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Ethiopian Potash Corp's drilling rigs are in the process of being commissioned and are expected to start operation in a week's time, George Roach, board chairman said last week during an event in which Robert J. Metcalfe was assigned the new director of the corporation while Wally Rudensky resigned from the board of directors.

Mr. Metcalfe is expected to bring to the board of directors his broad experiences of serving on the board of several natural resources companies such as Central Patricia Gold Mines Limited and Iron Bay Trust Inc.

Praising the departing board member, George Roach said that the change was in accordance with the corporation's declared plan of moving forward from the transitional phase of listing of the company to a fully operational phase calculated to boost shareholder value through exhaustive exploration and resource development. In this regard, he said that the company's drilling rigs were in the process of being commissioned and were expected to be "turning" within the week.

Ethiopian Potash Corp. (EPC) is a Canadian company headquartered in Toronto, Ontario and Addis Ababa, Ethiopia. The company has filed a NI 43-101 report compiled by Ercosplan, the recognised authority on the Danakil Depression, that identifies a NI 43-101 compliant inferred resource of 128 million tonnes grading 21 percent KCL. Ercosplan recommends a 15,000 metre diamond drilling program to further define and expand the known resource; this program is scheduled to start before the end of this month and will provide the basis for a scoping study and subsequent feasibility scheduled to start in the fourth quarter of this year, a significant step on EPC's path to production.

The Danakil Depression in northern Ethiopia contains one of the largest undeveloped potash resources in the world. The fact that it lays almost on the surface of the ground as opposed to the potash deposits in Saskatchewan which occur at depths greater than one kilometre testifies to its significance. Ethiopian Potash Corp has two neighbouring development concessions covering 481 sq km in the center of the Danakil Depression.

Source: Press Release Ethiopian Potash Corp

The Ethiopia Automated Transfer System (EATS) was launched on 27 May 2011. It will be introduced in banks all over the country early this week according to Getahun Nana, vice governor of National Bank of Ethiopia (NBE). Almost all banks have already finalized their automation and are in the process of networking their branches.

The EATS will set up a modern national payment system which facilitates bank large volume money transfer among banks and interface with the retail payment system. While the large sum transfer is mostly the responsibility of central banks, the private sector could handle the retail transfer once it proves competent.

The Ministry of Communication and Information Technology signed an agreement with Global Communication Solutions for electronically facilitating unified payment of monthly telephone, electric and water bills. The system would help save time and labour.

Dr. Ahmed, GCS’s CEO, said that his organization was working with the government to address overdue billing problems. He said the agreement would be effective within three years after six months probation period.

The first phase of the system will be applied in 42 service rendering institutions of Addis Ababa while the second phase will be applied in Adama, BahirDar, Hawassa and Makalle.

Delegates from Ethiopian Electric and Power Corporation, Ethio-Telecom, Addis Ababa Water and Sewerage Authority attended the event.

Source: ENA

The International Monetary Fund (IMF) predicted lower economic growth at 6 percent for Ethiopia in the 2011/12 fiscal year. Led by Mr. Paul Mathieu the IMF mission made the prediction at the conclusion of its 12-day discussions for the 2011 Article IV Consultation in Addis Ababa on May 30.

The mission met with Prime Minister Meles Zenawi, Sufian Ahmed, Minister of Finance and Economic Development, Teklewold Atnafu, Governor of the National Bank of Ethiopia (NBE), other senior officials, and representatives of the private sector, the international community, and civil society.

Addis Ababa - CIO magazine of the International Data Group (IDG) declared Wednesday that the Ethiopian Commodity Exchange (ECX) had been named CIO 100 winner for the 24th annual award programme.

The award programme honours obusiness companies throughout the world for demonstrating an oustanding performance in operational and strategic excellence in information technology.

ECX was selected through a three-step process to be recognized a winner of the CIO 100 award. The selection process involves companies applying online listing their efforts in the creative use of information technology and business programs. Then, a group of judges evaluates the companies according to their merits. And finally, based on the judges' recommendations CIO editors select the honourees.