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INTERDEPENDENT!
 EEPCo network to Djibouti may generate 721.8 million dollars and slash
household
energy costs |
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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. |
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NEWS |
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MoFED to Draft TAX, VAT Law Amendment |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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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