2merkato

The African Union said today that it was considering taxes on air tickets, imports and insurance premiums to raise funds for the 53-member bloc.

The Addis Ababa based organisation said in a statement that contributions from partners and member states were no longer adequate, sustainable and reliable to meet the Union's growing financing needs. It said that such taxes would not only have a significant revenue impact for the AU, but would also be equitable and efficient.

Ethiopia has entered in to agreements with eight international companies which are going to explore for deposits of oil and gas in the country.

Ethiopia had signed 11 agreements for sharing profit from petroleum and one joint survey agreement with the eight companies, Ministry of Mines said yesterday.

The Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA) launched this week a new exporter’s guide as part of its business development and trade facilitation efforts to maximize the benefits of the country from the sector.

Eyesuswork Zafu, president of the chamber, said that the guide would be a useful partner to all exporters in Ethiopia.

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.