Rice Leads Calls for More Inclusive Somali Goverment

US Secretary of State Condoleezza Rise was in Addis Ababa for a brief visit last week to meet with leaders from the Horn and the Great Lakes region to discuss strategies for resolving various conflicts destabilising the regions. While in Addis Abeba, Rice expressed US support for building the capacity of Congolese security forces to fight guerrilla groups launching cross-border attacks from that country. Separately, the top US diplomat called for more dialogue between Ethiopia and Eritrea to prevent the border dispute from again flaring up into a war. Rice also joined Ethiopian Foreign Minister Seyoum Mesfin in urging Somalia's newly-appointed Prime Minister, Nur Hassan Hussein, to form a more inclusive government cabinet with members from opposition groups that do not support terrorists.

Ethiopia, on Verge of Halting Oil Imports from Sudan, Looks to Saudi Arabia

Ethiopia is on the verge of halting petroleum product imports from Sudan, and may be forced to pay as much as 10 million dollars more every year to get its fuel from Saudi Arabia and other Gulf nations.

Two factors may force Ethiopia to cease importing millions of dollars in petreolum products from neighbouring Sudan, an arrangement that has saved Ethiopia millions over the last four years.

NBE Intends to Play Hardball with Bankers

The National Bank of Ethiopia (NBE) has finalized the first draft of a much anticipated but a very controversial law regulating banking business that would carry new fines and even prison terms for offenders. 

A member of one private bank’s board of directors described the proposed framework as “the most Draconian banking law in the world”. Unlike its predecessor, the revised draft law contains at least six provisions that penalize offenders with a jail term of up to 15 years.

PFEA Organises Credit Management Training for Bank Brass

Public Financial Enterprises Agency (PFEA), the government agency in charge of state-owned financial institutions, organised a two-day seminar in collaboration with the United Nations Industrial Development Organisation (UNIDO) for executive managers and board of directors of state-owned and private banks.

Addis Abeba Gives Three Plots to Nile for Gas Stations

The Addis Abeba Caretaker Administration lease board provided three plots for Nile Petroleum Company (NPC), a state-owned Sudanese company, for building filling stations. The decision from the Lease Board came on November 28, 2007 after a meeting was held at the municipality.

Dembel Owner Holds Off Bank Foreclosure

Yemiru Nega, owner of Dembel City Centre, has bought himself some time against threats by the Development Bank of Ethiopia (DBE) to foreclose on his shopping mall after he defaulted on 221.4 million Br in debt.

Comm’n Arrests Customs Officials, a Businessman

The Federal Ethics and Anticorruption Commission arrested five officials from the Ethiopian Customs Authority and a businessman for alleged corruption in an auction that occurred four years ago.

Government Plans to Build Dry Ports in Modjo and Mille

The Ministry of Transport and Communications (MoTC) will construct two dry ports for lorries and trains with a projected cost of 300 million Br. The Ministry annexed 140hct of land in Modjo and Mille for the facilities, paying four million Birr in compensation to the displaced farmers.

Heated Debate Arise over Latest Fertiliser Tender

An unusual dialogue loomed over the latest 75,000tn Dap fertiliser  procurement tender, which opened on December 4, 2007. As the price of fertiliser  steadily increased in the world market since October 2007, discussions between farmers from various unions like Itosa, Ambo, and Damota-Welayta as well members of the tender committee and representatives from the two major fertiliser  companies set the former Bunana Shay building ablaze last week.

Importer of Fake Akira Brand TVs Gets 50,000 Br Fine

The Trade Practice and Investigation Commission imposed its maximum fine, 50,000 Br, on businessman Tewodros Woldegrebriel for importing and distributing fake Akira-brand TVs.

The manufacturer of the real Akira brand electronics is the Singapore-based Aki Habara Electric Corporation Pte Ltd, whose agent in Ethiopia is Country Trading Plc.

Abyssinia Bank is seeking to obtain funds from the sale of shares and property owned by furniture maker Iacona Engineering to cover more than one million Birr in losses from a defaulted loan.

Corruption Suspects Released on Bail after Six-Month Detention

The Federal High Court ordered the release of five Yeka District officials and a businessman on December 3, 2007, on 3,000 Br bail after they stayed six months in remand. The six suspects were accused by the Federal Ethics and Anti-Corruption Commission for alleged illegal issuance of deeds for land in Legatafo, in the outskirts of Addis Abeba.

RHA Lays Off 90pc of Staff in Massive Overhaul

RHA, which rents 16,000 government properties mostly in Addis Abeba and Dire Dawa, will fire 1,000 guards and cleaners now on its staff, and instead ask its tenants to pay for those services, should they require them. RHA will also lay off 600 workers involved in renovation of its properties and instead outsource the work as needed.

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