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Published On  Nov 13,  2011
   
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The Quiet Reshuffle!

The administration has reshuffled ministers around; but the manner in which it was done has been kept strangely quiet, taking followers of the administration of Prime Minister Meles Zenawi by surprise. Find Out More Here.


NEWS
 
 

Awash Bank Back in Controversy

 

It seems yet another controversy is brewing at Awash International Bank (AIB) just as one started a year ago that saw Leikun Berhau fired from the president ship and in legal battle is abating. Five shareholders have sued the bank at Lideta Federal First Instance Summery Procedure Court ahead of its general assembly to be held in the coming weeks.

 
     

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Ministry to Sign Exploration Agreement with South West

The Ministry of Mines (MoM) is to sign a Petroleum Production Sharing Agreement with South West Energy (SWE), an Ethiopian company registered in Hong Kong, on concession of Gambella Basin located southwest of Ethiopia.

     

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Loan Approval of $60m for Bole Stands at Committee

The loan agreement of 60 million dollars with the Export - Import Bank of China for the construction of the road from Meskel Square to Bole Ring Road Roundabout tabled to Parliament on Monday, November 7, 2011, has been sent to the City Development & Construction standing committee for comments. 

     

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All Round Increase Sees Wegagen top Industry in Paid Up Capital

Wegagen Bank’s increase of 44.7pc in profit after tax saw an increase of Earnings per Share (EPS) by 17.9pc from 380 Br to 448 Br per share in2010/11 fiscal year. Following this announcement, shareholders of the bank approved a cash dividend amounting 37.3 million Br at the 18th general assembly meeting held at Hilton Hotel on November 5, 2011.

     

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Ministry to Host Electricity Resources Database for Public

Following the completion of the first phase of the Energy Sector Mapping & Database Development (ESMAD), the Ministry of Water & Energy (MoWE) is to install two servers to host the national database and make it available to the public.

     

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New Flower Export Measuring sees Trail on Seven

The draft directive that changes the unit of measurement of exported cut flowers from stem count to weight measure, which was met with outcry from those in the sector, is being tested for a fortnight, on select exporters, starting Friday, November 11, 2011, before it is passed.

     

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Pan-African Exchange Plan Sees Mixed Reception

The idea of a Pan-African Exchange is being promoted by Bourse Africa Limited (BAL), a Botswana-based exchange, including at the International Convening on Commodity Exchanges in Africa, held in Addis Abeba, for two days starting on November 8, 2011.

     

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Supreme Court Ends Brothers’ Nine-year Dispute

A dispute between two brothers, Kaleselassie Belay and Dileadergachew Belay, over a loan of four million Br, that involved the administration of a five-storey building, has come to an end at the Federal Supreme Court after nine years, with a ruling in favour of Kaleselassie.

     

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Women Lawyers Denied Access to Foreign Funds

The Ethiopian Women Lawyers’ Association’s (EWLA) request to the Federal High Court Eleventh Civil Bench to release 8.6 million Br that is being blocked by the Ethiopian Charities & Societies Agency (ECSA) Board was denied on October 28, 2011.

     

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/FEATURE

Damaged, Outdated Traffic Lights Signal Need for Citywide Solution

It may come as a surprise that Addis Abeba even has 28 sets of traffic lights. Certainly, a much smaller number of them can be seen in operation. With people’s time and safety at risk, the city is in the midst of choosing a company that will upgrade the capital’s traffic regulation system with synchronised signals, writes MAHLET MESFIN, FORTUNE STAFF WRITER. Until then, traffic police will have to deal with the exhaustion of regulating traffic manually.

     

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/FEATURE

New Third Party Insurance Elusive as Deadline Approaches

The new compulsory Vehicle Insurance Against Third Party Risks (VIATPR) brings a mix of pros and cons to vehicle owners, writes ELLENI ARAYA, FORTUNE STAFF WRITER.

     

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/FEATURE

Tutoring Industry Soars

CREATING EMPLOYMENT FOR RECENT GRADUATES

Recent additions to the billboards posted around Addis Abeba are advertisements, big and small, announcing the availability of tutor services. Some of them have catchy names like “B-smart” while many simply have phone numbers along with the announcement.

     

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