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Published On  Oct 09,  2011
   
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INTERDEPENDENT!

EEPCo network to Djibouti may generate 721.8 million dollars and slash household
   energy costs

Prime Minister Meles Zenawi (left) and Djibouti’s President Ismail Omar Guelleh (right) lean over their chair towards each other during the inauguration of a hydroelectric power substation erected 12km west of Djibouti City on Wednesday, October 5, 2011, part of a 283km transmission line between the two countries. In what Meles called “another bond of brotherhood with [Ethiopia’s] special friend”, the 25-year agreement for the supply of electricity that is transmitting 35Mw now, is to increase to 50Mw. Find Out More.


NEWS
 
  MoFED to Draft TAX, VAT Law Amendment
 

The Tax and VAT proclamations are to be amended this year as the Ministry of Finance and Economic Development (MoFED) wants to see some provisions changed. Drafts of the two laws are among four, along with Mining Tax and Financial Reporting Proclamations, it is planning to send to the Council of Ministers.

 
     

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Karuturi to Fence Farm Half the Size of Addis

Karuturi Global Ltd. is to construct embankments around 25,000ht of farmland, half the size of Addis Abeba, in Gambella Regional State, at a cost of 15 million dollars, following its report of a loss of 15 million dollars due to flooding.

     

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Power Outages Creates Havoc for Clearing Houses

Power interruption at one of the busiest and largest, by volume, clearing houses for imported items in the country, the Addis Abeba Commercial Commodities Facilitation Branch Office of the Ethiopian Revenues and Customs Agency (ERCA) disrupted service for three days last week.

     

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Lion’s Profit not so Profitable to Shareholders

Lion International Bank (LIB) reported a modest increase in profit after tax of 43.7 million Br for the 2010/11 fiscal year; a 10.4pc increase from last year. However, the earning per share (EPS) shareholders would receive decreased by 12.9pc t0 4.4 Br per value of 25 Birr shares.

     

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Inexplicable Disease Afflicts 3,000 in Afar

A mysterious disease, which has infected approximately 3,000 people in Afar Regional State in the past three months, has medical professionals puzzled. Blood samples were sent to Senegal after an investigation at the Ethiopian Health and Nutrition Research Institution (EHNRI) failed to identify cultures grown here, according to sources in Afar.

     

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NIB to Sign Third Phase Risk Sharing Deal with IFC

Nib International Bank (NIB) and the International Finance Corporation (IFC) are to sign an agreement next week extending the risk-sharing arrangement they have had by another 10 million dollars. This will be the third phase of the arrangement.

     

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Nyala Motors Requests to Amend Charges against Ex Manager, Daughter

Nyala Motors SC has applied to amend the details of the charges it had brought against its late former general manager, Getachew Kebreselassie, and his daughter, Sehen (MD), for an alleged swindle of 21.1 million Br, claiming it had found new evidence.

     

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MoA, Turkish Co Sign 23.7m Br Lease for Cotton

The Ministry of Agriculture (MoA) has signed a 23.7 million Br land lease contract with Toren Agri Plc, a Turkish company, for large scale production of cotton at its head quarters at Asmera road on Monday, October 3, 2011.

     

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Coca Bottler Appeals 13m Br Tax Notice

East Africa Bottling SC (EABSC), bottler of coca-cola, has appealed to the tax appeal committee under the Ministry of Justice (MoJ) a decision by the Ethiopian Revenues and Customs Authority (ERCA) to pay 13 million Br in back taxes.

     

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Adama to Relocate Residence, Businesses for National Rail Way Network

Adama City Administration is to demolish around three factories and 1,000 houses to give way to the construction of the new national rail way network. One of the factories to be affected is Adama Corrugated Iron Sheet Factory.

     

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French Wind Co Sued for 50.4m Br

Vergnet, a French Company which was hired to install the first wind farm by the Ethiopian Electric Power Corporation (EEPCo), has been sued for 50.4 million by Hydro Construction & Engineering Co Ltd it had subcontracted.

     

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/INTERVIEW

America’s Call for Mutual Accountability

Perhaps the youngest of the 16 administrators USAID has had in its 50 years history, the 38-year old Rajiv (Raj) Shah is known for his determination to reform the world’s largest humanitarian agency. His USAID Forward initiative seeks accountability in the process of meeting the humanitarian needs of the world and measurable results in its undertakings. He, too, demands as much accountability from the partner agencies and aid recipient countries, including Ethiopia. Visiting Ethiopia last week, for the second time since his confirmation as USAID administrator in December 2009, Shah met with Prime Minister Meles Zenawi on Tuesday morning (October 4, 2011) where they talked for an hour. Shah briefed the Prime Minister on the “Feed the Future” programme, a 3.5 billion-dollar US initiative to address global hunger and ensure food security. Tamrat G. Giorgis, managing editor of Fortune, met with him briefly, after his meeting with State Minister for Agriculture, Wondirad Mandefro.

     

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/FEATURE

Shiro-Evolving from Essential to Exotic

People in Ethiopia have a strange kind of love-hate relationship with Shiro, a traditional sauce made from ground split peas and usually eaten with Injera. Even though most people have grown up on it, there is a prevailing notion that it is a common man’s meal - ordinary, economical and easy to prepare - and not a delicacy.

     

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/FEATURE

Power Load, Interruption Unloads on Businesses

In the hustle bustle of the city, with all the small businesses that line up the streets and situated in the nooks and crannies, Addis Abeba gives the impression that businesses are running smooth.

     

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