- Ethiopian Telecommunication Corporation (ETC) awarded undersea fiber optic telecommunications cable installation project to SEACOM, the privately funded company with 77 percent African investors’ ownership.
The 47 Million USD contract signed on Thursday at the Sheraton Addis between the two companies will allow ETC to supply international broadband capacity via a link through Djibouti to its customers.
The agreement covers expanding a submarine cable with a capacity of ‘3,100 mega bites per second’ (20 STM-1), out of which the ‘2,480 mega bite per second’ (16 STM-1) of the total capacity will be utilized for commercial purposes and the remaining capacit…
- By Andualem Sisay
Somalia's transitional government signed an agreement with a powerful militia, Ahlu-sunah Wal-jamea, to fight back attacks of Islamic insurgents of Al Shabaab, which labeled as terrorist group by United States.
Sheikh Mohamed Dahir Hefow, the militia's head, signed the deal on Monday (March 15, 2010) with Somali finance minister Sharif Hassan Sheik Aden at the African Union's headquarters in Addis Ababa Ethiopia.
''It is a victory for peace and a cursed defeat for spoilers and extremist groups,'' said Somalia's Prime Minister Omar Abdirashid Ali Sharmarke.
The agreement gave the Ahlu-sunah Wal-jamea militia five ministries as well as diplomatic posts and se…
Microsoft has launched Internet Explorer 8 in Ethiopia in a bid to protect internet cafes users' details from being stolen. - The new product will address issues of security and safety on the net while surfing, according to the giant software company.
Internet Explorer 8, which was recently released, is the latest version of Microsoft’s popular Internet browsing software and has been designed specifically to make your online experience more secure.
“Internet Explorer 8 does open you up to a security minefield that you need to be aware of, particularly if you’re using a computer that hundreds of other people also have access to,” stated Emmanuel Birech, Develope…
South Africa's Standard Bank and the Organization of Petroleum Exporting Countries (OPEC) Fund for International Development (OFID) launched two unique African development financing initiatives. The first of the OFID/Standard Bank initiatives is a smallholder Risk Sharing Agreement, which is to work in support of the Agriculture Guarantee Fund Scheme. - The Bank launched this initiative in partnership with the Alliance for a Green Revolution in Africa (AGRA), Kilimo Trust, Millennium Development Agency, Ghana and the Millennium Challenge Account Mozambique (First Loss partners).
The objective the fist initiative is to make agricultural finance more accessible to smallholder farmers and S…
- By Andualem Sisay
Oromia Insurance Company (OIC), which joined Ethiopian insurance sector a year ago, announced that its total asset has grown from 28.8 million birr to 41.1 million (around 3.2 million USD at current exchange rate).
Presenting performance report of the company yesterday (January 26, 2010) at the Hilton Addis, the Board Chairman of OIC, Elias Genete said the company is growing at ten percent per annum as planned.
As strategy of strengthening financial capacity of the company, OIC has invested about half of its asset in various sectors. “So far we have placed 20 million birr in fixed time deposit in Oromia International Bank and Oromia Cooperative Bank. We also…
- By Andualem Sisay
The International Finance Corporation (IFC), which is a wing of the World Bank Group, has announced that it is to invest around 7.4 million USD in East Africa to support Small and Micro Enterprises and startup businesses.
According to media reports from Kenya, the institution will give the money to Fanisi Venture Capital Fund, which would focus on startups and small and medium enterprises in Kenya, Rwanda, Uganda and Tanzania.
The major objective of funding these projects is said to help address the lack of financial services that have held back Africa’s development.
Founded last year by the Norwegian Investment Fund for Developing Countries (Norfund) an…
- By Andualem Sisay
Ethiopian Airlines plane, which was flying from Beirut to Addis Ababa, crushed into the Mediterranean with 90 people onboard. The jet crushes into the sea shortly after take-off from Lebanese to Addis Ababa.
The crash was likely weather-related. Beirut has seen heavy rain and lightning since Sunday. Helicopters and naval ships were scrambled to find the plane.
The airline said that the jet (flight number 490) disappeared from radar screens shortly after takeoff from Beirut airport. 8 are crew while the rest are from various nationalities.
The statement of the airline from the website reads: "A team is already working on gathering all pertinent information," …
- By Andualem Sisay
Ethiopia, which has been in a severe electric power shortage few months ago, finally adds a new 420 Mega Watt hydro power station to its national grid, AfricaNews partner, www.newbusinessethiopia.com reported from Addis Ababa.
Ethiopian Prime Minister Mels Zenawi and Italian Foreign Minister Franco Frattini inaugurated today, January 13, 2010, Gilegel Gibe II Hydro electric power generation station.
Gilgel Gibe II is a continuation of Gilgel Gibe I project which involved the building of a conventional dam with 917 million m3 lake and is able to generate 184 Mega Watts of electric power. The new hydro-power station will increase the generating capacity of Ethiopia …
- By Andualem Sisay
Ethiopian Parliament is to pass a new law that will force government officials, employees and constituencies to register their wealth, www.newbusinessethiopia.com reports from Addis Ababa.
The idea of registering government officials, employees and constituencies’ wealth aims to protect the nation from corruption and embezzlement.
According to the draft bill, which is presented to the parliament on Tuesday, January 12, 2010, all government officials, employees and constituency should have to register all their wealth including financial and non financial properties such as loans and land and other properties.
The draft bill also allows anyone to tip to…
- By Andualem Sisay
A delegation led by president of the Islamic Development Bank Group Dr. Ahmed Mohammed Ali expressed the banks interest to expand its presence in Ethiopia and work closely with government.
While holding talks with Ethiopian Prime Minister Meles Zenawi, on Tuesday (January 12, 2009) IDB presidents said that the cooperation with Ethiopia will benefit both parties.
The president expressed belief that investors from member countries of the bank would be beneficiaries if they engage in investment activities in Ethiopia. He said the bank and members of the bank are desirous to work closely with the Ethiopian government.
Prime Minister Meles on his part indicated i…
- By Andualem Sisay
Despite the global financial crises, banking business in Ethiopia is booming. Five new banks are currently under-formation while the existing ones continue announcing profit increment every year, reports www.newbusinessethiopia.com
Hawassa, Debub Global, Enat, Addis Cooperative and Abay banks are offering shares to the public to join the promising sector. Two new banks, Birhan and Buna also began operation few months ago increasing the total number of banks in the country to 15, out of which three belongs to the government.
On the other hand, both state and private banks in the country do not seem to be affected much in the face of global financial crisis and…
- Leading business delegation of Egypt, Prime Minister Ahmed Nazif, arrives Addis Ababa on Tuesday, December 29, 2009 to boost economic ties between the two nations. The move is believed to ease the tension between the two nations over the Nile River.
"The issue of Nile should not be a barrier for Egypt and Ethiopia's relation and Egyptians are welcome to invest in Ethiopia like other countries' nationals," Prime Minister Meles Zenawi of Ethiopia said this morning during the press briefing held at the Sheraton Addis.
The delegation of 26 Egyptian agriculture companies led by Minister of Agriculture Amin Abaza, is now inspecting land proposed by the Ethiopian government for Egyptian i…
- By Andualem Sisay
Yetebaberut Beherawi Petroleum (YBP) Share Company, which is the first domestic company to start oil distribution in Ethiopia five years ago, announced that it is constructing 17 additional fuel stations in the country.
When the construction of the stations will be completed within a year, the total number of YBP fuel stations will reach 71. The company has now 12 percent market share of the country with some 21 million birr (1.6 million USD–today’s exchange rate) monthly total sales of oil and lubricants.
YBP’s annual profit for the year ended June 30, 2009 has increased by 33 percent compared to the previous year and reached 4.2 million birr …
Former Nigerian President Olusegun Obasanjo, is to invest in Hotel and tourism sector of Ethiopia and has since secured a 2,000 square meter of land near Bishoftu (Debre Zeit) town of Oromia Region called Ada. - The former Nigerian President has taken the land two months a go and he is now about to implement his investment on the land located 50 Kilometers east of the capital -Addis Ababa, www.newbusinessethiopia.com reported.
Obansanjo’s intention to invest in Bishoftu has come following the footsteps of Djibouti’s president, Ismael Omar Guelleh, who took 10,000 square meters of land last year to build holiday home in Bishoftu and also bought 3,000 square meters of land for …
Following the emergence of big local companies in Ethiopia, online marketing is becoming popular and widely used by promoters of the new companies under-formation and existing firms. - Banks, real estates, manufacturing companies are now choosing local online media websites to promote their business to reach potential investors for their idea of establishing strong globally competitive firms by offering shares to the public.
Habesha Cement Share Company and Access Capital Share Company are among those companies, which are formed and expanded their investments by attracting Ethiopians in the diaspora and foreign inventors using online marketing.
In Addition, Ayat Real Estate Share Com…
- By Andualem Sisay
The French and Ethiopian climate proposal appeared on the French Presidency’s website today is facing opposition from non governmental organizations and civil societies.
Some reacted with anger and disappointment to a joint appeal by France and “Ethiopia, representing Africa” for a so-called ‘Copenhagen Accord’ to result from the current COP15 negotiations being held in the Danish capital.
According to NGOs and Civil societies, the proposed accord ignores the latest science, fails to put forward greenhouse gas concentration targets that will be sufficient to prevent dangerous global warming, and makes a mockery of calls for sufficie…
- By Andualem Sisay
Some 160 Ethiopian migrants who had been stranded in Libya without travel documents repatriated on Tuesday by the International Organization for Migration (IOM).
IOM indicated that the 160 migrants boarded a chartered aircraft in the southern Libyan town of Sebha on Tuesday for a five-hour flight to Addis Abeba, where they were met and assisted by IOM staff.
The IOM gave each migrant around 585 dollars when they landed in Addis Abeba to help them "start income-generating activities as part of its voluntary repatriation program, the organization’s statement added.
"The program, set up in July 2006, has so far helped over 3,800 stranded and often destitute…
Africa will not allow its basic interests be trampled upon said Ethiopian Prime Minister Meles Zenawi, who is Africa's chief negotiator at the ongoing Copenhagen Climate Change Conference. The continent needs a successful outcome in Copenhagen more than anyplace else, he said at a farewell ceremony held at the National Palace over the weekend. - Meles said the climate change issue had become a matter of survival which had forced Africans to speak with one voice. Although it was premature to talk about the outcomes of the conference, Africa would leave stone unturned to ensure its benefits, he stressed.
The prime minister said Africa’s decision to speak with one voice and field one …
- By Andualem Sisay
The United States of America called on Ethiopian government to re-examine a law that limits foreign funding of human rights and pro-democracy groups. The US has also expressed concern over the recent closure of the country’s biggest privately owned newspaper-Addis Neger.
The law cutting foreign funding, which was passed in January, “will constrain rather than promote the long-term democratization, governance and stability of Ethiopia,” according to a U.S. Embassy statement e-mailed to reporters yesterday in the capital, Addis Ababa.
The U.S. criticism comes as political tensions in Ethiopia rise ahead of national elections scheduled for May, wh…
Telkom-Kenya requested the Communication Commission of Kenya to end Safaricom's monopoly over a 3G service provision in Kenya. CCK has to reduce the US$ 25 million 3G-license fee, which companies are required to pay to provide the service, according to Telkom-Kenya petition to the Commission. - It has indicated that the fee the Commission is asking telecommunications companies is prohibitive. In addition, it might frustrate the industry’s efforts to avail affordable communication services, given the costs involved in deploying 3G networks.
The operator is the second in many months to petition the industry regulator to review the 3G-license fee. Two months ago, Zain-Kenya said the h…
Critical water shortages continue to be reported in chronic water-insecure areas of Ethiopia, while food security situation in the central and northern parts improved, reports the latest World Food Program (WFP). - The weekly humanitarian report released Tuesday, indicated that critical water shortages continue to be reported in chronic water-insecure areas of Afar, Somali, Oromia, including Borena, East and West Hararghe zones and Tigray.
A United Nations Office for the Coordination of Humanitarian Affairs (OCHA) assessment mission between 23 and 28 November in Afar reports that the food security situation requires close monitoring.
The poor performance of the last two consecutive r…
- By Andualem Sisay
Nokia Siemens Network says there are lots of opportunities in Ethiopia to improve mobile services and introduce some value added services.
“We want to maintain our presence in Ethiopia and find opportunities to improve network efficiency and introduce other value added services and continue partnership with ETC. Ethiopia is a place where the growth is as currently, mobile penetration is somewhere around 3 percent,” Michael Maltusch, Nokia Siemens Network Ethiopia Representative, told Africanews.com.
According to the company’s representative, who have accomplished some 100 million euro networking projects in Ethiopia over the past few years, ther…
- By Andualem Sisay
The Jewish Agency confirmed that it would support bringing more than 8,000 members of the Ethiopian Jew community to Israel. The confirmation of the agency is taken as a significant victory by the lobbyists who were calling for the renewed emigration of the Falashmura (Ethiopian Jews) to Israel.
Jewish organizations in North America and the pro-Falashmura lobby in Israel have been pressuring the Agency and the Israeli government to reverse its decision to end the Falashmura emigration.
With the change of government eight months ago, they have begun to succeed. New Interior Minister Eli Yishai has already ordered the return of his ministry’s officials to Ethi…
- By Andualem Sisay
A new campaign of Sixteen days of activism Against Gender-Based Violence (GBV) in Ethiopia kickoff yesterday by the United States Agency for International Development (USAID) and its development partners.
At a ceremony organized in Addis yesterday, a sad story of girl of 11, in her presence, was also part of the program. This girl was raped by her step father and contracted HIV. Drama by Circus Ethiopia, and film on the issue as well as display of the works of associations were also part of the day.
According to WHO Multi-country Study on Women’s Health and Domestic Violence Against Women, 2005, rates of sexual abuse varies greatly around the world—wit…
- By Andualem Sisay
The Ethiopian Petroleum Enterprise (EPE) has cancelled a multi-million USD fuel bid for which some eight international oil companies were contesting for.
Local media reported that the enterprise took the move after deciding to negotiate with a potential oil company that may provide it the fuel supply with a relatively longer term credit option than current oil suppliers’ offer.
The enterprise cancelled the bid this week after it identified a certain oil company which, according to sources, has given the enterprise a green light to supply fuel with a relatively longer term credit facility, an offer the government is more than willing to accept in the face of …
