The Eastern African Fine Coffees Association to hold Exhibition in Ethiopia

Ethiopia, November 10, 2011-Monday, The Eastern African Fine Coffees Association announced plans to hold the 9th edition of the African Fine Coffee Conference and Exhibition in Ethiopia. The conference and exhibition will be held in Addis Ababa from the 16th to the 18th of February next year.

1.6 billion birr in tax from Addis Ababa in the first quarter

Ethiopia, November 10, 2011-The Ethiopian Revenues and Customs Authority (ERCA) announced that it has raised 1.6 billion birr in tax from Addis Ababa, in the first quarter of the current fiscal year. The money collected is double that of the same period last year.
Revenue raised from municipal services increased the revenue from the capital city to 1.75 billion birr, making up 30% of the sum the tax authority plans to raise this fiscal year.

The Ethiopian cabinet has approved a 60 million dollar for the construction of the Meskel Square-Bole Airport road

Ethiopia, November 10, 2011-The Ethiopian Council of Ministers has approved a 60 million dollar loan for the construction of the Meskel Square-Bole Airport road. The 20 year loan made by China Export Import (EXIM) bank is pending approval by the parliament.

The Addis Ababa City Roads Authority is preparing for the construction anticipated to start immediately after approval.

Ethiopian entrepreneur women was honored

Ethiopia, November 10, 2011-Ethiopian woman entrepreneur, Samrawit Moges, was honored, as one of a 100 women from across the globe, with inspirational achievements. The award, organized by The International Alliance for Women, was held in Washington DC on the 27th of October.

“We have been inspired and humbled by the stories of people like you who, often without fanfare, have taken action to support women’s economic empowerment and advancement in society and business” read the letter of award to Samrawit.

Ethio-German Konnect (EGK), a forum and networking event,

Ethiopia, November 10, 2011-Ethio-German Konnect (EGK), a forum and networking event, was opened on Wednesday. The business forum is expected to create business opportunities for Ethiopian and German entrepreneurs.

The three day event will present various elements of Ethio-German business relations including private sector development partnership, investments and joint ventures.

Ethiopia signed an agreement with Kenya to collaborate in the construction of the Addis Ababa-Nairobi-Mombassa road

Ethiopia November 10, 2011-Ethiopia signed an agreement with Kenya to collaborate in the construction of the Addis Ababa-Nairobi-Mombassa road. The 743 million Us dollar project was signed this week by Diriba Kuma, Ethiopian Minister of Transport and Amos Kimunya representing the Kenyan government. The road construction will be financed by a loan from the African Development Bank.

Bank of Ethiopia has earned 71.4 million birr in the first quarter

Ethiopia-November 10, 2011-The Development Bank of Ethiopia has earned 71.4 million birr in the first quarter of the fiscal year. The profit earned by the bank is 52% more than what it earned in the same period last year but 2 million birr less than its target.

The Development Bank also exceeded its target for loan approvals by approximately 1 billion birr in the last quarter. Loan approvals were especially concentrated in the agriculture and manufacturing sectors.

Ethiopia will export only finished leather goods beginning next month

Ethiopia-November 10, 2011-Ethiopia will export only finished leather goods beginning next month, announced the Ministry of Trade (MoT).

The groundwork has been laid to halt the export of raw hides and skin as of December said Ahmed Nuru representing the Minister of Trade at a half day consultative forum discussing the national leather sector.

Egypt Air launches Cairo-Addis daily flight

Addis Ababa, November 1, 2011 (WIC) – Following the new phase of relationship between the Egypt and Ethiopia, Egypt Air launched its Cairo-Addis Ababa daily flight on the 31st of October 2011.
In a launching ceremony held at the Sheraton Hotel on the Monday, the area manager of Egypt Air Mr. Maged Michel said that in recognizant to the bilateral relations between the two countries Egypt Air has begun daily Cairo-Adis flight.
According to the area manager, in 1995Egypt Air started its flight to Addis Ababa once a week, which rose to two flights in 2001, four in 2008 and five in 2009.

Prime Minister Meles Zenawi To Attend G20 Summit in France

Wednesday 2, 1011-Prime Minister Meles Zenawi left for Cannes, France on Wednesday to attend the G20 summit to be held as of Thursday. The two-day meeting is expected to dwell on current summit It is to be recalled that a 17-member high-level advisory group was set up last year in seal, South Korea to meet the demands of emerging nations for infrastructural development.

Ethio-Djibouti joint experts’ meeting underway in Addis

Tuesday, 01 November 2011 Ministry of Foreign Affair says Ethiopia is committed to scaling up Ethio-Djibouti relations to a higher level. The remark came up at the Ethio-Djibouti joint experts’ meeting being held in Addis Ababa. Three key agendas were discussed during the 11th experts’ meeting of the Ethio-Djibouti ministerial commission: political, economic and trade ties, transport and port services. Chief of mission, Secretary General of the Djibouti Ministry of Foreign affairs, Mr. Mohammed Ali Hassan said the strengthening of Ethio-Djibouti bilateral ties has become a matter of necessity for the later.

Hailemariam: Gov't taking measures to combat diabetes

Tuesday, 01 November 2011 Speaking at the opening of a three-day International Conference on Diabetes on Tuesday, Hailemariam said the government has been urged to sign-up to commitments, concrete actions and measurable targets to tackle Non-Communicable Diseases (NCDs).
The four prominent NCDs include diabetes, cancers, cardiovascular and chronic respiratory diseases. The five-year Growth and Transformation Plan (GTP) also gives priority to maternal as well as to pre and post natal child health, Hailemariam said.

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