2merkato

Ethiopia anticipates that revenue generated from the mining sector will add up to 849 million US dollars in the newly started financial year according to the Ministry of Mines.

Artisan miners are expected to raise 70.7% of the revenue projected for the financial year, revenue estimated at 600 million US dollars from the supply of 13,200 kilograms of Gold to the National bank of Ethiopia and selling 18,000 kilograms of artisan mined minerals.

The American brand APC has deployed two of its management staff to Ethiopia in a effort to investigate the alleged prevalence of counterfeit UPS products.

Fake products are damaging to the image of the company said Christian Bertrand, Vice President for Africa and the Middle East with APC.

The company plans to deal with the challenge of counterfeiting through enlarging its product channel so that consumers can access a reliable source of the genuine APC product thereby eliminating counterfeit suppliers from the market and through enacting legal measures according to Bertrand.

Ethiopian Airlines finalized a 1.2 billion US dollar loan deal to finance the ten Boeing B787-8 Dreamliner aircraft it has on order.

The legal documentation for the loan process including all lenders, financial guarantors and manufacturers was concluded recently according to officials with the airline.

The initial deal to set the loan process in motion was concluded last year according to Nega Mekonnen, Vice President of Corporate Finance of Ethiopia.

The Ethiopian Privatization and Public Enterprises Supervising Agency earned 6.7 billion birr in revenue in the last fiscal year which showed an increase of 5.7 billion birr from the 1 billion birr projected for the enterprise.

A significant percentage of the revenue raised by PPESA, estimated at 6.18 billion birr, was raised from the auction of public companies up for privatization. Payments deferred from transactions made in previous years accounted for 464 million birr while 50 million birr was raised from transfer differences, fines and other sources of revenue.

The Agency also earned 8.7 million birr from lease sources.

The net profit of Ethiopian Airlines for the just ended Ethiopian financial year showed a decrease of 40% year on year. The airline earned 732 million birr which is 500 million birr less than the 1.23 billion it had earned in the previous financial year.

Ethiopian Airlines transported 4.6 million passengers in the past year showing a 25% increase and generated operating revenue 0f 33.8 billion birr, an increase of 37%. The operating expense of the airline also increased by 35% to 5.7 billion birr resulting in the airline making operating profits of 1 billion birr and net profits of 732 million birr.

The increase in fuel prices, the European economic crisis and the economic stagnation in China and other Asian countries all proved to be challenges for the airline industry in the past year said Tewolde Gebremariam, Chief Executive of the airline.

Ethiopia and the Netherlands signed a bilateral trade agreement to avoid double taxation to develop the trade system between the two countries, enhance investment activities as well as allowing transfer of technology between the two countries.

The trade accord was signed between Alemayehu Gujo, State Minister of Finance and Economic Development and Hans Blankenberg, Ambassador from the Netherlands.

The agreement would play a notable role in supporting investment activities between the two countries through establishing fair taxation said Alemayheu at the signing. The agreement will enable the exchange of goods and services and facilitate the flow of capital eliminating double taxation enacted on companies and individuals he added.

78 Thousand Metric tons of cotton were produced in Ethiopia in the last financial year according to the Ministry of Agriculture.

The amount of cotton produced in the just ended fiscal year was significantly more than the 18 thousand metric tons produced in the previous financial year said Isayas Kebede, Director of Agriculture Investment Support and Monitoring with the ministry.

More than 90 percent of the 71 thousand hectares of land provided for investors in the fiscal year was given to investors engaged in cotton production, which has been a foundation for the development of the textile sector in the country he said.

The first of the ten Boeing B787-8 Dreamliner aircraft ordered by Ethiopian Airlines is expected to arrive in Addis Ababa later on this week.

Ethiopian Airlines pilots and technicians are trained and ready to operate the new aircraft which will arrive in Ethiopia on the 17th of August said Tewolde Gebremariam, Chief Executive of the Airline. Technicians are also being sent for further practical training to ANA he said.

Ethiopian is organizing a ‘Dream Tour’ to Kilimanjaro on August 18th for VIPS, members of the media and business people will be taken on a sightseeing tour of Africa’s highest peak said Tewolde.

Ethiopian manufacturers and processors expressed their concern over the cheap and low quality goods imported from China.

Representatives of various Ethiopian businesses expressed their disappointment with poor quality of Chinese products that are currently flooding the market at a meeting with a Chinese business delegation of the International Trade Promotion Chamber of Commerce visiting Ethiopia.

A significant proportion of Chinese imports are of below the standards of quality established for the market noted the representatives at the meeting organized by the Ethiopian Chamber of Commerce and Sectoral Associations.

Ethiopia is to launch a petroleum development enterprise which will facilitate the development of the natural gas reserves discovered in the Ogaden Basin.

Decision to set up the enterprise was reached after the failure of several attempts to develop the natural gas reserves in the region by granting petroleum development licenses according to a senior official with the Ministry of Miners.

The petroleum development enterprise will offer an opportunity for a joint venture with a reputable international oil and gas company explained the official.