UN economic commission hails Ethiopia's imminent securities exchange as "game-changer"
ADDIS ABABA, July 7 (Xinhua) -- Ethiopia's first-ever securities exchange will be a "game-changer" for the country and the region, the United Nations Economic Commission for Africa (UNECA) said at a workshop that concluded Friday. Efforts are underway to develop Ethiopia's financial market as the East African country prepares to launch its first-ever securities exchange over the next two years. The project team of the Ethiopian Securities Exchange (ESX) launched the capital raises request in May, according to the official Ethiopian News Agency. Brook Taye, director-general of the Ethiopian Capital Market Authority (ECMA), said the ESX will serve as a "key part of a functioning Ethiopian capital market ecosystem." The capacity-building workshop addressed a wide range of topics, including the money market, fixed-income market, equity market, policymaking and market development.
Source:Ethiopian News
July 07, 2023 17:49 UTC
In Ethiopia, residents deprived of food aid after a massive diversion scandal
A woman has her arm measured during a food distribution organized by the World Food Program in Adlale, Ethiopia, in April 2022. Because on its own, this fraud could represent the largest diversion of food aid ever seen in Africa, or even in the world. On June 9, this scandal prompted Usaid and the World Food Program (WFP) to make the difficult choice to completely suspend the distribution of food aid in Ethiopia. “Our decision to cut off food aid to Ethiopia was heartbreaking and a measure of last resort, due to the extreme scale and coordination of food aid diversions identified in the country. The Disaster Risk Management Commission has recorded 728 hunger-related deaths in three areas of the region since the suspension of food aid.
Source:Ethiopian News
July 07, 2023 17:49 UTC
Ethiopia: News Analysis - Government Pushes Forward With Second Phase Economic Reform Despite Lackluster Results
Photo: PMOThe government is set to push forward with the second phase of its home-grown economic reform agenda, despite lackluster results from the initial phase implemented over the past three years. Prime Minister Abiy Ahmed (PhD) revealed during a briefing with parliament members on 06 July 2023, that the next phase of reforms will commence the following week. "Tewodros Makonnen, country economist, IGCThe Prime Minister, however, noted that this is beyond the government's control. Addressing concerns about inflation, the prime minister acknowledged that it remains a significant issue for policymakers and the general public. Prime Minister Abiy emphasized that slowing down inflation has been challenging, given the current global environment of rising prices.
Source:Ethiopian News
July 07, 2023 17:19 UTC
News: MSF pleads for immediate resumption of food distributions after recording alarming rise of acute malnutrition in Ethiopia
Addis Abeba – As malnutrition rates surge beyond emergency levels in many areas of Ethiopia, Médecins Sans Frontières (MSF) called for the immediate resumption of food distributions, which were suspended across Ethiopia in early June 2023. The suspension of food distributions comes in the context of investigations into the widespread diversion of food aid. Initially, food distributions were suspended in Tigray alone, but were later extended across the country. The suspension of food distributions follows months in which food distributions were infrequent and irregular – a situation that contributed to the high rates of malnutrition witnessed in our facilities. It is essential to resume full and regular food distributions as a matter of urgency, while improving communication about where and when distributions will take place.
Source:Ethiopian News
July 07, 2023 16:38 UTC
Analysis: Fertilizer shortage amidst widespread illicit trade cripples farmers, threatens productivity
Farmers in other regions such as Oromia and Sidama are equally desperate about lack of supply, delays in distribution, and the widespread illicit fertilizer trade. The crops planted in the area require excessive fertilizer and planting without fertilizer will significantly reduce the yield, he said. Likewise, shortage of fertilizer supply has become a bottleneck to farmers in Borana zone, who are returning to farming after a severe drought that lasted throughout five consecutive farming seasons. As of 09 June, with only one week remaining before the end maize planting period, the region didn’t receive 21,000 quitals of UREA fertilizer it required. He further shared his concerns that the current shortage of fertilizer supply may result in reduced production, exposing the struggling economy to further damages.
Source:Ethiopian News
July 07, 2023 16:38 UTC
Ethiopian runner misses out on $10K first-place prize after taking wrong turn a few seconds before crossing finish line
Ethiopian elite runner, Senbere Teferi, was on course to win the Peachtree Road Race for the second year running when she took a wrong turn a few seconds before crossing the finish line, causing her to miss out on the $10,000 first-place prize. “As our defending champion, Senbere Teferi, was approaching the finish line, it looks like she momentarily became confused and followed a police motorcycle when it turned off the course,” the event organizers tweeted. “She was within sight of the finish banner, but we understand that in the heat of competition, instructions can be misinterpreted. “I saw the finish line. But after I saw that car turn, I saw the finish sign in front of me, so I pushed ahead.
Source:Ethiopian News
July 07, 2023 16:35 UTC
The 4th filling of the GERD will paralyze agriculture in Egypt across one million acres: Professor
A Professor of Water Resources at Cairo University, Abbas Sharaki, warned that storing 25 billion cubic meters in the fourth filling of the Grand Ethiopian Renaissance Dam (GERD) will mean paralyzing agriculture in one million acres in Egypt, impacting the lives of many people there. Sharaki commented on the Ethiopian Prime Minister Abiy Ahmed’s announcement of the imminent launch of the fourth filling of the GERD. The presence of the High Dam will protect Egypt from the dangers caused by the GERD in the coming 12 years. Sharaki said that Ethiopia has not exchanged any information with Egypt about the fourth filling of the Grand Ethiopian Renaissance Dam. Negotiations over the dam between Egypt, Ethiopia, and Sudan have stalled for years, with the three parties ultimately failing to reach any agreements.
Source:Ethiopian News
July 07, 2023 16:21 UTC
Ethiopian banks sign agreement to finance small businesses of marginalized people
The moment of the signing of the agreement, at the St. Michael diocesan Centre in Addis Ababa. The project is a joint venture between the Ethiopian Ministry of Labour & Skills and the MasterCard Foundation, implemented by five local implementers. And this is thanks to the Tila project, which acts as an intermediary between the banks and the beneficiaries”. The meeting in the office of the Jcc of the Ethiopian Ministry of Labor and Skills. “We would like to increase the Tila project because it has created jobs for the most vulnerable communities in our society”, he told us.
Source:Ethiopian News
July 07, 2023 15:18 UTC
Ethiopia Church apologises to followers in Tigray over war
The Ethiopian Orthodox Church's Holy Synod has issued an apology to the people of Tigray for their role in the devastating war in the region. In a statement released on Thursday, the synod expressed regret for failing to ensure the safety of church leaders and followers during the conflict. Criticism has been directed at the church for not condemning the war, which resulted in the loss of hundreds of thousands of lives. Tigray bishops had even announced their intention to establish an independent church outside the synod earlier this year. Following the war's conclusion in late 2022, the Holy Synod has been actively seeking reconciliation with Orthodox leaders in Tigray.
Source:Ethiopian News
July 07, 2023 14:06 UTC
Outgoing EU Ambassador to Ethiopia Markussen: ‘Africa needs improved economy’
When the Danish diplomat started her three-year stint as the European Union’s ambassador to the African Union in September 2020, the Ethiopian capital was grappling with the Covid-19 pandemic. Soon afterwards the Tigray war broke out, and in November 2021 she had to oversee the evacuation of her staff as fighting came within 200km of the city. That meant Markussen had to spearhead the EU-Africa summit in February 2022 with a skeleton crew. Markussen is reflecting on these challenges near the end of her time as the woman leading Europe’s engagement with Africa. The EU is the biggest funder of peace and security efforts in Africa,
Source:Ethiopian News
July 07, 2023 13:30 UTC
Weekly Coffee News: New Green Coffee Platform, an AI Scale, and More
Black & White Roasters Brings First CropConex Coffee to US MarketRaleigh, North Carolina-based Black & White Roasters is the first United States roaster to bring a coffee to market through CropConex, a new global coffee trading and inventory management platform. Marcus Young Joins Goodboybob Coffee RoastersMarcus Young is joining California-based Goodboybob Coffee Roasters as executive vice president of coffee. $75 Million Equity Investment in Westrock Coffee CompanyArkansas-based Westrock Coffee Company has entered into agreements with HF Capital and the Herbert Hunt family for equity investments of $75 million. Black Rifle Coffee Company Names New PresidentBlack Rifle Coffee Company‘s Chief Marketing Officer Chris Mondzelewski was named company president. ICO Releases June 2023 Global Coffee Market ReportThe International Coffee Organization (ICO) has released its latest monthly Coffee Market Report.
Source:Ethiopian News
July 07, 2023 13:21 UTC
Media Council says gov’t fails to protect media institutions, professionals
Source : EMCBy Staff ReporterADDIS ABABA – (BORKENA) –As the government failed to shoulder its responsibilities and obligations to protect the media institutions and professionals, the sector has been exposed to risk, it was disclosed. Many complaints have been raised frequently in recent times in connection with the detainment and arrest of journalists and the pressure imposed against the media, according to a local FM Radio. The problems in the media sector have rather been emanated from the poor implementation of the law, according to Amare. While the government should protect the journalists and the media, it has not done so. It has not been living up to its expectations, according to the president of the Ethiopian Media Council.
Source:Ethiopian News
July 07, 2023 11:55 UTC
Beyond birthright and body type: How to be Christian in America – Baptist News Global
We all marched into the sanctuary for opening assembly led by a processional of children holding the American flag, Christian flag and the Bible. In unison we recited the Pledge of Allegiance, the pledge to the Christian flag and the pledge to the Bible. America has historically used birthright and body type to create an exclusive country club that categorizes people into patriarchal systems. Both the Christian faith and the foundation of our country are rooted in freedom. “Christian nationalism holds not only to privileges of birthright but also body type.”Christian nationalism holds not only to privileges of birthright but also body type.
Source:Ethiopian News
July 07, 2023 11:31 UTC
New kebab restaurant opens in Livermore, Walnut Creek location shutters
An East Bay-based collection of Mediterranean restaurants, Sultan’s Kebab, recently swapped a Walnut Creek location for a Livermore one. The new kebab shop opened on Livermore’s First Street in March, while the two-year-old Walnut Creek spot closed in June. Sultan’s Kebab, which also has locations in Pleasanton and Danville, offers gyros, shawarma and other Mediterranean dishes prepared daily, according to owner Fevzi Dinc. In Livermore, meals range from $9 to $20 per plate and include abundant sides, such as salad, rice, hummus and pita bread. Details: Sultan’s Kebab Livermore is open from 10:30 a.m. to 11:30 p.m. daily at 2491 First St., Livermore, 925-292-0174; sultanskebab.net.
Source:Ethiopian News
July 07, 2023 10:59 UTC
Ethiopia: Some 3.5 Million IDPs Returned Homes - Prime Minister
Addis Ababa July 6/32023 (ENA) Prime Minister Abiy Ahmed disclosed that 3.5 million internally displaced peoples (IDPs) have returned to their homes with the support of the government. Responding to queries raised by members of the HPR during its 28th regular session, the premier recalled that 4.6 million citizens have been displaced due to various reasons. Of those, 3.5 million IDPs have returned to their homes as a result of the efforts exerted by the government in coordination with stakeholders, he added. Abiy underlined that efforts would be made to return the more than one million citizens who have not yet returned to their villages to settle them permanently. According to the premier, additional legal foreign employments for two million citizens are being processed by the Ministry of Labor and Skills.
Source:Ethiopian News
July 07, 2023 10:54 UTC