Capital RSS

Drivers indicted on export theft

Yohannes.Anberbir@capitalethiopia.com (Yohannes Anberbir) — Tue, 07 Sep 2010 10:50:20 GMT

The Federal High Court passed some stiff imprisonment penalties on five drivers who have been found guilty of stealing Djibouti-bound textile meant for export. The thieves face up to 25 years of imprisonment and have been fined up to 20,000 birr.

Power export to Sudan starts in October

groum.abate@capitalethiopia.com (Groum Abate) — Tue, 07 Sep 2010 10:49:24 GMT

The Ethiopian Electric and Power Corporation (EEPCo) is to export electricity to Sudan starting from October 2010.

State-owned financial institutions’ sick loans equal profits

Yohannes.Anberbir@capitalethiopia.com (Yohannes Anberbir) — Tue, 07 Sep 2010 10:48:32 GMT

The four state-owned financial institutions have closed the recently ended 2009/2010 fiscal year with Non Performing Loans (NPL) of 3.1 billion birr, this is equal to their total profit before tax.

Ban on outdated cars to be effective

muluken.yewondwossen@capitalethiopia.com (Muluken Yewondwossen) — Tue, 07 Sep 2010 10:47:48 GMT

A new directive to ban the import of outdated second hand cars is to be ratified shortly after the Ethiopian New Year.

Islamic Banks to enter financial sector

kirubel.tadesse@capitalethiopia.com (Kirubel Tadesse) — Tue, 07 Sep 2010 10:46:59 GMT

Finally responding to a strong public demand, the National Bank of Ethiopia (NBE) is about to approve a directive that paves the way for the establishment of Islamic banks.

Colleges denounce ban on distant learning

binyam.tamene@capitalethiopia.com (Binyam Tamene) — Tue, 07 Sep 2010 10:45:58 GMT

Owners of Ethiopian private institutions blasted the timing of the new directive that prevents them from performing distant education programs, among many.

Ghion 512 mln dollar deal closed

groum.abate@capitalethiopia.com (Groum Abate) — Tue, 07 Sep 2010 10:44:57 GMT

The Privatization and Public Enterprises Supervising Authority (PPESA) has agreed to transfer Ghion Hotel located in the prime corner of Addis Ababa, bordering the National Palace, to Aklile Berhan Mekonnen Hailesellasie, dubbed Prince, i,e. one of the sons of prince Mekonnen.

Birr coins introduced in New Year

kirubel.tadesse@capitalethiopia.com (Kirubel Tadesse) — Tue, 07 Sep 2010 10:43:54 GMT

The National Bank of Ethiopia (NBE) has introduced one birr coins this week. In the long-run the new coins will replace the birr notes that are relatively costly to produce because of their short life cycle. Until now, the highest valued coin was that of fifty cents.

ETC CEO resigns on threshold of French take-over

muluken.yewondwossen@capitalethiopia.com (Muluken Yewondwossen) — Tue, 07 Sep 2010 10:43:07 GMT

Amare Amsalu, Chief Executive Officer (CEO) of the state-owned telecom provider Ethiopian Telecommunication Corporation (ETC) has resigned from his position as per September 15, 2010 Capital has learned.

Gov’t offers two million hectare land for agriculture investment

kirubel.tadesse@capitalethiopia.com (Kirubel Tadesse) — Tue, 07 Sep 2010 10:42:28 GMT

The federal government has prepared two million hectare of land for investors who aspire to advance in the agricultural sector. Prime Minister Meles Zenawi said the allotted land could go up to five million hectare in the coming five years.