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The StoRm is
behind Us: Says Meles
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For
many following developments
in Ethiopia, the economy is
navigating tough times: The
country finds itself in a
balance of payment crisis,
with foreign exchange
reserves allegedly at an
all-time low; the liquidity
crunch serious both in the
domestic lending and foreign
exchange domains; and
inflation reaching a
historical high. This is a
scenario economists
described as "the perfect
storm". |
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Insurance Giant Sends Top
Managers on Controversial Leave |
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Four senior managers of the Ethiopian Insurance
Corporation (EIC), including its managing director,
were sent out onto forced leave late last week,
sources disclosed. |
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Abyssinia Bank Sacks
President, Loses Dep’t Managers |
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Following the dismissal of Aselefech Mulugeta,
former president of the Bank of Abyssinia, Tarekegn
Assefa and Emawayish Adissu, Corporate Planning and
Business Development and International Banking
Department managers, respectively, resigned. |
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Djibouti
Opens New Terminal, Boreh, Ethiopia Conspicuously Absent |
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The government of Djibouti has inaugurated the new
and modern container terminal at the Port of Doraleh
almost two months after it was originally meant to
be opened for service in December 2008. |
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Private Sector Slights
African Bank Finance |
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Nearly three months after the African Development
Bank (AfDB) launched the private sector financing
scheme in Ethiopia, not a single investor has
approached the bank for financial assistance,
officials at the bank disclosed. |
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Public Enterprises Waltz with
Insurance Debutante as New Firm Opens |
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Having acquired its operational license from the
Insurance Supervision Department of the National
Bank of Ethiopia (NBE) early last week, the
insurance company opened its doors for business last
Tuesday, February 10, 2009, exactly a year after it
was established. |
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Adama, Soft Drinks Scarcity
Shoots Price up |
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Prompted by the more than 33.3pc increase in the
retail price of soft drinks produced by the East
African Bottling S.C. nearly two weeks ago, the
Adama Trade Registration and Monitoring Department
is taking measures against those it alleges are
responsible for the price hike. |
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New Blood to
Pump Nib Bank Board |
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Nib International Bank (NIB) elected Dembel Balcha
(PhD) and Belay Weldeyes (PhD) as board chairman and
vice chairman, respectively, last Tuesday, February
1o, 2009. This follows the formation of the new
Board of Directors about three months ago. |
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Privatization Agency
Struggles to Jettison Public Companies |
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The Privatization and Public Enterprises Supervisory
Agency (PPESA) last Tuesday announced a public
tender to privatize 12 public enterprises, some of
which are being put up for the same auction more
than once. |
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Valentine’s Day: Saying it
with Roses |
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Abel Hailemariam, 23, is a 10 +3 graduate in Machine
Operation. Last Thursday, February 12, 2009, he was
busy choosing gifts to buy his girlfriend for
Valentine’s Day. Accompanied by one of his friends,
Abel was choosing flowers and postcards at
California Flower Shop around Flamingo on Africa
Avenue (Bole Road). |
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Adama, Bajaj Training Wheels
in Safety Assurance |
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Following a spate of rampant traffic accidents in
Adama (Nazreth) town involving the bajaj, a
three-wheeled vehicle, Bajaj Auto, the Indian
producer, gave a one day basic skills training to
drivers, traffic police and transport officials. |
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CBE Workers’ Union Elects New
Leadership |
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The provisional committee the Labour Union
formed on December 12, 2008, to facilitate
the election of new management members
following the expiry of the term of the
current management conducted the election of
representatives from the 11 districts and
159 branches across the country. |
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Merkato Bus Terminal Gets
Facelift |
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The over two million Birr worth makeover of
the city bus terminal in Merkato, commonly
known as Adarash, has been finalized after a
delay of nearly one and half months from
the intended date of completion. |
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World Bank Executive, One
More Seat for Emergent Nations |
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The World Bank’s Board of Governors has approved a
proposal to have an additional seat for developing
nations in its Executive Board. This is the first
phase of reforms to increase the influence of
developing countries within the World Bank Group.
Accordingly, this would add a seat for Sub-Saharan
Africa and other developing countries, which would
give them a majority of seats on the Executive
Board, and expanding voting and capital shares. |
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Lawyers in Nile Ins. Saga Cites Non-retroactivity as Shield
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Lawyers of the defendants on the Nile Insurance S.C.
saga have cited the constitutional article on
non-retroactivity to object to the charges against
their clients. |
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Social Security Slaps Lawsuit
on Textile Factory |
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The Social Security Agency has filed a civil suit
against Arba Minch Textile Factory, accusing the
latter of failing to submit the monthly 10pc pension
rate amounting to 1.7 million Br. |
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Emirates Enters Flower Market with Sky Cargo |
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One of the youngest, cargo airlines in the world,
Emirates SkyCargo, has commenced a weekly chartered
flower cargo service from Addis Abeba effective
February 6, 2009, sources disclosed. |
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Stock Exchange Catalyst to
Investment, US Financial Experts Say |
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Absence of a stock market in Ethiopia holds back US
investors from making Ethiopia their prime choice of
invest destination in the financial, agri-business
and real estate sectors, stockbrokers from New York
disclosed. |
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