Latest Business Alerts

Chinese Shoe Factories Eye Ethiopian Market

Chinese shoe factories told Prime Minister Meles Zenawi on Friday that they were interested in investing in Ethiopia. Zan Guha Rang, president of Hu Han Zangur, a shoe factory producing 15 million pairs of shoes a year, said, that it was looking for markets in Africa, particularly in Ethiopia.

The Prime Minister, during his five-day visit to china, assured the Chinese investors that Ethiopia would support prospective Chinese investors. Representatives of various Chinese companies spoke with the Prime Minister about their intentions to invest in Ethiopia.

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Businesses throughout Ethiopia to Use Sales Register Machine

VAT registered businesses throughout Ethiopia are going to start using cash register machines like those in Addis Ababa.

Officials in the Tigray Regional State started this week enforcing the use of cash registration machines the Ethiopian Revenue and Customs Authority (ERCA) said. The Amhara, Oromia and SNNP regional states are preparing to begin using the system.

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Inflation Rate Rose to 39.2% in July as Food Prices Increased

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.

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UAE Firm to Expand Oil Refinery in Djibouti

Al 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.

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Tigray Resources Receives Listing Approval from TSX Venture Exchange

Tigray 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.

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