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Photo of the Week

NO CARBON CRUNCH

By: Terence Creamer     8th March 2024 The Presidency has expressed confidence that South Africa will meet its greenhouse gas emission reduction targets even if it keeps some coal-fired plants, such as the one pictured here, open beyond their current decommissioning dates. “It’s not about stopping decommissioning,” Rudi Dicks, head of... →

NO CARBON CRUNCH: The Presidency has expressed confidence that South Africa will meet its greenhouse gas emission reduction targets even if it keeps some coal-fired plants, such as the one pictured here, open beyond their current decommissioning dates. “It’s not about stopping decommissioning,” Rudi Dicks, head of the project management office in the Presidency, said last month. “It’s about delaying decommissioning until we have sufficient generating capacity and reserve margins.” Photograph: Bloomberg

HYDROGEN SHOWCASE

1st March 2024 Luxury carmaker BMW has unveiled its BMW iX5 in South Africa, with the aim of showcasing the vehicle’s combined long range and short refuelling times. The BMW iX5‘s 6 kg of hydrogen allows for a 500 km range, with the car’s platinum-based fuel cell using green hydrogen produced by Sasol to... →

HYDROGEN SHOWCASE: Luxury carmaker BMW has unveiled its BMW iX5 in South Africa, with the aim of showcasing the vehicle’s combined long range and short refuelling times. The BMW iX5‘s 6 kg of hydrogen allows for a 500 km range, with the car’s platinum-based fuel cell using green hydrogen produced by Sasol to produce the clean electricity that powers the quiet drive train. BMW has also installed hydrogen refuelling infrastructure at its Midrand campus in Johannesburg.

CURRENCY CRUNCH

23rd February 2024 Zimbabwe may back its currency with gold to end exchange-rate instability, Finance Minister Mthuli Ncube announced earlier this month. “In order to manage growth of liquidity, we may link the exchange rate to a hard asset such as gold,” Ncube said in an online press briefing a week after... →

CURRENCY CRUNCH: Zimbabwe may back its currency with gold to end exchange-rate instability, Finance Minister Mthuli Ncube announced earlier this month. “In order to manage growth of liquidity, we may link the exchange rate to a hard asset such as gold,” Ncube said in an online press briefing a week after President Emmerson Mnangagwa signalled that a revamp of the world’s worst-performing currency was under consideration. At the time of the announcement, the Zimbabwe dollar had slumped almost 50% against the US dollar this year after plunging 90% in 2023.

COLLATERAL DAMAGE

16th February 2024 Egypt’s Suez Canal revenue plunged by almost half in January after attacks by Houthi militants on Red Sea vessels forced major shipping firms to avoid the waterway. Income was about $428-million last month compared with $804-million for the same period in 2023, Suez Canal Authority chief Osama... →

COLLATERAL DAMAGE

ESKOM ECHOES

9th February 2024 There are slight echoes of South Africa’s Eskom in Taiwan, where the precarious financial state of the country’s sole electricity utility, Taipower, is threatening the island’s clean energy ambitions, and potentially undermining its status as a leading chip manufacturing hub. Bloomberg reports... →

ESKOM ECHOES

AI & ELECTIONS

2nd February 2024 s many countries, including South Africa and a highly divided US, prepare for elections in 2024, there is concern that Artificial Intelligence (AI) tools could be used to spread disinformation. Ahead of the recent Republican primary in New Hampshire a ‘deepfake’ audio message purporting to be US... →

AI & ELECTIONS: As many countries, including South Africa and a highly divided US, prepare for elections in 2024, there is concern that Artificial Intelligence (AI) tools could be used to spread disinformation. Ahead of the recent Republican primary in New Hampshire a ‘deepfake’ audio message purporting to be US President Joe Biden urged voters to “Save your vote for the November elections”, even though voting in a primary cannot preclude a voter participating in the presidential elections. While obviously fake, it heightened fears that AI-powered video and image generators could well be used for political gain this year. Photograph: Bloomberg

SHIPPING RISKS

26th January 2024 Recent hostilities in the Red Sea have added to the risks that global shippers will have to navigate in 2024. Reuters reports that they also face the prospect of significant disruptions from other conflicts, including any possible further souring of China-Taiwan relations, as well as droughts... →

SHIPPING RISKS: Recent hostilities in the Red Sea have added to the risks that global shippers will have to navigate in 2024. Reuters reports that they also face the prospect of significant disruptions from other conflicts, including any possible further souring of China-Taiwan relations, as well as droughts affecting key routes such as the Panama Canal. Should these risks increase or materialise, there could be delays that raise costs for retailers globally. Photograph: Reuters

TEA TO CHINA

19th January 2024 China has lowered duties on South Africa’s rooibos tea to 6% from a range of 15% to 30%, the Department of Trade, Industry and Competition reported earlier this month. The industry produces approximately 20 000 t of the herbal tea every year and provides employment to 5 000 people. China is the... →

TEA TO CHINA

LOOMING CHALLENGE

15th December 2023 Coal-dependent South Africa needs to more than double climate financing to achieve its emissions reduction targets, a Presidential Climate Commission paper states. Current yearly average funding of R131-billion needs to be boosted to R334-billion rand for the country to meet its net zero goal by... →

LOOMING CHALLENGE: Coal-dependent South Africa needs to more than double climate financing to achieve its emissions reduction targets, a Presidential Climate Commission paper states. Current yearly average funding of R131-billion needs to be boosted to R334-billion for the country to meet its net-zero goal by 2050, the paper states.

IMPLEMENTATION PLAN

8th December 2023 South Africa finally published its implementation plan for the Just Energy Transition Investment Plan ahead of COP28 and amid news of fresh funding flows arising from the now expanded $9.3-billion partnership with various developed countries. The document outlines an $80-billion, five-year... →

IMPLEMENTATION PLAN: South Africa finally published its implementation plan for the Just Energy Transition Investment Plan ahead of COP28 and amid news of fresh funding flows arising from the now expanded $9.3-billion partnership with various developed countries. The document outlines an $80-billion, five-year investment plan aimed at stimulating a transition from the economy’s current over-reliance on coal. With the detail out, the devil now resides firmly in actual implementation. Photograph: Bloomberg

PRICE RISE

1st December 2023 In late November, uranium prices topped $80 a pound for the first time in more than 15 years. Bloomberg reports that prices have rallied during 2023, after more than a decade of moving sideways, amid interest in nuclear and numerous production challenges. While spot uranium (picture here in the... →

PRICE RISE: In late November, uranium prices topped $80 a pound for the first time in more than 15 years. Bloomberg reports that prices have rallied during 2023, after more than a decade of moving sideways, amid interest in nuclear and numerous production challenges. While spot uranium (picture here in the form of a yellowcake concentrate) is a thinly traded market, the term price — which is more important for power plants — has also been trending higher. Photograph: Bloomberg

ELECTRIC EXPANSION

24th November 2023 Hyundai hosted a ground-breaking ceremony earlier this month for a $1.5-billion investment into a new electric vehicle plant in South Korea, which will be capable of producing 200 000 cars a year. The plant will be in Ulsan, where the company built its first auto plant in 1968. Bloomberg reports... →

ELECTRIC EXPANSION: Hyundai hosted a ground-breaking ceremony earlier this month for a $1.5-billion investment into a new electric vehicle plant in South Korea, which will be capable of producing 200 000 cars a year. The plant will be in Ulsan, where the company built its first auto plant in 1968. Bloomberg reports that work will begin later this year and mass production will start in the first quarter of 2026, with the luxury Genesis large-size sport utility vehicle the first model to roll off the assembly line. Photograph: Bloomberg

RISING EMISSIONS

17th November 2023 Greenhouse gas emissions from the world’s top meat and dairy producers increased further this year, Bloomberg reports. Disclosed emissions from the world’s 20 largest listed meat and dairy companies rose 3.3% from 2022 levels, according to a report by investor network FAIRR Initiative. The food... →

RISING EMISSIONS: Greenhouse gas emissions from the world’s top meat and dairy producers increased further this year, Bloomberg reports. Disclosed emissions from the world’s 20 largest listed meat and dairy companies rose 3.3% from 2022 levels, according to a report by investor network FAIRR Initiative. The food industry’s climate footprint accounts for about one-third of global greenhouse gases. Livestock, which releases potent methane, makes up 14.5% of worldwide emissions. Photograph: Bloomberg

SINKING FEELING

10th November 2023 South Africans responded with a mix of anger and resignation as the country’s other large and failing State-owned enterprise, Transnet, move to secure taxpayer support for its turnaround plan only months after Eskom was granted a R254-billion debt-relief package. The Transnet leadership have... →

SINKING FEELING: South Africans responded with a mix of anger and resignation as the country’s other large and failing State-owned enterprise, Transnet, move to secure taxpayer support for its turnaround plan only months after Eskom was granted a R254-billion debt-relief package. The Transnet leadership have warned that absent an injection and debt relief the recovery plan will fail. The plan does open the door for more private sector participation in the ailing ports and rail systems, however. Photograph: Bloomberg

CRITICAL EXPANSION

By: Creamer Media Reporter      3rd November 2023 CRITICAL EXPANSION: While South Africa continues to work on its critical minerals strategy, Australia has announced a $2-billion expansion in financing in a bid to solidify its position as a leading producer of critical minerals, including lithium (pictured). Prime Minister Anthony Albanese and... →

CRITICAL EXPANSION: While South Africa continues to work on its critical minerals strategy, Australia has announced a $2-billion expansion in financing in a bid to solidify its position as a leading producer of critical minerals, including lithium (pictured). Prime Minister Anthony Albanese and Resources Minister Madeleine King announced the expansion on October 25, surrounded by Australian and US industry leaders and following the inaugural meeting of the Australia-US Taskforce on Critical Minerals. Photograph: Bloomberg

CARBON REPORTING

27th October 2023 China’s environment ministry has told factories releasing the equivalent of more than 26 000 t/y of carbon dioxide to verify their 2022 data by December. Bloomberg reports that the ministry is centralising a reporting process that was previously handled locally to help exporters meet the... →

CARBON REPORTING: China’s Environment Ministry has told factories releasing the equivalent of more than 26 000 t/y of carbon dioxide to verify their 2022 data by December. Bloomberg reports that the Ministry is centralising a reporting process that was previously handled locally to help exporters meet the requirements of the European Union’s Carbon Border Adjustment Mechanism (CBAM), which began data collection this month and formally launches in 2026. The aluminium, cement and steel industries covered in the first phase of the CBAM will need to complete their data verification by September from 2024.

PUBLIC GOOD

20th October 2023 The Public Investment Corporation says it will increase its investment in renewable energy, with chief investment officer Kabelo Rikhotso revealing that its current exposure already stands at R16.5-billion. The State-owned fund manager, which oversees about R2.6-trillion rand in assets, has... →

PUBLIC GOOD: The Public Investment Corporation says it will increase its investment in renewable energy, with chief investment officer Kabelo Rikhotso revealing that its current exposure already stands at R16.5-billion. The State-owned fund manager, which oversees about R2.6-trillion rand in assets, has renewable investments that have contributed more than 2 000 MW to the grid through solar photovoltaic, concentrated solar power and wind technology. Photograph: Bloomberg

HYDROGEN SHOWCASE

13th October 2023 Sasol, Toyota South Africa Motors and Air Products South Africa unveiled a proof-of-concept second-generation Toyota Mirai fuel cell electric vehicle earlier this month. The vehicle is being used to showcase the potential for domestic green hydrogen as a zero-emission transport alternative.... →

HYDROGEN SHOWCASE: Sasol, Toyota South Africa Motors and Air Products South Africa unveiled a proof-of-concept second-generation Toyota Mirai fuel cell electric vehicle earlier this month. The vehicle is being used to showcase the potential for domestic green hydrogen as a zero-emission transport alternative. Pictured here is Air Products South Africa’s Lutendo Mammburu, an electrical engineerwho is also currently responsible for the group’s refuelling technology. Photograph: Creamer Media Chief Photographer Donna Slater.

REFORM VS RENEWAL

6th October 2023 As South Africa prepares to host a forum on the Africa Growth and Opportunity Act (Agoa) in November, concern that the country could be disqualified from the preferential trade arrangement seems to have ebbed somewhat. However, given the diplomatic tensions and America’s extreme political... →

REFORM VS RENEWAL: As South Africa prepares to host a forum on the Africa Growth and Opportunity Act (Agoa) in November, concern that the country could be disqualified from the preferential trade arrangement seems to have ebbed somewhat. However, given the diplomatic tensions and America’s extreme political divisions, renewal remains uncertain. What is clear is that America wants to make changes to the scheme, with US Trade Representative Katherine Tai arguing that the world is “really different” from when Agoa was enacted in 2000. “We’re on a timeline - you’ve got to reform, you’ve got to update while the world is changing,” Tai said at an event in Washington last month. Photograph: Bloomberg

THROUGH THE HAZE

29th September 2023 While the aviation industry has promised to achieve net zero carbon emissions by 2050, harsher weather conditions are already forcing a rethink of critical infrastructure in airports, such as this Arizona airport pictured during a recent protracted heat wave. Bloomberg reports that airports... →

THROUGH THE HAZE: While the aviation industry has promised to achieve net zero carbon emissions by 2050, harsher weather conditions are already forcing a rethink of critical infrastructure in airports, such as this Arizona airport pictured during a recent protracted heat wave. Bloomberg reports that airports around the world are relocating sensitive electrical equipment to rooftops to protect it from flooding, reinforcing runways to handle extreme temperature swings and revving up air conditioning as climate change complicates operations. Photograph: Bloomberg

HIGHER GRADE

22nd September 2023 The Mbombela-based Manganese Metal Company’s manganese refinery, built in 1974 to beneficiate manganese minerals mined in South Africa’s Hotazel’s region, produces two high-grade (99.9% pure), selenium-free manganese products, including flakes (seen here) and powder. Manganese is a key mineral... →

HIGHER GRADE: The Mbombela-based Manganese Metal Company’s manganese refinery, built in 1974 to beneficiate manganese minerals mined in South Africa’s Hotazel’s region, produces two high-grade (99.9% pure), selenium-free manganese products, including flakes (seen here) and powder. Manganese is a key mineral used in lithium-ion batteries, steel, specialty alloys and even aluminium beverage cans, among others. The refinery – the only one of its kind outside of China which produces the highest-quality of refined manganese globally – is eyeing significant expansion, with intentions to add a brownfields 5000 t/y plant to the existing28000 t/y electrolytic manganese metal plant, which will target demand stemming from the expanding global battery electric vehicle market. Photograph: Creamer Media Chief Photographer Donna Slater

GIVE & TAKE

15th September 2023 South Africa will provide fiscal support to the automotive industry to help it transition to electric vehicles, Deputy Finance Minister David Masondo confirmed earlier this month. But given the stretched fiscus the “only way to justify the government’s fiscal support to the sector is through... →

GIVE & TAKE

NO CREDIT

8th September 2023 Several major carbon traders are finding that offsets they bought may now be valueless, Bloomberg reports. A carbon credit is a paper security representing one ton of carbon dioxide reduced or removed from the atmosphere, generated by projects like wind farms or planting trees and preventing... →

NO CREDIT: Several major carbon traders are finding that offsets they bought may now be valueless, Bloomberg reports. A carbon credit is a paper security representing one ton of carbon dioxide reduced or removed from the atmosphere, generated by projects like wind farms or planting trees and preventing deforestation, such as is the case with the Gabon forests pictured. Recently Trafigura Group, which is the world’s largest trader of carbon-removal credits, suspended a consignment as it awaited the results of a probe into the forestry project behind the units. It’s reportedly the latest in a string of cases in which traders handling carbon credits are having to treat such assets as stranded. Photograph: Bloomberg

SUNRISE INDUSTRY

1st September 2023 A study commissioned by the Localisation Support Fund has found that there is local manufacturing capability for powerline components to meet current low levels of demand. However, to avoid an overreliance on imported products when this demand increases in line with Eskom’s grid roll-out plan,... →

SUNRISE INDUSTRY: A study commissioned by the Localisation Support Fund has found that there is local manufacturing capability for powerline components to meet current low levels of demand. However, to avoid an overreliance on imported products when this demand increases in line with Eskom’s grid roll-out plan, local manufacturers require support and workload certainty. Once established, the potential of supplying products to neighbouring countries and the rest of Africa could become a viable expansion strategy. Photograph: Bloomberg

TRADE TURMOIL

By: Bloomberg     25th August 2023 The world’s biggest exporter, China, recently reported its biggest contraction in overseas shipments since the Covid-related slump of February 2020, while Germany, the world’s third-largest exporter, has also seen its exports fall. The impact on growth is uncertain and uneven, but a Bloomberg... →

TRADE TURMOIL: The world’s biggest exporter, China, recently reported its biggest contraction in overseas shipments since the Covid-related slump of February 2020, while Germany, the world’s third-largest exporter, has also seen its exports fall. The impact on growth is uncertain and uneven, but a Bloomberg report suggests that until the global manufacturing cycle works off a build-up of inventories, export-orientated economies could pose a drag on economic prospects.

CRIME & CONGESTION

18th August 2023 The collapse of South Africa’s freight rail service has resulted in serious traffic congestion in Komatipoort, a town on South Africa’s border with Mozambique. Every day about 1 000 trucks carrying coal and other commodities are picking up the slack left by declining volumes on key rail... →

CRIME & CONGESTION: The collapse of South Africa’s freight rail service has resulted in serious traffic congestion in Komatipoort, a town on South Africa’s border with Mozambique. Every day about 1000 trucks carrying coal and other commodities are picking up the slack left by declining volumes on key rail corridors. Bloomberg reports that there are fears that this number could rise to 3 000 trucks a day by the end of 2024 unless there is a drastic turnaround in the performance of rail. Photograph: Bloomberg

SHALLOW WATERS

11th August 2023 Companies reliant on the Rhine River, Europe’s most important trade route, are rushing to adapt as water regularly recedes to levels that impede shipping. Bloomberg reports that water levels this latest European summer fell to the point where ships could carry only about half of their normal... →

SHALLOW WATERS: Companies reliant on the Rhine River, Europe’s most important trade route, are rushing to adapt as water regularly recedes to levels that impede shipping. Bloomberg reports that water levels this latest European summer fell to the point where ships could carry only about half of their normal capacity. Companies are also increasingly having to resort to costly workarounds, while freight operators have started overhauling fleets with barges able to navigate shallow water.

GRID IN FOCUS

4th August 2023 Electricity Minister Dr Kgosientsho Ramokgopa says South Africa will prioritise the expansion of its grid over the next decade and reports that work is under way on 25 projects at existing substations that could potentially unlock grid capacity for about 13 GW of much-needed generation in the... →

GRID IN FOCUS: Electricity Minister Dr Kgosientsho Ramokgopa says South Africa will prioritise the expansion of its grid over the next decade and reports that work is under way on 25 projects at existing substations that could potentially unlock grid capacity for about 13 GW of much-needed generation in the near- to medium-term. He has also stressed that South Africa can ill-afford to “kick the can down the road” in the area of grid investment as it did in the early 2000s with generation. Photograph: Bloomberg

FOOD-PRICE EMERGENCY

28th July 2023 Nigeria’s annual inflation rate climbed to a fresh 18-year high in June. This, after President Bola Tinubu scrapped fuel subsidies and allowed the currency to weaken before declaring a state of emergency to control the cost of staple foods, Bloomberg reports. Prices increased 22.79% in the year... →

FOOD-PRICE EMERGENCY: Nigeria’s annual inflation rate climbed to a fresh 18-year high in June. This, after President Bola Tinubu scrapped fuel subsidies and allowed the currency to weaken before declaring a state of emergency to control the cost of staple foods, Bloomberg reports. Prices increased 22.79% in the year through June from 22.4% the previous month, according to the National Bureau of Statistics. The upswing was fuelled by a 25.3% increase in food prices. Photograph: Bloomberg

BEES AT WORK

21st July 2023 JSE-listed Emira Property Fund has installed 16 beehives at eight of its properties in Gauteng and KwaZulu-Natal as part of an initiative designed to assist in addressing a decline of global bee populations. The first hives were installed in August 2020 at the Knightsbridge office park, in... →

BEES AT WORK: JSE-listed Emira Property Fund has installed 16 beehives at eight of its properties in Gauteng and KwaZulu-Natal as part of an initiative designed to assist in addressing a decline of global bee populations. The first hives were installed in August 2020 at the Knightsbridge office park, in Bryanston and Hyde Park Lane, in Sandton. The hives are located away from areas of heavy foot traffic, are clearly sign-posted, and beekeeping activities take place at night. Emira reports that the bees have produced 85 kg of honey to date from five hive sites, with the first honey harvests shared with staff and some service providers.
BEES AT WORK: JSE-listed Emira Property Fund has installed 16 beehives at eight of its properties in Gauteng and KwaZulu-Natal as part of an initiative designed to assist in addressing a decline of global bee populations. The first hives were installed in August 2020 at the Knightsbridge office park, in Bryanston and Hyde Park Lane, in Sandton. The hives are located away from areas of heavy foot traffic, are clearly sign-posted, and beekeeping activities take place at night. Emira reports that the bees have produced 85 kg of honey to date from five hive sites, with the first honey harvests shared with staff and some service providers.

SILVER LINING

14th July 2023 Changes to solar panel technology are accelerating demand for silver, which is used in a paste form to provide a conductive layer on the front and the back of silicon solar cells. Bloomberg reports that more efficient versions of cells use a lot more of the metal, which is set to boost... →

SILVER LINING: Changes to solar panel technology are accelerating demand for silver, which is used in a paste form to provide a conductive layer on the front and the back of silicon solar cells. Bloomberg reports that more efficient versions of cells use a lot more of the metal, which is set to boost already-increasing consumption. Solar is still a fairly small part of overall silver demand, but it’s growing. It’s forecast to make up 14% of consumption this year, up from around 5% in 2014, according to a report from The Silver Institute. Much of the growth is coming from China, which is on track to install more panels this year than the entire total in the US.

COAL BOTTLENECK

7th July 2023 Exxaro Resources has warned that coal shipments by State-owned freight logistics group Transnet in 2023 have dropped to an annualised rate of only 46.5-million tons. The figure represents a fall from the 50.4-million tons of coal transported to the Richards Bay Coal Terminal for export in 2022,... →

COAL BOTTLENECK: Exxaro Resources has warned that coal shipments by State-owned freight logistics group Transnet in 2023 have dropped to an annualised rate of only 46.5-million tons. The figure represents a fall from the 50.4-million tons of coal transported to the Richards Bay Coal Terminal for export in 2022, already the lowest volume recorded in three decades. Exxaro attributed the slump to locomotive availability, train derailments, and instances of cable theft and vandalism. Photograph: Bloomberg

HAZE ALERT

30th June 2023 While South African scientists are urging government and business to increase their preparedness for the pending El Niño, there are warnings of a high risk of haze in some Asian countries. Singapore, Indonesia and Malaysia could face the most severe haze in at least five years, with the Singapore... →

HAZE ALERT: While South African scientists are urging government and business to increase their preparedness for the pending El Niño, there are warnings of a high risk of haze in some Asian countries. Singapore, Indonesia and Malaysia could face the most severe haze in at least five years, with the Singapore Institute of International Affairs having assigned a rating of “red” in its Haze Outlook 2023. In South Africa, meanwhile, previous droughts in the summer rainfall regions of the country, and seasons with a high frequency of heat waves days, are associated with previous El Niño events. Photograph: Bloomberg

OFFICIAL COLLAPSE

23rd June 2023 Sudan’s official gold industry, the country’s largest revenue earner, has collapsed after a deadly conflict broke out in the country in April. Sudan officially exported 34.5 t of gold worth over $2-billion last year. Mubarak Ardol, general-director of the Sudanese Mineral Resources Limited, has... →

OFFICIAL COLLAPSE: Sudan’s official gold industry, the country’s largest revenue earner, has collapsed after a deadly conflict broke out in the country in April. Sudan officially exported 34.5 t of gold worth over $2-billion last year. Mubarak Ardol, general-director of the Sudanese Mineral Resources Limited, has confirmed that official exports have ground to a halt, while processing equipment has been damaged, and the headquarters of several gold companies looted. However, both the Sudanese army and Rapid Support Forces have also been accused of smuggling large amounts of illicit gold out of the country. Photograph: Bloomberg
Photo by Bloomberg
OFFICIAL COLLAPSE: Sudan’s official gold industry, the country’s largest revenue earner, has collapsed after a deadly conflict broke out in the country in April. Sudan officially exported 34.5 t of gold worth over $2-billion last year. Mubarak Ardol, general-director of the Sudanese Mineral Resources Limited, has confirmed that official exports have ground to a halt, while processing equipment has been damaged, and the headquarters of several gold companies looted. However, both the Sudanese army and Rapid Support Forces have also been accused of smuggling large amounts of illicit gold out of the country. Photograph: Bloomberg

PROFIT TAKE-OFF

16th June 2023 The International Air Transport Association is forecasting that global airlines will earn a collective $9.8-billion in profit this year, which is double its previous estimate published in December. In a speech this month, director-general Willie Walsh indicated that the increase was attributable... →

PROFIT TAKE-OFF: The International Air Transport Association is forecasting that global airlines will earn a collective $9.8-billion in profit this year, which is double its previous estimate published in December. In a speech this month, director-general Willie Walsh indicated that the increase was attributable to a post-pandemic surge in flying in North America and Europe, driving up ticket prices. However, he also warned that margins remained “wafer thin”. Photograph: Bloomberg

OIL TO WIND

9th June 2023 Denmark will take stakes of 20% in new offshore wind projects, copying a successful setup used for oil licences in the previous decades. Bloomberg reports that the model will cover 6 GW of tenders planned around the Nordic country, which has a target to become carbon neutral in 2045. Expanding... →

OIL TO WIND: Denmark will take stakes of 20% in new offshore wind projects, copying a successful setup used for oil licences in the previous decades. Bloomberg reports that the model will cover 6 GW of tenders planned around the Nordic country, which has a target to become carbon neutral in 2045. Expanding its fleet of offshore wind farms is vital to achieving the goal. Photograph: Bloomberg

DIAMOND HUB

2nd June 2023 Diamond group De Beers officially opened its new South African rough diamond sorting, valuation and sales facility on May 19. Located in Kempton Park, the Sightholder Sales South Africa facility comprises two floors and houses sightholder offices, hand and machine sorting areas, a training... →

DIAMOND HUB: Diamond group De Beers officially opened its new South Africanrough diamond sorting, valuation and sales facility on May 19. Located in Kempton Park, the Sightholder Sales South Africa facilitycomprises two floors and houses sightholder offices, hand and machine sorting areas, a training academy and a diamond cleaning plant. In January, De Beers announced plans to relocate its sightholder sales activities in South Africa from Kimberley, where it has been operating since 1974, to Gauteng. Photograph: Creamer Media Chief Photographer Donna Slater

EXTENSION RISK

26th May 2023 Extending the lifespan of South Africa’s coal-fired power plants is unlikely to attract investment, Standard Chartered warned earlier this month. CEO Kweku Bedu-Addo was quoted by Business Day as saying that investors want to avoid being trapped in stranded assets given the global shift away from... →

EXTENSION RISK: Extending the lifespan of South Africa’s coal-fired power plants is unlikely to attract investment, Standard Chartered warned earlier this month. CEO Kweku Bedu-Addo was quoted by Business Day as saying that investors want to avoid being trapped in stranded assets given the global shift away from fossil fuels. The move would also make it difficult to use sovereign bond sales to fund additional investment in Eskom, given that some arrangements can include so-called use-of-proceeds clauses. Photograph: Bloomberg
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TARIFF WALL

TARIFF WALL: President Donald Trump did not build the wall on America’s southern border that he promised ahead of his first term. Nor did he get Mexico to pay for it. He seems strongly committed, however, to building a tariff wall during his second term. Such a strategy could be inflationary in the US and may also have global ramifications, potentially even triggering a costly trade war.

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Henk Duys

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