2merkato

Awash International Bank, Ethiopia has earned 7% more in profits in the first three quarters of the fiscal year than in the previous financial year.

The profit registered by the bank in the last nine months is a record according to Tsehay Shiferaw, Chief Executive of Awash. It is expected that the profit will continue to increase in the final quarter of the fiscal year said Tsehay.

The total paid up capital of the bank exceeded 900 million birr and total assets have reached 15 billion birr which is a notable increase from the 737 million birr paid up capital and 11.1 billion birr in total assets recorded at the end of the previous financial year he noted.

Lifan launched its latest model assembled in Ethiopia, the SUV X-60. The new model will be the seventh to be introduced by the Chinese company in Ethiopia.

Lifan has already sold 60 of the X-60 in the first weeks its been out according to sources within the company.

The X-60 is a sports utility vehicle which is effective on both asphalt and gravel roads, sporting a 1800cc horse power engine designed in cooperation with British Engine manufacturer RICARDO. The external body of the car resembles that of a Toyota RAV 4.

The Privatization and Public Enterprises Agency of Ethiopia is seeking interested bidders for two of the five enterprises it is offering for privatization.

The two enterprises which have been unable to excite interest from potential buyers are the Hamaressa Edible Oil SC and Batu Construction SC.

The Commercial Printing Press, Caustic Soda Ash SC and Fafa Food Complex Warehouse were the other three companies offered for privatization at the same time.

Ethiopia has secured more than 200 million USD from the export of horticultural crops in the last ten months (July 2011-April 2012).

Ethiopian Horticulture Development Agency (EHDA) Director General Haileselassie Tekie said that the country earned the hard currency from the export of 1.7 billion flower stems and 103.8 thousand tons of vegetables, fruits and herbs. More than 160 million USD was obtained from the export of flower while the balance was secured from the sale of vegetables, fruits and herbs to the global market. 

The foreign currency the country generated from the sector in the stated period has increased by 20 per cent in revenue compared to last year same period.

Bole International Airport, Ethiopia launched self check-in-services starting to ease long lines at check in counters at the International Terminal.

The airport currently has 28 check in counters and has added four self check in kiosks where customers can enter their flight number, destination and reservation code and be able to print a boarding pass.

The self checks in booths are especially ideal for those who do not have check in luggage as they can then proceed to Immigration without delays.

Ethiopia suspended tantalum mining and exports until the country acquires the capability to refine the mineral in a bid to earn more revenues from exports. The decision means that Ethiopia will not export tantalum until the nation has an operating processing plant said Tamrat Modjo, Head of the Traditional Mining Department of the Ministry of Mines.

The government wants to retain enough reserves for when the plant is operational while exploration is underway for more reserves in other parts of the country he said.

It is expected that the processing plant will require an investment of 500 million birr. The government aims to start exporting 1,000 tons a year for the 15 years that the national reserves are expected to last said Tamrat. 

United Insurance, Ethiopia has awarded Magercon Construction the contract to for the first phase of construction on the 42 million birr mall in Addis Ababa.

The insurance company has been negotiating over the 20,000m2 plot of land for the building requiring a revised site plan after claiming to have lost an estimated 200m2 due to road constructions.

United was awarded its revised plant by the City Administration with the understanding that it should commence construction in six months.  

Ethiopia is to conduct the first national Inter-censal Population Survey announced the the Central Statistics Agency.

The Inter-censal survey is usually conducted between major population censuses explained Samia Zekaria, Director General of the CSA. Developing countries like Ethiopia, which carries out population and housing surveys every ten years, conduct inter-censal surveys in the middle to acquire population sample data to fill the information gap she said.

Ethiopia is working towards improving the quality of cotton used as a main raw material in textile sectors according to the Ministry of Agriculture.

A training was launched in Benshangul Gumuz Regional state for investors engaged in cotton development with this end in mind.

There are currently investors and organized farmers developing cotton on 124,000 hectares and the ministry aims to address challenges including shortage of expertise, capital, chemical, selected seeds and other materials said Haile-Mariam Kibret, Agro-investment Support with the MoA.

The International Monetary Fund is to push Ethiopia to increase bank rates to counter real interest rates which are deeply in the negative due to the inflation rates.

Real interest rates are negative noted Jan Mikkelsen, Ethiopian Resident Representative of the IMF. The IMF mission making a visit to Ethiopia on the 4th of June will counsel the government to increase interest rates as a monetary policy option to sustain the growth registered over the last years he said.