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EIC Rakes in Gross 19.5pc Higher than Last
Year |
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Getachew Yisma (middle), acting managing director of
EIC, shares his coffee break with Getachew Adem
(left) and Kelbesa Kera (right), two board members. |
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Ethiopian Insurance Corporation (EIC) revenue comes from
premiums collected from the renewal of old contracts and
sale of new policies. Officials at the Corporation seemed
pleased that proceeds for the year exceeded performance for
both its previous year and its budgeted performance for the
current year. Experts, however, are not as optimistic when
they note that the governmental agencies tend to choose EIC
for their insurance prerequisites. Accordingly, the ideal
situation requires more work to be done to attract private
companies and individuals, HILINA ALEMU, FORTUNE STAFF
WRITER, reports.
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Japanese Visiting Delegation Picks Coffee
Samples for Testing |
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A
delegation from the All Japanese Coffee Association
(AJCA) visited Ethiopia on Tuesday, August 18, 2009,
as part of their efforts to resume buying Ethiopian
coffee. |
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Oracle, SAP Head-to-Head Over Telecom's IT
Contract |
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The two global IT giants, the German SAP and the
American Oracle Global, find themselves in another
battleground in their respective bids to bag a
multimillion dollar contract from a state
enterprise. The two companies are now fighting to
get the contract from the state owned telecom
monopoly, the Ethiopian Telecommunications
Corporation (ETC), estimated to be worth over 85
million Br. |
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Government to Propose Takeover of Public
Schools |
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The Addis Abeba Educational Bureau will propose in
early September 2009 to the city cabinet the
preparation of a new proclamation concerning the
transfer of public schools to government control. |
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Bank Finds Pakistani Sugar Company Impressive
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Officials of the Commercial Bank of Ethiopia (CBE)
expressed satisfaction with the performance of a
Pakistani company which established a sugar factory
in Ethiopia with a loan extended to it by their
Bank. |
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Sky Bus Founder to Establish Tourism Share
Company |
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Abiy Kebede, one of the founders and promoters of
Sky Bus Transport System SC, has embarked on the
promotion of the establishment of another share
company in the tourism sector. |
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GTZ’s Solar, Hydro Power Innovations Impress
at Trade Fair |
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The German Technical Corporation (gtz) has presented
some of the more interesting exhibits at the United
Trade Fair and Bazaar with its Solar and
Hydro-electrical equipments. |
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Total’s Kerosene Outlet Means Hope For Wood
Collectors |
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Yeshi Alemu, 55,
struggles to get by from the small income she makes
collecting and selling fire wood to provide for
eight children. Since the time she came to Addis
Abeba from Wollo (Amhara Regional State) at the age
of 12, selling and collecting wood has been part of
her daily routine. |
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Coffee Prices Wash Out by Eight Percent |
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The fall of coffee prices on the global market has
continued since June with the International Coffee
Organization (ICO) composite price indicator
recording a fall of 5.1 pc as released on Monday,
August 17, 2009 by the Market Report. Market
analysts at the Ethiopian Commodity Exchange (ECX),
however, said Ethiopia's revenue from export might
not suffer as prices on ECX's board remained strong. |
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Quality
of Hides, Skins Boosted by USAID Fund |
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Eco-Energy S.C, which has been selling shares
locally for the last three weeks, is negotiating
with an Indian consultancy firm to help it get
started in its jatropha and castor plantation for a
period of five years. An agreement will be signed by
mid September 2009.
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Eco Energy In Negotiation With Indian
Consultants for Jatropha Assistance |
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Welina Sissay, cannot remember when she got the
scars but she remembers how. When she was a baby
someone in her family took a knife to her back and
made three, five-centimetre cuts down the middle. A
cultural tradition for many Ethiopian girls in the
countryside, she did not have a choice at the time.
One year ago she decided to have her skin broken for
another reason. |
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IMF, $240.6m for Ethiopia to Pull Through
Global Recession |
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According to the IMF, holders of SDRs (Ethiopia) can
obtain the four currencies in exchange for the SDRs
either through the arrangement of voluntary
exchanges with a member country or by the IMF
designating members with strong external positions
to purchase SDRs from members with weak external
positions (Ethiopia). Ethiopia can take advantage of
this opportunity, meant to help it cope with the
effects of global recession on its balance of
payments, within the next 14 months. |
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