Latest news with #BusinessTech
Yahoo
6 hours ago
- Business
- Yahoo
Farmers warn of imminent price spikes for beloved food item: 'This is being exacerbated now'
If you're planning to fire up the grill in South Africa anytime soon, you might want to brace your wallet. The cost of a traditional braai — a beloved local cookout — is climbing faster than general inflation, and farmers say extreme weather is to blame. As Business Tech explained, the latest South African Braai Index, a monthly snapshot of food prices, revealed that the cost of a typical braai basket rose by 4% in April compared to March — and is up 4.03% year over year. While meat prices have wobbled, the real culprits behind the April spike were vegetables, with tomatoes jumping 26% and carrots climbing 20% in just one month. Over the long term, maize meal — a cookout staple — has surged by 21% compared to last year. Business Tech cited South Africa's Bureau for Food and Agricultural Policy, which said rising maize costs stem from shrinking supply in Brazil, poor harvests in Argentina, and strong export demand. Domestically, low stock levels and delayed planting seasons due to erratic weather have only added pressure. Even beef, which saw a temporary price dip earlier this year, is now spiking again. A beef carcass that used to sell for R56 per kilogram is now going for as much as R74 — a staggering 32% jump. South Africans aren't just losing access to a favorite national pastime — they're staring down a deeper issue: the growing cost of putting food on the table. As senior agricultural economist for trade research at the National Agricultural Marketing Council (NAMC), Thabile Nkunjana told The Money Show, via Business Tech, "This is being exacerbated now." Grain crops, which are essential for both human consumption and livestock feed, have been hit hard by extreme swings in weather — from droughts to downpours — disrupting supply chains and making feed more expensive. As feed prices rise, so do meat prices, especially when farmers can't afford to bring underfed livestock to market. It's a local snapshot of a global trend: As our planet continues to overheat, the cost of basic foods is becoming more volatile — and for many, unaffordable. On a larger scale, countries are working to stabilize food systems by investing in drought-resistant crops, encouraging regenerative agriculture practices, and implementing early-warning systems for extreme weather. What is the biggest reason you don't grow food at home? Not enough time Not enough space It seems too hard I have a garden already Click your choice to see results and speak your mind. Locally, South Africa is exploring smart agriculture tech to help farmers adapt — such as using predictive tools to manage planting cycles and protect against future crop losses. Nonprofits like the Southern Africa Food Lab are also working on community-based solutions to improve food access. For consumers, there are still ways to save: Buying locally and in-season, reducing meat consumption, and cutting down food waste can help stretch budgets and reduce strain on the planet. Because while the price of a braai may be going up, smarter systems and shared solutions could help keep it within reach for everyone. Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
IOL News
3 days ago
- Business
- IOL News
The importance of life insurance for young South Africans
Discover why young South Africans in their 20s and 30s should prioritise life insurance and income protection. Learn how delaying these decisions can impact your financial future. Image: File photo. When it comes to protecting your income, if you become disabled or pass away, many young South Africans in their 20s and 30s think it's something to worry about 'later', after you've bought a home, climbed the career ladder, or started a family. But this mindset can end up costing more than you realise. Have you ever thought about how many pay cheques stand between you and your retirement? The younger you are, the more income you still have to earn, and that's your greatest financial asset: Your ability to earn a salary is what makes everything else in your life possible, from rent, groceries, and savings, to future investments. That's why protecting it early with income protection cover makes good financial sense. And yet, many young professionals fall into the trap of putting it off. Why? Because of a little thing called present bias. Present Bias: the invisible barrier to protecting your most valuable asset Present bias explains why it's easy to ignore long-term planning like life insurance or income protection when you're young and healthy. The idea of a life event that could stop your income, like a serious illness or even death, feels remote. Instead, we focus on what's right in front of us: student loans, social life, helping out at home, or upgrading our tech. But ignoring the risk doesn't make it go away. According to a BusinessTech poll, more than one in three (35%) middle-class South Africans aren't putting anything aside for their financial future. This means people are unprepared for any unexpected loss of income that could derail their financial progress overnight. As highlighted by BrightRock, most of us insure our homes, cars, businesses, and possessions, but neglect to protect our income, despite it being the thing that pays for all those things. But if something happens to you that interrupts that income stream, your entire financial ecosystem could be under threat. How many paycheques will it take to secure your financial future? Think about it: over your working life, you will earn hundreds of pay cheques. They're the building blocks of your lifestyle and future plans. But what if something happened to you tomorrow that stopped those pay cheques from coming in, like an illness or disability? Protecting your income is not just for people in their 40s with mortgages. It's something every working young adult should consider. Taking out income protection early means you're covered when you've got the most pay cheques left to earn, and you'll likely lock in lower premiums while you're still young and healthy. Over time, as your income grows, your cover can grow with you, ensuring that your lifestyle remains secure, even if your ability to earn is compromised by an illness or injury. Why delaying life cover costs more than you think In the same way, compounding works for saving money, and early planning works for life insurance and income protection. Starting late means paying more for less, as your risk profile will have changed, and cover is more expensive when your risk of claiming is higher. For example: A 25-year-old non-smoker might pay a small monthly premium for a robust life insurance policy that protects their income. If you wait until 40 to get one, you could be less fit and healthy and even have a pre-existing condition like high blood pressure or raised cholesterol, which could make it harder or more expensive to get the same protection. How to break the present bias cycle · Start small, scale up. You don't need to get everything sorted on day one! Even a basic life policy or income protection benefit gives you a foundation to build on. If you don't have financial dependants, start with disability cover and then add life cover later, when your death would impact people who rely on your income. Educate yourself . The more you understand about how life insurance works and why it matters, the easier it is to commit. Check reputable sources and consult trusted independent financial experts to learn more about life insurance. Speak to an independent financial adviser . Get tailored advice that helps you align your protection plan with your life goals – and remember to regularly meet with your financial adviser as your life changes . Your future self is counting on you Life insurance may not feel urgent when you're young, healthy, and just getting started but every year you delay is a missed opportunity. For young South Africans navigating debt and rising costs, it's easy to focus only on today. But protecting your income now means having financial security in the future. * Hanlon is an executive director at brightRock. PERSONAL FINANCE
The South African
4 days ago
- Business
- The South African
SARS cracks down on PAYE, what it means for you
The South African Revenue Service (SARS) is focusing on PAYE compliance. This is not just a routine check. Employers across the country must make sure their PAYE submissions are accurate and current, or they will face serious consequences. SARS is focusing more on improving revenue collection as the country deals with financial challenges. PAYE is now a top priority for recovery and enforcement. SARS is hiring 500 new staff members to help with its campaign. They plan to add a total of 2,000 people. Their goal is to raise R70 billion in extra revenue over the next three years. Most of this money is expected to come from addressing unpaid PAYE taxes. SARS PAYE compliance crackdown: The issue of accountability According to Business Tech, the issue of employer responsibility is very important right now. SARS has made it clear that there will be no tolerance for delays or mistakes with PAYE. Companies that do not comply could face penalties, audits, and even legal action. Finance Minister Enoch Godongwana has warned that the government will cut spending if SARS does not meet its revenue targets. As a result, collections from PAYE have become very important to help avoid these cuts. SARS Commissioner Edward Kieswetter has emphasised that this effort is not just about collecting revenue; it's also about rebuilding trust and improving the tax agency's systems. By focusing on SARS PAYE, they want to enhance transparency, accountability, and long-term financial stability. What does this mean for employers? SARS is serious about collecting PAYE, and this is not just a short-term effort. Employers must urgently check their payroll systems and make any needed corrections to stay compliant. SARS now has the resources and systems to enforce these rules effectively. Do you think SARS is doing enough to make sure employers follow the rules for PAYE? Or is this effort to enforce compliance overdue? Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
5 days ago
- Business
- The South African
2 seaside towns in SA where households earn R100K on average
A 2025 property market report by Rainmaker Marketing has highlighted some areas in South Africa, and seaside towns in KwaZulu-Natal (KZN) in particular, as highflying property areas. According BusinessTech , the report showed that average monthly household income in the seaside towns of Salt Rock and Ballito along KZN's beautiful Dolphin Coast has increased to over R100 000 per month. This indicated an increase by an average of 645% and 504%, respectively, showcasing Salt Rock as the top performing town in terms of income growth in the region. The report also revealed that in Salt Rock, average monthly household income rose from between R12 500 and R25 500 per month to a whopping R115 000 – R145 000 per month, the highest growth recorded in the region. Ballito followed closely behind, with monthly household income increasing from similar base levels to R91 500 – R124 000 per month. Salt Rock also now has a concentration of 70% of its households in the 'wealthy' and 'super-wealthy' brackets. While Ballito has 50% of households classified in the high-income categories and the rest spread across upper-middle and middle-income groups. 'The increase in average household income indicates consistent improvement in living standards and wealthy individuals moving into these areas,' the report stated. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
5 days ago
- Business
- The South African
Financial relief may be coming for South African homeowners
There may be good news for South African homeowners this week. That's because some economists are expecting the South African Reserve Bank (SARB) to cut the repo rate when it meets on Thursday. The SARB cut rates thrice since July 2024. There is hope that this cycle will continue into 2025, and some experts say this could come as soon as this month. Reducing the repo rate would affect interest rates, and means South African homeowners will pay less on their bond instalments. With interest taking up a hefty part of bond payments, the savings could be significant. According to BusinessTech , the average property owner could end up saving several hundred rand in this rate-cutting cycle. Economists in favour of an interest rate cut, including those at the Bank of America, have a handful of arguments. Inflation is at 2.8%, well within the SARB's target, and the dollar exchange rate is under R18/$. Other central banks, including those in the United Kingdom, Europe and China, have cut rates since April. However, many economists in South Africa note that the SARB is traditionally cautious. With ongoing global uncertainty and volatility in the rand, the bank may delay cutting interest rates, and South African homeowners may have to wait for financial relief. The Monetary Policy Committee (MPC) of the SARB will make the decision. Whether they cut or maintain the interest rates, economists agree that the committee is unlikely to be united in their decision. So, even if rates don't come down this week, there may still be cuts in the coming months. The average price of a new home in South Africa is R1 661 519. In July 2024, the interest rate was 11.75%. It's currently at 11% after January's cut. BusinessTech calculates the following savings for South African homeowners between July 2024 and May 2025: A bond of R850 000 saved R438 in monthly repayments A bond of R1 661 519 (the average home price) saved R856 in monthly repayments saved R856 in monthly repayments A bond of R2 million saved R1030 in monthly repayments Further rate cuts will only enhance savings for homeowners. Let us know by leaving a comment below or send a WhatsApp to 060 011 0211. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
