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HELPLESS IN THE FACE OF NATURE’S REBUFF! |
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Haunted by a popular view that the state utility monopoly is
miserably failing the public in electric power provision,
last week witnessed a mass turn out of authorities in the
sector to a meeting with members of the media on Friday, May
9, 2007 in the company’s Sports Club at Mexico Square. These
officials were desperate to explain the factors that led to
power shedding and the efforts that have been undertaken to
economically and equitably distribute the power ....
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CBE
Sick Loans Drop to Record Low |
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For the first time in decades, the ratio of
non-performing loans (NPL) held by the state owned
Commercial Bank of Ethiopia (CBE) has been slashed
to below the internationally required amount of
10pc, disclosed a third quarter, un-audited report
of the Bank.
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24/7 Power for Exporters: Girma Orders |
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The Board of Directors of the Ethiopian Electric
Power Corporation (EEPCo), chaired by Girma Birru,
minister of Trade and Industry (MoTI), has
instructed the state utility monopoly to begin a
preferential treatment for companies engaged in
export, in a bid to provide them with
round-the-clock electric power supply. The Board
decided this on May 8, 2008, following concerns over
a potential failure to meet the nation’s export
target set by the Ministry. |
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Bureau
Slashes City Budget down to 3.9bn Br |
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The Finance and Economic Development Bureau of the
Addis Abeba Caretaker Administration has set a
budget ceiling for the 2008/2009 fiscal year that is
almost half of last year’s city budget, sources
disclosed. Officials of the Bureau informed heads of
the 61 agencies in the city administration that the
maximum capital and recurrent budget allocated would
be 3.9 billion Br.
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Agrostone Plant to Go South |
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Agrostone production, initially introduced by the
Housing Development Agency of the Addis Ababa City
Administration under the then Mayor, Arkebe Oqubay,
has expanded to the Southern Nations Nationalities
and Peoples Region (SNNPR). |
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Indian
Corporate Giant Eyes Rail Project |
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The Indian giant Overseas Infrastructure Alliance
Pvt. Ltd (OIA) has been lobbying top government
officials, who are board members of the newly
established Ethiopian Railway Corporation, in order
to get a multi-billion dollars railway project in
Ethiopia. |
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High Court Acquits Herry of Extortion Charge |
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The Federal High Court has acquitted Haregewoin
Teferi (Herry), a prominent businesswoman who owns
Cigar Lounge, from the charge pressed against her as
an accomplice in a money extortion scam. Judge
Dereje Eticha dropped all the charges against the
defendant on April 1, 2008 following a litigation
that took close to 17 months. |
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Upcoming New Year Bazaar in Master’s Hands |
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Master Film and Communication Plc has been awarded
the Addis Ababa Chamber of Commerce and Sectoral
Association’s tender to stage a bazaar during the
coming Ethiopian New Year at the Addis Ababa
Exhibition Markets Development Center. |
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UK Adamant on Protecting the Poor in Ethiopia |
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The largest aid (2.5 billion Br) from the UK
government for the 2008/2009 fiscal years will be
provided to Ethiopia through the Protection of Basic
Services (PBS), a programme adopted in the aftermath
of the May 2005 electoral crisis. While their
colleagues at the World Bank are contemplating
resuming Country Assistance Strategy, which is
basically a Direct ... |
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The World Bank to Holds Mixed Feelings |
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The World Bank is once again to start direct budget
support (DBS) to Ethiopia for three years spanning
July 2008 to June 2011. This support will be
implemented alongside its post-May 2005 election
adopted Protection of Basic Services (PBS) approach.
With its latest programme, a.k.a. Country Assistance
Strategy (CAS), the World Bank would not be in a
position to check where the funding goes. |
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Board Displays to Network Data Exchange |
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The Ethiopian Commodity Exchange (ECX), which
launched live trading on April 24, 2008, has
procured 11 price display screens at a cost of one
million dollars. |
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Bill to Disband Customs Police |
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A bill the Ministry of Revenues (MoR) tabled to
Parliament on May 7, 2008, in a bid to merge the
Ethiopian Customs Authority, the Federal Inland
Revenue Authority and the ministry is to disband the
customs police, often called Finance Police. The
task of preventing contraband activities, detecting
and apprehending criminal suspects would be given to
the federal police. |
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Revenue
Institutes Fall Short on Financial Target |
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The revenues sector institutes, the Federal Inland
Revenue and the Ethiopian Customs Authorities, as
well as the National Lottery Administration, have
collectively amassed a 14.19 billion Br net revenue
from tax and non-tax sources, customs tariffs and
lottery sales over the nine months of the current
fiscal year, according to the Ministry of Revenues’
(MoR) press release sent to Fortune. |
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Palm Trees Instead of
Jatropha for South |
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The Prime Minister advised an Israeli energy firm,
HLB Conatz Holding, which requested a 100,000hct
plot in South Omo Zone of the Southern Nations,
Nationals and Peoples Regional State (SNNPR), to
change its original idea of cultivating Jatropha
tree to palm tree development for bio-fuel
production, sources disclosed to Fortune. |
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New
Headquarters for World Bank |
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The World Bank is to move to new headquarters, in
Wessen Aweke Building, leaving its current head
office, found in Worbek Building, off Africa Avenue
(Bole Road). The Bank considered getting out of the
seven-storey structure, Worbek, which belongs to a
prominent coffee exporter, Workeshet Bekele, due to
the security concerns posed because the building is
situated along the road. |
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Repi, From Waste “Business” Site to Park |
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The Repi waste disposal site, located along the Ayer
Tena-Kality section of the Addis Ababa Ring Road, is
where the 29-year old Yohannes Matewos makes a
living. Born and raised in Shashemene, Yohannes came
to Addis in 2004 with dreams of becoming a garments
vendor. He sold an ox that he had got from his
father for 1,500 Birr and planned to use the money
as an initial capital for his dream business, in his
dream city, to live a dream urban life. |
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