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Ethiopian Airlines has registered rapid and profitable growth in the past two years in spite of the global economic crisis and periodic increases in petroleum price.

The increase in petroleum prices, the global economic crisis and political instability in the Middle East has been a significant challenge for other airlines according to the Public Relations and Communication Service of the airline.  

Ethiopian Airlines managed to remain profitable and competitive during this financial year by synchronizing its services with the demand market and offering favorable flight conditions for passengers.

The city administration of Addis Ababa has finalized preparations to construct 35,000 condominium houses in the next financial year said the Construction and Housing Development Bureau of the administration.

The houses will be constructed at the Yeka Abido, Arab and Kilinto sites all reserved for the construction of condominium housing said Getachew Hailemariam, Head of the Bureau. 70% of the houses are designated for low income households he noted.

The administration expects to build more than 170,000 condominiums in the coming three years he added.

Ethiopia has earned more than 101 million US dollars from leather exports in just the last eleven months announced the Leather Industry Development Institute.

The revenue was earned from the export of leather products to Asia, African and European countries as well as the United States said Berhanu Serjebo, Director of the Corporate Communication Director with the LIDI.

The sum earned from the sector in the reporting period is close to the 104 million US dollars generated in the previous financial year.

The Ethiopian Radiation Protection Authority took steps to protect the public from radiation by enacting corrective measures on 58 institutions it announced.

The authority carried out inspections on the institutions in response to tips received from the public in Addis Ababa and other parts of the country according to Abdurezak Oumer, Director General of the Authority.

The authority has banned services that were delivered through equipment that emitted unacceptable levels of radioactivity he said.

Summit to introduce low hanging sector opportunities for local and foreign investors in Ethiopia.

Within the span of less than a decade, Ethiopia emerged as a global player in the cut flowers business ranking only second to Kenya.  With a good mix of incentives and active facilitation, the Government of Ethiopia took a non-existing flower sector and developed it into a USD $200 million export sector with more than 85,000 jobs created.  This was possible because Ethiopia enjoys an inherent comparative and competitive advantage in the production and delivery of flowers.  While Ethiopia’s agro-climatic and altitude variety give it vast advantages in growing a wide variety of fruits and vegetables, its location affords it fast and cheaper transport and delivery potential. The country is now determined to repeat the flower miracle, this time to develop a robust export oriented fruits and vegetables sector.

“The potential this country has in fruits and vegetables is even more awesome,” said Ato Hailesilassie Tekie, Director General of the Ethiopian Horticulture Development Agency.  “While there are plenty of opportunities for commercial farmers, there also exists significant opportunities in harnessing smaller holder farmers into outgrower schemes.  The opportunities are endless.  As the sector is very high on the priority of the Government of Ethiopia, we are preparing suitable land for investors, creating a better business operating environment, as well as facilitating adequate cold chain and logistics investments to ensure produce reaches regional and global markets in an efficient manner” he added.

The Association of Chartered Certified Accounts is to partner with the World Bank and the African Development Bank to help develop the accounting profession in Ethiopia.

The association is bidding on projects being launched by the banks to develop the profession said Helen Brand, Chief Executive of the ACCA. ACCA has worked with the WB and with the AfDB and the Asian Development Bank in the past.

The association has researched the projects and understands the cultural aspect of working globally said Brand. 

The Ethiopian subsidiary of BHP Billiton, World Exploration Incorporated will start to producing Potash in the beginning of 2014 announced the Ministry of Mines.

The Anglo-Australian company, which is one of five licensed companies prospecting for Potash in Ethiopia, is in the exploration stage said Bacha Fuji, Head of the Public Relation and Communication Department.

It is to be remembered that Allana Potash announced the discovery of 1.2 million tons of potash deposits in the Dallol depression of Afar Regional State.

Nine oil exploration companies are actively operating in Ethiopia with an estimated investment of 2.4 billion US dollars according to the Ministry of Mines.

The exploration companies are primarily operating in Afar, Gambella, Middle Abay, Rift Valley, South Omo Somali and Ogaden areas said Bacha Fuji, Director of Public Relations with the Ministry.

The companies are at different stages of the exploration process he said.

The Ministry has earned above 16.23 million birr from land rent, licensing, training and related activities noted Bacha.

Bunna International Bank nominated board members after raising less than one-fifth of the capital that it had hoped to raise.
The meeting to elect members of the board was attended by 66% of the 246 current shareholders of the company. The shareholders elected nine nominees to the board and submitted the names to the National Bank of Ethiopia for final approval.

Bunna will officially become the 16th insurance company in the nation if the central bank approves the list of nominees.

The Insurer licensed by the NBE in August of 2011 had hoped to sell 500,000 shares to raise 50 million birr but only managed to raise 8.63 million birr which is just over half of the subscribed capital said Zewdu Minas, promoter for the Insurance Company in a report presented during the election of board members.  

Ethiopia is to establish three institutes and develop Kombolcha Technology Institute to address the shortage of human resource in the textile and garment sector. It is expected that the institutes will commence operations in the next budget year.

The initiative to establish the institutions came from the Export Committee, which aims to support export-driven sectors by addressing challenges such as finance, electricity, land and human resources.

The Export Committee, chaired by Prime Minister Meles Zenawi, discussed means to address the need for at least 1.3 million trained personnel for the textile and garment sector with just 40,000 people currently engaged in these industries according to a study undertaken by experts from the Textile Development Institute.