Latest news with #776
The Citizen
7 hours ago
- Business
- The Citizen
Rate cuts save homeowners thousands per year as housing demand rebounds in 2025
Today's announcement by the South African Reserve Bank (SARB) sees the repo and prime lending rates cut by 25-basis points for a second consecutive time. Now at 7% and 10.50% respectively, borrowing costs are officially 1.25% lower than they were a year ago – a welcomed result that Rhys Dyer, CEO of the ooba Group, believes will continue to support homebuyers and homebuying activity. 'At the current prime lending rate of 10.50%, the monthly repayment on a home priced at our Q2 '25 average approved bond size of R1,455,712 equates to R14,534 over 20 years – down from R15,776 just a year ago. Savings like these add up to almost R15,000 extra in a homeowner's pocket over the course of a year.' Dyer adds that consumers' improved affordability is reflected in ooba Home Loans' latest figures. 'In Q2 '25 we saw an 11% year-on-year increase in home loan applications and a 18.5% increase in the total value of these applications,' he shares. 'This points to ongoing market recovery, increased buying power and growing buyer confidence.' Interestingly though, deposits – a key indicator of consumer liquidity – have drifted lower, down by 13.5% year-on-year for the average homebuyer and 1.9% for first-time homebuyers (as at Q2 '25). 'We do however believe that these figures are reinforced by strong bank lending activity, including attractive incentives like zero-deposit loans and some of the highest discounts to the prime lending rate seen in years,' says Dyer, highlighting an average interest rate of prime less 0.67% for its customers in Q2 '25 – a 0.11% reduction year-on-year. Economic Outlook in Support of Further Potential Rate Cuts While the country has five rate cuts under its belt since September 2024, Dyer believes that there is still scope for a further reduction. 'Today's news is certainly welcomed by the residential property sector,' he says. 'As it stands, South Africa's economic outlook provides room for monetary easing. Inflation remains anchored at the lowest levels seen in four years (currently 3%) and the country has benefitted from a series of petrol price cuts, with another anticipated in August.' And despite global uncertainty, Dyer believes that the demand for homes will build in light of today's news and the prospect of a stable, lower interest rate environment. 'The market has responded positively this year – even in the face of trade policy volatility – and we expect this to continue.' Fuelling the positive momentum is news of a second consecutive year of real salary growth, with increases of 5% to 6% outpacing last year's inflation rate of 4.4% and the projected 3.5% for this year. 'This is reflected not only in the higher value of home loan applications in Q2 '25, but also in our January – June 2025 salary data, which shows year-on-year growth in excess of inflation in average monthly gross income across four of the nine regional housing markets.' Will Rate Cuts Further Entice First-Time Homebuyers? Fuelled by recent rate cuts, first-time homebuyers are making a cautious but steady return to the market. 'While this segment has only experienced marginal year-on-year growth in Q2 '25 – up just 1% to 46% – they're spending 3.5% more on homes year-on-year,' shares Dyer. Notably, first-time homebuyers appear to be more financially prepared than in the past. 'In Q2 '25, the average deposit rose to 10.4%, a significant increase compared to Q2 '20 at 8.45%. This indicates that they are prioritising savings and are actively taking steps to pay down their home loans.' For those struggling to save, the good news is that the banks are stepping in. 'In Q2 '25, 59% of first-time homebuyers secured a home without a deposit, while 10.5% purchased a home without a deposit or access to funds for transfer and bond costs,' says Dyer. Reflecting on whether this group could return to their May 2020 peak, Dyer remains measured. 'That surge was driven by a record-low 7% interest rate – a level that we're unlikely to see again anytime soon. Still, the banks remain committed to supporting first-time homebuyers and we expect their presence in the market to continue strengthening' he concludes. Issued by Jess Gois
The Star
06-07-2025
- The Star
Tribunal orders JB woman to refund client RM15,776 for cancelled Japan holiday
Tribunal staff attending to queries at Menara Ansar in Johor Baru. A HUMAN resources executive and her three relatives had been looking forward to a holiday in Japan this year, but the trip did not materialise. Koh Ching Ting said the eight-day vacation to Tokyo, Kyoto and Osaka was supposed to have taken place from March 24 to 31, leaving from Kuala Lumpur International Airport (KLIA). 'We had been attracted to a package promoted by a woman who had claimed to be the person in charge of the trip,' Koh said when met outside the Johor Consumer Claims Tribunal at Menara Ansar, Johor Baru. 'All together, we paid RM17,776 for four persons,' said the 36-year-old claimant. 'We were attracted to the packages after listening to my mother's friends who had gone on vacations arranged by the respondent,' said Koh, adding that the previous groups had only praises for the respondent who had arranged their trips to Vietnam in October 2024 and February 2025 'However, the woman contacted us on March 21, three days before our departure saying that there was a change of plans,' she added. Koh and her family were told by the respondent that instead of flying to Japan from KLIA, they would have to depart from Singapore's Changi Airport on May 25, and the tour of the three Japanese cities would be extended to April 1. The claimant said they agreed to the new departure date and flight arrangements. However, on March 23, the respondent called Koh to cancel the trip altogether. 'The respondent claimed that the Japanese ground agents were against the idea of Malaysians and Singaporeans, numbering about 30 people, travelling as a group,' Koh said. The respondent promised to refund Koh on April 1. 'I received RM2,000 from her on April 4, and she promised to settle the RM15,776 on May 6. 'However, by May 2, she was not reachable,' said the claimant. Koh said some of the affected holidaymakers received full refund, the others got only partial refund. Tribunal president Hafez Zalkapli ordered the respondent to refund RM15,776 to the claimant within two weeks. Those who need assistance in regard to Tribunal matters can call 07-227 1755/1766, or visit the Tribunal office at Level 17, Menara Ansar, Jalan Trus, Johor Baru, during office hours.
Hi Dubai
16-06-2025
- Business
- Hi Dubai
UAE GDP Rises by 4 Percent as Non-Oil Sectors Drive Growth in 2024
The UAE's economy grew by 4 percent in 2024, with real GDP reaching AED1,776 billion, driven largely by robust performance across non-oil sectors, according to official data released by the Federal Competitiveness and Statistics Centre. Non-oil GDP climbed 5 percent year-over-year to AED1,342 billion, making up 75.5 percent of the total economic output. Oil-related activities contributed AED434 billion, highlighting the country's continued push toward economic diversification. Minister of Economy Abdulla bin Touq Al Marri said the figures reflect renewed momentum in the UAE's economic development and mark key progress toward the nation's 'We the UAE 2031' vision, which targets a GDP of AED3 trillion by the next decade. He credited the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum for steering the country toward a sustainable, knowledge-driven economy. Hanan Mansour Ahli, Managing Director of the FCSC, noted the growth signals strong execution of a diversification strategy focused on long-term sustainability and global competitiveness. Among the fastest-growing sectors in 2024, transport and storage led with a 9.6 percent growth, bolstered by a surge in air travel as UAE airports handled 147.8 million passengers—a 10 percent rise. The construction sector followed with an 8.4 percent increase, while financial services, hospitality, and real estate also posted solid gains. Trade, manufacturing, and financial services were the top contributors to non-oil GDP, together accounting for over 43 percent of economic activity, underscoring the UAE's transformation into a multi-sector powerhouse. News Source: Emirates News Agency
Gulf Today
15-06-2025
- Business
- Gulf Today
UAE's GDP reached Dhs1,776 billion in 2024 with 4% growth
The UAE's real gross domestic product (GDP) reached Dhs1,776 billion in 2024, marking a 4 per cent increase compared to that of 2023. Non-oil GDP grew by 5 percent, totalling Dhs1,342 billion, while oil-related activities contributed Dhs434 billion to the overall economy. Abdulla bin Touq Al Marri, Minister of Economy, emphasised that the latest GDP figures released by the Federal Competitiveness and Statistics Centre (FCSC) reflect a renewed and positive momentum in the national economy. They further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its wise leadership. With non-oil sectors accounting for 75.5 per cent of the UAE's GDP by the end of last year, Al Marri emphasised that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies. Al Marri said, 'Under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and guidance from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, we continue to strengthen our national efforts to achieve the objectives of 'We the UAE 2031' vision. With each milestone, we are moving closer to achieving the UAE's target of raising GDP to Dhs3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership.' Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, highlighted that the 4 percent GDP growth in 2024 reflects the UAE's exceptional economic performance, supported by a forward‑looking vision focused on sustainable, non‑oil‑driven growth. Hanan Ahli further stated that the guidance and forward-looking vision of the UAE's wise leadership are focused on building an advanced and globally competitive economic model. Economic diversification is adopted not only as a strategic objective but also as a core operational approach, driving sustainable development and enhancing societal well-being. This model serves as a powerful catalyst for continued progress, ensuring sustained GDP growth and positive performance across a wide range of economic and development indicators. The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 percent year-over-year growth. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147,8 million passengers—an increase of approximately 10 percent. The building and construction sector followed with an 8.4 percent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 percent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 percent. Meanwhile, the real estate sector recorded a 4.8 percent growth. With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 percent, the manufacturing sector accounted for 13.5 percent, and financial and insurance activities contributed 13.2 percent. Construction and building contributed 11.7 percent, while real estate activities accounted for 7.8 percent of the non-oil GDP. WAM
Yahoo
11-06-2025
- Business
- Yahoo
SBGI Q1 Earnings Call: Ad Market Caution and Shifting Regulatory Landscape Shape Outlook
Media broadcasting company Sinclair (NASDAQ:SBGI) met Wall Street's revenue expectations in Q1 CY2025, but sales fell by 2.8% year on year to $776 million. The company expects next quarter's revenue to be around $797 million, coming in 2% above analysts' estimates. Its GAAP loss of $2.30 per share was significantly below analysts' consensus estimates. Is now the time to buy SBGI? Find out in our full research report (it's free). Revenue: $776 million vs analyst estimates of $774.3 million (2.8% year-on-year decline, in line) EPS (GAAP): -$2.30 vs analyst estimates of -$0.91 (significant miss) Adjusted EBITDA: $113 million vs analyst estimates of $101.8 million (14.6% margin, 11% beat) Revenue Guidance for the full year is $797 billion at the midpoint, above analyst estimates of $3.17 billion fix-here1 EBITDA guidance for Q2 CY2025 is $99 million at the midpoint, below analyst estimates of $129 million Operating Margin: 1.8%, down from 5.3% in the same quarter last year Market Capitalization: $943.4 million Sinclair's first quarter results were shaped by a mix of steady core advertising, growing distribution revenues, and disciplined cost management. CEO Chris Ripley noted that core advertising trends 'remain among the best in the industry,' even as macroeconomic uncertainty and tariff-related pressures weighed on some key categories. Distribution revenues grew year-over-year, aided by recent renewal activity, though subscriber churn improvements were slower than anticipated. Adjusted EBITDA outperformed internal expectations, largely due to organization-wide efforts to control SG&A and promotional expenses. CFO Lucy Rutishauser credited the entire team for these cost controls, emphasizing that savings came from multiple departments. Meanwhile, the company's local media segment benefited from stronger-than-expected political advertising tied to the Wisconsin Supreme Court race, signaling potential momentum ahead of the midterm cycle. Looking ahead, Sinclair's guidance is influenced by mixed visibility into advertising demand and evolving industry regulations. Management acknowledged limited near-term clarity, with COO Rob Weisbord describing current advertiser sentiment as 'cautiously optimistic with limited visibility,' especially as several key clients have suspended their own outlooks due to economic and tariff uncertainties. CEO Chris Ripley highlighted ongoing regulatory developments, including potential FCC deregulatory actions that could alter broadcaster ownership rules and network programming fees. He stated, 'We are seeing a groundswell of deregulatory support for the broadcast industry that we believe is well overdue.' The company is also positioning itself for growth through digital expansion, notably by appointing Jeff Blackburn to lead Tennis Channel's next phase and by scaling its Compulse digital platform. These initiatives, along with upcoming sports programming and potential deregulatory tailwinds, set the stage for Sinclair's evolving competitive landscape. Sinclair's management attributed the first quarter's performance to resilient core advertising, expansion of digital assets, and disciplined expense controls, while also discussing sector-wide regulatory changes and leadership transitions. Core advertising stability: Management reported that core advertising revenue outperformed many peers despite broader uncertainty, with political and sports-related campaigns providing incremental strength. However, categories like automotive showed hesitation due to tariffs and supply chain concerns. Distribution revenue growth: Distribution revenues increased, supported by successful renewals, including with YouTube TV. Subscriber churn moderated, but improvements lagged expectations, as the company continues to monitor industry trends around streaming and linear bundling. Expense management focus: Lucy Rutishauser emphasized enterprise-wide cost discipline, with savings achieved across multiple departments. Management indicated that further expense reductions remain possible if market conditions require, but the current approach balances investment in growth areas with efficiency elsewhere. Digital and sports expansion: The acquisition by Compulse and the appointment of Jeff Blackburn as Tennis Channel CEO highlight Sinclair's push into digital and sports media. The company announced a new business unit focused on unified sponsorships across major tennis tournaments, with Verizon as the first sponsor. Regulatory environment and leadership transition: Management expressed optimism about potential FCC deregulation, which could impact M&A and programming fees. The company also announced the upcoming retirement of CFO Lucy Rutishauser, who will remain during the transition and has played a key role in recent refinancing and strategic moves. Sinclair's future performance will be shaped by advertiser spending visibility, regulatory shifts, and digital expansion, all of which influence both revenue and margin prospects. Advertising demand uncertainty: Management noted that visibility into core advertising trends remains low, with many major clients pulling their guidance amid ongoing macroeconomic and tariff risks. Sinclair expects advertising to grow year-over-year but emphasized that forecasts are subject to rapid change as conditions evolve. Regulatory and M&A developments: CEO Chris Ripley pointed to pending FCC actions that could relax ownership rules and cap network programming fees, potentially enabling more flexible M&A and portfolio optimization. These regulatory shifts are expected to play a significant role in shaping industry structure and Sinclair's growth strategy. Digital and sports portfolio growth: The company is investing in digital assets like Compulse and expanding the Tennis Channel's digital reach under new leadership. These moves are intended to diversify revenue streams and position Sinclair for long-term growth as audience habits shift toward digital and live sports content. Key areas to watch in coming quarters include (1) signs of recovery or further softness in core advertising demand, (2) the progress and integration of digital and sports media initiatives such as the Compulse expansion and Tennis Channel leadership changes, and (3) regulatory developments that may influence M&A activity or industry economics. The sustainability of recent cost controls and the trajectory of distribution revenues will also be key performance indicators. Sinclair currently trades at a forward EV-to-EBITDA ratio of 2.2×. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it's free). 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