My change please!
In the last few weeks, the country has been hit by a serious shortage of loose change, which ignited speculations and rumors as to the sudden scarcity of coins. People engaged in the service of breaking cash notes for coins have increased their rates for a 1 birr note to 75 cents compared to 90 cents previously.
Minister urges up scaling to world standards
By Tedla Yeneakal
Minister of Capacity Building, Tefera Walewa, has emphasized the need for an increase in financial capabilities of local companies to become certified by the International Organization for Standardization (ISO) 9001 Quality Management Standard.
Tefera told Capital that local companies employed international consultancy firms to attain effective national quality infrastructure in compliance with international standards, out of their own budgets. Which is a very important step, says the minister, for local companies to be competent in an increasingly globalized economy.
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CBE sues customs over wrong bill of lading
By Tedla Yeneakal
The Commercial Bank of Ethiopia (CBE) has filed a law suit against the Ethiopian Customs Authority, this week at the Federal High Court, over wrong bills of lading, that entailed the state owned bank to lose millions of birr.
According to charges read in court on Monday 3, March 2008, money was lost due to the negligence of customs officials relating to a process, whereby the bank releases documents on receipt from the negotiating bank but the importer does not pay the bank until the maturity of the draft is under the relative credit.
The bill of lading was received by the Customs Authority, wrongly acknowledging that the goods have been received on board, although the amount of money that the goods would cost was less than the expectation of the Commercial Bank of Ethiopia.
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70% women in Sub Saharan Africa farm
By Muluken Yewondwossen
Almost 7 out of 10 women (67.9 per cent) in the Sub Saharan Africa work in the agriculture sector, mainly in subsistence-level agriculture under harsh conditions and with little or no economic security, the report from the International Labor Office (ILO) disclosed.
The Office’s report, released yesterday March 8, says agriculture continues to provide the vast majority of jobs for the region’s women.
“A comparison of the rates by gender is 9.1 per, cent for women and 7.5 percent for men in 2007 and that the challenge is greater for women than for men,” indicates the report.
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