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EMERGING TO BRICs |
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Prime Minister Meles Zenawi has perhaps been a lone
politician in Africa in publicly going against
ideologies of the West. His preference of a
developmental state over the neo-liberal approaches
of the west has been in the making for the past
decade, albeit guardedly. While he held that belief,
there were indications that his government gave way
to the notion that the private sector could play a
significant role in the economic development of the
country. However, his belief seems to have
solidified, leaving the latter option behind and his
public statements bolder. His speech at the Sixth
African Economic Conference, organized by UNECA,
African Development Bank and the UNDP, under the
theme “Towards Green Economy” showed how far he had
come in that line of thought.
His opening speech titled “Green Economy and
Structural Transformation in Africa” indicated his
firm belief in the role of the state in development
and disregard for the ideologies of the west.
African infrastructural gaps cannot be solved by
limiting the state to building schools, clinics and
so-called social infrastructure, leaving the rest to
the private sector which actually created the
problem in the first place, according to Meles.
The Prime Minister believed that,
while domestic resource mobilisation was not as it
should be in Africa, additional resources for
infrastructural investment from Multilateral
Development Banks have reached a “dead-end” as a
result of the “ideologically driven neo-liberal
onslaught on African state.” Instead, he lobbied for
the continent as a whole to engage as a group with
emerging countries - Brazil, Russia, India, and
China - to directly access their savings for
investment in green infrastructure. |
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NEWS |
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Bidding for 1.3m tones Steel Factory Sees Nine Interest |
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The bidding process for what could be the first and
biggest steel factory, Tossa, with a capacity of
producing 1.3 million tonnes a year is under way
with nine international companies having shown
interest. |
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Eyessuswork Bows Out To Advise |
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It was an end of an era at United Insurance Company
(UNIC) as Eyessuswork Zafu, who has been the
president of the insurer since its inception in
1996, stepped down from his position during the
seventh extraordinary and 17th annual shareholders
meeting held in the Hilton Hotel on October 27,
2011. |
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Yaregal
Aysheshum, Family Assets Frozen over Allegation of
Corruption |
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Assets of Yaregar Aysehshume, MP and director
general of the Federal Cooperative Agency, have been
frozen by the Federal Supreme Court on October 20,
2011 following a request from prosecutors of the
Federal Ethics & Anti-Corruption Commission (FEACC).
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Nib Bank Profits while Shareholders Earnings Stays Same Due
to Capital |
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Despite registering a 246.4 million
Br profit after tax in the previous fiscal year, the
Earning per Share (EPS) of Nib International Bank
(NIB) stayed the same, hovering at 38pc. |
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Government Housing to Go After Contract Breach |
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The Government Housing Agency (GHA),
which administers government-owned houses in the
Addis Abeba and Dire Dawa city administrations, has
issued a new directive that penalises tenants who
are caught using government houses meant for
commercial purposes in breach of the contract with
the agency. |
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Central Bank Accepts Worku Lemma as Founding President if
Debub Global |
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The Central Bank has accepted the
election of Worku Lemma, former vice president of
Oromia International Bank (OIB) as the founding
president of Debub Global Bank (DGB). The National
Bank of Ethiopia (NBE) sent the letter of acceptance
to DGB on October 21, 2011. |
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Karuturi Denies Plan to Share Land with Indian Farmers |
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Karuturi Agro Products Plc had
refuted reports that the company subleased farm land
to Indian farmers, claiming instead that the Indian
farmers were hired solely for consultancy services.
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Upgraded Category “B” Taxpayers Give Authority a “C” |
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No different than the previous
meetings the Tax Authority has held with businesses,
a meeting with those upgraded from category “C” to
“B”, on Tuesday, October 25, 2011, was full of
complain and left participants frustrated. |
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Tax Authority Secures Finance to Assess Nat’l Potential |
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The World Bank (WB) has approved
approximately 11 million Br for the study of the
national revenue potential of the country,
commissioned by the Ethiopian Revenues and Customs
Authority (ERCA), Fortune confirmed. |
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Girmay of Askallucan Faces Charges for First Time after
Extradition |
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The hearing of the case against
Girmay Gebremichael, deputy manager of Askallukan
Trading Plc, who was extradited from Germany on July
29, 2011 after he was accused of fraud, has been
adjourned to November 30, 2011. |
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Adama Renovates Stadium for 20m Br ahead of All Ethiopian
Game |
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The Adama Town Administration has
awarded the renovation of its 30 years old stadium
with a projected cost of 20 million Br to Oromia
Water Works Enterprise. The renovation is being
undertaken to ready the venue for the All Ethiopian
Games to be held in March 2012. |
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Authority to Set Lab for Import Inspection, Levy Duty |
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The Ethiopian Revenues & Customs
Authority (ERCA) is to establish a customs
laboratory to be used for tariff classification of
imported items based on their chemical and material
composition. |
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Appeal Verdict in Quartet Tax Case Adjourned Fifth Time |
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The verdict in the appeal of Ayele
Debela, Gebrekidan Beyene, Lencha Zegeye and Kebede
Tesera, who have been imprisoned for engaging in
illegal banking, was adjourned by the Federal
Supreme Court for the fifth time on Friday, October
28, 2011, with judges reaching no decision. |
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Pittards looking to Farm Supplies for New Leather Factories |
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Pittards, a UK-based leather and
leather products manufacturing company, is to
venture into sheep farming following the opening of
three factories in the capital on Thursday, October
27, 2011. |
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/INTERVIEW
GUARDING GLOBAL BELLY
PLEASING PROGRESSES,
UNATTENDED PARADOXES |
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Appointed to his position by the
United Nations Secretary General Ban Ki-moon in 2009, David
Nabarro, special representative for food security and
nutrition, has brought over 30 years of experience to the
world body. Qualified as a physician, he has worked in Iraq,
South Asia and East Africa. Aside from serving in the
Department of International Development (DFID) of the United
Kingdom as director for human development, he has led the
World Health Organization’s (WHO) humanitarian response
initiative for three years. In this interview with a
partnership of African newspapers including Fortune, Sud
Quotidien (Senegal), Les Echos du Mali (Mali), Fraternité
Matin (Ivory Coast), Le Républicain (Niger) and
Afronline.org (Italy), he explains what the world body is
doing to resolve food insecurity and malnutrition across the
continent. The interview is facilitated by Joshua Massarenti
of Afronline and Getachew T. Alemu, OP-ED Editor of
Fortune. |
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/FEATURE
Feed In Tariff to See Final Revision by New Committee |
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The bill for the feed in tariff
proclamation which allows the private sector to engage in
power generation is to see a last revision by a committee to
be established by the Ministry of Water & Energy (MoWE) in
the coming weeks. |
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/FEATURE
Migrants Flock to the Middle East with Meagre Preparations
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As making a living and supporting
one’s self and family becomes more and more challenging in
Ethiopia, women go to great measures seeking employment
abroad. Without any knowledge of the country, women,
fearing the alternative, are confident and eager to be
domestic workers in places like Kuwait and Saudi Arabia, ... |
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/FEATURE
Second-Hand Shoes
First Choice for Customers |
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Second-hand shoe markets are rife in the city, with
customers choosing to buy worn in shoes rather than buying
new ones. There are those who choose to do so claiming to
find better qualities or for their cheaper price making
business for the vendors of the shoes, which are
contrabands, reports HRUY TSEGAYE, FORTUNE STAFF WRITER, as
he walks in some of the vendors and customers’ shoes. |
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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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