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Bank profits soared in 2022

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The financial sector registered a massive change through the reform period that expanded their asset on average by 24.5 percent every year in the past four years.

Frezer Ayalew, Director of Banking Supervision Directorate at National Bank of Ethiopia, said that in the financial year closed in 2019 the total asset of banks was 1.3 trillion birr and now climbed by 92 percent to reach 2.5 trillion birr at the end of the 2021/22 financial year.

Deposit mobilization is the other area that the financial sector secured a huge success with 25 percent growth every year since 2019. “Compared with 2019 the deposit mobilization has expanded by 93 percent by June 2022 to reach 1.74 trillion birr from 899.8 billion birr. Similarly the banking sector total capital has expanded to 199 billion birr by 27 percent yearly growth from 99 billion birr in 2019,” the Banking Supervision head said.

In four years time the number deposit accounts has increased by 108 percent to reach 83.3 million.

Regarding profitability the banking sector has amassed close to 50 billion birr net profit in the just ended finical year that increased by 122 percent compared with the year that ended in 2019. In the financial year that ended on June 2019, the banking sector net profit after tax was 22.5 billion birr.

In the loan and advance development the private sector has accessed 889.6 billion birr in the past financial year that was 377.6 billion birr in 2019, while the total loan and advance excluding bonds has climbed to 1.09 trillion in June 2022 that is over double compared with four years ago.

Frezer said that the banking sector has continued its safe and sound operation. “The banking sector capital adequacy ration stood at 16.04 percent above from the internationally required standard of eight percent. Similarly the non performing loan ration is 3.87 percent against five percent of the requirement, while liquidity ratio at the banking sector is 27.05 percent, which NBE expected it to be 15 percent,” he said.

“Our banks are operating in an internationally required model that makes them financially sound,” the Director added.

He reminded that the policy bank, Development Bank of Ethiopia, attains massive progress in the past few years to return back to prudent operational status.

The banking industry that registered significant change is the interest free banking (IFB) with two full-fledged banks already operational besides one that transformed to bank from micro finance institution and one more has secured license to open its door. Besides the two full-fledged banks 11 banks are providing IFB services through windows. As of March 2022 over 11 million accounts holders registered for the deposit mobilization of 117.2 billion birr in the IFB.

“35.5 billion birr have been availed through 4,842 IFB credit accounts on the financing side,” Frezer said.

How to bet on Hollywoodbets

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Hollywoodbets is an old bookmaking provider from South Africa that operates mostly for English-speaking countries. The particular focus is Britain and all the culturally close countries, meaning that stuff like cricket, horseracing, and other niches of British entertainment are plentiful here.

It started in 2000, which is respectable enough, but there are older providers. There are many websites from that age, and plenty is big established companies. This one is relatively small. It’s also unique in the way that a bet is processed here. So, let’s discuss a few examples of how to bet on Hollywood.

Is Hollywoodbets legit?

In terms of transparency and goodwill, Hollywood isn’t much worse than most. They won’t actively try to ruin you financially or install malware onto your computer. But there’s no telling if they’ll be careful with your personal data or offer a good user experience here.

They have a blog that offers a lot of tips on how to bet on Hollywood and sports in general. It’s an adequate read that gives you valuable insights. That could boost their trustworthiness in the eyes of some people, but it’s not necessarily a redeeming quality, because blogs are made to attract new users before anything else.

What sports betting does Hollywoodbets offer in their events feed?

Hollywoodbets has an extensive library of casino games and gambling solutions. Sports betting is a popular chapter on their website (possibly the most popular one), but it doesn’t offer that much stuff to bet on. The two main sports they are dealing with are soccer and horseracing.

You can access the newest events directly, and most major events from Britain, South Africa, Ireland, and abroad are shown. This betting site is outstanding for domestic games from these countries, but international competitions are also represented on the roster.

How can I deposit and withdraw on Hollywoodbets?

Before you learn how to bet on Hollywood bets, you need to know a thing or two about funding your account. There are three main ways to get your money on Hollywoodbets South Africa:

  • Credit card
  • Bank transfer
  • PayFast

The latter is the payment system popular in South Africa, as well as abroad. The other methods are self-explanatory. To withdraw the funds, you’ll have to use one of these solutions, as well. To deposit the money, you need to wait 10-15 minutes (usually), but withdrawing can take longer.

What’s more, there are strict security procedures that force people to submit their personal data, documentation and ID to establish an account here. It’s more or less standard throughout the industry, but the same scrutiny applies to the withdrawing process, which means it can even take weeks to go through.

What are the bonuses on Hollywoodbets?

The main bonus of Hollywoodbets is the free 25 rand (of the equivalent) that you can spend on a free bet for anything offered in the sportsbook. You can simply claim it by creating an account. The other bonuses include a 50 rand bonus for referring the website to your friend, as well as some others.

What are some tips to bet on Hollywoodbets?

The main tips on how to bet online on Hollywood include giving horseracing a chance. Soccer is good and all, but good racing bets are scarcer, and there are plenty to go around on Hollywoodbets. It is a potentially interesting form of entertainment that could make you a fortune. Other than that, the content here is basic.

 

Pelosi and Policy of China

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By Melaku Mulualem K.

The visit of US House Speaker Nancy Pelosi to Taiwan on 3 August 2022 has got the most international news coverage in the world. This is because, it has become the gravest challenge to international relations that affects not only the relationships between the U.S.A and China but also the security, economic and political landscape in the Indo-Pacific area and the world at large.

China has established the One China Principle regarding the Taiwan question. This principle is also supported by international organizations including the United Nations and the African Union. The United Nations General Assembly Resolution 2758 decided that the People’s Republic of China (P.R.C.) is the only legitimate representative of China to the United Nations.

Taiwan question is the core interest and red line for China before establishing any bilateral relationships with another country. China has established formal diplomatic relations with 181 countries of the world that accepted the One China Principle. Based on this principle China also established formal diplomatic relations with the USA. Not long after establishing diplomatic ties with China, the United States passed the so-called “Taiwan Relations Act” in April 1979. Except for Swaziland which has diplomatic relations with Taiwan, all other African countries have recognized the “One China” policy. Because of this China has diplomatic relations with almost all African countries.

Even if China has the military power to solve the problem of Taiwan by force, she didn’t choose this approach for the sake of international peace and security, and stability. Rather, like that of Hong Kong, China wants to solve the problem peacefully. This approach of China should be appreciated than provoking her for the other options at hand.

The U.S.A considered China and Russia as roadblocks to its hegemonic power interests. Because of this interest, the USA preferred to use more unilateral actions than multilateralism. Ukraine is one card of the USA to pressure Russia, and similarly, Taiwan is another card to put pressure on China. Since we are living in the nuclear age, the interest in making “America First” by military force may lead to global war and result in “America Last”.

Why did Pelosi want to visit Taiwan at this time? There can be many reasons for this critical question. The first is to boost the electoral issue of her Democratic Party against the Republican Party and to maintain her position as Speaker of the House of Representatives which Pelosi currently leads. She is doing this electoral arithmetic at the expense of the diplomatic relationships between the two countries. To fulfill her political adventure and election issue she visited the Island in the name of “democracy” recklessly and irresponsibly. In the long run, however, this electoral strategy will not benefit the USA in its relations with China.

On the other hand, there is parallel news saying that President Biden, also a Democrat, has been against the move of Pelosi. Whether this news is true or false, the 82 years old lady has done the gravest move that can damage the bilateral relationships between China and the USA. She has grimly abused her position as the Speaker of the House.

Many political figures have also condemned the visit. There was also widespread disapproval and criticism from major media outlets and prominent political figures. For instance, the former Australian Prime Minister Paul Keating said “A visit by Pelosi would be unprecedented – foolish, dangerous, and unnecessary to any cause other than her own”. The former president of the USA, Donald Trump also says Pelosi is “always causing trouble. Nothing she does turn out well”.

The other reason for the visit is to provoke China into conflict and to put sanctions by the USA and her European allies to damage her economy. While the economy and influence of China in the world increase, the hostility of the USA against China will also increase. Thus provoking China on the Taiwan question is an attempt to delay China’s development and block the moving of power from the West to the East. This is to put replica on the USA’s current relations with Russia. The USA believed that the war and sanctions on Russia has weakened the latter so that its “threat” will be minimized. In the same way, the USA targeted on Taiwan question to make China economically and politically weakened and become no more a challenge to the hegemonic power interests of the USA.

The USA and other Western countries could not prevent the destruction of Ukraine in the war with the Russian Federation. Even if Ukraine was pushed by the Western countries to go to war with Russia, they could not save her from serious damage. They are being criticized by the international communities for encouraging Ukraine to go to the fight. The visit of Pelosi can also target on diverting the eyes of the world from Ukraine which they politically failed.

The Taiwan question is the internal affair of China. Soon after her visit, the government of China issued a statement condemning Pelosi’s visit for “breaching China’s sovereignty and territorial integrity”. To threaten China in this aspect means threatening its sovereignty as well as interfering in the internal affairs of China. Since the international communities have accepted the One-China Principle as a norm, it is violating the international order that may lead to a new alliance among countries.

As history shows that the act of individuals may spark world wars. For instance World War I was struck in Sarajevo, Bosnia, where Archduke Franz Ferdinand —heir to the Austro-Hungarian Empire—was shot to death along with his wife, Sophie, by the Serbian nationalist Gavrilo Princip on June 28, 1914. This act can be regarded as a case in point to trigger world war and crisis. Thus the act of Pelosi should also be seen in this respect.

Now China has started military drills on air and naval forces as a necessary and just response to Pelosi’s visit. This bold action may affect the region where multi-billion dollars worth of trade passes through it. It will also affect the geopolitical situations in the region. Oil and other commodities cannot move in the region easily which may stimulate the insurance costs of shipping to be skyrocketing.

Thus Japan, South Korea, Vietnam, Malaysia, Singapore, and countries in the region can be affected in the immediate future. It will soon expand to other countries of the world. Africa, Asia, and Latin American countries that comprise many of the weakest economies of the world can be more highly affected than the others. Thus the international communities should voice against the policy of the USA toward China, in particular the Taiwan region . Otherwise, they will reap its consequences.

International relations underlines that states can defend their territorial integrity by increasing their military power, and/or making alliances with other states to maintain a balance of power. Thus, China, Russia, and other powers may establish alliances to contain the aggressive behavior of Western countries which are being supported by NATO. Such a move may lead to a new Cold War that can develop to proxy wars in different parts of the world. Military bases can also mushroom in different parts of the world. This shows the extent of the impacts of the ill-intentioned policy if USA regarding the Taiwan question in the region and the international order at large.

In my opinion, the USA believes that it can get benefit from conflicts and wars between and among countries by siding with one to attack the other and maintain its national interests. This is to make governments subservient to the interests of the USA. That is why there is the USA behind any other major conflicts and wars in various countries of the world. We can’t get China in such a “bad boy game”.

On the other hand, China believes that she can get benefit from a peaceful world that supports its international initiatives including the Belt and Road Initiative (BRI), Global Development Initiative (GDI), Global Security Initiative (GSI), and Building a Community of Shared Future for Mankind. If there is security China can continue constructing infrastructures in different parts of the world and can benefit from such global projects. The infrastructures can serve if there is peace. Otherwise, they will be damaged by war. If there is war and conflict such global initiatives will be in a dangerous situation.

In conclusion, the visit of Pelosi is violating the One China Policy and principle. This is because she didn’t get a green light from China for her visit. The question of Taiwan cannot remain solely as the issue of the USA and China. It is the center of gravity for world peace and security. Thus the USA should refrain from such reckless action that may lead to global crises. The international communities should also voice against such acts for the sake of peace, security, and developments in the world.

Melaku Mulualem K. is aResearcher in the Institute of Foreign Affairs of Ethiopia

The views expressed in this article are his own and do not necessarily reflect the views of the institution he is affiliated with. He can be reached at melakumulu@yahoo.com .

 

Theft derails Ethiopia’s electrification projects

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The Ethiopian Electric Power (EEP) says that robbery has become a high trend hindering its national electrification projects. In the ended budget year alone, 90 tons of tower materials have been stolen from the Ethio Kenya high tension line.
The enterprise that has a mandate to carry out massive generation projects, construct and administer over 66 KV transmission lines and distribution stations, bulk energy sales, and electric export, disclosed that despite carrying out massive expansion and rehabilitation works, theft has become a major thorn in the flesh to its operation.
Moges Mekonnen, Public Relation Head at EEP, said that the behavior has been growing through time, while legal measures taken do not compare to the damage incurred.
“In the ended budget year alone, transitional line towers that estimate to be over 190 tons have been stolen in different corners of the country, which affects the service that EEP provides to the public,” he said, adding, “Because of theft, power interruptions have occurred which in turn affects the community in different areas.”
In two major incidents in November and December 2021 alone, 90 tons of parts of the tower, tower members and other materials have been stolen from the Ethio Kenya line, “in another round of incidents, additional 8 tons theft have transpired on the same line,” Moges said.
The robbery has been undertaken in a well organizer manner and the bandits are using tools like grinders.
The other major theft occurred through the TPLF conflict times.
He said that the aggression taken by TPLF has been one of the major challenges on the ended budget year.
“Our infrastructure has been massively stolen by the aggression which took place at the beginning of last budget year besides the huge damages,” he told Capital.
In the incident, over 100 tons have been stolen on the 400 KV system of Bahir Dar-Kombolcha-Woldeya.
“In the system there are two lots; sub stations and transmission line. The substation lots have three sub stations including Woldya and Kombolcha to which both of them have been stolen, while on the Bahir Dar-Kombolcha transmission line that stretches 295 km with 640 towers and on the Kombolcha-Woldeya 87 km line that have 191 electric towers have also been affected by robbery and damages,” he explained.
The other 230 KV 15 km line that connects the Kombolcha Industry Zone and the line that links the old substation with the new one at Woldeya have also been affected by robbery through the aggressors.
The 100 ton theft however does not include the purposeful damage which occurred due to the aggression.
To rehabilitate the theft and tower foundation in general, USD 105 million is needed at this area alone, which is not inclusive of other additional costs according to the Public Relation Head.
He underlined that the two areas are highly affected but the problem is also seen in other parts of the country like Mojo, Azezo-Chilga project, and Welayta on small scale levels.
The Power claimed that law enforcement bodies and region administrations are not taking appropriate measures on the illegal actors, “that is the reason for the increment of the theft from time to time.”
“The stolen materials do not go anywhere and they end up at steel mills. They have to stop at the check points,” the Public Relation Head said.
The PR head was baffled by regions on one having huge demands for the access to electricity whilst on the other they don’t observe safety of the existing facilities and installed lines. “It is a paradox,” he stated.
“The damages that occurred in the budget year could have covered projects for electrification,” he claimed.
He argued that any crime including petty ones ought not to be hidden from local governments. He also opined that such grand crimes should not be difficult to be cut by the long arm of the security apparatus which stretches to the lower levels.
“If the higher body in regions may not know about the case, the lower level governments in the Kebele should be well aware. They have to work on it to keep the line and take stringent measures on the thieves,” he added.
According to Moges, EEP has discussed the issue with regions to tackle the challenges, while it needs massive campaigns to solve the problem.
“Regions have promised to undertake awareness creation in the society and local governments to keep the infrastructures and law enforcement bodies to take appropriate measures on illegal actors,” he added.
Right off ways and security have also been stated as a challenge for the ongoing projects by EEP in the ended budget year and the power firm recommended that the issue will be solved immediately to address demands for electric supply.
In related development, EEP has disclosed that in the budget year that commenced on July 8 about 19,000 GWH electric will be generated.
Tiruwork Shiferaw, Planning Head at Operation Office at EEP, said that in the budget year 17 power generation stations will have a production capacity of 3, 862 MW on average.