CBE awaits approval for half a trillion birr paid-up capital
Commercial Bank of Ethiopia (CBE), the largest bank in Ethiopia, is seeking government approval to increase its paid-up capital from 63 billion birr to 500 billion birr in order to finance ambitious expansion plans, according to executives of the state-owned bank. But we expect approval to raise the capital this fiscal year,” said CBE President Abe Sano. First, the bank’s assets of one trillion birr far exceed its authorized capital of 40 billion birr. “Our current 63 billion birr capital is insufficient. “In birr terms our capacity is huge, but in terms of USD, it still lags behind neighboring countries,” said Abe.
Source:Ethiopian News
July 22, 2023 13:45 UTC
Every Opening and Closing This Week: Axum Ethiopian Is Gone for Good and More
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Source:Ethiopian News
July 22, 2023 13:13 UTC
Comparison Between Kenya, Tanzania and Ethiopia International Airport (Photos)
Kenya, Ethiopia and Tanzania are three Eastern African countries that have witnessed tremendous infrastructural development in the recent times. Bole International Airport, EthiopiaLocated in the horn of Africa, Ethiopia has the largest airport in Eastern African region which is referred as Bole International Airport. Jomo Kenyatta International Airport, KenyaJKIA is the second largest airport in Eastern African region which was built during the colonial area. Julius Nyerere International Airport, TanzaniaNamed after the first President of Tanzania Julius Nyerere, the airport is the hub for Air Tanzania. On overage the airport serves an estimated 2 millions passengers annually.
Source:Ethiopian News
July 22, 2023 11:26 UTC
Wang's Ethiopia visit bolsters historic ties
The visit paves the way for more constructive cooperation in a diverse range of fields spanning digital economy, green development and agriculture. Ethiopia has also treated its time-tested relationship with China as a catalyst for stronger Sino-African relations. The present visit signals stronger momentum for business and investment opportunities on both sides. Wang has expressed China's intent to accelerate Ethiopia's push for industrialization, underscoring the utility of a progressive and stable Ethiopia to the region. China and Ethiopia jointly endorsed key objectives at the conference, including efforts to expand the size and scale of China's trade with Africa, which has benefitted Ethiopia's own trade integration in the past.
Source:Ethiopian News
July 22, 2023 11:09 UTC
CIA chief says Putin may still get revenge against Prigozhin
CIA Director Bill Burns testifies during his Senate Intelligence Committee hearing on Capitol Hill in Washington, DC, on February 24, 2021. According to Burns, Putin is simply "trying to buy time" to determine whether and how to act against Prigozhin, to avoid being seen to overreact. “What we’re seeing is a very complicated dance between Prigozhin and Putin. On the morning that Prigozhin launched his insurrection, he released a video directly criticizing Putin’s rationale for invading Ukraine. He said the Telegram video got 2.5 million views in the first week.
Source:Ethiopian News
July 22, 2023 10:29 UTC
“WE HAVE A COST-OF-LIVING CRISIS”
Central Bank GovernorThe Governor of Ethiopia’s central bank pulled no punches in acknowledging citizens are struggling with an unrelenting cost of living surge, conceding “too high” inflation in the East African nation has climbed to unjustifiable highs. “We have a cost-of-living crisis,” Mamo Mihretu, governor of the National Bank of Ethiopia (NBE), said in his speech at the opening of the 20th Ethiopian Economics Association International Conference on Ethiopia’s economy, laying bare that prices have skyrocketed for essentials like fuel, food and fertilizer, placing a heavy burden on household budgets. He noted that prices of essentials like fuel and food have nearly doubled in some cases in recent years. “Inflation has risen sharply here at home and elsewhere partly fueled by surging energy, food, and fertilizer prices,” Mamo said, citing fuel costs as an example. “Our priority for this new fiscal year is thus to reverse this state of affairs.”The Governor’s speech aligns with plans outlined in a Central Bank tweet from two months ago, on May 29, 2023.
Source:Ethiopian News
July 22, 2023 10:23 UTC
Draft law promises 15-year jail time for aid diversion
A proposed draft law would impose prison terms of up to 15 years for obstructing or diverting aid to internally displaced people (IDPs) if passed. - Advertisement -The draft proclamation proposes up to 25 years in prison and heavy fines for violating IDP rights. Titled the “Proclamation to Prevent Internal Displacement and Provide Protection and Assistance to Internally Displaced Persons,” the draft would also require funds embezzled from aid to be repaid three times the amount stolen. Ethiopia currently lacks legislation to protect and reintegrate internally displaced persons (IDPs). The draft proclamation gives IDPs the right to vote, stand for election, assemble peacefully, participate in policymaking, and hold peaceful demonstrations, among other rights.
Source:Ethiopian News
July 22, 2023 10:14 UTC
Report shows Ethiopian civil war more lethal than Ukraine war
The Ethiopian and Ukraine-Russia conflicts accounted for 89 percent of battle-related deaths worldwide in 2022, according to a new report from the Peace Research Institute Oslo (PRIO). “While the war in Ukraine captured most attention, the parallel war between the Ethiopian government and the Tigray People’s Liberation Front was more lethal,” the report states. The Ethiopian conflict, already the third deadliest in 2021, drew in forces beyond the two warring parties. According to the report, battle-related deaths in Tigray have reached alarmingly high levels while the world’s attention has focused on Ukraine. Former Nigerian President Olusegun Obasanjo, who led peace efforts in northern Ethiopia, previously estimated total casualties resulting from the north Ethiopian war could reach as high as 600,000.
Source:Ethiopian News
July 22, 2023 09:44 UTC
Ethiopia’s social media ban lifted
The government of Ethiopia has lifted a five-month ban on access to social media platforms like Facebook, TikTok, Telegram and Youtube. They then vowed online to defy the ban and hold a rally to show their support for the Orthodox Church. This led to a ban on social media and a shutdown of schools in the country. Only those with access to a virtual private network (VPN) could get on social media platforms, which made the demand for VPNs in Ethiopia skyrocket by 1,430% at the time. The social media blackout is said to have impacted businesses and cost Ethiopia up to £32 million ($42 million) in losses.
Source:Ethiopian News
July 22, 2023 09:08 UTC
News: Students, departments of Accounting and Finance express grievances over unusual failure rate in university exit examinations
Bahir Dar University administering exit examinations (Photo: Bahir Dar University/Facebook)Addis Abeba – Several accounting and finance departments at universities nationwide have appealed for a comprehensive review of the exit exam. Similarly, Asfaw Derisa, a student from a private college in Hawassa city, reported problems with the Accounting and Finance exam. According to Asfaw, the exam included questions outside the scope of the department’s study, resulting in no students passing the exam. Furthermore, Students suggest that the Ministry, by selectively passing students who initially failed, seeks to create a false perception that the pass rate for the accounting and finance departments is similar to other departments. They fear that this could be a calculated move to minimize the problem and obscure the reality that the accounting and finance exam is fundamentally flawed.
Source:Ethiopian News
July 22, 2023 07:56 UTC
Kipyegon Adds Third World Record To Her Sensational Season
Kipyegon, a decorated athlete with two Olympic gold medals and two world championship titles in the 1500m, shattered the women’s mile world record on Friday, clocking an impressive 4 minutes and 07.64 seconds. This remarkable achievement marks her third world record of the season, having already set new records in the 1500m and 5000m events earlier in June. Kipyegon’s dominance was on full display as she obliterated the previous world record of 4:12.33, held by Ethiopian-born Dutch runner, Sifan Hassan, since 2019, also at the Monaco meet. The ideal running conditions, with a temperature of 30 degrees Celsius and the support of an on-the-mark pace-setting and the Wavelight trackside lighting system indicating world record pace, certainly played a role in her extraordinary feat. The exhilarating race not only saw Kipyegon’s triumphant victory but also set regional records for North America, South America, and Oceania.
Source:Ethiopian News
July 22, 2023 02:12 UTC
The ‘good-for-nothing’ man who makes public eyes brim with hot tears
The tall slim young man approached the podium, grabbed the mic and took a breath for a while. Then, “I am a good-for-nothing man. A lot of positive things we all in general and the young fresh graduates in particular can draw from this young man! Amidst all this, all souls in that big hall were drenched with warm tears… But… Why are we people of Ethiopia near to tears? If he is a good-for-nothing man, what name should be given to the indolent guy like me?
Source:Ethiopian News
July 22, 2023 00:33 UTC
Zelenskiy : "The voice of Ethiopia, the African Union, all of Africa is very important to us"
Zelenskiy, president of Ukraine, wants security and digitalization cooperation with EthiopiaborkenaA day after the Ethiopian Prime Minister announced his phone conversation with Ukrainian President Volodymyr Zelenskiy, the latter confirmed the story. In an official Telegram message he shared ( which was edited around 12:02 P.M. local time), Mr. Zelenesky said “It is necessary to create a platform for dialogue with African countries. The voice of Ethiopia, the African Union, all of Africa is very important to us.”Mr. Zeleneskiy also said that Ukraine is “interested in developing bilateral relations with Ethiopia in the fields of security, digitalization and others.”During the phone conversation whose initiator remained unclear, the Ukrainian President talked about the food that Ukraine sent to Ethiopia. The phone conversation between the leaders of Ethiopia and Ukraine is said to be the first one in the history of the two countries’ bilateral relations. I invited the Prime Minister to visit Ukraine.”In a message tweeted on July 20, Prime Minister Abiy Ahmed said he discussed bilateral and international matters of mutual interest with President Zelenskiy.
Source:Ethiopian News
July 22, 2023 00:31 UTC
Ethiopia, China agree to scale up multifaceted cooperation
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Source:Ethiopian News
July 21, 2023 21:23 UTC
Zelenskyy tells Ethiopian PM about Russia's attempt to disrupt grain exports
Ukrainian President Volodymyr Zelenskyy held the first phone conversation in the history of bilateral relations with Ethiopian Prime Minister Abiy Ahmed Ali on 20 July. Zelenskyy noted that Ukraine had delivered nearly 300,000 tonnes of food to Ethiopia as part of the Black Sea Grain Initiative and another 90,000 tonnes of grain as part of the Grain from Ukraine humanitarian initiative. "The voice of Ethiopia, the African Union, the whole of Africa is very important to us," Zelenskyy said. In his evening address, Zelenskyy also said that he had spoken to the Ethiopian Prime Minister about Russia's attempt to disrupt Ukraine’s grain exports. And by the way, we have already started preparing for the UN Security Council meeting scheduled for tomorrow, which is dedicated to this very issue, food security.
Source:Ethiopian News
July 21, 2023 16:08 UTC