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Business : The Coca-Cola System Donates $1.4 Million USD for Hunger Relief in Kenya, Ethiopia and Somalia

August 13 Posted by: Dave | 13-08-2011, 16:45 |

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The Coca-Cola System Donates $1.4 Million USD for Hunger Relief in Kenya, Ethiopia and Somalia

The Coca-Cola Foundation, Coca-Cola's Central East and West Africa Business unit, and Coca-Cola's Africa-based bottling partners and employees today committed to donate KSh134 million (approximately $1.4 million USD) toward hunger relief efforts in the Horn of Africa. ‪‪ The grant will provide urgent humanitarian assistance through food, water, sanitation and health care services in Ethiopia, Kenya and Somalia.

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Latest News, Business : India-based Sara Cotton to farm in Ethiopia

August 09 Posted by: Dave | 9-08-2011, 12:09 |

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India-based Sara Cotton to farm in Ethiopia

India-based Sara Cotton Fibers Private Limited will invest $6.4 million, has it has raised through a mix of equity and debt, in order to fund its plans, to undertake cotton farming in Ethiopia and will produce 50,000 bales of cotton. (One bale = 180 kgs), which it will be selling to leading spinning mills in India, Pakistan, China, and Sri Lanka.

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Latest News, Business : Ethiopia coffee exports hit record high

July 28 Posted by: Dave | 28-07-2011, 10:48 |

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Ethiopia earned a record $841.6 million from the export of nearly 200,000 tonnes of coffee in 2010/2011, trade data showed on Wednesday, thanks to lower output from traditional giants Colombia and Brazil and higher demand from India and China.
Africa's biggest coffee producer intends to boost its agricultural output by 2015, raising coffee to 700,000 tonnes from 300,000 tonnes, under a five-year economic development plan launched last year.

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Business : Sara Cotton raises $6.4m for cotton farming in Ethiopia

July 27 Posted by: Bini | 27-07-2011, 01:56 |

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Coimbatore-based start-up Sara Cotton Fibers today said it has raised USD 6.4 million to initiate cotton cultivation in Ethiopia with a view to meet growing demand for the natural fibre in India. "The company has raised USD 6.4 million through a mix of equity and debt route to fund its overseas expansion plans in Ethiopia," Sara Cotton Fibers said in a statement.

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Latest News, Business : Ethiopia signs gas and oil contracts

July 22 Posted by: Dave | 22-07-2011, 12:34 |

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Ethiopia signs gas and oil contracts

Ethiopia has signed agreements with eight international companies that will
explore for gas and oil deposits across the country.[size=6][/size]
The Horn of African country’s Ministry of Mines on Tuesday said it had signed 11 petroleum profit sharing agreements and one joint survey agreement with the eight companies.

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Latest News, Business : Ethiopian bank registers record profits, announces Internet banking

July 21 Posted by: Dave | 21-07-2011, 11:57 |

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Ethiopian bank registers record profits, announces Internet banking

The bank has also reported profit in the past four years making it one of Africa’s most profitable financial institutions with a huge asset base. ECB which has about 400 branches reportedly has received around US$4 billion from Diaspora remittances and exports during the period under review. The financial institution loaned out US$3.6 billion during the same year to various private and government bodies. According to reports, the bank has also mobilised close to US$1.7 billion in deposits during the year bringing its total deposits to US$5.6 billion.

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Business : Inflation escalates to 38% in Ethiopia ahead of boost in public expenditure

July 20 Posted by: Bini | 20-07-2011, 12:50 |

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Annual inflation rate further soared to 38.1 percent in June from 34.7 percent a month earlier, the Central Statistical Agency (CSA) reported this week. This escalation in the cost of living that stands at another two year high could further be exacerbated by a public expenditure boost which has been flowing into the economy since July 8, an economist said.

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Business : Theo enters outsourcing market of Ethiopia

July 20 Posted by: Bini | 20-07-2011, 12:46 |

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Theo International Co. Ltd, a global company specialized in outsourcing, have inaugurated a new branch office in Ethiopia on Wednesday July 13, 2011. The opening of the company is expected to reduce costs incurred by international business people since they will be able to manage their imports from whereever they are without traveling abroad.

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Business : Ethiopia Earns Usd 175 Million From Gold, Tantalum Export

July 19 Posted by: Bini | 19-07-2011, 18:53 |

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Ethiopia Earns Usd 175 Million From Gold, Tantalum Export

Ethiopia earned USD 175 million from gold and tantalum exports in the 2010-2011 fiscal year ending June 2011. Mining licensing and supervision core process owner with the Ministry of Mines, Gebregzabher Mekonnen, told The Reporter that the country exported 187 tons of tantalum valued at USD 22.5 million and 3.6 tons of gold valued at USD 153 million in the stated period.

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Business : UPDATE 1-PwC to invest $100 mln in Africa, hire 8,000 staff

July 19 Posted by: Dave | 19-07-2011, 10:54 |

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UPDATE 1-PwC to invest $100 mln in Africa, hire 8,000 staff

Global accountancy firm PricewaterhouseCoopers (PwC) said on Monday it planned to invest $100 million in Africa over the next three years, a ringing endorsement of the poorest continent's strong growth prospects.
Dennis Nally, Chairman of PwC International, told a news conference in Kenya that the expansion plan, which will also mean doubling PwC's nearly 8,000 African staff over five years, was in response to foreign firms demanding more African coverage.

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Business : Indian firm to build sugar mill in Ethiopia

July 19 Posted by: Dave | 19-07-2011, 10:51 |

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An Indian company is planning to build a new sugar mill in Ethiopia, the east African nation that is attracting a lot of Indian investment and attention.
Razia Agro Industry plans to set up the sugar mill in the East Wollega zone of the Oromia Regional State in Ethiopia. A company official told a local newspaper that the Indian firm has secured 4,000 hectares of land for the sugarcane plantation and the construction of the mill. 'We have been cleaning the land and developing the farm,' the official said.

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Business : SEBI issues FATF money-laundering warning for 10 countries

July 19 Posted by: Dave | 19-07-2011, 10:07 |

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SEBI issues FATF money-laundering warning for 10 countries

After cautioning Indian markets about possible money laundering and terror-funding risks from Iran and North Korea, market regulator SEBI has issued a warning for funds from eight more countries, including Turkey and Ethiopia.
A similar warning could be issued soon by the Reserve Bank of India (RBI) to banks and financial institutions seeking caution in dealings with entities and funds related to the eight nations, which also include Bolivia, Cuba, Kenya, Myanmar, Sri Lanka and Syria.

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Business : Ethiopian Airlines is Africa's Most Profitable Airline for a third year in a row

July 17 Posted by: Bini | 17-07-2011, 02:04 |

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Ethiopian Airlines is once again Africa's most profitable airline, according to 2011 World Airline Report by Air Transport World (ATW). For Fiscal Year 2010 which ended in June, Ethiopian Airlines made a net profit of 121.4 million dollars, ranking it as the most profitable airline in Africa by far. Second place South African Airways made a net profit of 78.9 million.

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Latest News, Business : Ethiopia beer market hots up as Chinese group enters the fray

July 16 Posted by: Dave | 16-07-2011, 13:19 |

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Ethiopia beer market hots up as Chinese group enters the fray

Competition in Ethiopia’s beer market is set to intensify after the newly established Habesha Breweries embarked on the construction of a $30-million plant.

The company has awarded Chinese manufacturing giant Lehui Group a turnkey contract to build a manufacturing plant with a capacity to produce 300 000 hℓ a year, and plans to eventually expansion to 500 000 hℓ.

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Business : Kenyan tech firm to pour millions into Ethiopia

July 13 Posted by: Bini | 13-07-2011, 05:40 |

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This year is being dubbed as the year technology really takes off in Kenya and one major firm is coming to Ethiopia. “No other service sector is more upbeat at the prospects ahead than their peers in the IT field in Kenya,” Michael Macharia, founder and Chief Executive Officer (CEO) of Seven Seas Technologies said last Wednesday during a conference they organized to promote their company and gain new customers in Ethiopia.

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Putting Local Wealth to Work in Ethiopia
Putting Local Wealth to Work in Ethiopia Abebaw Gessese is a poultry farm owner in the rural town of Mojo, a few hours south of Ethiopia’s capital. Poultry farming, however, wasn’t always Gessese’s ...

Theo Gebre Selassie - a possible star of Euro 2012
Slovan Liberec and Manchester City are rarely mentioned in the same breath, but they have more in common than you may think. Last weekend, both sides secured league titles on a dramatic final day ...

Kuwait Military officer arrested for Kissing his Ethiopian Girlfriend
Military officer held for disgracing uniform KUWAIT: A Ministry of Defense officer was arrested at Kuwait International Airport by a fellow military man who caught him sharing an intimate moment ...

The 100 Most Creative People in Business 2012

Bob Marley Son Rohan Marley planning Wedding in Ethiopia
Supermodel Isabeli Fontana has revealed she and Rohan Marley are engaged. The 28-year-old Fontana and the 39-year-old son of legendary musician Bob Marley are considering tying the knot in ...

Egyptian delegation flies to Ethiopia to discuss Nile issues
A delegation from the Egyptian Water Resources and Irrigation Ministry left Cairo Tuesday for Ethiopia, where it plans to meet with state officials to discuss Nile issues, according to DPA news ...

Jennifer Lopez wants to adopt twin babies from Ethiopia
American Idol judge, jennifer Lopez, already has four-year-old twins Max and Emme with estranged husband Marc Anthony, but after working with siblings who had been adopted from Ethiopia after ...

Driba and Endris impress at Ethiopian Champs
Addis Ababa, Ethiopia – Newcomers Buze Driba and Muktar Endris were among the impressive winners in the women’s and men’s 5000m as the 41st Ethiopian Athletics Championships (May 9th-13th 2012) ...

Ethiopian Edao Weily wins Oxford's Town and Gown Race
A road race in Oxford has been won by an Ethiopian runner involved in a scheme to train East African athletes.

Mulatu Astatke honored at Boston music school
BOSTON — The largest independent college of contemporary music in the world has awarded honorary degrees to the Eagles and Grammy Award-winning country singer Alison Krauss at a ceremony in Boston.

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