Washington has announced new sanctions affecting approximately 50 individuals and organizations linked to the oil magnate Mohammad Hossein Shamkhani's network.
These measures are aimed at Iranian citizens who also hold Dominican passports, as well as individuals residing in Dubai, and citizens of Denmark and Italy, according to a statement from the Treasury Department.
The sanctions extend to about 10 vessels associated with Shamkhani; additionally, another 10 vessels were already under restrictions.
Treasury Secretary Scott Bessent stated in his message that 'the Iranian regime survives through deception, and the Shamkhani network is one of its most profitable engines. The Treasury Department is closing the financial infrastructure that allows the regime to continue threatening the national security of the United States and global transport.'
Mohammad Hossein Shamkhani is the son of Ali Shamkhani, who was a close advisor to the former Supreme Leader of Iran, Ali Khamenei. According to information on the Opensanctions.org website, Shamkhani is also alleged to be connected to the tanker Tagore, which belongs to a 'ghost' Russian fleet and was detained by the French Navy in the Atlantic Ocean in early June.
US sanctions include freezing all assets directly or indirectly owned by targeted individuals or companies within the United States. Furthermore, transactions with targeted parties are prohibited for American companies and citizens, as well as for foreign companies with subsidiaries in the US or those using the dollar in their transactions.
According to Washington, the Shamkhani network, operating between Iran and the United Arab Emirates, bypasses sanctions through a group of foreign trade and maritime transport consulting companies that manage all aspects of this network's fleet. Last year, the United States had already imposed sanctions against structures related to this network, as well as against vessels belonging to Shamkhani's son's commercial fleet.
Due to rising temperatures in recent days, there has been an increase in electricity consumption, which is already setting historical records. According to the Ministry of Energy data, nearly 279 million kilowatt-hours were consumed in a single day.
Furthermore, specialists predict that new consumption records exceeding one million kilowatt-hours will be reached. Questions arise about the readiness of the electrical system for such a load and the pressure exerted on the grid due to intensive use of air conditioners.
Dildora Khashimova, Head of the Public Relations Department of the Ministry of Energy of the Republic of Uzbekistan, as well as an advisor on information policy, provided detailed information regarding what the public needs to know and whether the system can withstand further intensification of the heat.
The tax season is actively ongoing, and many South Africans have already undergone automatic assessments by the South African Revenue Service (SARS), with billions of rand paid out to taxpayers in refunds.
The automatic assessment period for South African taxpayers has ended. Those who still need to file income tax returns can use the SARS MobiApp mobile application to complete the process.
Taxpayers who were not selected for automatic assessment, or those who need to make changes to their assessment, can use the SARS eFiling system or the SARS MobiApp mobile application to submit their returns.
However, taxpayers considering not fulfilling their filing obligations may face serious financial consequences, as SARS has the right to impose administrative penalties on those with unsubmitted returns.
According to the South African Tax Institute, SARS can apply fixed administrative penalties to taxpayers who do not provide income tax returns.
The Institute noted: 'For unsubmitted tax returns, SARS applies a fixed penalty structure based on your assessed loss or taxable income from the previous year. This penalty ranges from R250 for taxpayers with an assessed loss or lower income up to R16,000 for corporations whose income exceeds R50 million.'
It is important to understand that this is not a one-time fine. The administrative penalty accrues monthly for every month the non-compliance persists. SARS will continue to charge this monthly fee until the overdue return is filed.
Furthermore, the organization added that 'the penalty can last a maximum of 35 consecutive months if SARS has your current registered address, or up to 47 months if your address is unknown.'
Thus, ignoring a monthly penalty of R2,000 could lead to a massive debt of R70,000 over 35 months.
In South Africa, first-time property buyers now have an income exceeding the average income of formal sector workers by 64%, indicating a growing wage gap between those entering the property market and ordinary workers.
This gap has significantly increased over the past four years: the average salary of first-time buyers grew by 15.5% in real terms, while the growth in the average salary in the formal sector was only 2.8%. This data is presented in the July property review by BetterBond, which highlights that housing affordability is directly linked to income levels. The report notes that employers are willing to pay a premium for employees with sufficient skills and experience.
The higher income level comes against the backdrop of rising property prices and increasing borrowing costs for first-time buyers. The average purchase price for such a buyer reached a record R1.4 million in the second quarter of 2026, while average house prices for this group rose by 9% year-on-year, and by 4.5% in real terms.
Stephan Potgieter, CEO of BetterHome Group Mortgage Origination and BetterBond, stated that stronger purchasing power helped first-time buyers cope with high cost conditions. He believes this is favorable for the property market, as increased income allowed many such buyers to offset rising prices and increased borrowing costs, sustaining demand for homeownership.
Potgieter added that despite slow economic growth, which since 2021 has only slightly outpaced inflation, overall income growth provided important support for future homeowners amid high interest rates. BetterBond data shows that the average income of all homebuyers reached just under R69,000 per month over the 12 months ending in June 2026, despite the general weakness of the economy.
Simultaneously, rising interest rates put pressure on mortgage activity. The South African Reserve Bank's decision in May to raise the base lending rate from 10.25% to 10.5% contributed to a decrease in mortgage applications in the second quarter. The year-on-year growth in applications fell by 1.6%, although the application level remained 5.7% higher than two years ago.
Nevertheless, it has become easier for buyers to save for a deposit. The average required deposit for first-time buyers decreased by 29%, falling from R230,000 in March 2024 to R163,000 in June of this year. According to the report, banks also became more lenient with deposit requirements in May and June. Since April, when the average required deposit for all buyers exceeded R300,000, requirements were reduced by 16% for all buyers and by 12% for first-time buyers. Potgieter called this a 'pleasant shift, especially for first-time buyers who may face affordability challenges.'
Despite the pressure from borrowing costs, housing price growth accelerated. Extremely high interest rates limited the average annual growth of housing prices to only 1.5% between the second quarter of 2023 and the first quarter of 2025, resulting in negative growth after accounting for inflation. However, as Potgieter noted, nominal housing price growth has significantly outpaced inflation since then.
Regional housing price data also indicates sustained demand: four regions recorded double-digit annual price growth. Mpumalanga led with a growth of 13.7%, followed by the Western Cape with a growth of 13%. The average house price in the Western Cape reached R2.4 million over the 12 months ending in June. BetterBond economist Dr. Roelof Botha suggested that an improving economic backdrop and lower fuel prices could ease further interest rate hikes. Botha noted that there was much good economic news in June, particularly the drop in fuel prices. He also pointed out that slowing food inflation and lower oil prices could help reverse recent inflationary increases and reduce the likelihood of further rate hikes. The South African economy grew by 1.4% year-on-year in the first quarter of 2026.
