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Caught in Action |
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The Atlanta native Chris Tucker was one of the
prominent personalities passing through Addis Abeba
late last week, where Seyoum Bereded, general
director of the National Secretariat on Millennium
Celebrations, (behind) took advantage of the
occasion to persuade the Hollywood actor to plant a
tree. He did inside Africa Park, in front of the
Hilton Addis, late in the afternoon on Friday, May
30, 2008.
Having starred in 17 movies (mostly comedies),
the 35-year old actor is most known for his
part in a documentary, African American Lives, where
he discovered, through DNA tests (as aired on the
2006 PBS), that his paternal ancestry were rooted in
Angola and Cameroon. The tests also showed that
Tucker's ancestry is 83pc sub-Saharan African, 10pc
from native American, and seven per cent European.
Tucker travelled to Angola and Cameroon, the
birthplace of his ancestors, with the programme's
host, Henry Louis Gates, according to his profile,
which
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Finance Minister Tables 54.3Bn Br Federal
Budget Bill to Council |
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The Federal Government's budget will exceed, for the
first time, the Five Billion dollars mark, should
the Council of Ministers accepts a budget bill
submitted to it last week by Sufian Ahmed, minister
of Finance and Economic Development (MoFED). Of
course, it would need to be approved by Parliament
before it goes for recession. |
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Regions Diverge Over Federal Subsidies
Formula |
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Disagreement has cropped up at the House of
Federation over a formula the Federal Government
emulated from Australia last year, in order to
allocate subsidies to the nine regional states. |
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Bankers Fear Deposit Insurance Fund Eats Up
Deposits |
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Top executives of commercial banks are worried that
a series of central bank policies, introduced
recently, in increasing the volume of reserves they
are required to set aside put heavy pressure on
their deposits. |
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Central
Bank to Lift Restrictions on Government Borrowing. |
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The National Bank of Ethiopia (NBE) is contemplating
lifting the percentage restrictions on the amount of
advances and credits extended to the Federal
Government. The financial regulator rather wants the
advances to be agreed on, through consultation with
the Government, focusing on maintenance of price and
exchange rate stability. |
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Outcome Based Budgets Brewing in City Hall |
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The incoming Addis Abeba City Administration has
discarded the 3.9 billion Br budget ceiling set by
the Caretaker Administration for the 2008/2009
budget year. Last week, The City Finance and
Economic Development Bureau instructed Agencies in
the city to make new budget requests and deliver
their five-year strategic plans. |
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Excess
Money Supply Rears Inflation |
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“Conventionally, it is believed that a one
percentage point increase in money supply results in
a 0.6pc increase in inflation,” Tewodros Mekonnen,
assistant researcher at the Ethiopian Economic
Association, told Fortune. |
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Second Grade Town Status for Gelan
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The Oromia Regional State has decided to upgrade
Gelan, a small hamlet 22Km east of Addis Abeba to
the status of a second grade town. Situated between
Akaki and Dukem towns, Gelan, which has started
allocating land for infrastructure and residential
purposes, has been planned to accommodate close to
400,000 people. |
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Ras Hotels in Dire Dawa, Harer Switch to
Private Hands |
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Three business people have bought properties under
the Ras Hotels Enterprise in Dire Dawa, 515Km east
of the capital, and Harer, 526Km farther to the
south, after the government floated public tenders
in April 2008, for the second time. |
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Second
Cooperatives Bank Floating Shares |
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The National Bank of Ethiopia (NBE) in January this
year granted the green light for the formation of a
second cooperative bank, named Addis Cooperatives
Bank S.C. The fledgling finance institution started
raising equity on May 21, 2008.
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24/7 Promise,
Exporters Still Facing Power Cuts |
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The Ethiopian Electric Power Corporation (EEPCo) is
struggling to provide a round the clock power
service to exporters that would fetch the country
sizable export earnings, despite the decision made
by its Board of Directors. |
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City Cabinet to Deliberate on Condos Backlog |
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The Caretaker Administration has advised the newly
installed City Administration to help the City
Housing Project Office be able to finance the
condominium constructions it undertakes. The Cabinet
is expected to discuss the proposal that recommends
the city dolls out seed money to the agency,
together with the bond it sells to the Commercial
Bank of Ethiopia (CBE). |
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Djibouti among First to Benefit from World Bank’s 1.2Bn
Dollars Funding for Food Crisis |
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Djibouti will be among the first three countries in
the world to benefit from 1.2 billion dollars loan
a0nd grant financing by the World Bank, in the
latter’s effort to expand its assistance to poor
countries struggling with the effects of soaring
fuel and food costs. |
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City Officials, Residents to Discuss City’s
Woes |
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Prior to its loss of all but one seat of the City
Council to the Coalition for Unity and Democracy
(CUD) in the May 2005 elections, EPRDF had been
doing a lot, during its Provisional Administration
under Arkebe Oqubay, to address major problems of
the city, the Revolutionary Democrats say. |
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Where do people feel price hikes the most? |
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