Published On  Nov 20,  2011






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Raya Cancels Old Understanding Looks to New Direction for Turnkey

It was a joyous occasion for founders of Raya Brewery Eyessuswork Zafu (far left), Tsadikan G. Tensae (Lt Gen) (left) and Yemane (Jamica) Kidane (far right) as they sign a document with JN Blavier, CEO of BGI Ethiopia, for the sale of 75 million Br worth of equity in Raya. They all have reason to be happy as this agreement, which makes BGI the biggest shareholder with 25pc stake, brings the subscribed capital to 217.5 million Br, a few millions short of their target of a quarter of a billion Br.Find Out More Here.


Mugher, Messebo Ask Govít to Stop Importing Cement


Mugar Cement and Messobo Cement factories have sent letters to the Ministry of Finance & Economic Development (MoFED) requesting that the government hold import of cement claiming they can produce enough to meet its demand.


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Awash Bank Shuns Court Case during Assembly

The recent suit brought against Awash International Bank (AIB) by five shareholders was a taboo at its 16th annual general assembly held on Saturday, November 16, 2011, at Hilton hotel.


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Central Bank to Issue One-year T-bills through Auction

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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Trade Ministry Bans 16 Coffee Exporters from Exchange Floor

The Ministry of Trade has banned 16 coffee exporters from trading on the trading floor of the Ethiopian Commodity Exchange (ECX) on Wednesday, November 8, 2011, for failure to have their stocks audited by it.


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Flower Exports to be in Standard, Uniform Box

A total of five companies have applied to receive quality certification to produce the corrugated fibber board boxes set as a standard for packing and exporting cut by the Ethiopian Conformity Assessment Enterprise (ECAE).


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Import of 450,000tn Fertilizer to Arrive Next Week

A shipment of 450,000tn fertilizer supplied by Amropa Ė Ag, a Swiss based company, and Indiargo for 264.8 million dollars is to arrive next week. Out of this 250,000tn is Urea and the remaining Dap.


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Mapping Agency to Prepare National Cadastral Map

In an effort to prepare a national cadastral map, the Ethiopian Mapping Agency (EMA) put out an invitation on Tuesday, November 15, 2011, for companies to conduct aerial photography in digital format and photogrammetric processing in preparation of a base map of the country.


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Global Insurance Pays 4m Br for Automatic Inspection Facility

Global Insurance Company (GIC) has acquired a 4,182sqm plot in Akaki Kality District for eight million Br to install automatic vehicle inspection machine an commence its service in the two months.


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Dashen to Pay 104m Br for Two Branches

Dashen Bank signed two agreements worth 103.5 million Br with two companies for the construction of branch offices in Gondar, 738km north of the capital in Amhara Regional State, and in Dire Dawa, 515km east of the capital, on November 10, 2011.


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DMC Ordered to Pay 11.6m Br for to Two Oil Companies

DMC Construction Plc has been ordered to pay 11.7 million Br by the Federal High Court Ninth Civil Bench in the past two weeks after it lost two suits brought against it by the National Oil Company (NOC) and Liby Oil for issuing a cheque that bounced.


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Banks to Offer up to 2.7b Br Equity in Five Years

Following the directive by the central bank that raised the required threshold capital of banks to half a billion Br, the market is soon to be flooded with up to 2.3 million shares for existing banks, worth 2.7 billion Br in all. This is half of the total paid-up capital that private commercial banks have accumulated since the liberalisation of the financial sector in 1991.


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Decade-long Suit of NBE Ends with First Bank Liquidation

The first liquidation of a private commercial bank in Ethiopia is to occur, following the ruling of the Federal High Court Ninth Civil Bench in a suit brought by the central bank against Horn International Bank (HIB).


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Water Relief

Finally, the thirsty town of historic Harer has got water, after its residents waited for almost a decade. Yet, some part of the town is bound to wait for even longer due to lack of transmission pipelines...


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Palm Oil

In Abundance not stirring Consumers with Low Income

Palm oil supply and distribution controlled by the government which subsidizes it is in abundance. However, the availability of the cooking oil only in larger containers of 20- and 25-litre containers is leaving low income consumers raw...


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