2merkato

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.

The House of People's Representatives July 5, 2011 yesterday approved 118 billion birr budget for the 2011/2012 fiscal year. The budget approved yesterday is greater by 30 billion birr than the budget for the 2010/11 fiscal year.

Prime Minister Meles Zenawi said that the budget was prepared based the country's interest and capacity.

Ethiopian Airlines launched on Saturday, 2 July 2011, flight services to Milan, the Italian city of entertainment and fashion. Ethiopian said that the new service would offer clients easy and convenient access to Italy five times a week on Sundays, Mondays, Tuesdays, Thursdays and Saturdays. 

The launching of the new flight services to Milan Ethiopian Airlines's 63rd international destination. And it is the airlines's second destination destination in Italy, next to Rome and seventh in Europe. 

Ethiopia’s economy may double in size over the next nine years, African Development Bank Chief Economist Mthuli Ncube said in a speech in Johannesburg today. Ncube predicted that Ethiopia’s economy mig

ht expand 10 percent this year and East Africa would expand by about 6.7 percent in 2011 and 2012.

Ncube’s prediction stands in contrast to the International Monetary Fund’s (IMF) prediction, made on 30 May 2011, of lower economic growth at 6 percent for Ethiopia in the 2011/12 fiscal year.