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Fast, Feast! |
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With inflation already at 38.1pc
since June 2011, prices soar with
the oncoming of the Ramadan fast.
The market sleeps during the day
anticipating anxious shoppers at
sundown who must finish all their
shopping needs for the evening’s
feast. Merkato comes alive at dusk
after the mosques let out and all
line the makeshift stalls for the
dates that break their daily fast.
Around the Tana Building, in close
proximity to the Anwar Mosque,
Nuredin Jemal (right), defends his
prices to potential customers like
Nur Beduri (left, foreground),
looking for some dates (temir), and
Bemenabu Kebede (to his left), an
artist looking to shop for a friend.
Although sceptical at Nuredin’s
initial price quotations, and weary
of the late hour, they end up making
a deal. More Here |
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NEWS |
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Construction Bank to Receive Third of 1.5bn Br Injection
Request |
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After three years of waiting, the Construction and
Business Bank (CBB) is to receive a 500 million Br
capital injection from the government, sources close
to the Bank disclosed to Fortune. |
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Shipping Lines Nets 661m Br |
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The Ethiopian Shipping Lines (ESL) registered a net
profit of 661.5 million Br exceeding its projection
for the 2010/11 fiscal year by nine per cent. |
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City to Release 610ht of Land |
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The Addis Abeba Land Administration and Construction
Permit Authority has allotted 610.1ht plot of land
from its land bank for the fiscal year of 2011/12,
out of which 60ht is to be transferred to the
private sector through negotiation. |
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Second Largest Nickel Producer Sets up Shop in Konso |
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Vale South Africa Exploration Ltd, a subsidiary of
Vale Inco Ltd, the second largest metal mining
company in the world, has acquired an industrial
mining exploration licence in the Southern Regional
State upon depositing one million dollars in a
closed book account, last week.
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CBE Wins Latest Battle, Ready to Collect from Mam Trading |
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The Federal Supreme Court issued an order to freeze
Mam Trading Plc’s 173 shares in Nib International
Bank (NIB) amounting to 11 million Br, allowing the
Commercial Bank of Ethiopia (CBE) to go ahead with
the auction of the shares, rescinding its former
ruling on July 29, 2011. |
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Development Bank Boasts Highest Profits in History |
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The Development Bank of Ethiopia (DBE) has recorded
the highest profit since its establishment by
registering 399.9 million Br before taxes for the
2010/11 fiscal year, which is five times more than
that of the previous year’s profits of 77.7 million
Br. |
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Land Dispute Slows Raya Progress |
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The Maichew City Administration is looking into
whether to lease Raya Brewery a 150,000sqm plot of
land, the future site of the brewery, which was
initially given to the brewery without lease on
September 2008/09.
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State Enterprise Sues Saudi Star |
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Saudi Star Agricultural Development is being sued by
Agricultural Equipment and Technical Services (AETS)
for 35.2 million Br due to failure to pay for land
the latter had cleared for Saudi Star in the
Gambella Regional State. |
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Privatisation Agency Foresees 3.1 bn Br Profit |
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The Privatization and Public Enterprises Supervising
Agency (PPESA) forecasts it will make a 3.1 billion
Br profit, before taxes, during the 2011/12 fiscal
year, improving upon its performance of the previous
year.
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Court Sentences Privatisation Agency's Cheque Fraudster
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Ibrahim Taha, 32, who was charged with presenting
forged Certified Payments Orders (CPO) to the
Privatization and Public Enterprises Supervising
Agency (PPESA) for the purchase of the Hawassa and
Arbaminch Textile factories, has been sentenced to
five years and nine months in prison, with a fine of
6,600 Br by the Federal High Court’s 13th Criminal
Bench on July 29, 2011.
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Ethiopia Continues Dam Construction Over UN Objections |
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The Ethiopian Electric Power Corporation (EEPCo) has
rejected calls by UNESCO’s World Heritage Committee,
urging Ethiopia to immediately halt all construction
on the Gilgel Gibe III hydroelectric Dam that is
being constructed at a cost of 1.7 billion dollars.
The dam is expected to generate 1,870 mw of
electricity. |
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Tax Authority to Increase Registration of Educational
Centres |
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The Ethiopia Revenues and Customs Authority (ERCA)
has ordered all short-term education training
institutions to be registered for Value Added Tax
(VAT) this week, Fortune has learnt. |
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/FEATURE
ESCAPE FROM POVERTY?
Experience of Micro and Small Enterprises |
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Governments and development organisations have designed
support programmes that encourage Micro and Small
Enterprises (MSE) as vehicles for climbing out of poverty.
The Addis Abeba City Administration has also been engaged in
MSE development, in an effort to help cut urban
unemployment. Still, MSE programmes are in need of
refinement in order to ensure sustainability, writes MAHLET
MESFIN, FORTUNE STAFF WRITER. |
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/FEATURE
Summering in Addis Abeba |
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Ethiopia’s kiremt, rainy season, takes place when much of
the world is on summer holiday. The Ethiopian Diaspora use
their summer breaks to visit their homeland, while tourists
from different corners of the world come to enjoy the cooler
weather and the plethora of urban venues, giving local
businesses a boost, writes HADRA AHMED, FORTUNE STAFF
WRITER. |
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/INTERVIEW
Common Approach to Boosting
Food Security
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World food security, Common Agricultural Policy (CAP) Reform
and sustaining the agriculture budget in the European
multiannual financial framework lasting from 2014 to 2020
are some of the numerous challenges that the Romanian
European Commissioner for Agriculture and Rural Development,
Dacian Ciolos, faces. Educated in Agricultural Trade from
the University of Rome and in office since 2009, he leads
the green policies of European Commission in Brussels,
Belgium.
When speaking of CAP, a comprehensive agricultural reform
programme that eats close to 40pc of the EU’s budget, Ciolos
reiterates that this remains the only community policy of
the EU, in an interview organised by Afronline.org (Italy)
in partnership with Fortune (Ethiopia), Sud Quotidien
(Senegal), Les Echos du Mali (Mali) and Le Républicain
(Niger).
Africa, a continent where both farmers and consumers see the
CAP as a thorn in the eye, hopes that Europe will finally do
something to guarantee equal access to food. Ciolos affirms
that this could only be realised if the world collaborates
in controlling agricultural commodity price speculation that
threatens food security and undermines the fight against
poverty. |
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