President Girma W. Giorgis had a light moment in Bahir Dar last week with Addisu Legesse, deputy prime minister, who is also chairman of the Amhara National Democratic Movement (ANDM), one of the political parties in the ruling EPRDF. The party was commemorating its 27th birthday last week, which the regional government organized with its own version of the Ethiopian millennium celebration. Find Out More

Federal Police Warn of New Check Fraud Scheme

As forging signatures on stolen checks has become an obsolete crime, the Federal Police Commission is cautioning banks on the rise of a new technique to defraud checking account holders.

Gov’t Creates a Three Billion Birr Railway Corp.

After two years of wrangling with bureaucrats, transport strategists have finally convinced the federal government that the country needs a brand new corporate entity to heavily invest in railway infrastructure across the nation.

The federal government is preparing to import an unprecedented one million tonnes of cement at a projected cost of 53 million dollars, in order to supply the capital’s massive housing projects, reliable sources disclosed .

Regulators Stop CBE from Hiring Private Auditor

The Public Financial Enterprises Agency (PFEA), supervisor of Ethiopia's state-owned financial firms, instructed the Commercial Bank of Ethiopia (CBE) to stop its attempt from hiring an external auditor without the Agency's consent.

Amhara Region Seeks Ways to Boost Tax Collection

The Amhara Regional State has formed a committee to undertake a study on tax reform before the end of the fiscal year, according to Demeke Addis, the region's vice president. The recommendations from the report will be implemented next year.

Ethiopia’s Economy a Success: UK Minister

Britain’s newly appointed Minister for International Development, Shriti Vadera, has described Ethiopia’s economy as “very successful”, but shunned reporters’ questions  on whether she thinks it is based on free market principles.

Bahir Dar Redistributes Land to Develop Lake Tana

The Bahir Dar City Administration has begun evicting settlers in the surroundings of Lake Tana and granting the plots to investors in a bid to revitalise tourism in the area. So far, 15 companies have been given plots to construct lodges, hotels, recreational centres and resorts.

CBE to Auction Mina Building

A little over a year after their release from jail, following acquittal from all charges of corruption, the once unassailable of Merkato, Abebaw Desta and Minwuyelet Atnafu, are witnessing their properties being auctioned one after another by the Commercial Bank of Ethiopia (CBE). It now seems certain that they will loose ownership of their icon asset, the 11-storey Mina Building. Issayas Mekuria, Fortune Staff Writer, followed the story.

The largest shoe factory in Ethiopia is under construction in the Tigray Regional State, Wukro area, with a projected investment of 264 million Br. One of the 13 subsidiary companies of the Endowment Fund for the Rehabilitation of Tigray (EFFORT), Sheba Tannery Plc, is undertaking the construction of the plant, hoping to begin operation in mid-2008.

Locally-Owned DMC Wins Second Federal Road Contract

Locally-owned DMC Construction Plc has had a couple of good weeks, winning two road construction projects in a row from the Ethiopian Roads Authority (ERA). In its latest contract, awarded on November 23, DMC was hired for 380.2 million Br to pave the 100km dirt road now connecting the city of Humbo with Arbaminch, both in the Southern Nations, Nationalities and Peoples Regional State (SNNPRS).

Investment Land Short of Ambition in South

The size of land found by officials at the Investment Agency of the Southern Regional State is much smaller than the 706,000hct they had hoped was available when the first assessment was conducted a few years ago.

Confiscated Teff to Be Sold at Auction

The Trade Practices Investigation Commission has said it will auction 500qts of teff that were confiscated four months ago from Seyoum Kebede on suspicion that he intended to contravene a ban on grain exports.

Gesellschaft fur Technische Zusammenarbeit (GTZ), an international co-operation enterprise for sustainable development replaced Ernst Axel Momber, the country director of GTZ Ethiopia, with Ulrich Mohr, an agricultural engineer.

Dashen Launches Royal Beer

Dashen Brewery SC launched Royal Beer containing 5.5pc alcohol, one per cent higher than most other varieties in the country. Located 563Km north of Addis Abeba in the Amhara Regional State, the Brewery introduced its new product at the Amhara National Democratic Movement’s (ANDM) 27th anniversary celebrated at the martyrs’ monument in Bahir Dar.