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Ethiopia Airlines announced that it has postponed the opening of flight services to Seychelles. The Airlines made the decision to postpone the expected flight services due to operational reasons according to a press release by the company.

Ethiopian expressed its regrets at any inconvenience that may be caused to its customers by the decision to postpone flight services. The Airlines has committed to make sure that all passengers with tickets and confirmed bookings are booked onto alternative flights.

The flights to Seychelles were expected to begin as of the 15th of November.

Source: Ethiopian Airlines Press Release

Wegagen Bank announced a gross profit of 458.1 million birr for the last Ethiopian fiscal year. The gross was reported at the shareholders meeting held at the Hilton Hotel on the 5th of November.

The Bank paid 134.8% birr in profit tax, while registering 323.2 million in net profit said Araya Gebre Egizabher, President of Wegagen. The net profit earned this year is a new high for the bank according to Araya.

Wegagen’s profit exhibited a 44.7% increase from the 223.3 million birr it earned the previous fiscal year. 

Ethiopian Trade Minister Abdurahman Sheikh Mohammed and Minister of State for Trade Ahmed Tussa were removed from their posts last week. The two ministers have been replaced just over a year after their appointment.

The Ethiopian statistics agency announced on Friday that the annual inflation rate fell to 39.8% in October. This is a decrease from the 40.1% inflation recorded last month according to the statement by the agency.

Food prices, however still increased this month largely due to the price of cereals according to the Statistics Agency. The total price index of cereals has seen an increase of 63.1% in comparison to the same month last year explained the agency.

The fourth Ethio-Chamber Trade Fair opened in Addis Ababa under the theme of ‘Buy Ethiopia.’ The fair is expected to forge strong links between business actors as well as promoting goods and services said Mekonnen Manyazewal Minister of Industry.

The fair is an opportunity for knowledge transfer resulting in increased business confidence in participants he said opening the fair.

It is anticipated that the fair will encourage local manufactures to commit their attention to enhancing the quality of their goods and services added Mekonnen. It is hoped that such efforts will contribute to realizing import substitution he noted.

Ethiopia is seeking the capacity to export technology by the year 2025 according to the Ministry of Science and Technology. The ministry made the announcement at the event marking the 2011 World Science Day.

The country is committed to encourage the application of science and technology as a means to assure equality among all sections of society to enhance sustainable public participation said a representative of Dassie Dalkie Minister of Science and Technology.

The Geological Survey of Ethiopia (GSE) announced that it has enhanced its ability to deliver geo-science data by 1:250,000. The coverage of landmass has increased to 72,000m2 from 18,000m2 annually.

Geological survey delivers information for a range of sectors requiring geo-science data including generating power, agriculture and the construction industry said Masresha G/Selassie Director General of the GSE.

The GSE has conducted 55% of digital geographic base maps, geochemistry, geomorphology mapping preparations and remote sensing reconnaissance over the last fiscal year said Masresha.

Ethiopia will export only finished leather goods beginning next month, announced the Ministry of Trade (MoT).

The groundwork has been laid to halt the export of raw hides and skin as of December said Ahmed Nuru representing the Minister of Trade at a half day consultative forum discussing the national leather sector.

Leather factories in Ethiopia have developed the capabilities to export finished leather goods said Ahmed. The factories have enhanced their capacity to add value to leather to a higher standard he explained.

Efforts to increase revenue from the leather sector to 497 million US dollars within the next five years are underway according to Ahmed.

Ethiopian Minerals Development S.C requested a loan of 166 million birr from the Development Bank of Ethiopia. The loan will finance the company’s expansion project on the Kenticha tantalum mine.

The expansion project requires an investment of 166.8 million birr to increase the production of tantalum concentrate. The new production line will aim to bring production capacity to 300 tons increasing the company’s revenue to 587.3 million birr.

Businesses located in the lobby of the Hilton Hotel, Addis Ababa, Ethiopia are to stop services as of the 31st of December.

The Hilton administration made the decision to temporarily close business activities in the hotel lobby because of complaints from customers said Vijay Shanker, Director of Business Development for the hotel.