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Centamin Egypt, Egypt's major gold producer offered a 'fair valuation' for Sheba, which owns several concessions in the resource-rich northern Ethiopia.

Centamin Egypt announced that it offered a recommended 12 million dollars for a small gold exploration company operating in Ethiopia, thereby expanding its reach outside of Egypt.

Ethiopian Airlines announced that its annual revenue had grown by 40 percent in the 2010/11 fiscal year which ended on 7 July 2011. The airline made it in spite of airplane fuel price hike, Tewolde Gebremariam, CEO of the carrier, said.

According to Tewelde, the number of passengers Ethiopian carried in the 2010/11 fiscal year has also grown by 34 percent. 

Ethiopian Airlines flies to 63 destinations around the globe and to 17 destinations locally. According to Tewelde, flights to Banguwi, Hanju, Malacal, Milan and Muputo were launched in the fiscal that just ended. 

The fuel price hike has claimed 41 percent of the airline’s expenditures according to the ailines’s CEO.

Source: Walta Information Centre

National Airways, a private airline established last year, announced that it was preparing to float shares to the public.

Established with a 10 million birr capital in July 2010, National Airways was licensed by the Ethiopian Civil Aviation Authority (ECAA) and the Ethiopian Investment Agency. 

Yetim ePayment Service PLC, a newly formed local company, Friday launched a service that provides instant information including schedules of Ethiopian Airlines's departure and arrival, foreign exchange rates, prices of coffee, gold and related items as well as cinema schedules via cell phone to potential customers.

Seven Seas Technologies (SST), a Kenyan integrated information technology services provider, is set to open an office in Addis Ababa.

The Kenyan SST said that it was going to invest nearly one million dollars in its move to register a strong market presence within the horn of Africa region.

SST's venture into the Ethiopian market is powered by a joint venture agreement with Netcom Limited an Ethiopian company.

Midroc Gold Mine Plc said that it had discovered a new gold deposit estimated 33,000kg in the Jilaye area of Metekel Zone, in Benishangul Gumuz Regional State.

The gold deposit was discovered seven years after the launching of the exploration activity on a 2,292 sq km area, Dr Arega Yirdaw, the CEO said yesterday.

Djibouti signed a 15 million euro ($21.7 million) financing deal with the European Union for the development of an electricity interconnection project with neighbouring Ethiopia.

The Bahir Dar Textile Factory is undergoing a 500 million birr renovation which is expected to enable it to produce three times as much as it currently does and make it competitive in international market, Abay Melaku, general manager of the factory, said.

Proceeds of increase to expand Acazis's peanuts cultivation in Ethiopia

The board of ACAZIS AG has decided, with the consent of the Supervisory Board of Directors, to raise the company’s share capital by issuing up to 3,136,314 new shares. The current share capital will therefore grow from €1,568,157.00 to €4,704,471.00 in exchange for a cash contribution.

The House of People's Representatives July 5, 2011 yesterday approved 118 billion birr budget for the 2011/2012 fiscal year. The budget approved yesterday is greater by 30 billion birr than the budget for the 2010/11 fiscal year.

Prime Minister Meles Zenawi said that the budget was prepared based the country's interest and capacity.