Latest news with #loadshedding
News24
3 days ago
- Business
- News24
4 Proven debt management tactics
Even though loadshedding has eased, inflation is slowing down, and interest rates have dropped since their peak in May 2023, many South Africans remain under serious financial pressure. Average electricity tariffs rose by 190% between 2014 and 2024. This excludes the 2025 12.75% increase for Eskom customers in April. In addition, municipal tariffs are set to increase on 1 July and may vary depending on the cost of supply. After housing and food, transport is the third highest component of household expenditure. Much of that is driven by the petrol price, which has increased by more than 87% in the past decade. Meanwhile, most people's salaries have lagged behind inflation. At 2.7%, inflation is currently below the Reserve Bank's 3% - 6% target band, but cumulatively it has increased by approximately 56% since 2015. This means that something worth R100 ten years ago would cost R156 today. Given the squeeze, it's no surprise that more households are seeking ways to manage their debt. For some, debt review may be a necessary next step. But Gavyn Letley, product head from specialist loan provider DirectAxis, suggests that there are a range of proactive steps to consider before taking this step. 'Debt review is a powerful tool, but it comes with legal implications and long-term commitments.' The practical alternatives to consider include: Budgeting and tracking expenses: Understanding where your money goes each month and cutting out unnecessary expenses, is a sensible first step. There are plenty of free budget templates available online. Thereafter, try to focus on paying off debts that attract the highest interest. There are also free tools that allow you to check your credit rating and provide a summary of your credit agreements, such as bonds, vehicle finance, cellphone contracts and store accounts. Negotiating with creditors: Informing creditors about difficulties in repaying them may sound daunting, but it's a responsible thing to do. Some lenders are open to restructuring payments, reducing interest rates or providing payment holidays. 'Speaking to a credit provider and explaining your situation is always better than simply not paying. If you miss payments or stop altogether, it will negatively affect your credit score. This can limit your ability to borrow money in future or mean you'll be charged higher interest,' explains Letley. Debt consolidation loans: Consumers with a healthy credit score may qualify to merge various debts into one manageable loan with a potentially lower interest rate and single monthly payment. This can also save money on service fees and credit-life-cover costs. Depending on how the loan is structured, it could also improve cash flow by allowing smaller payments over a longer period. Just be aware that this will also extend the interest payments. Read more | 10 Ways to identify and avoid fake investment opportunities Using credit life insurance: Consumers are often unaware that their loans could include credit-life-insurance cover. It's worth asking, because if they do, and your financial difficulties resulted from retrenchment or disability, you may be able to claim. Letley says if you've exhausted these avenues and are still considering debt review, understand that it's a formal, legal process, in terms of the National Credit Act. That means you can't obtain further credit until it's complete and you receive a clearance certificate. And, should you opt for debt review as a solution, ensure that you fully understand the implications of this process. Also, always ensure that you're dealing with a reputable debt counsellor who's registered with the National Credit Regulator. 'When it comes to managing your money, hoping for the best isn't a strategy, but neither is making a rash decision that could have long-term consequences. Rather, calmly assess your situation and do your homework about the best solution for your circumstances. And don't forget to always speak to your bank or a trusted financial professional to confirm your decision.'
News24
4 days ago
- General
- News24
Fake news site spreads false claim about 14-hour load shedding this winter
A widely shared claim that South Africa will face '14 hours of daily load shedding' in June is false, and has been rejected by Eskom as disinformation. The rumour began circulating this week after a fabricated article was published on a website called Rise Up West Virginia - a domain that poses as a US-based news outlet, but is in fact part of a network of fake news websites likely operated from India. A second story published on the same site on Wednesday appears to be an attempt to capitalise on the viral spread of the earlier claim. The article, headlined 'Load shedding rumours cause panic', goes into specific - and fabricated - details about South Africa's electricity crisis. Comically, a site linked to the network also published a similar story, with a headline reading: 'SASSA confirms extended power outages'. News24 ran both articles through content checkers, and both were deemed to be at least 80% the work of generative artificial intelligence. In response, Eskom confirmed the claims as disinformation. 'Eskom categorically rejects the false claims circulating online about a 14-hour outage or imminent load shedding. These reports are completely untrue. The power system is stable, and load shedding has remained suspended since 22:00 on 15 May 2025. There are no planned outages of this scale,' an Eskom spokesperson said. While in context, Rise Up and its related websites are visibly dubious - with sensationalist factually incorrect headlines, poorly edited AI content, and bylines attributed to unknown journalists - the articles become more believable when stripped of context and reshared on platforms like WhatsApp, Facebook, and TikTok. READ | From Twatterbaas to WhatsApp: How viral claims distort white farmers' role in SA agriculture Many posts now appearing on South African social media about the alleged power cuts include only the text of the false claim and occasionally an Eskom logo, creating the impression that they come from an official source. This form of disinformation is deliberate and part of a growing pattern of coordinated fake news campaigns targeting high-interest issues like power cuts, fuel prices, and national security. As News24 previously reported, a growing network of websites run by foreign agencies is using fake news to drive clicks. These sites mimic the tone and layout of legitimate media outlets, misleading readers and generating ad revenue while eroding trust in real news sources. Although the electricity grid is often under pressure during winter, any changes to load shedding will be announced through official channels. Eskom urged South Africans to remain vigilant about false claims and to verify information directly through its website or its official social media accounts on X and Facebook before sharing.
The Herald
27-05-2025
- Business
- The Herald
Less than a third of children live with both parents, grant dependency high: Stats SA survey
Improved access to electricity has had major implications for households, Stats SA said. The percentage of households that used electricity as the main source of energy for cooking increased from 57.5% to 77.3%, while households that used paraffin decreased to 2.2% (from 16.1%) and households that used wood or coal decreased from 23% to 8%. Gas increased from 2.2% to 7.2%. Access to electricity also enables wider use of household electrical appliances. Stats SA found 88.3% of households owned an electric stove (up from 78.7% in 2012), while 80.9% of households owned a fridge (up from 70.1% in 2012). About 59.3% of households owned a microwave oven. More than one-third (35.9%) of households experienced load-shedding or power interruptions during the week before they were interviewed. Households employed a variety of alternative energy sources for cooking. Nationally, 28.2% used LPG/gas and 25.2% used open fires burning a variety of materials such as wood, coal and charcoal. Social trends About three out of 20 South Africans had access to a medical aid scheme in 2024. Coverage declined slightly from 15.9% in 2002 to 15.5% in 2024. The highest coverage rates were in the Western Cape (25.4%) and Gauteng (21.3%), while the lowest were in Limpopo (10%) and KwaZulu-Natal (10.2%). The report revealed a decline in traditional radio ownership as a result of access to alternative media such as TV and internet. The percentage of households that owned a radio decreased from 79.8% in 2002 to 31.3% in 2024, while household ownership of TV sets increased from 57.4% in 2002 to 77.5% in 2024. Pay TV subscriptions increased from 29.2% in 2012 to 58.6% in 2024. As the percentage of households that used landlines decreased from 25.5% in 2002 to 3.4%, a ccess to mobile phones exploded and 96.1% of households owned at least one mobile phone in 2024. The percentage of households who had access to the internet through any other means increased from 28% in 2010 to 82.1% by 2024. Access to the internet through fixed lines at home hovered at about 10% between 2010 and 2021, before increasing to 17.4% in 2024. TimesLIVE
The Herald
22-05-2025
- Automotive
- The Herald
The Nissan Micra has been reborn as an all-electric hatchback
From launch, Nissan is offering the Micra with a choice of two powertrains, both of which use front-mounted synchronous electric motors of varying output. Tipping the scales at 1,400kg and juiced by a 40kWh battery pack, the entry-level model makes 90kW and 225Nm of torque and offers a maximum driving range of up to 308km. The 1,524kg flagship gets a larger 52kWh battery and puts out a more substantial 110kW/245Nm while range increases to 407km. DC rapid charging up to 100kW is supported (15% to 80% charge in 30 minutes) as is bidirectional AC charging, which effectively turns the Micra into a four-wheeled power bank — something that would make it most useful during load-shedding. Unfortunately, as is the case with the Renault 5, it's not going to be making its way to South Africa any time soon. European deliveries, however, will commence later this year.
Zawya
21-05-2025
- Business
- Zawya
Industrial property in South Africa shines with stellar 15.1% returns amidst global supply chain shifts
South Africa's commercial property market delivered another robust performance in 2024, posting a third consecutive year of capital growth and its best total returns since 2015. According to the MSCI South Africa Property Index, sponsored by Absa, the sector achieved a total return of 11.9% for the 12 months ending December 2024 — the highest total return across the 24 countries in their global index. The sustained recovery of commercial property in South Africa reflects strengthening property fundamentals and fewer local headwinds from political uncertainty following the formation of the Government of National Unity (GNU), the easing of load shedding, and the onset of a local interest-rate cutting cycle. The retail sector, representing 60% of the MSCI Index by value, delivered a 12.1% total return in 2024, up from 9.7% in the prior year. Consumer spending was supported by moderating inflation, lower interest rates, the introduction of the two-pot retirement system, and a suspension of load shedding. Footfall momentum is strong, increasing by 2.1% year-on-year in Q4, marking consistent growth since December 2021. While super-regional and small regional centres approach pre-pandemic visitor levels, larger regional centres remain below December 2019 levels on a 12-month rolling basis. Demand drives returns South Africa's commercial-property sector continued to demonstrate strong fundamentals in 2024, with robust tenant demand, improved operating metrics, and sector-leading returns. The retail segment saw stable vacancies and healthier tenant affordability, supported by a 4.5% annualised growth in trading densities for institutionally owned shopping centres, according to SAPOA's Q4 2024 Retail Trends Report. Encouragingly, gross rent-to-sales ratios improved to 6.7% — their best level in over a decade — bolstering positive rental reversions across most listed retail landlords. Meanwhile, the industrial-property sector, accounting for 11% of the MSCI index, outperformed with a stellar 15.1% total return, up from 11.3% in 2023. This was driven by low vacancies, tenant-led developments, and surging demand for modern logistics space amid ongoing supply-chain realignments and onshoring trends. These dynamics reflect renewed investor confidence and the sector's operational resilience, setting the tone for South Africa's standout performance on the global stage. The industrial outlook remains resilient, with the supply of available space constrained by tight vacancies and elevated construction costs, while demand is underpinned by geopolitical factors driving increased inventory requirements. Offices show resilience The office sector, which comprises 29% of the MSCI index, showed tentative signs of recovery in 2024. Modest capital growth contributed to a 9.4% total return, nearly doubling the 4.9% achieved in 2023. Performance across sub-segments varies, with recovery driven by stronger operational performance in coastal markets such as Cape Town and Umhlanga, and rising demand for higher-grade buildings (P- and A-grade). Vacancy rates edged down, with MSCI reporting 15.8% office vacancies in December 2024, compared to 16% a year earlier. In this environment, base rentals declined slightly, but average office-rental reversions improved. With a strong link between GDP growth and office-sector performance, occupancy and rentals are expected to remain muted unless broader economic growth boosts leasing demand. While the strong performance of the South African commercial property sector in 2024 was underpinned by the positive base effect of fewer headwinds, the focused effort by commercial-property landlords to optimise their standing portfolios has supported the improvement in operational KPIs – as evidenced by MSCI's performance indicators. We believe the South African property sector is well-positioned to deliver stable income returns in the near term. However, outperformance will be significantly influenced by key macroeconomic factors, including South Africa's economic growth trajectory, political stability, interest-rate environment, and global trade dynamics.
