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A joint team of federal and
city law enforcement members raided last week more than 26
underground forex spots in a manner that saw an unusual
apprehension of what officials often call the parallel
market. Now police accuses them of artificially distorting
the foreign exchange market.
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ERA
Managers Hopeful Council, Parliament Nod on 1.7B Br
Additional Budget |
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The Ministry of Finance and Economic Development (MoFED)
has approved in the first week of March 2008 more
than half of the supplementary budget request made
by the Ethiopian Roads Authority (ERA). Final
decision, however, is pending after the issue was
tabled to the Council of Ministers for endorsement
this week, sources disclosed. |
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Junadin
Seeks 750m Br Equity for New Railway Corp. |
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The newly formed Ethiopian Railway Corporation (ERC)
is scouting for equity contributions of its paid up
capital (750 million Br) in order to launch
operations of building railway infrastructure and
run both cargo and passenger services. |
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After
Seven Years, High Court Acquits Former CBE Chief on One
Count |
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Judges at the Federal High Court, First Criminal
Bench, unanimously passed a ruling on Thursday,
March 13, 2008, acquitting two of the former senior
managers of Commercial Bank of Ethiopia (CBE), after
seven years of fighting multiple charges from jail. |
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New Committee Set to Stamp Out
Corruption |
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The Addis Abeba City Caretaker Administration
established a committee, which examines the
disciplinary measures required for the city
officials and bureaucrats accused or convicted of
corruption. The committee has been formed to execute
a directive issued on March 3, 2008 by the city
cabinet on corrective actions needed to be taken. |
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Condos pushed
to peripheries |
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Condominium constructions, which are expected to
commence late this March in Addis Abeba will be
undertaken on expansion hinterlands plots. Except
those condominiums whose constructions have already
commenced, such constructions will no more be
carried out in the central part of the city. |
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Massive
Rise in Salt Prices |
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As Always, Oumer Abdi, a daily laborer in the
Merkato salt market, left home on March 7, pondering
what he would earn that day to subsist his family of
three. As it got closer to 10:00AM, business
became unusually high in the place commonly called
Chew Berenda to the pleasure of Oumer and his
friends. Amidst the pushing and shoving in the
market, he grossed a much better take-home pay than
the ordinary days. It was a day the price of salt
leapfrogged from 1.5Br to a stunning 10Br per
kilogram in some parts of Addis Abeba. |
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India
Doing Business in Oromia Region |
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President of the Oromia Regional State, Abadula Gemeda who
was in India two weeks ago accompanied by Alemu Seme, head
of the Oromia Investment Commission, to solicit Indian
investors to invest in the regional state seems to have
succeeded convincing 10 companies to do business in Oromia.
Upon their return, the Commission has allocated plots for
two companies in west Harerghe 560Km east of Addis Abeba and
Illubabor Zone west of Addis Abeba. |
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Commission
Arrests Mayor’s Assistant |
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The Federal Ethics and Anti Corruption Commission
last week arrested Muleme Reshid, special Assistant
to Brehane Deressa, Mayor of Addis Abeba, for
alleged corruption. |
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Housing Development For Finchaa Sugar Factory |
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The construction works of the 3,000 houses, which is
part of the Finchaa Sugar Factory expansion project,
has been awarded to the state owned Prefabricated
Building Parts Production Enterprise. The housing
project is projected to cost 320 million Br. |
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South to
Give 290m Br Health Center Constructions Out to Private
Firms |
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The administration of Southern Regional State will
disclose list of private contractors to be awarded
contracts worth 290 million Br for the construction
of 146 health centers across the region. |
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Enterprise
to Import 50 Containers of Edible Oil |
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The Merchandise Wholesale and Import Trade
Enterprise (MEWIT) is to procure 50 containers of
eidble oil with a projected cost of 24 million Br.
The Enterprise has opened a Letter of Credit (LC) at
the Commercial Bank of Ethiopia, and is planning to
import the oil within one month, a reliable source
told Fortune. |
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