Canal+ cleared to buy MultiChoice
READ | Standard Bank rates Canal+ Multichoice share offer to be fair
The decision allows Canal+ to take control of the South African pay-TV operator, provided it meets certain public interest and competition-related conditions.
These include commitments to local content development and maintaining South African jobs.
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IOL News
a minute ago
- IOL News
South Africa's housing crisis: over 80% of households unable to afford local properties
South Africa contends with a housing affordability crisis. Image: Rob McGaffin An overwhelming majority of South African households are currently priced out of the local property market, and this trend is worsening. 'There's something very wrong if such a large demand is not being met and, although the problem is well known in the property industry, no real solutions are forthcoming from the government actors who are responsible for solving these problems,' says Renier Kriek, managing director of innovative home finance provider, Sentinel Homes. He says the root causes are mainly systemic and need to be addressed by the government. It is simply not acceptable that the country has added close to 20 million inhabitants in SA, but the economy has managed to produce a mere 1.9 million homes. In its June 2025 Property Newsletter, automotive and property data provider Lightstone reports that only one formal house exists per 3.3 families, who earn less than R26 000 per month. This accounts for more than 80% of South African households. Sentinel Homes said not only are there not enough houses, but new developments are victims of rising construction costs, making each generation of property less affordable to consumers than previously. The home finance provider said property prices have been outpacing wage increases for the past 70 years, not only in SA but in most of the world. Earlier this year, this publication reported that the take-home pay of only 15.8% of South Africans would be sufficient to be able to afford a property of R1.3 million in value. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Next Stay Close ✕ Following last year's BankservAfrica Take-Home Pay Index (BTPI), Elize Kruger, an independent economist, said according to the calculations of an estate agent, for a salary earner to afford a property of R1.3 million in value, with a repayment of R13 480 per month over 20 years, based on the prime rate of 11%, the gross income per month of such a salaried person must be R40 000. She said that, assuming an effective tax rate of 23.1% (for an annual income of R480 000), that translates into a net salary/take-home pay (after income tax) of approximately R30 000. Kruger said these numbers are based on a single income per household, so when assuming that two incomes are used to finance a property. Add to this trend, Sentinel said South Africa's flaccid economic growth, resulting in low job creation and low wage growth, made it easy to see why affording a home is becoming harder and harder for low to middle-income earners. Data analysed by Lightstone showed that there was one property for 4.8 households earning under R13 000 a month. The ratio improved to 3.3 households for every one formal property if the salary threshold moved to R26 000 a month, said Hayley Ivins-Downes, the managing executive for real estate at Lightstone Property. For higher income groups, this ratio was closer to 1.2 to 1. The property market intelligence provider said there were nearly 12 million households earning less than R13 000 a month, with just under 2.5 million properties available if households stuck to the guideline that they spend no more than a third of their income on housing. Kriek said that certain things need to change outside the property market before problems can be tackled from within, says Kriek. He said South Africa sorely needs economic growth driven by a consistent economic policy. Not only graft but also mismanagement of state and parastatal finances needs to stop. 'For example, paying CEOs of dysfunctional utilities more than the Prime Minister of the UK is wasteful and robs citizens of funds that could go towards housing,' says Kriek. He said the country needs structural reform that embraces deregulation, labour market reforms, trade liberalisation, privatisation or public-private partnerships, and tax reforms to encourage infrastructure investment. This may also require currency devaluation, which is a difficult political proposition and is unlikely to be popular with richer consumers. The MD lamented the fact that artisans are retiring faster than they can be replaced, which puts upward pressure on housing production costs. Most of South Africa's workforce is not well-suited to its services-oriented economy. It needs to reindustrialise to create jobs for the skills we have, encouraging technical trades, such as plumbers or electricians. He added that the country's restrictive labour policies make labour much more expensive than in competing economies, such as Bangladesh or Sri-Lankha. This could be resolved by devaluing the currency or reducing imports, or simply by liberalising labour laws. That might mean workers are paid less, but that more people will have jobs as a way of creating an economy that works for all – and this would be a temporary situation that will correct itself as more jobs are created. 'Making such changes at a national level will ensure that problems in the property market are not intractable,' says Kriek. 'But these necessary reforms will also go a long way toward rejigging the economy generally for the better.' Inside the property market, Kriek said several problems are making housing construction more costly and therefore less affordable when properties are sold. He said this was bureaucratic sprawl, NIMBYism (Not In My Back Yard), fixed charges, small unit avoidance, slow land release, lender and landlord protection. Sentinel said if 80% of South Africans cannot afford a home, and developers are unwilling to meet the demand, something is terribly wrong. It said this was not an innovation or economic problem but a systemic one that the government needs to rectify. The problem is market design, and that is something for which we rely on government, and for which the political will must exist to take some tough decisions, he said. 'The private sector is profit-driven and the demand clearly exists, so it's up to the government to create the incentives and ease the restrictions that prevent the private sector from earning its bread in the provision of affordable housing,' says Kriek. 'There's more than enough money floating around – government just needs to create a market that provides incentives for the available resources to flow to where the demand already exists.' Independent Media Property
The South African
a minute ago
- The South African
Newspaper headlines from around the world - Thursday, 31 July 2025
A bundle of newspapers on the table. Image: The South African/CANVA Here are the stories that made headlines on the front pages of newspapers worldwide on Thursday, 31 July 2025. The New York Times front page reported that, with tariffs, Trump tests the global economy. The Washington Post reported that a host of failures were outlined in the crash. The Jerusalem Post's front page reported that Israel rejected Hamas's demand to exchange terrorists for bodies. China Daily's front page reported that the CPC plenum will focus on the next five-year plan. The Daily Mail's front page reported that victims of the October 7 atrocities told Keir Starmer there should be no recognition of a Palestinian state until every hostage is freed. The Guardian's front page reported that Palestine Action wins the right to challenge a ban in court. If you wish to stay up-to-date – for FREE – on the latest international and South African news, then bookmark The South African website for all that plus the latest in the world of finance, sport, lifestyle – and more. Did we mention it was 100% free to read …?
The Citizen
a minute ago
- The Citizen
Sassa CEO calls on senior officials to assist beneficiaries
Matlou said that the review process had placed increased pressure on local offices, and it was crucial for leadership to be accessible. The South African Social Security Agency (Sassa) has mobilised its senior leadership to provide direct support to grant beneficiaries during the August payment cycle, particularly those affected by the ongoing review process. In a statement issued on Wednesday, Sassa CEO Themba Matlou called on executives and senior managers across all nine regions to assist at local offices to ensure that no beneficiary is left unattended. 'We are intent on driving to assist all our clients to have their grants reviewed as seamlessly as possible so that no one leaves our offices without being assisted and being burdened with back and forth,' said Matlou. On-the-ground leadership expected Matlou emphasised that the review process had placed increased pressure on local offices, and it was crucial for leadership to be visible and accessible. He said this hands-on approach would help speed up support services and reduce the burden on ordinary citizens waiting in long queues. ALSO READ: Sassa grants: Here are the August payment dates and amounts 'I have asked the executives and senior managers to be visible to clients, ensure that enquiries regarding the 4th payment date are addressed promptly and professionally,' Matlou said. Safeguarding the system The CEO described the grant reviews as essential to preserving the integrity of the system. 'They are the best tool to safeguard the government fiscus, thus ensuring that social grants are paid to the eligible beneficiaries while strengthening the integrity of the system and curbing fraudulent activities internally and externally,' he explained. ALSO READ: Sassa delivers grants and IDs to Harding While assuring that the majority of payments would proceed without hindrance, Matlou said the agency was determined not to allow operational lapses to impact vulnerable beneficiaries. 'The ongoing social grants reviews have put a spotlight on us as an organisation and tested our capacity to handle the inflow to our local offices,' he said. Call for cooperation Matlou urged all affected beneficiaries to cooperate and visit their nearest Sassa local offices with the necessary documents for their reviews and personal information updates. He stressed that beneficiaries should not be alarmed by the process. Required documents include: A valid South African ID Proof of income or unemployment Three months' bank statements Proof of residence Marriage or divorce certificates (if applicable) Death certificates (if relevant) Any supporting documents based on the grant type NOW READ: Sassa grants to be paid next week: Here's when to collect your money
