Ethiopia: Samsung introduced new products to the Ethiopian market

October 18, 2011 Samsung introduced new products to the Ethiopian market on Thursday. At the event held at the Hilton Hotel the Korean conglomerate unveiled various products ranging from home appliances to mobile technology to distributors and other visitors. The event was designed as a chance for Samsung to establish its African investment strategy ‘Built for Africa’ according to Tadewos Awol, Country Manager of Samsung Ethiopia. It was also a chance to showcase the latest products and technological innovations according to Tadewos. ’Built for Africa’ is a strategy that aims to provide products that are designer made for unique African conditions such as power fluctuation and can be adapted to solar power in remote areas.

Tuesday, 18 October 2011 Samsung introduced new products to the Ethiopian market on Thursday. At the event held at the Hilton Hotel the Korean conglomerate unveiled various products ranging from home appliances to mobile technology to distributors and other visitors. The event was designed as a chance for Samsung to establish its African investment strategy ‘Built for Africa’ according to Tadewos Awol, Country Manager of Samsung Ethiopia.

Ethiopia: Foreign firms invest over US$6 bn in potash mining

Tuesday, 18 October 2011 Five foreign companies have invested about US$6.5 billion in the Ethiopian potash mining industry, the country's Ministry of Mines has revealed. BHP Belton World Exploration Ethiopia, G and B Central Africa Resource Limited, NOVA Potash, Saynic Potash and Allana Potash - are all based in Dalol, about 1 000 KM north of Addis Ababa. Potash, used primarily as an agricultural fertiliser is a source of soluble potassium, one of the three primary plant nutrients.

Mining Companies and TAX Face Ban in Eritrea Under Drafted UN Sanctions

October 18, 2011 Eritrea faces tougher United Nations sanctions that would ban companies from investing in the African country’s mineral resources such as gold.“All states shall prohibit investment” in Eritrea’s mining industry and “prohibit the import of gold and other raw materials” from Eritrea, according to a copy of a draft resolution introduced by Gabon, one of three African nations on the UN Security Council. Eritrea’s $2.59 billion economy relies on mining. Gold has drawn investment from companies including Canada’s Nevsun Resources Ltd.Another resource is the money sent back by Eritreans living abroad.

The Long Procces, the complete Demise of Glass-Steagall Act!!!!

Following the Great Crash of 1929, one of every five banks in America fails. Many people, especially politicians, see market speculation engaged in by banks during the 1920s as a cause of the crash.

In 1933, Senator Carter Glass (D-Va.) and Congressman Henry Steagall (D-Ala.) introduce the historic legislation that bears their name..., seeking to limit the conflicts of interest created when commercial banks are permitted to underwrite stocks or bonds. In the early part of the century, individual investors were seriously hurt by banks whose overriding interest was promoting stocks of interest and benefit tothe banks, rather than to individual investors. The new law bans commercial banks from underwriting securities, forcing banks to choose between being a simple lender or an underwriter (brokerage). The act also establishes the Federal Deposit Insurance Corporation (FDIC), insuring bank deposits, and strengthens the Federal Reserve's control over credit.

Djibouti Linked to Ethiopian Power Grid

Wednesday, 12 October 2011 Leaders from Ethiopia and Djibouti inaugurated the substation linking Djibouti to the Ethiopian power grid on Wednesday. It was described as a milestone in linking the economies of the two countries by Meles Zenawi, Prime Minister of Ethiopia. More than 90% of the project was financed by loans and grants from the African Development Bank (AfDB). The project is thought to be very crucial to Djibouti which generated energy from diesel generators.

Ethiopia to Import Japanese Jackhammers

Monday 10 October 2011 Ethiopia: Baraton Trading P.L.C signed an agreement with Furukawa, a Japanese company, to import hydraulic breakers and rock drills.
The deal is expected to ease the problems faced by Ethiopian contractors to obtain the construction materials. It is expected that Furukawa will deliver 20 units of hydraulic drills and 19 units of rock drills by December. Baraton Trading P.L.C is required to fill a sale quota for the units. Local rental and construction companies have already purchased some of the units on offer. Baraton Trading has invested 9 million birr to supply spare parts for the machines which will be delivered by the end of November. This is expected to ensure that spare parts shortages faced by previous importers of Furakawa products will no longer be an issue.

Derg Officials released from jail

Addis Abeba, 10-5-2011 Among the 23 Derg higher officials, who were convicted for crime against humanity and put into jail from life imprisonment to death penalty, 16 of them was released yesterday from Kaliti penitentiary Facility.

Those 16 Derg higher officials convicted of crime against humanity and jailed for the past 20 years was freed on parole.

Of the freed higher officials, the former Derg Prime Minister, Major Fikire Sillasie Wegderes, Vice President, Colonel Fiseha Desta, Major Legese Asfaw, Colonel Endale Tesema, Major