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BGP Geo Services plc announced collecting encouraging data from oil exploration in the South Omo Valley in Ethiopia. BGP delivered a significant seismic data report which indicated the presence of some oil according to sources at the Ministry of Mines.

The company will continue collecting seismic data over the next couple of months and drill areas for exploration wells will be determined on the interpretation of the data collected.

No exploration wells have been drilled so far in South Omo.

McKinsey and Company, an international consulting firm in the management industry, is to open an office in Ethiopia. The firm is entering Ethiopia to take advantage of increasing market opportunities in the agricultural, industrial and service sectors. 

The McKinsey and Co. office in Ethiopia is expected to service foreign investors investing in the Ethiopian agro industry sector from China, India and Turkey and other countries according to sources.

Ethiopia’s economy could see an 8% growth rate in Gross Domestic Product in 2012 and 2013 according to the United Nations Report on Global Economic Situation and Prospects 2012. The Ethiopian Government expects 11% growth rate during the same period. 

African countries, including Ethiopia, will see growth in the face of a faltering world economy said Adam Elhirka the United Nations Chief of Macro Economic Analysis.

Economic growth in Ethiopia will be seen in infrastructure development and in the energy sector in particular he said. It is expected that economic growth will make up for the adverse effects wrought by drought on agricultural output in some areas according to Elhirka.

The establishment of a bond exchange market in Ethiopia was called for by the third macro economic analysis conducted by Access Capital. 

An Ethiopian Bond Exchange can help standardize requirements and practices associated with the issue of bonds as well as providing a central depository for trading, disclosing and registering bond issues by both private and public stakeholders explained the Access report.

Klatch Coffee Inc, specialty coffee roaster in Southern California was awarded with a Good Food Award Gold seal for its Ethiopian Gedo Worka coffee. The coffee bean from Ethiopia is known for its distinct and diverse flavors.

The award in the coffee category of the Good Food Award was presented by a panel of thirteen well regarded coffee experts at an event held in San Francisco last week.

The Good Food Awards are intended to honor drink and food producers committed to creating authentic, tasty and responsible food systems honoring farmers and producers.

Coffee production in Ethiopia for the last two seasons has exceeded all expectation according to the International Coffee Organization. Coffee output, internationally, exceeded expectations by 1 million bags for 2010-11 to reach 134.2 million bags said the coffee organization.   

The ICO has increased its estimated global output for 2011-12 by 3.8 million bags due to a significant increase in production in Ethiopia expected to be around 6 million bags.

The Oromia Cooperative Bank, Ethiopia announced a net profit of 47.3 million birr for the last fiscal year. The profit recorded by the bank showed an increase of more than 88% from the previous year. 

OCB was able to increase its total assets by 47% to 2.5 billion birr while total deposits drew close to 2 billion birr showing a 45% increase according to Wondimagen Negera President of the Bank.

Traditional artisan gold miners in Ethiopia have failed to meet expectations of output, over the last two quarters. Artisan miners have produced 3809kg of gold in the past two months which is 44% less than the targets set by the Ministry of Mines in Ethiopia.

The persistent decrease in price seen in the international market has discouraged miners according to Tamrat Mojo, Head of the Traditional Mines, Manufacturing, & Transactions Department of the Ministry of Mines.

Tendaho Sugar factory is expected to put Ethiopia in the number one place for sugar cane crushing capacity when it becomes fully operational according to Million Moges Deputy Manager for the project.

The project established in Afar Regional State at a cost of 11.8 billion birr has the capacity to crush 26,000 tons of sugar daily when fully operational said Million. The factory will be able to crush 13,000 tons of sugar cane in the first phase of the project he noted.

Radisson Blu Hotel opened as the third international hospitality chain in Ethiopia. The hotel is situated in a nine storey building found in the Kazanchis area of Addis Ababa.

The hotel has 204 rooms, including 44 business class, 16 luxury suites and one presidential suite. On opening it offers partial restaurant, bar and café services. ‘The Signature’ bar can serve a total of 132 people at one time while a luxury French restaurant ‘Verres en Vers’ can seat 144 customers.