The world food crisis dominates UNCTAD XII, in Accra,Ghana
“Make no mistake!”, Ban Ki-moon cautions
By Abiy Demilew
Accra, Ghana
The world food crisis dominated the UNCTAD summit in Accra; with the UN secretary general urging that immediate and practical measures should be taken by world leaders and the rich countries to support the poorest of the poor.
“Soaring food prices, climate change and the lag in achieving development goals mean more free trade, not less, is needed to boost the economies of the poorest countries,” UN Secretary-General Ban Ki-moon said during the opening of UNCTAD XII, summit on April 20, 2008
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100 mln Birr tannery in the works
By Muluken Yewondwossen
Crystal Tannery, a facility that produces finished leather products is under formation with capital of 100 million birr and anticipates to enter production shortly. It is selling shares to prospective investors starting from April 1,2008.
Crystal Tannery was founded a month ago by seven investors from the same sector. Machinery that will be installed in the factory has been sourced from Italy and is expected to be imported duty free.
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Al-amoudi wins $4.75 mln lawsuit
By Groum Abate
Two wealthy Saudis, have won a lawsuit against an American expatriate who duped them into investing in his firm.
The Singapore High Court ruled in favour of companies belonging to Prince Fahad Abdullah Mohammed al-Saud and Sheikh Mohammed Hussein al-Amoudi, the Ethiopian born self-made billionaire.
They had sued Lane Pendleton, claiming he had lied about the financial health of the company, Orient Network Holdings (ONH), to secure millions in investment dollars, The Straits Times said.
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Federal Government faces over 1 bln birr budget deficit
98% for road projects
By Kirubel Tadesse
The Federal government of Ethiopia’s key authorities face a budget deficit that mounts to 1,016,026,300, the Ministry of Finance and Economic Development (MoFED), told parliament when it submitted a supplementary budget bill to fill the gap.
The requested amount is to be spent during the remaining months of this fiscal year that ends on July 7, 2008. According to the bill presented to the House of Peoples’ Representatives last Tuesday, April 22, 2008, Ethiopian Radio and Television Agency needs almost four million birr to amend a budget shortfall it encountered because of the recent salary increment.
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