Fonterra Plans to Export Milk from Ethiopia
New Zealand Milk Products Ethiopia S.C., a business enterprise owned by Fonterra and Ethiopia’s Faffa Foods said it plans to export its products in two years.
Food Inflation Exceeds 40 Percent
The price of food rose to 40.7 percent in May from 32.2 percent in April according to Central Statistical Agency’s (CSA) consumer price index released on Tuesday, 14 June 2011.
The prices of most food items, especially, barely, butter, coffee, maize, pepper, pulses, teff, wheat and others rose in May 2011 as compared to May 2010, the consumer price index indicates.Food price was deflating at the beginning of the current fiscal year. But since September prices have been escalating after the birr was devaluated against the dollar by 17 percent. The overall annual year on year inflation has now reached the two-year mark.
In May this year, the annual inflation had reached 34.7 percent from 29.5 percent in April. The latest figures follow the decision at the beginning of this month to lift the price cap imposed on 15 of the 18 consumables whose prices were set by the government since January.After assessing the situation in Ethiopia, the International Monetary Fund mission three weeks ago said that rising prices would slowdown the country’s economic growth. IMF’s prediction put Ethiopia’s economic growth for the coming fiscal year at around six percent which contrasts with the government’s estimate of 11 percent.
Source: Capital
Foreign Company Acquired Ethiopian Bottling Plant
Atlas Dev & Support Services Ltd said it has completed its acquisition of East Africa Packaging Holdings Limited (‘EAPH’).
Formation of Ethiopian Shipping & Logistics Enterprise Approved
The Council of Ministers endorsed last Friday the formation of the Ethiopian Shipping & Logistics Enterprise (ESLE).
The enterprise is an amalgamation of Ethiopian Shipping Lines (ESL), Ethiopian Maritime Transit Services (EMTS) and Dry Port Service Enterprise (DPSE).
The initial proposal for the company to be a corporation was abandoned. It is to be formed as a state enterprise instead.
Former Ethiopian CEO Appointed Chairman of Rwand Air
Girma Wake, former CEO of Ethiopian Airlines, Ethiopia’s flag carrier, was appointed as an advisor on aviation matters to the Ministry of Transport in Rwanda and Chairman of the Board for Rwand Air. 
The appointment of Girma as Chairman of the Board was announced by Rwand Air on the 24th of January.
The move is a part of the airlines’ expansion plans explained Rwand Air in a statement following the appointment.
