The Lead: Zero accountability in Joburg cleaning tender saga
At the height of the Covid-19 pandemic, the City of Johannesburg's Property Company entity shelled out more than R18 million in what's understood to be inflated payments, all for deep cleaning and sanitation at its premises.
The Special Investigating Unit soon smelled a rat. Still, the entity's CEO, Helen Botes, became the city's acting operations executive (COO) on Monday. And even got the backing of senior advocate Pule Seleka to claim the SIU's investigation into her dodgy contract awarding 'lacked evidence'.
But as News24 investigative journalist Khaya Koko says the SIU doesn't buy Seleka's claim: 'The SIU says that's impossible because the municipal regulations are (still) the municipal regulations'.
Later in the show, host Graeme Raubenheimer tells us how funds struggle to find their way to the Eastern Cape's school feeding scheme.
And finally, Cape Town Comic Con organisers say the festival is among the world's most popular.
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Yahoo
31 minutes ago
- Yahoo
Transat A.T. Inc. Reports Results for the Second Quarter of Fiscal 2025
Revenue Growth and Improved ProductivityBalance Sheet Strengthened through Debt Restructuring Agreement Second-quarter highlights: Revenues of $1,031.1 million, up 5.9% from $973.2 million last year Adjusted EBITDA1 of $98.4 million, compared to $30.2 million last year Net loss of $22.9 million ($0.58 per share), compared to a net loss of $54.4 million ($1.40 per share) last year Free cash flow1 of $142.3 million, compared to $109.8 million last year Cash and cash equivalents of $532.6 million as at April 30, 2025 Elevation optimization Program initiatives implemented to date are expected to deliver an annualized adjusted EBITDA1 run-rate of $67.0 million Reached an agreement in principle for the restructuring of the LEEFF debt incurred in connection with the COVID-19 pandemic MONTRÉAL, June 12, 2025 /CNW/ - Transat A.T. Inc. today reported its second quarter 2025 financial results. "Transat delivered improved operating and financial performances in the second quarter of fiscal 2025, building on the positive momentum that began in the fourth quarter of 2024. During the second quarter, revenue grew 5.9%, driven by a 2.0% year-over-year yield improvement and a 1.6% passenger traffic increase. Tight control of operating expenses led to productivity gains, while lower fuel costs further supported performance, resulting in adjusted EBITDA of $98.4 million. Despite persistent economic uncertainty, Transat is methodically executing its business strategy through disciplined fleet optimization and network expansion. Recent additions of new routes and changes to our program have further strengthened our leadership in providing leisure travel services to Canadian consumers," said Annick Guérard, President and Chief Executive Officer of Transat. "We are making significant progress through our Elevation Program, a comprehensive optimization plan aimed at maximizing long-term profitable growth. The initiatives implemented to date are expected to generate an annualized adjusted EBITDA run rate of $67 million and we remain on track to reach our goal of $100 million. Our teams are fully committed to successfully executing the plan and we expect to benefit directly from cost-saving and revenue-generating initiatives beginning in the second half of the current year," added Ms. Guérard. "We are pleased to have reached a refinancing agreement with our main lender. This represents a major milestone, as it significantly reduces our debt, strengthens our balance sheet, and positions Transat to further implement its long-term strategic plan. In addition, we have reached a new compensation agreement with the manufacturer of the GTF2 engines for the 2025 and 2026 fiscal years, partially recorded during the second quarter as non-cash revenue. We are currently evaluating opportunities to monetize this financial compensation," said Jean-François Pruneau, Chief Financial Officer of Transat. Second-quarter results For the quarter ended April 30, 2025, revenues reached $1,031.1 million, up 5.9% from $973.2 million in the corresponding period last year. The increase was mainly attributable to a 2.0% increase in airline unit revenues (yield) and a 1.6% increase in traffic expressed in revenue-passenger-miles (RPM) compared with 2024. Reflecting disciplined management, the Corporation's capacity was up 2.6% from the corresponding period last year, while capacity for sun routes, the main program during this period, remained stable. In addition, following the agreement entered into with the original equipment manufacturer of the GTF2 engines, a financial compensation of $20.0 million was recorded in revenues. Adjusted EBITDA1 amounted to $98.4 million, compared with $30.2 million in 2024. This increase was mainly attributable to higher revenues, increased productivity, as well as a 18% decrease in fuel prices compared with the corresponding period of 2024. ____________________________ 2 Geared turbofan ("GTF"). Six-month results For the six-month period ended April 30, 2025, revenues reached $1,860.6 million, up 5.8% from $1,758.7 million in the corresponding period a year ago. For the six-month period, network-wide capacity increased by 1.6% compared with 2024, while capacity for sun routes, the main program during this period, increased by 0.5%. Overall, traffic was 1.3% higher than in 2024. The revenue increase also reflects the financial compensation noted above. For the six-month period, adjusted EBITDA1 totaled $118.4 million, compared with $26.8 million for fiscal 2024. The increase was mainly attributable to revenue growth, productivity gains and lower fuel prices. Cash flow and financial position Cash flow related to operating activities amounted to $207.8 million during the second quarter of 2025, compared with $183.2 million for the same period last year, mainly due to higher net income before non-cash operating items this year versus last. After accounting for investing activities and repayment of lease liabilities, free cash flow1 reached $142.3 million during the quarter, compared with $109.8 million for the corresponding period last year. As at April 30, 2025, cash and cash equivalents stood at $532.6 million, compared to $260.3 million as at October 31, 2024. Cash and cash equivalents in trust or otherwise reserved mainly resulting from travel package bookings totaled $295.6 million as at April 30, 2025, compared with $484.9 million as at October 31, 2024, reflecting the seasonal nature of operations. Customers deposits for future travel totaled $888.7 million as at April 30, 2025, comparable to the amount recorded a year earlier. During the six-month period ended April 30, 2025 the Corporation received net proceeds of $30.6 million from the final of the four previously announced spare engine sale-leaseback transactions, completed in early November. Long-term debt and deferred government grant totaled $812.2 million as at April 30, 2025, compared to $803.1 million as at October 31, 2024. Reflecting the proceeds mentioned above and the change in cash, the amount net of cash stood at $279.6 million, down from $542.7 million as at October 31, 2024. Event after the reporting period On June 5, 2025, the Corporation announced that it had reached an agreement in principle with the Canada Enterprise Emergency Funding Corporation (CEEFC) for the restructuring of all its debt contracted under the Large Employer Emergency Financing Facility (LEEFF), managed by the CEEFC. As of April 30, 2025, this debt had a principal amount of $773.4 million and a carrying value of $762.2 million, including the deferred government grant amount. Following the transaction, outstanding debt with CEEFC is expected to decrease from $773.4 million to $333.7 million. Key indicators To date, load factors for the summer period, which consists of the third and fourth quarters, are 1.2 percentage points lower compared to the same date in fiscal 2024, while airline unit revenues, expressed as yield, are 1.7% higher than they were at this time last year. For fiscal year 2025, the Corporation expects an available capacity increase of 1.0%, measured in available seat-miles, compared to 2024. Conference call The second quarter 2025 conference call will take place on Thursday, June 12, 2025, 10:00 a.m. To join the conference call without operator assistance, you may register by entering your phone number here to receive an instant automated call back. You can also dial direct to be entered into the call by an operator:Montreal: 514 400-3794North America (toll-free): 1 800 990-4777Name of conference: Transat The conference will also be accessible live via webcast: click here to register. An audio replay will be available until June 19, 2025, by dialing 1 888 660-6345 (toll-free in North America), access code 91901 followed by the pound key (#). The webcast will remain available for 90 days following the call. Third-quarter 2025 results will be announced on September 11, 2025. (1) Non-IFRS financial measures Transat prepares its financial statements in accordance with International Financial Reporting Standards ["IFRS"]. We will occasionally refer to non-IFRS financial measures in the news release. These non-IFRS financial measures do not have any meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. They are intended to provide additional information and should not be considered as a substitute for measures of performance prepared in accordance with IFRS. All dollar figures are in Canadian dollars unless otherwise indicated. The following are non-IFRS financial measures used by management as indicators to evaluate ongoing and recurring operational performance. Adjusted operating income (loss) or adjusted EBITDA: Operating income (loss) before depreciation, amortization and asset impairment expense, reversal of impairment of the investment in a joint venture, the effect of changes in discount rates used for accretion of the provision for return conditions, restructuring and transaction costs and other significant unusual items, and including premiums related to derivatives that matured during the period. The Corporation uses this measure to assess the operational performance of its activities before the aforementioned items to ensure better comparability of financial results. Adjusted operating income is also used to calculate variable compensation for employees and senior executives. Adjusted pre-tax income (loss) or adjusted EBT: Income (loss) before income tax expense before change in fair value of derivatives, revaluation of liability related to warrants, gain (loss) on long-term debt modification, gain (loss) on business disposals, gain on disposal of investment, gain (loss) on asset disposals, gain on sale and leaseback of assets, the effect of changes in discount rates used for accretion of the provision for return conditions, restructuring and transaction costs, write-off of assets, reversal of impairment of the investment in a joint venture, foreign exchange gain (loss) and other significant unusual items, and including premiums related to derivatives that matured during the period. The Corporation uses this measure to assess the financial performance of its activities before the aforementioned items to ensure better comparability of financial results. Adjusted net income (loss): Net income (loss) before change in fair value of derivatives, revaluation of liability related to warrants, gain (loss) on long-term debt modification, gain (loss) on business disposals, gain on disposal of investment, gain (loss) on asset disposals, gain on sale and leaseback of assets, the effect of changes in discount rates used for accretion of the provision for return conditions, restructuring and transaction costs, write-off of assets, reversal of impairment of the investment in a joint venture, foreign exchange gain (loss), reduction in the carrying amount of deferred tax assets and other significant unusual items, and including premiums related to derivatives that matured during the period, net of related taxes. The Corporation uses this measure to assess the financial performance of its activities before the aforementioned items to ensure better comparability of financial results. Adjusted net income (loss) is also used in calculating the variable compensation of employees and senior executives. Adjusted net earnings (loss) per share: Adjusted net income (loss) divided by the adjusted weighted average number of outstanding shares used in computing diluted earnings (loss) per share. Free cash flow: Cash flows related to operating activities less cash flows related to investing activities and repayment of lease liabilities. The Corporation uses this measure to assess the cash that's available to be distributed in a discretionary way such as repayment of long-term debt or deferred government grant or distribution of dividend to shareholders. Total debt: Long-term debt plus lease liabilities, deferred government grant and liability related to warrants, net of deferred financing costs related to the subordinated debt - LEEFF. Management uses total debt to assess the Corporation's debt level, future cash needs and financial leverage ratio. Management believes this measure is useful in assessing the Corporation's capacity to meet its current and future financial obligations. Total net debt: Total debt (described above) less cash and cash equivalents. Total net debt is used to assess the cash position relative to the Corporation's debt level. Management believes this measure is useful in assessing the Corporation's capacity to meet its current and future financial obligations. Additional Information The results were affected by non-operating items, as summarized in the following table: Highlights and non-IFRS financial measuresSecond quarter First six-month period 2025 2024 2025 2024 (in thousands of Canadian dollars, except per share amounts) $ $ $ $Operating income (loss) 37,270 (15,161) (14,686) (67,590) Depreciation and amortization 62,680 54,748 125,645 104,912 Reversal of impairment of the investment in a joint venture — — — (3,112) Effect of discount rate changes (887) (7,485) 6,262 (2,210) Restructuring costs 979 1,911 4,057 1,977 Premiums related to derivatives that matured during the period (1,596) (3,863) (2,863) (7,177) Adjusted operating income¹ or adjusted EBITDA¹ 98,446 30,150 118,415 26,800Net loss (22,884) (54,387) (145,416) (115,364) Reversal of impairment of the investment in a joint venture — — — (3,112) Effect of discount rate changes (887) (7,485) 6,262 (2,210) Restructuring costs 979 1,911 4,057 1,977 Gain on asset disposals — — (5,183) (5,784) Change in fair value of derivatives 92,241 (4,978) 88,779 17,181 Revaluation of liability related to warrants (2,119) (6,236) (2,126) 5,511 Foreign exchange (gain) loss (60,999) 28,170 (13,527) (13,957) Gain on long-term debt modification — — (216) — Premiums related to derivatives that matured during the period (1,596) (3,863) (2,863) (7,177) Adjusted net income (loss)¹ 4,735 (46,868) (70,233) (122,935)Adjusted net income (loss)¹ 4,735 (46,868) (70,233) (122,935) Adjusted weighted average number of outstanding shares used in computing diluted earnings per share 39,752 38,713 39,607 38,645 Adjusted net earnings (loss) per share¹ 0.12 (1.21) (1.77) (3.18) Cash flows related to operating activities 207,842 183,216 376,420 293,918 Cash flows related to investing activities (19,312) (31,247) (11,578) (59,992) Repayment of lease liabilities (46,251) (42,184) (93,434) (85,048) Free cash flow1 142,279 109,785 271,408 148,878 As at April 30, 2025 As at October 31, 2024 (in thousands of dollars) $ $ Long-term debt 705,562 682,295 Deferred government grant 106,626 120,784 Liability related to warrants 6,393 8,519 Lease liabilities 1,369,221 1,465,722 Total debt1 2,187,802 2,277,320Total debt 2,187,802 2,277,320 Cash and cash equivalents (532,611) (260,336) Total net debt1 1,655,191 2,016,984 About Transat Founded in Montreal 37 years ago, Transat has achieved worldwide recognition as a provider of leisure travel particularly as an airline under the Air Transat brand. Voted World's Best Leisure Airline by passengers at the 2024 Skytrax World Airline Awards, it flies to international destinations. By renewing its fleet with the most energy-efficient aircraft in their category, it is committed to a healthier environment, knowing that this is essential to its operations and the destinations it serves. Based in Montreal, Transat has 5,000 employees with a common purpose to bring people closer together. (TSX: TRZ) Caution regarding forward-looking statements This news release contains certain forward-looking statements with respect to the Corporation, including those regarding its results, its financial position and its outlook for the future. These forward-looking statements are identified by the use of terms and phrases such as "anticipate" "believe" "could" "estimate" "expect" "intend" "may" "plan" "potential" "predict" "project" "will" "would", the negative of these terms and similar terminology, including references to assumptions. All such statements are made pursuant to applicable Canadian securities legislation. Such statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. The forward-looking statements may differ materially from actual results for a number of reasons, including without limitation, economic conditions, changes in demand due to the seasonal nature of the business, extreme weather conditions, climatic or geological disasters, war, political instability, measures taken, planned or contemplated by governments regarding the imposition of tariffs on exports and imports, real or perceived terrorism, outbreaks of epidemics or disease, consumer preferences and consumer habits, consumers' perceptions of the safety of destination services and aviation safety, demographic trends, disruptions to the air traffic control system, the cost of protective, safety and environmental measures, competition, maintain and grow its reputation and brand, the availability of funding in the future, the Corporation's ability to repay its debt from internally generated funds or otherwise, the Corporation's ability to adequately mitigate the Pratt & Whitney GTF engine issues, fluctuations in fuel prices and exchange rates and interest rates, the Corporation's dependence on key suppliers, the availability and fluctuation of costs related to our aircraft, information technology and telecommunications, cybersecurity risks, changes in legislation, regulatory developments or procedures, pending litigation and third-party lawsuits, the ability to reduce operating costs through the Elevation program initiatives, among other things, the Corporation's ability to attract and retain skilled resources, labour relations, collective bargaining and labour disputes, pension issues, maintaining insurance coverage at favourable levels and conditions and at an acceptable cost, and other risks detailed in the Risks and Uncertainties section of the MD&A included in our 2024 Annual Report. The reader is cautioned that the foregoing list of factors is not exhaustive of the factors that may affect any of the Corporation's forward-looking statements. The reader is also cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. The forward-looking statements in this news release are based on a number of assumptions relating to economic and market conditions as well as the Corporation's operations, financial position and transactions. Examples of such forward-looking statements include, but are not limited to, statements concerning: The outlook whereby the Corporation will be able to meet its obligations with cash on hand, cash flows from operations, drawdowns under existing or other credit facilities. The outlook whereby, for fiscal year 2025, the Corporation expects an available capacity increase of 1.0%, measured in available seat-miles, compared to 2024. The outlook whereby the initiatives implemented to date are expected to generate an annualized adjusted EBITDA run rate of $67 million and the Corporation remains on track to reach its goal of $100 million. The outlook whereby following the transaction, the outstanding debt with CEEFC is expected to decrease from $773.4 million to $333.7 million. In making these statements, the Corporation assumes, among other things, that the standards and measures for the health and safety of personnel and travellers imposed by government and airport authorities will be consistent with those currently in effect, that workers will continue to be available to the Corporation, its suppliers and the companies providing passenger services at the airports, that credit facilities and other terms of credit extended by its business partners will continue to be made available as in the past, that management will continue to manage changes in cash flows to fund working capital requirements for the full fiscal year and that fuel prices, exchange rates, selling prices and hotel and other costs remain stable, the Corporation will be able to adequately mitigate the Pratt & Whitney GTF engine issues and that the initiatives identified to improve adjusted operating income (adjusted EBITDA) can be implemented as planned, and will result in cost reductions and revenue increases of the order anticipated by mid-2026. If these assumptions prove incorrect, actual results and developments may differ materially from those contemplated by the forward-looking statements contained in this press release. The Corporation considers that the assumptions on which these forward-looking statements are based are reasonable. These statements reflect current expectations regarding future events and operating performance, speak only as of the date this news release is issued, and represent the Corporation's expectations as of that date. For additional information with respect to these and other factors, see the MD&A for the quarter ended April 30, 2025 filed with the Canadian securities commissions and available on SEDAR at The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation. ( Media: Andréan GagnéSenior Director, Public Affairs and 514-987-1616, ext. 104071 Financial analysts: Jean-François PruneauChief Financial 987-1616 ext. 4567 Media site and image bank: SOURCE Transat A.T. Inc. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31 minutes ago
- Yahoo
Weak condo markets in Toronto and Vancouver threaten future housing supply: CMHC
Falling condo prices and rents in Toronto and Vancouver are driving a construction slowdown and could frustrate longer-term efforts to ramp up overall housing supply in Canada, according to an analysis from the Canada Mortgage and Housing Corporation (CMHC). Spurred by a range of factors, the weak condo markets in the two cities have seen sales plummet, just as scores of new completions keep adding to inventory. Recent economic uncertainty means there is 'little evidence to suggest that price and rent declines are likely to quickly reverse,' the CMHC says. 'In the short term, these developments present relief for buyers and renters in the most expensive cities in the country,' the analysis notes. 'However, they do so at the cost of discouraging new construction and fuelling underlying housing shortages in the future.' Low interest rates before and during the COVID-19 pandemic helped fuel demand and a condo construction boom, but a rise in rates in 2022 depressed demand, 'reducing affordability for homebuyers and potential returns for investors,' the analysis says. Ongoing affordability concerns and the recent trade war with the U.S. have helped maintain the grim market conditions. 'We're just at this period where buyer sentiment is in the gutter, both from end users and of course from investors,' John Pasalis, president of Toronto-based brokerage Realosophy, told Yahoo Finance Canada. 'So demand is at the lowest level it's been in 20 years. And inventory just keeps piling up.' Between 2022 and the first quarter of 2025, total condo sales fell 75 per cent in Toronto and 37 per cent in Vancouver, the CMHC analysis says, while inventories in the two markets rocketed upwards. 'In Toronto, where the market weakness is the most pronounced, the months of inventory for pre-construction condominiums in Q1 of 2025 were more than 14 times higher than they were in 2022,' the analysis says. Average resale prices dropped 13.4 per cent in Toronto and 2.7 per cent in Vancouver over the same time period. Say they bought a brand new pre-construction condo for a million bucks. That's really only worth 700 or 750 grand president John Pasalis Pasalis said he met with a condo owner last November, and discussed similar units selling at the time for around $950,000. One month ago, two similar units sold for $850,000, he said. 'That's not of course happening everywhere, but this is what happens in really, really slow markets when demand is in the gutter and some people just desperately need to sell.' Some investors have been clobbered by the changing market conditions. Toronto investors 'face as much as a six per cent capital loss on pre-construction purchases concluded in 2024,' the analysis says. Those who bought condos in Toronto in 2019 or 2020 now find them 'not worth anything remotely close to what they paid for them,' Pasalis said. 'Say they bought a brand new pre-construction condo for a million bucks,' he said. 'That's really only worth 700 or 750 grand today. So, many of them are underwater.' Economists and other experts have said Canada's housing crisis is in part due to new supply not keeping up with population growth. The new federal government has promised to ramp up supply, though some economists say the government's policies won't be enough. In Toronto and Vancouver, many new units — largely bought before the market turned — will be completed this year, nearing the records set in both cities in 2024. After that, however, new supply looks like it will be limited. Around 55 per cent of pre-construction units in Toronto went unsold in 2024 and in the first quarter of 2025, the CMHC analysis says — putting the projects in jeopardy, given financing usually has a pre-sale threshold of 70 per cent. 'In 2024, condominium apartment unit cancellations were 5- and 10-fold higher than they were in 2022 in Toronto and Vancouver, respectively,' the analysis notes. Some developers have been converting condo projects into purpose-built rentals, but the number of cancellations has been growing, the CMHC says. 'The condominium projects cancelled today mean fewer housing completions in the future,' the analysis says. 'The relief for buyers and renters is temporary with future housing shortages compounded.' The market could still turn around, Pasalis said, if trade issues are resolved and consumer confidence is restored. At the same time, he said, if the economy struggles under an enduring trade war, 'the market can definitely get worse.' John MacFarlane is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jmacf. Download the Yahoo Finance app, available for Apple and Android. Sign in to access your portfolio
Bloomberg
40 minutes ago
- Bloomberg
BioNTech to Buy CureVac for $1.25 Billion to Boost Cancer Arm
BioNTech SE agreed to buy former Covid vaccine rival CureVac NV for about $1.25 billion in an all-stock transaction that will boost its growing oncology business. CureVac investors will get approximately $5.46 in BioNTech shares for each CureVac one, the companies said Thursday. The price represents a 34% premium to CureVac's closing share price on Wednesday. CureVac shareholders will own between 4% and 6% of BioNTech once the deal closes.
