2merkato

Ethio Telecom (formerly known as Ethiopian Telecommunication Corporation), now managed by a French company, made a record profit in the first year of the two-year contract.

The net profit has not been declared but sources at the telecom company say that it is likely to be higher than ever before.

The company had planned to make 9.9 billion birr and grossed 9.1 billion birr in the just ended fiscal year which is greater than that of the previous fiscal year by 2.1 billion.

Karuturi Global is planning to produce rice, maize and soybeans over 20,000 hectares of land in Ethiopia.

Karuturi, founder and managing director of the company, said that the 20,000 hectares of plantation would come up in the Oromia and Gambella regional states.

According to Karuturi, the 20,000 hectares of land is part of 100,000 hectares the company has leased from the government in 2009.

He said that the company had also planted a variety of crops like rice, maize and sugarcane in other regions of Ethiopia, besides planting roses on many farms.

A new study proposed that the 10 percent excise tax imposed on imported textile products be lifted.

The study also suggested that separate taxes be imposed on finished and partially finished textile products replacing the indiscriminate 35 percent tax.

The proposal was made following a study by the association of textile producers in collaboration with concerned government bodies.

Results of the study indicated that the association and the government had reached a common understanding that it was not right that all kinds of textile products should be taxed uniformly, Sleshi Lemma, director general of the Institute of Textile Industry, said.  

Ethiopian Airlines entered into a code share agreement last week with Asiana Airlines, the award winning South Korean airline, to enhance the growing cooperation with Star Alliance member carriers.

The Ethiopian Airlines said that the partnership between Ethiopian and Asiana would provide passengers of both airlines with greater flight options and better connections between Africa and Asia.