African Digest

SA inflation at 6,1%
JOHANNESBURG – South Africa’s targeted consumer inflation was steady at 6,1 per cent year-on-year in December, data showed yesterday.
Statistics South Africa said headline CPI slowed to 0,2 per cent month-on-month from 0,3 per cent in November, while the 2011 annual average accelerated to 5,0 per cent compared to 4,3 per cent in 2010.

Zim state workers strikeHARARE – State workers in Zimbabwe are getting ready to strike this week in a push for a doubling of their pay after failing to reach a wage deal with the government, state media said yesterday.The state employees, who number about 230 000, are demanding a minimum monthly salary of US$538 from the current US$250 but the government, which is still subject to Western sanctions, has said it cannot afford the increase.Teachers make up the majority of government employees, and today’s planned strike, if it goes ahead, could force many government schools to close. FNB sees strong growth JOHANNESBURG – First National Bank, the retail arm of South Africa’s No 2 lender FirstRand , hopes to extend at least 20 per cent more personal loans and to grow its unsecured loans market share by four percentage points this year, a top loan executive said.Unsecured finance in Africa’s largest economy grew 30 per cent year-on-year in September to R113 billion, down from expansion rates ranging between 35-40 per cent from January to September, Reserve Bank statistics show.Drawn by interest rates as high as 32 per cent, South African banks have been pushing to increase their presence in unsecured lending. – Reports: Nampa-Reuters-AP-AFP