And the Board Seat Goes to . . .

Shareholders of start-up Oromia International Bank SC were busy last week screening 24 candidates nominated to fill the 12 seats on the bank's board of directors. Though voting was still in progress at the time Fortune went to press, nominees leading the pack were Endeshaw Bekele , Almaw Gari, Girma Amente (PhD), Raya Abaguda, Ali Hussein, Abera Tola, ...   Read More

FEATURE-Bringing Economic Charts to Bear on Dinner Tables

The ruling party aspires to put Ethiopia into a group of middle income countries in the coming 20 years. Its leaders claim they have already seen a promising start. Nevertheless, what constitutes a middle income country and what policy choices the government should be taking is subject for debate, if not whether it will be attainable, reports Tamrat G. Giorgis, Fortune Staff Writer.

The Federal Ethics and Anti Corruption Commission is probing senior executives at the state-owned Development Bank of Ethiopia (DBE) who are suspected of abusing their positions by rescheduling and approving new loans without following proper procedure, sources disclosed.

Auditor General Traces Steps of NBE’s Phoney Gold Purchase

The Auditor General began assessing procurement procedures of the National Bank of Ethiopia (NBE) in a bid to discover how the Bank purchased phoney gold bars. The Federal Police three weeks ago discovered 598Kgs of fake gold that the Bank procured for 96.5 million Br over the last two years.

ETC to Offer Wireless Broadband Internet

The Ethiopian Telecommunications Corporation (ETC) is planning to launch a wireless broadband Internet service that would allow computers to surf the Web through the company’s cell phone network. 

Nib Bank Sues Former Chairman for 3.2M Br

Nib Bank SC sued former General Manager and Chairman of the Board Legesse Tickeher, who had served in both positions seven years, demanding 3.2 mln Br in compensation for allegedly approving a loan beyond his mandate.

Berehe Hagos Wins 33M Br Contract for Water Project

The Oromia Regional State Water Resources Bureau awarded a 33.2 mln Br civil work project to Berehe Hagos Construction Company. The project is intended to supply potable water to residents of Kibremengist town in the Region.

Contractor Sues State Drug, Medical Importer for Back Payment

A private contractor sued Pharmaceutical and Medical Supplies Service and Wholesale SC (PHARMID), the state-owned importer and distributor of pharmaceuticals and medical equipment, for an unsettled payment. Jebril Geressu Building Contractor filed the lawsuit at the Federal High Court Eighth Civil Bench demanding payment for an office and warehouse it constructed in Dessie Town of the Amhara Regional State.

Southern State to Distribute Plots Through Lease in 11 Towns

The Southern Regional State Administration Council on December 18, 2007, instructed 11 regional towns to distribute plots to investors through lease only. The Council also upgraded 38 woredas in the region to the status of town.

Total Ordered for 2nd Time to Give Former Mobil Staff Better Jobs

Total is not lived up to its agreement to former employees of Mobil in Ethiopia, according to a ruling issued by the government's Labour Relations Board. The French oil giant will have to offer better jobs to the employs it adopted when it acquired Mobil's assets in the country. 

Losing Staff to Competitors, Ethiopian Offers Big Pay Raise

Ethiopian Airlines (EAL), the country's national carrier for over sixty years, is to make a momentous salary increase for its staff, effective on January 1, 2008. The increase, projected to cost the airline 79 million Br, ranges from 20pc to 60pc.

New Law Makes Liability Insurance Mandatory for Motorists

Gezahegne Bilew, 33, was the victim of a hit and run traffic accident four and a half years ago around Gerji that left him with a fractured bone in his left leg and a slew of unpaid hospital bills. Gezahegne was an unemployed university student at the time, and his family was too poor to help.

Government Unveils Millennium Celebration Press Digest

The Addis Abeba Millennium Secretariat Office will publish 1000 copies of a millennium press digest at a projected cost of 50,000 Br, compiling news stories from local and international media on Ethiopia’s year-2000 celebrations.

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