- By Andualem Sisay Two Ethiopian private banks, Dashen Bank S.C. and Zemen Bank S.C, today (September 22, 2010) announced linking up of their ATM networks. The customers of one bank will be able to fully utilize the ATMs of the other bank. This will allow Dashen Bank customers to have the ability to withdraw cash from Zemen Bank ATMs, while Zemen Bank customers will similarly have access to their accounts at all Dashen Bank ATMs. The agreement means that customers of the two banks will have the benefit of accessing a combined network of 80 ATMs across the country, newbusinessethiopia.com reported. Both Banks have also agreed to collaborate on the provision of VISA card services,…

A new deal is set to enable Ghana cocoa farmers to receive timely payment for their crop, and allow them to make important purchases to re-invest in their farms. - The Ghana Cocoa Board signed the transaction with Standard Bank as one of the joint mandated lead arrangers; the others are ICBC, Credit Agricole, Ghana International Bank and Sumitomo. Stanbic Bank Ghana, a member of the Standard Bank Group, confirmed that a record number of commitments have been secured for Ghana Cocoa Board’s 17th annual pre-export finance facility (COCOBOD). The transaction was oversubscribed at US$1.834bn, and the Borrower increased the facility size to US$1.5bn. A total of 28 banks, including th…

The National Bank of Ethiopia (NBE) announced today that it has devaluated the national currency of the country (birr) against major international currencies by about 20 percent. - One US dollar which was equivalent to 13.62 birr will be exchanged at 16.35 Ethiopian birr as of today (September 1, 2010). The measure taken by NBE is expected to make import expensive and result in increasing prices of imported goods, reported newbusinessethiopia.com from Addis Ababa. The announcement followed Ethiopia’s government Growth and transformation plan, which attempts to make the industrial sector lead the economy after five years by substituting imported goods. In a meeting Prime Minister…

- By Andualem Sisay The Ethiopian Revenue and Customs Authority set to increase government revenue for the fiscal year 2009/10 (July 8, 2010 – July 7, 2011) by 52 percent from last year. Director General of the Authority, Melaku Fenta told media this morning (August 12, 2010) that the total annual government this fiscal year, which started July 7, 2010, will reach 54.1 billion birr (around 4 billion USD at prevailing exchange rate). “We will attain our target by expanding our successful previous year achievements,” Melaku said. “We will also continue including businesses to the existing tax system of the country as well as identify various tax items and co…

- By Andualem Sisay Prime Minister Meles Zenawi vows to complete the Gilgel Gibe III hydroelectric dam construction at any cost as previously scheduled, reported newbusinessethiopia.com. Briefing local media in his office this morning (August 11, 2010), the Premier stressed that nothing can stop the Ethiopian government from completing the project on schedule, even if organizations like Survival International and other are trying lobby the international community not to provide loan to the dam construction. Survival International in its report released August 9, 2010, indicated this week that Gibe III hydroelectric dam construction is threatening the survival of tribes along the Om…

- By Andualem Sisay Following approval received at shareholder meeting last week, Nyota Minerals Ltd. (NYO.AU) announced yesterday, June 14, 2010 that it acquires 80 percent interest in land package totaling over 4,500 km2 of highly prospective exploration site in Ethiopia. The tenements (explorations sites) are located to the north of the Tulu Kapi project and exhibit the same major geological structures thought to control mineralization at Tulu Kapi. Nyota has issued 20 million shares to the vendors; the company also plans to make cash payments to the two vendors of GBP 60,000 in total upon completion of the tenement granting process. Tenements are proceeding through the final…

The United Nations Center for Trade and Development (UNCTAD) advised the continent to watch its step and take advantage of South-South Cooperation (SSC). - In its new report launched in Addis Ababa this afternoon, June 17, 2010, recently Africa is changing its trade partnership from the Northern states to the South, reported newbusinessethiopia.com from Addis Ababa. Africa’s new form of South-South Cooperation with mainly China, India and Brazil has dramatically increased over the past few years, noted the report entitled, ‘Economic Development in Africa Report 2010’. Africa’s total merchandise trade with China increased from 25 billion USD in 2004 to 93 billion…

- By Andualem Sisay Trade privileges of Europe Everything But Arms (EBA) and African Growth Opportunity Act of the United States (AGOA) are not stopping Ethiopia from shifting its historic economic partnership with the West to the Eastern block, new report reveals. According to Ethiopian Macroeconomic Report 2010, released by Access capital Services Share Company over the weekend, the fast-growing eastern countries mainly Middle East, India and China (MICs) has recently become major sources Ethiopia’s import and foreign direct investment. Even though the West, historic economic partner of Ethiopia, are now able to retain its dominant role in exports and tourism, ultimately MICs…

- By Andualem Sisay Continuing its investment on electric power projects, Ethiopia inaugurated today (May 14, 2010) Beles hydroelectric power generation plant, which will be the third hydro power plant the East African nation inaugurated in one year. The country spent a total of 7.1 billion birr (around 500 million USD) on Beles Hydro power plant, which has four turbines with power generating capacity of 115 MW each and built on Lake Tana, source of the Nile River. The government announced that it has completed Beles project with out external borrowing, reported newbusinessethiopia.com from Addis Ababa. The new plant has the power generation capacity of 460 MW and after generating…

The G-20 June summit host Canada invited Prime Minister Meles Zenawi of Ethiopia and Malawi's president Bingu Wa Mutharika to represent Africa at the upcoming summit. The Ethiopian has been chosen for a second time to represent Africa in its climate change negotiations with the developed countries. - Mutharika is accompanying Meles as the current chairperson of the African Union. Canada announced that leaders of Ethiopia, Malawi, the Netherlands, Spain and Vietnam as special invitees who will join leaders of the permanent members of the 20 industrialized and developing countries at the June 26-27 summit. The G20 includes 19 other countries including Argentina, Australia, Brazil, B…

- B[b]y Andualem Sisay The 20th World Economic Forum on Africa concluded in Dar es Salaam with a call to end the continent’s marginalization. Africans must believe in themselves and “be the change the y want to see” was a message that resonated across the Forum’s sessions and private meetings. President Kikwete of Tanzania reminded participants at the closing plenary that the smallest share of global exports comes from Africa – just 3.5%. “Africa remains predominantly a primary producer and importer for industrial use. We produce what we don’t consume and we consume what we don’t produce,” he said. “This cannot continue.…

- By Andualem Sisay After the world celebrated three days ago, Ethiopian media professionals and media owners today (May 6, 2010) observed the world Press Freedom day by conducting a day-long workshop at the Hilton Addis. The event gathered journalists both from private and state media and invited guests such as parliamentarians, scholars and representatives of civil society and associations. Papers that show both the good and bad sides of Ethiopian press situation are presented at the workshop. Even though Ethiopian constitutions and press laws guarantee press freedom, other rules and laws such as anti-terrorist and election coverage rules are eroding the press freedom of the countr…

Sharia banking products have been launched in Tanzania by Stanbic Bank Tanzania, a member of the Standard Bank Group. - Shariah banking is a system of banking that is consistent with the principles of Islamic law. In practice, it prohibits the payment or acceptance of interest fees for the lending and acceptance of money. Standard Bank has engaged the services of an independent Sharia council to approve product and ensure that all the banks Sharia activities are fully compliant, according to News Business Ethiopia. It also prohibits Muslims from investing in businesses that provide goods or services that are considered contrary to the Islamic principles. In practice, Islam prohibits th…

- By Andualem Sisay Addis Ababa is to host the first Ethiopian financial exhibition, which is expected to gather most financial institutions in the country reported New Business Ethiopia from Addis Ababa. Organizers of this first ever financial exhibition Ethio-Finance Expo I 2010, disclosed today (April 22, 2010) that the long awaited exhibition focusing the financial sector in Ethiopia will take place from July 1st – 4th 2010 at the Exhibition Center. The exhibition will take place under the motto of “Expanding Opportunities. “Despite the ever growing trend of the financial sector represented by banks, insurance companies, saving credit associations and micro…

African Capacity Building Foundation (ACBF) Executive Secretary Dr. Frannie Leautier indicated that Ethiopia has decided to be a member of the foundation. - The executive secretary made the statement after meeting with Ethiopian Prime Minister Meles Zenawi in Addis Ababa, reported New Business Ethiopia. Ethiopia will be the 44th African nation to join ACBF, which was established in 1991. The minimum fee for African country to be a member of the foundation is $250,000 for one strategic season, according to Dr. Frannie Leautier. Even though, Ethiopia was not a member of this foundation, the Ethiopian Economic Association and Ethiopian Development Research Institute have benefited from …

- Ethiopian government has revised its agricultural land lease price, which has been attracting many investors for the past years, reported New Business Ethiopia from Addis ababa. Government believes that agricultural land in the country was not getting proper value and protection. The directorate has now prepared revised agricultural land lease price and expect that it will soon be approved by the government. According to the information New Business Ethiopia obtained from Ethiopian Ministry of Agriculture, the new lease price takes into consideration the distance of the farm to Djibouti port, Port Sudan and central market – Addis Ababa. According to the Agricultural Investm…

- By ANdualem Sisay Ethiopia’s this fiscal year six month export earnings increased by 22 percent as compared to last year's similar period. Amid this income increment, the export earning trend statistics obtained from the Ethiopian Revenue and Customs Authority tells that it is still difficult for the country to meet its target of earning over 2 billion USD at the end of the budget year (July 2010). The country earned a total of 783 million USD from September 2009 to February 2010, which more by 142 million USD compared to the previous year’s six month period (September 2008 to February 2009). More foreign exchange earning is observed in the month of February 201…

Ardent Energy Group Inc, a Nevada Corporation with a branch in Ethiopia engaged in a biodiesel fuel development announced that it is going to outsource its farming project in Ethiopia to farmers. - “We decided to change our business model from owning and managing our own farm operation to working with multiple farmers in Ethiopia,” said Yemane Daniel Gezahegne, AEG’s chairman and Chief Executive Officer. He said that the current development in the biodiesel feedstock sector is rapidly changing with science and technology. This development has prompted the company to look at its business model and adapt to the change. “Due to the revision of our business model th…

- BY AfricaNews Monitoring Team New Business Media and Communications PLC, which recently joined Ethiopian private media arena to publish a daily English newspaper New Business Ethiopia, launches basic online journalism training program for Ethiopians. The theoretical and practical journalism training is said will enable the media house to have correspondents and freelancers in every part of Ethiopia. The media plans to train and recruit interested Ethiopians living in different regions of the country as freelancers and correspondents. "The main objective of this online basic journalism training is to train Ethiopians who have passion for journalism on how they can write news, ar…

The Ethiopian Parliament has passed a bill that will force government officials to disclose and register their assets. - The first draft bill for Disclosure and Registration of Assets was presented to parliament in mid-January. It requires that all government officials, employees and constituency must register all their wealth including financial and non-financial properties such as loans and land and other properties within 180 days of assuming office, according to newsbusinessethiopia.com. The responsibility to register the property is given to the Federal Ethics and Anti-corruption Commission. The bill also states that all the registered property of government officials, employees a…

The Office for Ethiopian Government Communication Affairs (OEGCA) has criticized the recent Human Rights Watch's (HRW) report. - The statement, which labelled HRW as ‘mercenaries of neo-liberal extremist forces’, said that Ethiopia cannot be deterred from pursuing democratic and development path by series of pressures of organizations such as HRW. OEGCA stated that any attempt intended to rock the nation whenever there is an election and any attempt being made to manipulate the country by mercenaries of neo liberal extremist forces would be futile. The statement said the government has tried to create an opportunity to the people of the Human Rights Watch to discuss wa…

- By Andualem Sisay Researchers at the Ethiopian Economic Association (EEA) advised Ethiopian policy makers to revise the existing national energy policy to overcome the current energy crises. This is indicated yesterday (March 24, 2010) during the launching of annual Ethiopian economic report published by EEA, reported newbusinessethiopia.com from Addis Ababa. “The energy policy which was adopted in 1994 is inadequate to address the increasingly complex challenges and the unprecedented energy demand growth of the economy,” says Mengistu Tefera, who participated in depth analysis of Ethiopian energy sector entitled, ‘Development, Prospects and Challenges of the En…

- 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 minis…

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, Dev…

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 …

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 …

Hunger in Africa is worsening and globally a total of 29 countries are now suffering from food shortage, the 2009 Global Hunger Index said. In Africa, the DR Congo scored the worst, followed by Burundi, Eritrea, Sierra Leone, Chad, and Ethiopia. Hunger remains distressingly high throughout much of Sub-Saharan Africa. - The report said Sub-Saharan Africa has made the least progress in combating hunger, with only a 13 percent decline in its score since 1990. These countries have alarming or extremely alarming levels of hunger, and thirteen countries have actually seen increases in their hunger levels since 1990, according to the index sent to AfricaNews and calls on the need to address gen…

One of the world's most invasive diseases has put in danger the lives of 30 million Africans, health scientists have said. The disease has established itself in half of the banana-growing regions of sub-Saharan Africa; worsening food security of Africans whose primary source of food is banana. - Bacterial wilt banana disease in Uganda spreads out to neighbouring Eastern Africa while the banana bunchy top disease spreads through Malawi into southern and central Africa. “I am very shocked to discover the extent of the banana bunchy top disease in sub-Saharan Africa and how little attention it has received! It does not reduce yields; it completely eliminates yields destroying pr…

Sudan President Omar al-Bashir, is visiting Ethiopia to attend the Ethio-Sudan High-level joint commission meeting. The meeting will be presided over jointly by the leaders of the two countries. The ICC has issued an arrest warrant against al-Bashir but so far he has snubbed the order by the court. - This will be al-Bashir’s fourth international travel after ICC issued an arrest warrant for war crimes and crimes against humanity committed in the strife-torn Darfur region last month. Despite being accused of crimes against humanity, al-Bashir was able to attend Arab Summit in Quatar at the end of March and has taken on the role of the thorn in the ICC’s side. His non-complianc…

U.S. Navy snipers on Sunday opened fire and killed three Somali pirates holding an American Captain Richard Phillips at gunpoint. He was in "imminent danger" of being killed before the operation authorized by President Barack Obama, Vice Adm. Bill Gortney of the US navy said. - The unarmed container ship, the Maersk Alabama, was the first American vessel to be captured in a wave of pirate attacks off the Horn of Africa, one of the most notoriously lawless stretches of international waters. Phillips had been held by pirates, three of whom were killed in the Navy rescue operation, since Wednesday when they boarded his cargo ship. Gortney said the pirates were armed with AK-47s and…

Ethiopia, the African Union and South Africa have vehemently opposed the International Criminal Court (ICC) decision to issue a warrant for the arrest of Sudanese President Omar al-Bashir. Ethiopia's Ministry of Foreign Affairs stated on Thursday the decision is not in the interest of peace. - Both Sudan and Ethiopia are not signatories of the ICC. Ethiopia indicated that the measure taken by the ICC is dangerous. “It will not advance the cause of justice, human rights and humanitarian concerns in Darfur or in the rest of Sudan as a whole. In short, the decision of the ICC is not wise, prudent and constructive. It is, in fact, dangerous,” said a statement of Ethiopia…

Even though it has been over a year since Ethiopia began implementing the 'One Laptop per Child' (OLPC), the program may not continue due to lack of funding. The programme is said to have distributed some 5,000 laptop computers to children from second to eight grades in that country last year alone. - Though the government of Ethiopia and the society have shown support to OPC’s implementation in Ethiopia, the furtherance of the program, which distributed 5,000 laptop computers to children from second to eight grades last year, is facing financial constraint. “In Ethiopia, we donated laptops because while the political will and grassroots support are strong, funding …

The global financial crisis is hitting poor countries hard including Sub-Saharan Africa, Managing Director of the International Monetary Fund (IMF) Dominique Strauss-Kahn stated. - “After hitting first the advanced economies and then the emerging economies, a third wave from the global financial crisis is now hitting the world’s poorest and most vulnerable countries,” said Strauss-Kahn at the launch of a new IMF study, entitled “The Impact of the Financial Crisis on Low-Income Countries.” “This puts at risk the major achievements of higher growth, lower poverty, and greater political stability that many low-income countries have made over the past deca…

Ethiopia needs to install stock market to attract more international companies and fuel its rapid growth a leading stockbroker, Jonathan Auerbach, has said. He said: "Big international companies usually invest through stock exchanges." - Auerbach: “Ethiopia would be the most attractive investment destination in Africa, if it had a stock market and one could invest in Ethiopian businesses as cheaply as people are now investing through private transactions. Letting the private sector develop the capital market would lead to more transparency and more capital allocated to fuel Ethiopia’s rapid growth.” He adds that international investors will continue to invest …

The 12th African union summit has been extended as African leaders failed to reach consensus on the formation of United Government of Africa. Gaddafi walked out of the closed meeting without saying anything, the other leaders left after midnight with an agreement to resume debate later in the day. - The 53 members were meant to wind up their three-day summit, the dispute widened as they debated a report on how to reform the continental body. "He understood that he lost, that is why he left like that," said one African diplomat. Libyan leader Moamer Gaddafi’s drive to create a "union government" for all of Africa has instead heightened divisions on the continent,…

Libyan leader Muammar Gaddafi has been elected as the new chairman of the 53-nation African Union. He was elected by delegates at the AU summit in Ethiopia on Monday. He was widely tipped to get the node but some members of the union were said to have expressed their misgivings about his nomination. - The 12th Au heads of states summit kicked off in Addis Ababa, Ethiopia prioritizing the issue of forming the Union Government of Africa. Leaders of more than 40 African countries including the new Somali’s Transitional Government President, Sheikh Sharif Ahmed convene for three days on major African issues with a theme, “infrastructure development in Africa”. Sheikh Sha…

United Nations Messenger of Peace with a special focus on ending violence against women has been conferred on Academy award-winning actress and activist Charlize Theron of South Africa and United States on Monday. She was awarded for her stewardship in helping deprived children through her project. - Deputy Secretary-General Asha-Rose Migiro, on behalf the Secretary-General Ban Ki Moon presented her with the symbolic pin with the dove on it at the Headquarters ceremony. In selecting Theron, the Secretary-General said: “You have used your voice, compassion and special relationship with the public to create a better world. I am convinced you would be a persuasive and powerful Messenger …

Kenya has decided to contribute one battalion of about 800 to 850 troops to African Mission in Somalia (AMISOM). This was indicated during the 13th extraordinary session of the Inter-governmental Authority for Africa's Development (IGAD) Ministers on Somalia held in Addis, Ethiopia on Tuesday. - Seyoum Mesfin, Minister of Ethiopian Foreign Affairs and current Chairman of EGAD announced the news after the end of a closed session of EGAD Ministers. The decision of Kenya is believed to strengthen the AMISM peacekeeping force in Kenya and accelerates the withdrawal of Ethiopian forces from Somalia. Kenyan President Mwai Kibaki last month noted the contribution made by the governments an…