The Central Statistical Agency said this week that Ethiopia’s inflation rate climbed to 39.2 percent in July from a year earlier. 
Inflation accelerated from 38.1 percent in June, according to the agency. Food prices increased by 47.4 percent in July after rising 45.3 percent in the previous month, while the cost of non-food items fell from 27.9 percent to 27.8 percent, it said.
Add a comment Add a commentAl Brooge Securities Company, which acquired 75 percent stake in a Djibouti Oil Refinery, is set to invest 150 million dollars to increase its daily output, Husam Alameri, CEO of the company, said.
Alameri said that the acquisition deal had been concluded with investors from the UAE and Saudi Arabia. He said that the new owners would spend 150 million dollars to increase by 150 percent the refinery's current capacity of 40,000 barrels per day of Arabian Light Crude and Arabian Heavy Crude to 100,000 barrels per day.
The chief executive officer said that the next expansion phase would start in the six months period.
Add a comment Add a commentTigray to immediately launch an 11,000-metre first phase drill program at the Harvest project
Canaco Resources Inc. and Tigray Resources Inc announced last week that Tigray had received conditional listing approval from the TSX Venture Exchange, subject to usual listing requirements. When it is listed, Tigray will file the necessary election to become a public corporation as of the beginning of its first taxation year. 
Andrew Lee Smith, president and CEO of both Canaco and Tigray Resources said that the companies were endeavouring to fulfil the listing requirements as quickly as possible in order to facilitate the trading of Tigray shares on the TSX-V.
Add a comment Add a commentEthiopian Shipping Lines (ESL) made a 661.5 million birr profit during the fiscal year to 7 July 2011 nine percent more than its projection for the year.
Over the last quarter of the 2009/10 fiscal year, ESL made an unprecedented profit of 641.3 million birr, 154 percent of its projection for that fiscal year outperforming its projection by 56 million birr.
ESL transported 2.2 million tonnes of goods in the same year, below its projection of 2.5 million tonnes.
Add a comment Add a commentThe price of oil and other raw materials also fell sharply
The stock market plunged by more than 4 percent yesterday in its worst day in more than two years and investors flooded safe-haven investment alternatives, fearing that global economy may stumble into a new recession.
European markets have continued the steep share sell-off, with investors worried about both the eurozone debt crisis and the weak US economy.
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