Hardly any other sector of the economy was hit as hard by the Corona pandemic as the travel industry and experienced dislocations on an unprecedented scale. Without government rescue packages, the world's largest fully integrated tourism group, TUI, would hardly have survived this crisis of the century. Since the openings and the end of the lockdowns, the number of bookings has increased noticeably. More than 500,000 customers booked a TUI vacation over Easter, and booking numbers are expected to return to pre-Covid levels for the summer. The Group's strategy is clearly defined and focuses operationally on profitable growth in the Vacation Experiences and Markets & Airlines divisions. On the other hand, reducing debt, refinancing and strengthening the balance sheet is at the top of the Hanover-based company's agenda. The ongoing capital increase is now intended to take the first step toward recovery. But questions and uncertainties remain.
The war in Ukraine has been raging for over a year, and an end is nowhere in sight. On the contrary, while peace talks and a diplomatic solution would be the favored solution for many, politicians continue to focus on armament and the supply of heavy weapons. One of the main beneficiaries is the Düsseldorf-based arms manufacturer Rheinmetall, whose share price has risen by 190% since the start of the Russian invasion and has even made it into Germany's highest stock market segment, the DAX. Despite a consistently good news flow with new orders, partnerships, and the construction of a maintenance center in Romania, the all-time high of EUR 281.30 could no longer be held. Looking at the chart, this could result in a longer correction.
Interest rates and inflation have remained at a high level for several months. Due to the constant loss of purchasing power, wage and salary payments will likely have to be increased more than employers would like following various strikes. This could set in motion a wage-price spiral leading to further price indicator increases. Precious metals are a classic hedge against monetary devaluations, as they have been for 100 years. It should only be a matter of time before gold and silver can rise to new record highs. We see the current timing as an excellent entry point into the precious metals. Tocvan Ventures is making great strides in Mexico, and the share price is finally showing muscle.
Trucks with diesel engines have been essential to our economy for many years. Despite their benefits, however, internal combustion engine trucks increase air pollution, contributing to global warming and poor public health. With climate change targets, the transportation industry is retooling and increasingly switching to alternative powertrains. In the light commercial vehicle sector, more and more manufacturers are turning to hydrogen and fuel cell technology. In Europe alone, around 29 million vans must be converted to avoid being taken off the road by 2030. First Hydrogen, a company expected to take market share from the established players with a unique strategy, was launched around two years ago. Now the Company, based in Vancouver and London, is taking the next step, again with a heavyweight.
Since the resurgence of the banking crisis in 2023, precious metals have again been in high demand among investors. In anticipation of a further manifestation of inflation, investors are looking with hope for value stability. The fact is that since the end of the 1990s until today, gold could achieve 8.6% growth per year, more than any other asset class over such a long period. The criterion "value stability" is therefore historically proven because gold appreciated strongly in the last 100 years also against any form of paper money. Gold has already gained about 8% since the beginning of 2023. Commodity fund manager Leigh Goehring is pessimistic and even expects a "decade of inflation". We are looking at an interesting gold project in Western Mali with outstanding prospects.
When corporations want to collaborate with biotech innovators, it is like an accolade - big companies usually take longer to commit. Defence Therapeutics' most recently announced collaboration with French state-owned Orano raises eyebrows for several reasons. Find out what the cooperation in the field of nuclear medicine is all about and what potential could arise from the collaboration.
Again good news from Saskatchewan. Shortly after the successful acquisition of the Ridgeback properties, Saturn Oil & Gas reports a new resource estimate that does not even include the new assets. Rather, year-end 2022 shows how much injected and proved reserves have increased since the Oxbow and Viking expansions. Net asset value per share rises to CAD 6.92, just shy of analysts' price targets. We do the math.
The conversion of the transport sector from diesel engines to alternative drives is both a major challenge for manufacturers of light commercial vehicles and an opportunity of the century. The volume is gigantic. The global light commercial vehicle (LCV) market is expected to reach USD 751.86 billion by 2030, growing at an average annual rate of 5.1% over the next eight years. In addition to established manufacturers, hydrogen company First Hydrogen is gaining more attention. With major partners such as AVL Powertrain, Ballard Power, and EDAG Group, the Vancouver and London-based company is designing zero-emission, latest-generation hydrogen-powered vehicles with a range of over 500 km. The experienced management team has proclaimed market leadership as the goal. Once again, an important milestone has been reached.
PDAC, the world's largest mining trade show, just ended in Toronto. More than 1,100 exhibitors presented themselves to the expert audience, and the team from Researchanalyst.com was also live on-site. The focus this year was clearly on raw materials, which are elementary to achieving climate goals and transforming the energy mix. The Canadian Greentech company dynaCERT also saw a massive increase in interest from the major mine producers. Using the patented HydraGEN technology, companies such as Barrick Gold and Newmont & Co would save fuel and significantly reduce emissions. It is not for nothing that dynaCERT CEO Jim Payne expects a major turnaround in the current fiscal year.
Despite climate change, the world is still heavily dependent on fossil fuels. There is already a political consensus in Europe that these will soon no longer be used primarily in combustion engines. Nevertheless, there is a global understanding that mobility alone cannot be responsible for all changes. Instead, it must be a complete transformation of industry, energy production and human consumption patterns. Saturn Oil & Gas is meeting a small portion of the world's oil and gas needs with a strong focus on sustainable production. We provide an update from Calgary.