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The growth of deposits in private banks, in Ethiopia, is expected to decline said a study conducted by Access Capital. Increase in deposits is to lower to 24% in 2012 from the 36% registered in 2011 according to the research.

The slow down is a reflection of more stringent monetary policies and stronger competition from widely expanding state banks noted the study.

Ethiopian Airlines, Ethiopia’s flag carrier, announced a joint initiative to purchase fuel with eight other African airlines. The collaborative initiative to bur fuel is expected to result in significant savings for the airlines.

The program for the nine airlines to jointly buy fuel was launched following the conclusion of the evaluation process of bids tendered by several fuel companies said The African Airlines Association.

Nib International Bank, Ethiopia auctioned of 80,000 shares within a few hours at a 40% premium over the original share price offered to the public.  

The 80,000 shares on offer were all sold within half a day for cash remarked a businessman who purchased shares worth 40,000 birr. The bank was not accepting checks because there were many willing to pay cash for the shares he noted. 

Ethio Telecom has reduced tariffs across zones for calls made from landlines in Ethiopia as of the 1st of January. Rates were reduced by 66.3% to 83 cents per minute during peak hours and to 0.35 cents at off peak hours, a 228% reduction.  

The move is targeted to encourage an increase in the number of subscribers to landlines in the face of falling revenue and low numbers of new subscribers for fixed line services.

The Ministry of Mines, Ethiopia, is to resume licensing for mineral exploration. The ministry is expected to begin accepting new applications for licensing in mineral exploration next month according to Sinkenesh Ejigu Ethiopian Minister of Mines.

It is to be remembered that the ministry halted the issue of new licensing in mineral exploration to evaluate operators already in the sector before issuing new permits.

Ethiopian Investment conferences are to be held in North California and Los Angeles on the 4th and 11 of February respectively. The conferences are planned to discuss opportunities for investment available in Ethiopia for members of the Ethiopian Diaspora.

The conferences to be held under the title “Collaborative Investing by the Ethiopian Diaspora in the U.S.” are a continuation of the inaugural efforts began in Washington D.C which attracted notable media coverage and a significant number of attendees according to organizers.

The Ethiopian Revenue and Customs authority held talks with business people from the Merkato area, center for business activity in Ethiopia. The meeting was held at the National Lottery Administration Hall last week.

The meeting was expected to relax some tension in the Merkato business community following the drastic measures enforced by the ‘The Merkato Project’ to enforce tax compliance.

Kuma Demkesa, Mayor of Ethiopia’s capital city Addis Ababa, laid the foundation stone for the construction of 42,000 new condominium housing. The city administration plans to construct condominium house at 16 sites around the capital.

The successful construction of new condominium housing is a priority for the city administration said Kuma.

The 9th African Fine Coffees Conference and Exhibition is to be held in Addis Ababa, Ethiopia. The conference will include more than 1,500 buyers, producers, traders, marketers and equipment and input dealers. 

Participants will showcase their products at the exhibition noted the Eastern African Fine Coffees Association, organizing the Conference.  

The timing of the Conference is ideal as world prices for coffee are currently at a new high boosting the confidence of producers inclined to abandon coffee crop according to conference organizers.

It is expected that more than ten million power saving light bulbs imported in Ethiopia will save 176 MW of energy according to the Ministry of Water and Energy.

5 million previously imported power saving light bulbs have been able to save 88 MW of energy explained Bezuneh Tolcha, Public Relation and communication Director with the Ministry.

An additional 5 million bulbs imported last year are expected to raise the total amount of energy saved to 176 MW he said.