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Alemayehu Tegenu, minister of Mines and Energy, told local
electrical and machinery equipments importers, distributors
and manufacturers that it is high time for them to do away
with the conventional way of doing things and follow modern
techniques. “We may not wait for you. You should make
yourself technically, managerially and financially capable
to cope with the dynamic business field in which you are
operating,” he told them at a four day workshop
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Yet More Phoney Gold Found in
NBE Vaults |
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Another 21 bars of gilded steel transferred from the
Federal Police forensic exhibit office to the vaults
of the National Bank of Ethiopia (NBE) have been
caught. In connection with the finding, the Federal
Ethics and Anticorruption Commission last week
arrested Afework Gaym (chief inspector), head of the
exhibit office at the forensic investigation
department. |
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Roads Authority Joins Line of Supplementary
Budget Seekers with 2.5B Br Request |
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In a solicitation that seems to have become a trend,
the Ethiopian Roads Authority (ERA) requested the
Ministry of Finance and Economic Development (MoFED)
to grant a 2.5 billion Br supplementary budget for
various road constructions it is carrying out this
fiscal year. The Authority also had requested 1.5
billion Br in supplementary budgets the previous
year. |
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Council of Ministers Seeks New Industrial
Zone for Shoe Manufacturing |
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The Council of Ministers three weeks ago decided to
transform the former Akaki Pump Factory and its
surroundings into an industrial zone for shoe
manufacturing. The 52,000sqm Factory has been
sitting idle after it stopped production 10 years
ago. |
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City Drastically Missing Budget Targets |
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The Addis Abeba City Caretaker Administration has
fallen significantly short of its revenue collection
target in the first half of the 2007/08 fiscal year,
grossing merely 1.5 billion Br of the 2.5 billion Br
it planned to bring in. Its expenditures in the
first six months (1.8 billion Br) reached just over
half of the 3.4 billion Br target. |
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Radio Fana to Broadcast from Jimma Palace |
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Jimma Palace, which was one of the resting spots of
Emperor Haile Selassie I and the seat of his
principals, is to be given to Radio Fana, the
nation’s first private multilingual national
broadcaster. Constructed in the 1940’s by Tsehay
Enqu, close confident of the late Emperor and
administrator of the region, the palace is situated
on the road from the town’s airport to Ferenj Arada
around Bosa Arat. |
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Zemen Bank Seeks to Implement Basel Accord
Standards |
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Despite
arguments that Basel II does not conform to the needs of the
Ethiopian banking industry, which are often associated with
traditional forms of banking, Ermyas Amelga contends that it
is an international best practice system that needs to be
applied across the board as long as the banks are ready and
capable to meet growing needs. |
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City
Adm’n Re-Delegates Industrial Zone Infrastructure Provision |
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The Addis Abeba Caretaker Administration delegated
the City Master Plan Office to coordinate
infrastructure furnishing to the industrial zones in
the metropolis. In a letter Mayor Brehane Deressa
wrote to Wubishet Berhanu (PhD), general manager of
the city, he stated that the office has been put in
charge of looking after infrastructural instalments
of the existing and new industrial zones in the
city. |
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Enterprises Authority Privatises Addis Modjo
Edible Oil on Fourth Try |
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The Privatisation and Public Enterprises Supervising
Authority (PPESA) sold Addis Modjo Edible Oil, the
largest of four oil factories under its grip, to
Amibara Agricultural Development Plc for 73.6
million Br. |
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ETC to Restructure Mobile Card Distributions |
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The Ethiopian Telecommunications Corporation (ETC)
is to downsize the 12,700 mobile scratch card
distributors into 10 mega dealers. |
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Anticorruption Presses Charges against Three
Customs Employees |
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The Federal Ethics and Anticorruption Commission
pressed corruption charges against three employees
of the Ethiopian Customs Authority, accusing them of
accepting a fake declaration allegedly presented to
them by a customs clearing agent. |
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Newest Insurance Firm |
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Ethio-Life Insurance SC, which is planning to
provide life and health insurance as well as annuity
coverage, was established on February 9, 2008, with
130 shareholders. The company, which has a paid-up
capital of six million Birr, two million Birr higher
than what is legally required to establish an
insurance company, plans to be operational in three
months. |
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Awash Bridge Project Attracts Little Interest |
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With a single day remaining before the expression of
interest initation issued by the Ethiopian Roads
Authority (ERA) closed on February 15, only two
bidders bought tender documents for the construction
of an alternative river overpass for the Awash
Bridge.
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State
Yarn Company Sues Five Garment Factories |
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State-owned Adei Abeba Yarn SC filed a lawsuit
against five garment factories, demanding 629,819 Br
in unsettled payments. The company opened the file
at the Ninth Civil Bench of the Federal High Court
against Oasis, Abyssinia Plc, Nova Star Garment
Factory Plc, Feleke Garment Plc, GG Super Garment
and Ras Dashen Textile Plc. |
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Ministry Plans Massive Watershed
Rehabilitations |
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The Ministry of Agriculture and Rural Development (MoARD)
disclosed that it is planning to rehabilitate a
total of 177 watersheds, each with an average size
of 8,500hct, through the Sustainable Land Management
(SLM) platform launched on February 13, 2008, at the
head office of the German Technical Cooperation (GTZ). |
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