Wednesday 23 August 2017
(Xinhuanet 08/22/17)
African officials on Monday called for urgent infrastructural development and regional integration to boost the continent's economy. At the Infrastructure Africa 2017 in Johannesburg, Zambian Minister of Finance Felix Mutati encouraged Africans to speedily address infrastructural deficit. "We have to inject some sense of urgency in ourselves. If we remain captured by business as usual, we are headed for disaster," said Mutati at the opening ceremony of the two-day event. "Competitiveness in Africa is being constrained by infrastructure deficit. We need about 93 billion U.S. dollars every year to address the infrastructure gap in the continent. We need to urgently implement projects," he said. Mutati said Africa has to narrow focus to innovative financing and...
(Bloomberg 08/21/17)
GreenWish Partners, a renewable energy company run by a former Morgan Stanley executive, is planning to invest $800 million on solar-powered telecommunications towers across Africa. The project could fuel economic growth by providing power for essential services. Sub-Saharan Africa has the lowest rates of energy access in the world and is home to about half of the world’s 1.2 billion people without reliable electricity, according to the International Energy Agency. The problem extends to businesses as well as households, cutting into productivity and growth. “We reduce the total cost of power by 30 percent,” said Charlotte Aubin-Kalaidjian, the founder and chief executive officer of GreenWish, who was formerly a managing director at Morgan Stanley Investment Management. “Smaller towers can run...
(Agence Ecofin 08/18/17)
At the end of the 2016-17 fiscal year, Ethiopia’s horticultural exports generated $271 million for the economy, according to hortibiz.com. According to the authority in charge of the sector and agricultural investment, this is slightly (+1.5%) above the revenues generated a year before ($275 million) but far below (-41.2% or $190 million) what it targeted revenues for the period. In details, the authority said cut flowers remain the main source of revenues in the sector with earnings standing at about...
(2Merkato 08/18/17)
Ethiopia imported a total of 117,032 vehicles in the just concluded fiscal year. The news was disclosed by Ethiopian Transport Authority (ETA). Commenting on the development, ETA’s Public Relation Head, Yigzaw Dagne, said the number might be higher as there might be cars in different states that are not registered within the national database. According to Yigzaw the number of cars being imported Ethiopia have been increasing every year. Following last year’s vehicles import, the number of cars in Ethiopia...
(Xinhuanet 08/16/17)
Ethiopia has generated close to 271 million U.S. dollars from the exports of flower and other horticulture products during the just concluded Ethiopian fiscal year, the Ethiopian horticulture and Agriculture Investment Authority revealed on Tuesday. The Ethiopian Horticulture and Agriculture Investment Authority, however, disclosed that the amount earned during the just concluded 2016-2017 Ethiopian fiscal year was slightly less than last fiscal year's earnings by 1.5 percent. The authority further indicated that the revenue earned from the sector was 190...
(New Business Ethiopia 08/10/17)
Geletu Tafa, father of six children, is one of the over 20,000 smallholder contract farmers producing improved malt barley variety for Heineken Ethiopia. He lives in Arsi Tiyo district Dosha area farming five hectares land. Before starting contract farming receiving ‘Traveller’, a French origin improved malt barley seed, from Heineken three years ago; he was producing wheat and other barley varieties. “After I began using Traveller seed, my production on one hectare has increased to around 60-70 quintals from around...
(Reuters (Eng) 08/10/17)
A British explorer for mineral resources in Africa will on Thursday become the first venture of its kind to be listed on London's AIM market for growing companies, its CEO said. Following the recovery of the mining sector from a commodity price crash in 2015-16, a handful of new companies have listed. But smaller exploration companies known as project generators, which find assets but sell them on or agree joint ventures to develop them, have generally preferred the Canadian or...
(Xinhuanet 08/09/17)
South Sudan plans to construct road projects, oil pipeline and oil refinery after government forces captured the rebel stronghold of Pagak near Ethiopia border. Speaking to Xinhua on Wednesday, South Sudan's Ambassador to Ethiopia James Morgan said despite Ethiopia and South Sudan signing an economic Memorandum of Understanding early this year, the lack of control by South Sudan government forces bordering Ethiopia had hindered implementation of the agreement. Although South Sudan gained independence in July 2011 from Sudan, less than...
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal...
(The Ethiopian Herald 08/08/17)
Ethiopian economy has been dependent on traditional agriculture for centuries. However, from the last few years, farmers have begun utilizing the modern agricultural technologies to increase their benefits from the sector. They have shown incremental interest in the modern agricultural inputs especially during the summer season. Fertilizer has become farmers' day to day agenda as they have to prepare it before the sowing season. The Ethiopian Agricultural Works Corporation was established to supply, produce and distribute agricultural input products and...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year,...
(Addis Fortune 08/02/17)
Ethiopia has earned 3.3 billion dollars from 886,897 tourists who have visited the country during the 2016/17 fiscal year, according to the Ministry of Culture & Tourism (MoCT), achieving 88pc of the target. The tourism proceeds are 2.5pc lower than the preceding year, and the number of tourists declined by 23,231 compared to the previous year. In the just ended fiscal year, the number of tourists who arrived in the country has improved compared to the first and second quarters...
(Addis Fortune 08/02/17)
The Ministry of Agriculture & Natural Resources (MoANR) has finalised draft legal frameworks which aim to regulate the production, import, trade and distribution of fertilisers in the country. The two drafts are the Fertilizer Policy and the Fertilizer Production & Trade Proclamation. The legal frameworks have been under draft by the Ministry for the past one year and were fully completed and delivered to the high-level officials of the Ministry on June 8, 2017. The drafts were also up for...
(The Guardian Nigeria 08/02/17)
Ethiopian Airlines on Tuesday commenced flight operations to Kaduna with Boeing 737-800 aircraft, which landed at the Kaduna International Airport from Addis Ababa at noon carrying 17 passengers on board. The flight with registration number ET-9221, also departed for Addis Ababa at 1:30 p.m. with 10 officials of Kaduna State Government on board and other passengers. Speaking before departure of the aircraft, Governor Nasir EI' Rufai said Kaduna State had hitherto been disadvantaged in terms of access to the outside...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(Xinhuanet 07/28/17)
Ethiopian Culture and Tourism Ministry revealed on Friday that over 3.32 billion U.S. dollars had been generated from the tourism sector during the just concluded Ethiopian fiscal year. According to the ministry, the 3.32 billion U.S. dollars revenue was generated from over 886,800 tourists that have visited the east African country during the just concluded 2016 / 2017 Ethiopian fiscal year. The ministry, however, indicated that the revenue earned from the sector has registered a 2.5 percent reduction as compared...
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with...
(Addis Standard 07/25/17)
This comes after business owners protested over what they see as disproportionate tax amounts levied on small businesses. Following days of defiance by small business owners in Oromia regional state and in the capital Addis Abeba against the newly introduced presumptive tax system, Kebede Chane, Director General of the Ethiopian Revenue and Customs Authority (ECRA), said the government was now scraping its implementation. The revised presumptive tax system concerns category 'C' tax payers, which consists small businesses with an annual turnover of up to 100,000 Birr. It was conducted by ECRA in collaboration with the Ministry of Finance and Economic Cooperation (MoFEC) and has come into effect

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