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A Moroccan Company, S2M, has won the bid to form a joint electronic payment system for three Ethiopian banks. Awash International Bank, NIB International Bank and United Bank formed Premier Switch Solutions SC which will use S2M to integrate their ATM services.

Fourteen international firms took part in the bid according to Berhanu Getaneh President of United Bank.
S2M is expected to form a system that will enable ATM holders at the three banks to withdraw money at all ATM machines operated by members of the Premier Switch.

Ethiopian Airlines will become an official member of Star Alliance in a ceremony to be held next month. It is expected that CEOs of the 27 members of Star Airlines and other aviation dignitaries will attend the ceremony.

Ethiopian Airlines is trying to select a day that will enable all CEO’s to attend the ceremony according to Wegayehu Terefe Public Relations Manager of Ethiopian Airlines.

The Airlines aims to mark the event with a lavish ceremony as it is a significant milestone in its efforts to become a world class airline said Wegayehu.

The Ethiopian Fruit and Vegetable Marketing Enterprise and Merchandise Wholesale and Import Trade Enterprise have announced an upcoming merger. It is expected that a merger between the two enterprises will result in expanding their services.

The merger between the two state-owned enterprises will create a large retail corporation as per decisions that followed a visit to India by high level representatives of the Ethiopian government two months ago.

The Eastern African Fine Coffees Association announced plans to hold the 9th edition of the African Fine Coffee Conference and Exhibition in Ethiopia. The conference and exhibition will be held in Addis Ababa from the 16th to the 18th of February next year.

The event will provide an opportunity for international attendees to experience the many varieties of coffee available from Ethiopia and other fine coffee producing nation said Abduraham Sheik Ahmed Minster of Trade.

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.