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Wegagen Bank Reports Record-High 111 Mln Br
Profit |
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Spirits were high last Tuesday as Waegagen Bank SC
joined the ranks of financial institutions releasing
positive reports with a net profit of 111 million Br
last year. The 57.6pc of revenue profit margin was
taken well by some of the 600 shareholders in
attendance at the Sheraton Addis. Though the jump
from the corresponding figure of 33.6pc last year
was seen as a sign of giant leaps forward at the
10-year anniversary, the report was not all positive
according to a banking expert. The 75.8pc of total
deposits loaned exceeded the regulating agency, the
National Bank of Ethiopia’s (NBE), 75pc maximum.
Wegagen may also have taken on a degree of risk,
exceeding the NBE’s recommended range of long-term
loans as a share of the total (20-25pc) by over
20pc, lending 2.1 billion Br. This news, however,
did not prevent Araya G. Egziabher, president and
CEO of Wegagen (left); Kiros Jirane, Board member
(centre); and Sebhat Negga, Board chairman, from
enjoying the celebration in the ballroom after the
meeting. Issayas Mekuira, Fortune Staff Writer,
takes an in depth look at Wegagen.
Find Out More |
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Anticorruption Comm’n to Investigate Real Estate Plot Grants |
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The Federal Ethics and Anticorruption Commission (FEACC)
will investigate the alleged shady deals behind plot
grants to real estate developers. A committee of
four experts established under the Commission went
operational last Wednesday. |
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Shell to Leave Ethiopia |
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The global giant is poised to leave the market
ending its over 40 years as an independent entity.
With 235 billion dollars in assets Shell, has been
rethinking its strategies in Africa, a fraction of
its operations in over 130 countries. |
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Former
Comm’n, Customs Prosecutor Gets Three-Year Corruption
Sentence |
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The Federal High Court sentenced Yohannes
Woldegebriel, former chief prosecutor of the
Ethiopian Customs Authority (ECA), to three
years and 1,000 Br in fines under corruption
charges. The Court also handed a three-year
sentence to his colleague, Workneh Bereded,
and fined him 500 Br under the same file. |
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Land Compensation to Be Revised |
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Addis Abeba City Administration has decided to
review the policies for compensating owners of
expropriated land. A committee will look at the
rates for compensation and the procedures for
expropriation, among other issues. Results of the
review are expected by April of next year. |
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Standards Authority Seizes Cement from A&G Global Again |
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The Quality and Standards Authority of Ethiopia (QSAE)
seized 120,000qts of cement imported by A&G Global
Trading due to its substandard quality.
Unannounced inspection of the imported cement
stockpiled at the company’s Kaliti warehouse
triggered the seizure, according to sources from the
Ethiopian Customs Authority basing the decision on
the sample test result. |
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Informal Livestock
Trade Costs Ethiopia 138m Dollars Per Year |
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The informal cross-border livestock trade is costing
the Ethiopian government about 138 million dollars
in lost taxes each year, or about three times the
revenue currently collected by taxing the formal
livestock trade, according officials from the
Ministry of Agricultural and Rural Development.
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Holland
Car to Offer New Up-Market Model |
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Holland Car Plc will locally assemble a different
and 'stylish' car, Abay, in collaboration with the
Chinese ChongQing LIFAN INDUSTRY GROUP. Holland
imports 70pc-assembled cars and undertakes the
remaining work locally. |
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AAWSA
Struggles to Find Financing |
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The Addis Abeba Water and Sewerage Authority (AAWSA)
is struggling to find private financing to build two
new dams amid concern among foreign contractors over
the company's financial integrity.
AAWSA has been forced to seek private financing
after the city's administration decided against
supporting the plan to build dams along the Sibilu
and Gerbi rivers. AAWSA, which is building the dams
to help cover the capital city's water shortage, is
now asking several private engineering firms
interested in receiving the contract to use their
contacts overseas to find potential financiers. The
private firms, however, are worried AAWSA would fail
to repay a loan.
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Ethiopian Airlines to Build Four-Star Hotel
on Africa Ave |
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Ethiopian Airlines (EAL) is to begin construction of
a four-star hotel next month at a projected cost of
50 million dollars. The hotel will lie on the
40,000sqm plot located off Africa Avenue (Bole Road)
between Harlem Jazz and the Ring Road Bridge in the
Bole District. |
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World
Bank Report Gives Weight to Agricultural-Led Dev't |
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During most of their rule since the early 1990s, and
to the dismay of their staunch critics, the
Revolutionary Democrats in Ethiopia were fixated in
their argument that the only way out of poverty for
Ethiopia is their agricultural development-led
industrialisation, a.k.a ADLI. It is an economic
policy framework that puts much faith and emphasis
by concentrating on the 84.2pc of the population
that is agrarian.
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CUD Division Apparent at D.C. Rally |
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They came to North America hoping to resolve the
bitter division among their supporters; Kinijit
International Leadership (KIL), led by Brehane Mewa,
and Kinijit International Council (KIC), led by Taye
W. Semayat (PhD), have been engaged in a political
dogfight over the past years, provoked mainly as a
result of the questionable spending of 1.2 million
dollars reportedly collected from CUD’s supporters
here. |
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