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Boursa Africa Limited, promoted a Pan-African Exchange at the International Convening on Commodity Exchanges held in Addis Ababa Ethiopia. The Botswana based company aims to launch a Pan African Exchange in May 2012.

The African exchange planned by BAL is expected to be a multi-asset class and commodity exchange, dealing in commodities, bonds, currency and diamonds. This exchange also aims to create a center where continental and international bilateral and multilateral trade could be conducted. 

A Hong Kong based Ethiopian company, South West Energy, is to sign a petroleum production sharing agreement with the Ethiopian Ministry of Mines.  The Ministry is prepared to sign the agreement upon approval from the Cabinet said Sinknesh Ejigu Minister of Mines.

South West Energy presented an inquiry to the MoM to undertake exploratory activities in the Gambella Basin in August 2010. The Petroleum Licensing and Administration Department of the MoM reviewed the proposal from SWE and negotiated terms in the absence of other interested parties.

Egypt is working to narrow the gap in the volume of its trade with Ethiopia according to Mohamed Edrees, Egyptian Ambassador to Ethiopia. The Ambassador made the announcement in relation to a five day business visit to Ethiopia by a 25 person Egyptian delegation.

Strengthening economic ties between the two countries is an important element of the new relations being forged between Ethiopia and Egypt according to Ambassador Edrees.  Reducing the import-export gap is an important factor to safeguard mutual interest in the new win-win relations established between the two countries he said.

The Addis Ababa City Administration announced that the building height regulation has been raised to 55 floors. Buildings in Addis were previously limited to a maximum of 20 floors.

The regulation was revised to take into consideration elements including environmental impact, infrastructural development, and security concerns as well as maintaining historical sites according to city administration and Urban Information and Plan Institute officials. 

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.