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Inflation Rises to 38.1% in June

Central Statistical Agency said yesterday that Ethiopia’s inflation rate hit to 38.1 percent in June up from 34.7 percent the previous month driven by higher food prices a rise in the prices of wheat, maize, barley, meat and potatoes among other items.

Food prices rose to 45.3 percent in June after rising 40.7 percent in the May, according to the agency.

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Ethiopian's Boeing 787 to Arrive in March

Ethiopian Airlines's Boeing 787 Dreamliner aircraft is scheduled to arrive in March next year, Fikre Degife, the airlines's area manager for China said on Thursday. The Dreamliner will be deployed on long direct flights including a new destination in China.

Boeing was supposed to deliver in December four of the ten 787s Ethiopian had ordered according to Fikre who said that the arrival in March was confirmed.

Ethiopian launched a new flight to Hangzhou on 3 May 2011, its fourth destination in China next to Guangzhou, Beijing and Hong Kong.

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Ethiopian’s Revenue Grows by 40 Percent

Ethiopian Airlines announced that its annual revenue had grown by 40 percent in the 2010/11 fiscal year which ended on 7 July 2011. The airline made it in spite of airplane fuel price hike, Tewolde Gebremariam, CEO of the carrier, said.

According to Tewelde, the number of passengers Ethiopian carried in the 2010/11 fiscal year has also grown by 34 percent. 

Ethiopian Airlines flies to 63 destinations around the globe and to 17 destinations locally. According to Tewelde, flights to Banguwi, Hanju, Malacal, Milan and Muputo were launched in the fiscal that just ended. 

The fuel price hike has claimed 41 percent of the airline’s expenditures according to the ailines’s CEO.

Source: Walta Information Centre

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Acazis to Increase Capital at a 1:2 Ratio

Proceeds of increase to expand Acazis's peanuts cultivation in Ethiopia

The board of ACAZIS AG has decided, with the consent of the Supervisory Board of Directors, to raise the company’s share capital by issuing up to 3,136,314 new shares. The current share capital will therefore grow from €1,568,157.00 to €4,704,471.00 in exchange for a cash contribution.

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