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ROOM FOR GROWTH |
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The
National Millennium Secretariat Council plans to incorporate
everything from Internet facilities to a gymnasium in its
new youth centre. The majority of the 20 million Br project,
however, will go towards a huge green space in the heart of
the crowded capital.
PLEASE SEE FULL STORY |
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Financial Employees Finally Get Pay Raise |
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The belated salary adjustment for employees of state
financial institutions has finally arrived. The
Public Financial Enterprises Agency (PFEA) approved
a 30-50pc salary increase for these institutions it
supervises. |
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Probe
on Gilded Gold Lands 19 Suspects in Jail |
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With the arrest of a senior official from the
National Bank of Ethiopia (NBE), the number of
suspects under police custody in relation to
investigations on alleged gilded gold sold to the
central bank has reached 19. |
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EPRDF to Construct Headquarters, Training
Centre |
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The Ethiopian Peoples’ Revolutionary Democratic
Front (EPRDF), the ruling political coalition, is to
construct a seven-storey headquarters and a training
centre with a projected cost of 120 million Br. The
headquarters is expected to lie on a 4,330sqm plot
in Arat Kilo, off the road from the Parliament
building to the Social Security Authority. |
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Korean Keangnam Nabs Huge Asphalt Road
Project in South |
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Korean Keangnam is on a roll landing another big
road project. Just two weeks ago it snagged the
largest road project of the year worth over one
billion Birr. It will now add another project half
the size to its revenue. |
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YBP Opens Third Capital Fuel Station in Three Years |
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Yetebaberut Beherawi Petroleum (YBP) installed its
third fuelling station in Addis Abeba with a cost of
4, million Br. Established in May 2004, with a
capital of 21 million Br, YBP has yesterday
commenced service in Mekanisa, off the road from
Ayer Tena to Kaliti. |
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New Railway Corp Gets Senior Official
Management Board |
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A
management board led by Junedin Sado, minister of
Transport and Communications, has been instated at
the newly established Ethiopian Railway Corporation. |
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City
Agency Takes Back Ethio-Cuba Friendship Park |
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The
Addis Abeba City Cleaning, Beautification and Park
Development Agency terminated its decision to outsource the
Ethio-Cuba Friendship Park to A & M Entertainment Plc
following an instruction from Brehane Deressa, the city’s
mayor. The Agency has subsequently ordered A & M to return
the park, which it has been administering for the past four
months. |
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Trade Commission Affirms Hoarding Decision |
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The Trade Practice Investigation Commission, which
was instructed by the Ministry of Trade and Industry
(MoTI) to review its verdict on grain hoarders, sent
the judgment back to the Ministry claiming that that
it is a legitimate decision. |
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Court Orders Nyala Insurance to Give-Up
Headquarter Building |
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The Federal High Court ruled against Nyala
Insurance, instructing it to relinquish its
headquarters on Micky Leland Street to the original
owner. Nyala bought the five-storey building that it
dubs ‘protection house’ for five million Birr six
years ago from Adugna Ejigu.
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New Steel Company Lands Huge
City Plot |
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The Addis Abeba City Lease Board has approved a
46,463sqm plot grant to the newly established Osaka
Galvanised Line and Cold Rolling Mill Industry
Development. The company is now preparing to take
the plot located in Nifas Silk Lafto District,
Kebele 10, with the District’s negotiated price of
287.45 Br per square metre. |
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Country Trading to Assemble
AKIRA TVs |
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Country Trading Plc, sole importer and distributor
of AKIRA TV sets, is to become the second company to
assemble televisions locally. The company has
installed an assembly plant in Nifas Silk Lafto
District on a 35,000sqm plot around Hana Mariam. |
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MOENCO Inaugurates New
Showroom, Introduces Toyota Model |
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The Motor and Engineering Company of Ethiopia Ltd (MOENCO),
a subsidiary of the England-Based Inchcape PLC,
introduced a new Toyota model, ‘Yaris’, into the
Ethiopian market at head office in front of Hayat
Hospital. The official launch of the Toyota Yaris,
first manufactured in 1999, coincided with the
inauguration of a 412sqm showroom constructed with a
three million Birr investment. |
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New Business Face of Trade
Fair Draws Mixed Reviews |
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Eyesus Work Zafu, president of the Addis Abeba
Chamber of Commerce and Sectoral Associations, told
Fortune that though the just-completed 12th
Addis Chamber International Trade Fair met its
target, it fell short of his visitor volume
expectations. |
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Awash Bridge Project Still
Facing Roadblocks |
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The expression of interest issued by the Ethiopian
Roads Authority (ERA) for the construction of an
alternative bridge over the Awash River has been
postponed by a month due to lack of adequate
bidders. Awash Arba Bridge, which currently lies
over the river, is the only bridge that connects the
interior of the country to Djibouti Port, Ethiopia’s
primary sea route. |
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Ethiopia Running Substantial Trade Deficit
with US despite AGOA Boost |
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The United States International Trade Commission (USITC)
reports that Ethiopia runs the ninth largest trade
deficit with the leading economy amongst Sub-Saharan
countries in 2007. |
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Breaking Ground in Modern Advertising |
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Traditional forms of advertising often feature
numerous billboards lined up in a chaotic manner at
roundabouts. Reaching the public in an effective way
is a challenge many companies are struggling with in
the growing economy. Taking a page from developed
countries, new companies are springing up with
innovative ideas to pitch products. ELIAS MESERET,
FORTUNE STAFF WRITER, looks at the new forms of
advertising popping up around the city. |
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