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The Bole International airport, Ethiopia Revenue and Customs Authority lost an estimated 30 million birr in revenue to fiber optics network failure that lasted for two days last week.

The optical fiber network failed for the second time in 50 days due to alleged damages to the lines around the Bole Michael area according to sources.

A similar problem that occurred at the beginning of the month of February had shut down the Customs office for three days resulting in an estimated loss of 40-50 million birr in revenue.

Ethiopian Airlines, Ethiopia’s flag carrier, is to acquire four Boeing 787 Dreamliner Jetliners, two Boeing 777 freighters, four Boeing 737-800 and Five Bombardier Q400 aircraft by the end of this year according to Tewolde Gebremariam, Chief Executive Officer of the airline.

Ethiopian had put in an order for ten Dreamliner aircraft at a total cost of 1.5 billion US dollars in 2005 with delivery expected in 200-2010. After several delays Boeing has now confirmed that the first two Dreamliner aircraft will be delivered in July or August of this year although the exact date has not been decided said Tewolde. 

Petro Trans has contracted BGP and Sunrise, Chinese companies, to undertake seismic survey and exploration well drilling of the Calub and Hilala gas fields in Ethiopia according to Richard Spooner, Country Manager for the company.

BGP was hired last month to collect seismic data from the Hilala, calub, Genale and Warder blocks explained Spooner. Experts from the company have already begun analyzing the petroleum data collected from the Ogaden he said.

Con.Com (Construction Communication), a new reference catalog detailing product and service providers in the construction sector in Ethiopia was launched last week. Con. Com is published by MCS General Trading.

The catalog listed the details of 255 companies engaged in the construction sector as service and material providers. It is expected that the publication will enhance the marketing and strategy system of the sector.

Norwegian company, MEC AS, Magnetic Emission Control, engaged in emissions reduction and fuel efficiency technology, signed a dealer contract with QOPH Engineering Enterprise in Ethiopia.

The agreement establishes that QOPH will engage in long haul tracking concerns, construction equipment, transport and earth moving.

The deal is part of MEC plans to expand into the Middle Eastern and African Region according to Bjorn Skjervold, Chief Exceutive Officer of MEC.

American President Obama’s nominee for the presidency of the World Bank, Dr. Jim Yong Kim is expected to travel to Ethiopia, China, Japan, South Korea, India, Brazil and Mexico over the coming month according to the US Department of Treasury.

Dr Kim will hold meetings with the heads of the states he will be visiting as well as with finance ministers and other stakeholders to review the priorities they envision for the World Bank in the coming years.

The trip will make a part of the initial phase of a ‘listening tour’ through which Dr Kim will solicit ideas and views from across the globe on the future for the international financial institution.

Revenue from remittance in Ethiopia showed an increase in the second half of the fiscal year out performing earnings from exports according to the National Bank of Ethiopia.

Private transfers of remittance totaled 1.74 billion dollars in the last seven months of the financial year which is a 19.6% increase from the same period in the last financial year explained Teklewold Atnafu, Governor of the National bank in a report presented to the House of Peoples Representatives.

The lower than expected export earnings, and 140 million US dollars less than revenue from remittance, has had a negative effect on the trade of balance with increase in imports and rising inflation.

Ethiopia revealed plans to develop 46 additional projects in the textile industry by 2015 to increase the revenue from the sector to 2.5 billion US dollars at the end of the time.

It is expected that six of the projects will become operational during the next financial year with a further 18 being launched in the year after; the remaining 22 will be operational in the years up to the end of the 5 years GTP period, 2015.

Two of the anticipated projects are expected to be cotton ginning industries; four are spinning industries, a knitting industry, seven weaving and one finished woven textile industry.

A Malaysian Business Delegation visited Ethiopia for the first time. The visit was part of a ten day business trip including three African nations.

The delegation made up of representatives from seven Malaysian companies includes delegates from various sectors including household items, detergents, electronics and automotive batteries according to  Aureen Jean Nonis, Director of Lifestyle Section-Africa  with Malaysia External Trade Development Corporation.

The rubber and palm oil sectors were not represented by this trip because Malaysian companies are already engaged in Ethiopia which is a larger importer of palm oil from Malaysia.

Fafa Foods SC has become the first company to produce full cream milk powder in Ethiopia.

The company has introduced ten new products including, flour, instant yeast, soya milk corn flakes and a range of snacks since it was turned over to new management.

Fafa is working to meet local demand through import substitution with locally prepared alternatives costing an average of 40% less than the imported varites said Dr. Berhanu Mosissa, Director of Sales and Marketing with the company.