2merkato

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.

Ethiopian 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.

The 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.

Techno Brain, software solutions provider in Ethiopia, Kenya, Malawi, Tanzania and Uganda proudly announced yesterday that it had been awarded the 2011 Microsoft Country Partner of the Year Award for Malawi region and Independent Software Vendor (ISV), Enterprise Software Advisor and Government Partner Awards for West East Central Africa region.