically in terms of being able to verify provenance or origin. G7 sanctions being applied also make traceability technology more important.

Petrol, diesel prices set for big decrease

Published: 04 Jun 24

The Department of Mineral Resources and Energy has announced that both grades of petrol – 93 and 95 – will decrease by R1.24 a litre, with effect from June 5. Diesel prices will also decrease by between R1.08 and R1.18 a litre.

City approves Transport Master Plan for Randburg, Zandspruit

Published: 04 Jun 24

The City of Johannesburg has approved a comprehensive Transport Master Plan (TMP) for the Randburg and Zandspruit areas. This strategic plan, developed by the Johannesburg Development Agency (JDA), the Transport Department and consultants led by Merchelles Collective, addresses transport challenges and aims to create a more efficient, compact urban form.

Volvo to issue world's first EV battery passport ahead of EU rules

Published: 04 Jun 24

Volvo Cars is launching the world's first EV battery passport recording the origins of raw materials, components, recycled content and carbon footprint for its flagship EX90 SUV, which is about to start production, the Swedish automaker told Reuters. The passport was developed by Volvo, which is owned by China's Geely, in partnership with UK startup Circulor, which uses blockchain technology to map supply chains for companies, and took over five years to develop.

Global renewable-energy commitments fall short of COP28 targets

Published: 04 Jun 24

Although Nationally Determined Contributions (NDCs) are key to decarbonisation, current NDCs only amount to 1 300 GW, or 12%, of the renewable energy capacity needed to meet the objective of tripling renewable energy as set at the COP28 conference. At COP28, nearly 200 countries pledged to triple the world’s renewable power capacity this decade, which is one of the critical actions to keep alive hopes of limiting global warming to 1.5 ˚C.

Lower Sundays River Canal to close for scheduled construction of the canal tie-ins

Published: 04 Jun 24

Sections of the Lower Sundays River Canal, which forms part of the Lower Sunday’s Government Water Scheme (LSGWS), in the Eastern Cape, is set to be closed for three months for urgent rehabilitation work. The planned shutdown from June 10 to August 15, which impact water users in the towns of Addo, Paterson and the Nelson Mandela Bay metropolitan municipality (NMBMM), is critical for rehabilitation work to be undertaken to ensure the reliability and sustainability of water supply to the users

An image showing operations at Hummingbird's mine in Mali

Hummingbird bolstered by strong Mali performance, weathers Guinea challenges

Published: 04 Jun 24

Aim-listed Hummingbird became a multi-asset, multi-jurisdiction gold producer in the full -year to December 31, with its Yanfolila mine, in Mali, performing strongly and meeting guidance, and the group achieving first gold production at Kouroussa mine, in Guinea, despite facing challenges in the ramp-up of mining operations, CEO and interim chairperson Dan Betts avers. Yanfolila met its production guidance, producing 83 965 oz of gold at an all-in sustaining cost of $1 331/oz sold, which has been adjusted under accounting measures.

Landsdowne founder and CEO Jonathan Kohler

Landsdowne appointed manager of new Western Cape property development

Published: 04 Jun 24

Residential real estate manager and estate agency Landsdowne Property Group has been appointed the managing agent of the new Devonbosch property development, in the Western Cape. Devonbosch is situated near Stellenbosch in the Cape Winelands and is a bespoke mixed-use precinct that comprises designer apartments and penthouses, co-working offices, retail and light industrial spaces with proposed future projects including a hotel development, schools, universities and medical facilities.

GDP decreased by 0.1% in the first quarter

Published: 04 Jun 24

South Africa’s GDP decreased by 0.1% in the first quarter of this year, Statistics South Africa reports. The manufacturing industry decreased by 1.4% in the first quarter, contributing -0.2 of a percentage point to the negative GDP growth. Five of the ten manufacturing divisions reported negative growth rates in the first quarter.