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Quality Firsts |
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Tefara
Waluwa (centre), minister of Capacity Building, emphasises
the importance of working to lower costs, reduce wastage and
improve quality to German Ambassador Clauss Dieter Knoop
(left) at the ceremony following last month’s audit by
German...
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Court Freezes EIG Account
after Alleged Failed Deliveries |
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The Federal High Court froze the account of Ethio
Investment Group (EIG), importer and distributor of
BMW, Ford, Land Rover and SCANIA vehicles. Following
the ruling passed by the Eighth Civil Bench, the
Gofa Branch of Wegagen Bank SC, wrote a letter to
the High Court on March 1, 2008, stating that it has
frozen 708,637 Br belonging to EIG. |
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With Declining NPLs, CBE’s 2Q
Profit Gallops Up |
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The state-owned giant Commercial Bank of Ethiopia (CBE)
has reported a stunning performance from its second
quarter operations, where it has made a record high
profit. The Bank has registered un-audited 716
million Br in gross profit from its operations in
the first two quarters of the fiscal year, up by 74
million Br from a similar period last year,
according to a press statement issued on Friday,
March 7. |
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Slowing
Imported Books |
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The government slapped a five per cent customs duty
and 10pc surtax on imported books on top of the
existing three per cent withholding tax.
“The tax is meant to protect and encourage local
publishers and printers,” a senior customs official
told Fortune. |
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Two Senior NBE Officials Join Four Others in
Custody in Gold Scandal |
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Two senior National Bank of Ethiopia (NBE) officials
were arrested last week in conjunction with the
phoney gold scandal that has been rocking the
financial institution regulator for three months
now. The latest arrests have increased the number of
officials apprehended from the Bank to six.
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Adwa
Welcomes Private Investment in Ecotourism: Mayor |
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When Tamrat Layne, former deputy prime minister now
serving a jail sentence, called Andrias Eshete
(Professor) to the United States (US), inviting him
to chair a national secretariat to formed to
celebrate the centennial of the Adwa Victory in
1996, little did he hesitate.
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YBP Edges Competition in Billion Birr Tender |
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Yetebaberut Beherawi Petroleum SC (YBP) is the
likely winner of a 176 million litre furnace
procurement tender floated by the Mugher Cement
Enterprise. The oil company, which has been
supplying the commodity for the past two years,
submitted the lowest offer for the supply worth over
one billion Birr and is expected to take the
contract. |
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Dinsho
Trade Seeking 17.4m Br in Case against Martrade |
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Dinsho
Trade Plc sued Martrade Ethiopia at the Federal High Court
demanding a 17.4 million Br payment on February 20, 2008. It
was an appeal made for the implementation of a previous
ruling passed on June 28, 2007, where the Eighth Civil Bench
ordered Dinisho should be paid 12.8 million Br in debts,
plus 4.5 million Br interest that Martrade allegedly failed
to give. |
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Investors, Modjo Residents
Seeking to Capitalise on Dry Port |
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Following the government’s decision last year to
construct a dry port in Modjo town, investors have
been searching for ways to capitalise on the move
with residents and administrators of the town 73Kms
east of Addis Abeba in the Oromia Regional State. |
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State Consultancy Firm Files Suit against
Saba Engineering |
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Transport Construction Design Enterprise (TCDE), a
state-owned consultancy firm, filed a 4.6 million Br
lawsuit against Saba Engineering Plc. The charge was
brought on February 28, 2008, at the Eighth Civil
Bench of the Federal High Court accusing Saba of
failing to supply machinery it had agree to provide.
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Salt Price Hits the Roof |
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The price of salt reached a record high price of 10
Br per kilogramme registering a close to 1,000pc
rise last week on Friday, March 7. Officers of the
Addis Abeba City Police Commission have apprehended
more than 30 businessmen they claimed have
artificially increased the price. |
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