Majestic Departure

The eloquent former Chairperson of the African Union Commision (AUC) and former President of Mali, Alpha Omar Konare (prof.), delivering a speech on April 28, 2008 at the AU headquarters during an official hand over of the chairmanship to his successor, Foreign Minister of Gabon, Jean Ping (seated at the extreme right ). Konaré, who has chaired the AU Commission since 2003, was showered with a series of praises from Jakaya Kikwete, President of Tanzania and current AU Chairman, as well as Prime Minister Meles Zenawi..  Find Out More

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Modjo Trade Fair Generates Funds for Infrastructural Expansion

Residents, investors and administrators of Modjo town launched a bazaar and exhibition yesterday, May 3, to raise funds for the upgrading of the town’s infrastructure, following the government’s decision last year to construct a dry port in the town.   Fifty companies are participating in this event that remains open for a week.

Stunning Profit Surge to 126Mn Br for Awash Bank

Awash International Bank S. Co (AIB), the pioneer private bank in Ethiopia, registered a net profit of 126.6 million Br, 34pc higher than what was scored in the previous financial year.

Trade Unions Request Income Tax Cut, Raise of Pension Payments

The Confederation of Ethiopian Trade Unions (CETU) is to send a letter to the Office of the Prime Minister requesting the reduction of income tax. The Confederation had planned to raise this agenda in a discussion it held with Prime Minister Meles Zenawi on Tuesday, April 29, to no avail.

Clamp Down on Labour Migration to Lebanon

The Ministry of Labor and Social Affairs (MoLSA) has banned emmigration to the Lebanon as of April 22, 2008 for an unspecified period. This is due to the aggravating hassles the migrant workers are going through in the mid-eastern country.

Central Bank Directives Send Forex Inflows to the Roof

Authorities at the Ministry of Foreign Affairs (MoFA) are pleased with the ascending remittances flowing into Ethiopia of late. Within four months beginning January 2008, the country amassed 200 million dollars from monetary transfers that Ethiopians and foreign nationals of Ethiopian origin living abroad made to the country.

This Time, Ethiopia to Attend Banking Technology Conference

The organizing committee for Advanced Information Technology Conference for Africa (AITEC) told Fortune that Ethiopian bankers have been invited to attend the third African Banking Technology Conference (ABTC) which will be held in Lagos, Nigeria this week on May 6 and 7.

First Ever Local Water Purification Powder

On May 2, 2008, a year after its establishment, Bishan Gari Purification Industries Plc launched its first locally produced sachets of water purification powder at the Hilton Addis. The product is the first of its kind to be produced locally.  Shareholders of the joint venture company are Demissew Tirfe and his Ukrainian wife, Ilona Rychko.

Coal Extraction to Energise Messobo Cement

The Ministry of Mines and Energy (MoME) granted a 40,000sqm plot to Ethio Pac Mining Plc, a joint venture of Ezana Mining Plc and Messebo Cement Factory. The two are subsidiary companies of the Endowment Fund for the Rehabilitation of Tigray (EFFORT) for the extraction of coal. Last week, on May 2, Alemayehu Tegenu, minister of MoME, signed an agreement with Amjad Shah, a Pakistani general manager and shareholder of the company.