Published On  Jan 29,  2012






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Meeting of the minds


Two days before the 18th African Union Summit comes to a close, Meles Zenawi, prime minister of Ethiopia (left) and Jacob Zuma, president of South Africa (right) made a joint appearance at the New Partnership for African Development Heads of State and Government Orientation Committee meeting (NEPAD/HSGOC), held in the late morning of January 28, 2011. The committee chaired by Meles Zenawi is comprised of 20 member states from five regions of the continent.

The meeting had to take place at the old African Union (AU) Conference Hall, as inauguration of the new 100 metre-tall AU Headquarters took place later in the afternoon. The rest of the events at the summit, which commenced on January 23 under the theme “boosting Intra-African Trade,” will be held at the new building.

“Africa is now proclaimed as the most profitable region,” the South African president said at the meeting, as he presented a report on the impelementation of the Presidential Infrastructure Champion Initiative.

The initiative champions regional and cross-border infrastructure projects that help regional economic integration. One planned project is the Dakar-Ndjamina-Djibouti Road and Rail Project, which is an east coast to west coast corridor that passes through Ethiopia.


Controversial Karuturi to Go Public, Here


Karuturi Agro Products Plc, part of holding company Karuturi Glolabal Ltd, is planning to go public, floating 200,000 shares worth 1,000 Br each to local investors, once it gets the nod from its board of directors. The shares will be short-term, with a guaranteed annual return of 10pc in dividends.


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Ethiopia Hopes to Launch Construction of Three New Dams

Senior ministers at the Ministry of Water & Energy (MoWE) are planning to carryout feasibility studies on three additional hydropower plants to be built in the basin of the Abay (Blue Nile) River, whose combined power generation capacity is projected to be larger than the Grand Renaissance Dam, Fortune learnt.


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Banks, Divorcees Exempt from Inclusion in the Lease Regime

Plots under historical holdings are exempted from inclusion in the lease regime when transferred to third parties during bank foreclosure of collateralised properties or when assets are divided between a divorced couple, a draft regulation authored by the Ministry of Urban Development & Construction (MUDC) suggests.


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Taxman Collects 24b Br More than Last Half Year

The nation’s domestic tax mobilisation drive has seen increases during the last two quarters of the fiscal year, after tax authorities achieved phenomenal results, both in the capital and at the federal level.


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Coffee Exports Roasted in Turmoil Halve

Ethiopia’s flagship export item, coffee, has fallen into a troubling state of affairs after the nation’s exporters have failed to pack out even one fourth of the quantity expected to be sold in this fiscal year.


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Debre Markos to Get First High-rise

Ambassel Trading House Plc, one of the subsidiary companies under the umbrella of Endeavour, an endowment company affiliated with a member of the ruling coalition, Amhara National Democratic Movement (ANDM), is to build what will be Derbe Markos’s first high-rise in the town’s 140-year history.


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City’s Chamber Agrees to Transfer Private Sector Development Hub

Leaders at the Addis Abeba Chamber of Commerce & Sectoral Associations (AACCSA)have agreed to transfer the management of the Private Sector Development (PSD) Hub to the national chamber, beginning April 2012.


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Nib Bank Sides with Temenos for CORE Banking

The Swiss-based software developer and vendor, Temenos Group AG, appears to be marching undeterred towards dominating the market of the Ethiopian banking industry. It now has Nib International Bank (NIB), one of the last remaining banks not interfaced with the central bank’s National Payment System (NPS), as its latest client, the fourth bank to select Temenos for its installation of upgraded centralised, online, real-time, electronic (CORE) banking solutions.


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PTA Bank Nods Access Resorts Loan

Access Resorts is hoping to secure a loan of six million dollars from the Common Market for Eastern & Southern Africa (COMESA) Bank, a.k.a. Preferential Trade Area (PTA) Bank, to pay for the renovation and upgrading of Imperial Hotel, Fortune learnt.


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Traditional Gardening Morphs into Competing Landscape Design Business


With the emergence of a new class of Addis Abebans who have suburban luxurious villas, including the number of real estate properties, there emerges a new set of businesses that has never been taken seriously. A young breed of landscape designers are not only beautifying these homes, they are also making a good living out of it, discovers HADRA AHMED, FORTUNE STAFF WRITER.


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Sleek New International Hotel Makes Efficient Use of Smaller Plot


Exemplifying the urban facelift that Addis Abeba is experiencing, a place once known as Five Doors, in Kazanchis area, welcomes the official arrival of its newest neighbour. Radisson Blu Hotel, a chain owned by one of the largest international hotel groups, has opened its doors in time to welcome participants of the AU conference taking place next week, writes ELLENI ARAYA, FORTUNE STAFF WRITER.


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Students, Teachers Suffer from Delayed University Construction


Authorities at the federal government are keen to see and mention statistics that show increases in student enrolment in schools and colleges across the nation. Ironically, they may have the statistics the way they want, but not the graduates with the skills that the market demands. They come out from colleges that are pushed to their limits, reports MAHLET MESFIN, FORTUNE STAFF WRITER.


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Ethiopian Idol Judge Seeks Critique of Upcoming Album


Turning the tables, former Ethiopian Idol judge, Yeshi Demelash, asked an audience to comment on a handful of songs from her upcoming album. Her first effort, to be produced in cooperation with Adika Promotions and Events, will have to live up to a lot of expectations, she believes, writes Elleni Araya, Fortune Staff Writer.


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