2merkato

The Ethiopian year-on-year inflation rate for November lowered to 39.2% from 39.8% in October according to official data released this week.

Consumer prices fell by 0.3% as compared to October, showing a decrease for the first time in nine months. Inflation for food items lowered from 51.7% in October to 50.3% in November.

Price pressure particular eased for items such as fruits and vegetables, spices, pulses, sorghum, maize explained the statement from the Central Statistics Agency. 

Nyota Minerals Limited is set produce an estimated 3000 kilograms of gold annually from its project in Tulu Kapi, Ethiopia. The company has finalized its exploration phase and preliminary studies to commence production said Dr. Kebede Belete, Country Manager.

The preliminary study has shown gold deposits of 1.5 million ounces (45,500 kilograms) in the area according to Dr. Kebede. The company has applied for a mining license to extract 3000kgs of gold annually for a period of ten years. 

Three international companies have expressed interest in investing in gold exploration and extraction with Ambo Nyemer in Ethiopia. Ambo Neyer is launching its first project to explore and extract gold deposits in Oromia Regional State.

The potential investment from foreign firms was confirmed by Niguse Gedeffa, Marketing Head for Ambo Nyemer. Discussions are still in early states according to Niguse who declined to identify the parties interested in investing in the project.

Awash International Bank, Ethiopia awarded three architectural firms for branch office building designs. The three firms presented architectural designs for AIB branches in Hawassa and Addis Ababa.

The design for the 6 storey Hawassa branch presented by MH Engineering was commended for flexible office arrangements by the jury which selected the winners.

Zeleke Belay’s design for the Awash Branch in Lideta, Addis Ababa offered easy street access while the Bulbula, Addis Ababa building design submitted by Studio Seven won for its simple composition, easy access, and good climate control potential according to the jury.

Ethio Telecom announced that it has raised the salary of its employees by an average of 30%. The Ethiopian telecommunications provider offered employees back pay from July 8th of this year.

The raise was delayed by two years from when Ethio Telecom promised an increase. The employees at the telecommunication provider had not received a raise since the former Ethiopian Telecommunications Corporation was reorganized as Ethio Telecom. 

The Ethiopian Transport Authority expects to commence automated vehicle testing as soon as next month it was reported. The authority is close to set standards for vehicle testing in Ethiopia.

The standards are being modeled on those established by other countries such as Indonesia and Kenya and customized to fit the realities in Ethiopia according to officials at the authority.

The export earnings of Ethiopia, for the month of October, were short of the targets set by the Ministry of Trade it was said. The Ministry of Trade of had set an export target of 300 million US dollars while export earnings totaled 200 million US dollars.

The export earnings for livestock, coffee, beverages, Khat, flowers, spices, wax, leather and leather products amongst others were 50-99% of targets. The export earnings for the month of October are also slightly less than the same time last year.

Export earnings were below target because the export of some products such as unfinished leather was halted said Abdurahman Seid Public Relations Deputy Coordinator of the MoT.

Nyala Insurance registered 10,000 vehicles for mandatory third party insurance policies. The insurer has equipped one of its branches to facilitate third party insurance coverage.   

The insurance company has trained personnel to handle third party registration process at additional cost said Eyob Meherette CEO of Nyala Insurance. The Insurers specialized set up is to be found at its Africa Avenue Branch and is expected to speed up the registration process he explained.

The Bank of Abyssinia, Ethiopia announced 178.44 million birr in net profit, in the last fiscal year. The bank’s performance for the previous fiscal year was 140.581 million birr.  

The bank registered a record income of 618 million birr showing a 149 million birr increase as well as raising its total assets to a high of 7.28 billion birr recording a 16% growth according to Addisu Habba President of Abyssinia Bank.

The Ethiopian Sugar Corporation is to import 300,000 quintals of sugar beginning in February. It is estimated that sugar imports, mainly from Brazil and India, will cost Ethiopia 555 million birr including warehouse rental and transportation.

The sugar will be imported at a cost of 1,850 birr for the quintal and is expected to retail for 1,264.40 per quintal on the Ethiopian market supported by government subsides.  The sugar will be sold by consumers’ cooperative unions and the Merchandise Wholesale and Import Trade Enterprise.