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News
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Column
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Coca Drops! |
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The
closure of a bottling plant
operated in Addis Abeba by
East Africa Bottling S.C.
sent shock waves in the
capital; many staunch
consumers of its flagship
brand, Coca Cola, are
dismayed, not knowing what
alternative they may have
now. Equally, some of the
shareholders and Board of
Directors of the company
were stunned by the news of
the closure on Thursday,
March 12, 2009.
"It can't be true," said
Dereje Yesuwork, one of the
five shareholders of East
Africa Bottling, also known
as Jambi.
He first heard the news that
the plant had closed for an
undetermined period when
approached by Fortune
for comment on the night of
the closure, which the
management says is
"temporary."
The closure, ordered by the
Chairman of the Board seated
in Nairobi, Kenya, is
attributed to a forex
crunch, which has affected
the import of raw materials,
such as crown cork, beverage
concentrate and spare parts,
according to an unsigned
response the management
faxed to Fortune on
Friday afternoon.
"Due to the current shortage
of foreign currency, we are
now faced with quite a
shortage of crown cork,"
reads the one page statement
the management issued.
A few of the shareholders,
who are also directors of
the board, have a different
view of the foreign exchange
shortage. They claim that
had they been informed about
the gravity of the
situation, and asked to
inject additional capital in
foreign currency, they would
have been glad to do so,
according to Dereje. In
fact, this would be one of
the issues on the agenda
when the Board of Directors
- representative of SABCO,
Munir Duri, Negussie Hailu,
Dereje Yesuwork and Abinet
G. Meskel - meet on Tuesday,
March 17, 2009. |
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Gov’t to Expend $77m for Additional Wheat
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The letter of credit (L/C) for this import, to be
procured from a London based company, was opened
last week at the state-owned Commercial Bank of
Ethiopia (CBE), and on behalf of the Ethiopian Grain
Trade Enterprise (EGTE), a federal agency
responsible for the stabilization of the domestic
grain market. |
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Cut Back on
Lending, NBE Urges Private Banks |
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After a long debate on macro economic issues with
relevant stakeholders, private banks responded
positively to NBE's call to be wary of lending
money, despite the fact that such a move would mean
a reduction of their profits. They believe it is
important to put the economic well-being of the
country first. |
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Awash Bank All Set for Adama Branch's New Building |
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After finalizing the design work, Awash
International Bank (AIB) - the first private bank to
enter the industry in Ethiopia - has floated a
tender for the construction of an eight-storey
building to house its branch in Adama (Nazareth)
town of the Oromia Regional State. |
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Power Dearth Extends to Transformers |
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The global financial crisis and the resultant
production cut in emerging economies, compounded by
the foreign reserve crunch in Ethiopia, has
threatened the supply of power transformers by state
power utility, the Ethiopian Electric Power
Corporation (EEPCo). |
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Abyssinia Inks Collective Labour Agreement |
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About seven years after the Labour Union at the Bank
of Abyssinia (BoA) was established, the bank’s
management and the leaders of the union last week
signed a collective labour agreement after 10 months
of negotiations, last Thursday, March 12, 2009,
marked the signing of the agreement, which has also
made Abyssinia the first among private banks to
enter into such an agreement with its employees’
union. |
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Erratic Mobile Network Snag Hits Adama |
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The core reason for the frequent failure in mobile
phone network in Adama Town of Oromia Regional State
is the cutting of the optical fibre lines due to
theft and construction works, according to officials
at the South-Eastern Region of the Ethiopian
Telecommunications Corporation (ETC). |
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French Trade Deals Loom for Ethiopian Businesses |
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A delegation of businesspeople representing 12
companies in France will tomorrow meet businesses in
Ethiopia as part its visit this week. |
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Revised Micro Finance Bill Elicits Mixed Reaction |
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Officials of some Micro Finance Institutions (MFIs)
have expressed concern over an article a recent
draft proclamation the National bank of Ethiopia (NBE)
has prepared to amend the existing law on the
sector. |
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New State Bank Recruits Undergo Fiscal Training |
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State owned financial institutions, with the
exception of the Commercial Bank of Ethiopia (CBE),
are giving three months practical and extensive
training to some of their newly recruited employees,
sources disclosed. |
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Job Fair to Offer Platform for Innovative Recruitment |
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After it was registered as a human resource
management professionals association, the first
Society of Human Resource Management in Ethiopia (SHRME)
is to organize the Fifth Job Fair scheduled to be
held from May 15 to 16, 2009 at the Addis Abeba
Exhibition Centre. |
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Mekelle to Resort to Integrated Infrastructure Plan |
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Nearly three years after it got a new master plan,
the Mekelle Town Administration floated a tender to
select consulting firms to develop an integrated
infrastructure and urban transport plans, as well as
street naming and identification numbers for
residential and non residential units. |
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Fasting Feeds Fishy Business Boom |
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Ayu Bireha, a girl in
her late twenties, visits the fish market in Piazza
on a regular basis. Last Thursday, March 12, 2009,
she arrived at the market in the morning to get the
traditional substitute for meat during the main
fasting season of the Ethiopian Orthodox
Christianity, Hudade. |
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Trade Conference to Deliberate Tariffs, WTO Negotiations |
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Duty and quota free preferences from China and India
along with WTO negotiations will be among the issues
that dominate the 5th Ordinary Session of the
Conference of Ministers of Trade of the African
Union from tomorrow through to March 20, 2009. |
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