2merkato

The National Bank of Ethiopia announced plans to offer gold to the local market in the next few weeks. The bank will sell the gold at current international prices and an additional 0.5% service charge.

Goldsmiths and jewelers will be required to purchase raw gold from the central bank according to a directive issued by the Ministry of Mines. This is expected to curb other sources of gold.

The Ethiopian Ministry of Mines has suspended issuing mining exploration licenses as of last week. The ministry has stopped issuing licenses to take stock of the local and foreign companies it has already provide licenses to according to Tolossa Shagi Moti State Minister of Mines.

The ministry needs to clarify which companies are active according to the agreements they entered upon receiving licensing and which have failed to commence operation explained Tolossa.

The 1.5 billion US dollar telecom network installed by ZTE (Chinese telecom) is being audited by an anonymous international firm. The ground breaking network audit will determine how well the new network meets international standards claim sources.

The firm, which was contracted some months ago, will complete its test in the next two or three months say sources. The deal was not advertised for managerial reasons according to the sources.

The Southern Sudanese Embassy announced that it issues approximately 100 visas to Ethiopian businesspersons conducting business in Juba. The number of business travelers has increased since Southern Sudanese Independence Day said
David Dang Kong, deputy head of mission with South Sudan embassy.

Southern Sudan gives priority to Ethiopian business aiming to do business in Juba especially in view of the large Ethiopian community residing in Southern Sudan according to Kong.

Egypt Air has launched daily flights to Addis Ababa from Cairo as of the 31st of October. Flights from Cairo to the Ethiopian capital used to be only five days a week.

Egypt Air has cultivated loyal clients and strong partners in Ethiopia said Maged Michel Addis Ababa Office Manager for Egypt Air. The launch of the daily flight is a significant occasion for the airlines he added.

The Ethiopian Revenue and Customs Authority (ERCA) announced that it collected over 16 billion birr form tax revenue. The tax was collected in the first quarter of this fiscal year nationally with the exception of Addis Ababa.

ERCA plans to collect 76 billion birr in tax revenue this year according to Gebrewahid Woldegiorgis Law Enforcement Deputy Director for ERCA. It is expected that Ethiopia will raise 13% of the total national income in tax revenue this year he said.

Ethiopian Airlines announced the launch of online passenger check in services starting on October 24. The new service will enable customers to check in online to avoid airport queues.

The web check in services will help enhance operational efficiency as well as maximizing the airlines customer services according to Gobena Michael Chief Commercial Officer of Ethiopian Airlines.

The Ethiopian Commodity Exchange (ECX), in collaboration with the United Nations Development Program, is ready to host the African commodity exchange conference next week.

The conference will be held on the 8th and 9th of November according to a statement made by the organizers.

The Ethiopian Civil Aviation Authority has announced that Ethiopia has signed air service agreements with 11 countries. The agreement was signed at the 4th International Civil Aviation Negotiation Conference which held place in Mumbai.

Ethiopia will gain a range of benefits from the agreements including in the areas of investment, trade and tourism according to Endeshaw Yigezu Authority Air Transport Planning Directorate and Delegation Head.

Pittards has announced plans to venture into sheep farming in Ethiopia. The UK-based leather and leather products manufacturing company is looking to move into the supply side of the business according to John Moriarty, Managing Director of Pittards Ethiopia Tannery.

The company has looked at a 10,000 hectare plot of land in the North Shoa region said Moriarty.