Dori Media Group Opens First Offices in India
Dori Media Group (DMG), the studio behind such global hits as Losing Alice, Lalola, The New Black, In Treatment and Power Couple, has opened its first sales office in India, it was announced today by Nadav Palti, CEO & President of Dori Media Group. Dori’s new India office joins the company’s other global outposts, which include Israel, Spain, Switzerland and Argentina. “We’re thrilled to have someone with Devdatta’s tremendous industry experience joining our team at Dori Media and helping us further expand our global sales reach,” says Palti. So, I am really excited to be joining the team to help the company further grow its presence in India.”Potnis joins Dori Media with experience across multiple sectors of the media industry, including production, finance, marketing and development. Dori Media also recently announced the opening of sales for two of its big new action-drama series, Amia and Indal.
Source:Ethiopian News
July 29, 2024 16:49 UTC
Derna floods: Libyan officials jailed over disaster
Libyan officials jailed over deadly floodsGetty Images Thousands of people were killed in the floodsTwelve Libyan officials have received sentences ranging between nine and 27 years in prison for their role in catastrophic dam collapses that killed more than 4,000 people last September. Entire neighbourhoods in the city of Derna were swept away, and evacuation efforts were botched. The convicted officials were responsible for managing water resources and maintaining the dams. They were charged with crimes including negligence, premeditated murder and wasting public money, Reuters reported. A week after the disaster hit Derna, furious residents burnt down the mayor's home as they demanded answers.
Source:Ethiopian News
July 29, 2024 14:41 UTC
Ethiopia birr: Currency falls 30% amid IMF-friendly policy change
Ethiopian currency falls sharply after big policy changeThe country has been struggling with chronic foreign currency shortages particularly in recent years. The value of Ethiopia's currency has fallen by 30% against the US dollar after the government relaxed currency restrictions, one the country's biggest banks, the Commercial Bank of Ethiopia, has said. Under the new policy announced by the central bank, the value of the Ethiopian currency - the birr - will be set by the market. Importers were often forced to turn to the parallel market to purchase dollars because of a chronic shortage of foreign currency, meaning that some of the higher costs have already been priced in. But there are fears that the value of the birr might now continue to fall below the rate it was fetching on the parallel market.
Source:Ethiopian News
July 29, 2024 14:34 UTC
Why the Israel-Hezbollah conflict is heating up again
The Gaza war has drawn in Iran-backed militants across the region. While linked to Gaza, the conflict has its own dynamics. Israeli airstrikes have pounded areas where Hezbollah operates in southern Lebanon and struck the Bekaa Valley near the Syrian border. Any move by Israel to expand the conflict would be met by “devastation, destruction and displacement” in Israel, Hezbollah deputy leader Sheikh Naim Qassem said in an interview with Al Jazeera in June. A ceasefire there could help bring about a rapid de-escalation of tensions in southern Lebanon.
Source:Ethiopian News
July 29, 2024 13:13 UTC
Ethiopia gets IMF relief after easing forex curbs
"The reform introduces a competitive market-based determination of the exchange rate and addresses a long-standing distortion within the Ethiopian economy," the National Bank of Ethiopia (NBE) said in a statement. The IMF board on Monday approved a four-year loan programme worth around $3.4 billion to support the reforms, with around $1 billion immediately disbursed. "This a landmark moment for Ethiopia" and the loan is a testament to the country's "strong commitment to transformative reforms", IMF Managing Director Kristalina Georgieva said in a statement. Analysts had said the IMF was demanding several reforms of Ethiopia's state-controlled economy, including floating the currency, in order to unlock the funding. Among other measures, it said it would allow foreign exchange to be retained by exporters and commercial banks to boost supplies to the private sector, and announced the introduction of non-bank foreign exchange bureaus.
Source:Ethiopian News
July 29, 2024 11:43 UTC
19 killed in boat accident in Ethiopia’s war-torn Amhara region
ADDIS ABABA, Ethiopia (AP) — At least 19 people died in a boat accident in Ethiopia’s war-torn region of Amhara, according to the Ethiopian Press Agency. Efforts are underway to retrieve the victims’ bodies, with only two recovered so far, according to the Ethiopian Press Agency. The Tekeze is a gateway for illegal migrants and civilians escaping conflict in Amhara and the neighboring region of Tigray. Boats regularly capsize on the river as smugglers transport illegal migrants to the Gulf of Aden and onwards to Middle East and Europe. An ongoing conflict in Amhara, pitting Ethiopian federal forces against an Amhara nationalist group known as FANO, has escalated the displacement of civilians.
Source:Ethiopian News
July 29, 2024 11:04 UTC
Ethiopian National Bank Governor Speaks About Currency Devaluation
Governor of National Bank of Ethiopia, Mamo Mihretu, during press conference about the announcement of currency devaluation (Photo : PD)borkenaToronto – When there were rumors back in November 2023 that Abiy Ahmed’s Administration was introducing policy to further devalue Ethiopian Currency under pressure from the World Bank and IMF, the Ethiopian government denied that there was no plan to do so. For that reason, the introduction of the currency devaluation is announced as “Macro Economic Policy Implementation.”The devaluation of the Ethiopian currency is effective as of July 28, 2024. Financial and economic analysts seem to see an inevitable major price rise due the devaluation of the Ethiopian currency. It appears that the currency devaluation was a precondition. Mamo Mehretu, Governor of the National Bank of Ethiopia, explains ( in Amharic) the government position on the new policy.
Source:Ethiopian News
July 29, 2024 10:53 UTC
Ethiopia Construction Industry Report 2024: Output to Register an AAGR of 8.9% During 2025-2028, Supported by Investments in Infrastructure, Energy, and Mining Sectors
Company LogoDublin, July 29, 2024 (GLOBE NEWSWIRE) -- The "Ethiopia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering. The construction industry in Ethiopia is expected to expand by 8.7% in real terms in 2024, supported by investments in the country's transport, industrial, and electricity projects. In the financial year (FY) 2023-24 (July 2023 to July 2024) Budget, the government allocated ETB203.9 billion ($3.5 billion) as capital expenditure. The analyst expects the Ethiopian construction industry to register an annual average growth of 8.9% from 2025 to 2028, supported by investments in the infrastructure, energy, and mining sectors. ScopeStory continuesHistorical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Ethiopia, featuring details of key growth drivers.
Source:Ethiopian News
July 29, 2024 09:30 UTC
Beirut Flights Cancelled or Delayed Amid Fears of Israeli Attack
Lebanon's Middle East Airlines (MEA) said disruptions to its schedule were related to insurance risks. Beirut airport's flight information board and flight tracking website Flightradar24 show Turkish Airlines also cancelled two flights overnight on Sunday. It has been targeted in the country's civil war, and previous fighting with Israel, including in the last war between Hezbollah and Israel in 2006. On Sunday, MEA said it had delayed the departure of some flights set to land in Beirut overnight. Lufthansa has already suspended night-time flights to and from Beirut for July due to "current developments" in the Middle East.
Source:Ethiopian News
July 29, 2024 08:05 UTC
Ethiopia eases curbs on foreign exchange regime
Addis Ababa (AFP) – Ethiopia's central bank announced on Monday that it was easing curbs on its foreign exchange regime, a move which saw the value of the local currency slide by about 30 percent. The National Bank of Ethiopia announced a series of foreign exchange reforms which it said involved "significant new policy changes". The first measure was a "shift to a market-based exchange regime," the NBE said in a statement. The US dollar was buying 74.73 birr and selling at 76.23, the leading Commercial Bank of Ethiopia said in a statement published on X. On Friday the buying rate was 57.48 and selling 58.64.
Source:Ethiopian News
July 29, 2024 07:38 UTC
At least 19 killed in Ethiopian boat tragedy
At least 19 people are dead in Ethiopia after a boat capsized on a river in the country's northwest, a state-run media outlet said on Sunday. The tragedy occurred in the Amhara region on Saturday as a group of people were crossing the river Tekeze, which partly forms the border between Ethiopia and Eritrea, the state-run Ethiopian Press Agency (EPA) reported. Seven people including a child have been rescued while only two bodies have been retrieved so far, according to EPA. It was second major incident in Ethiopia in recent days. On Monday, a landslide in the south killed over 250 people.
Source:Ethiopian News
July 29, 2024 07:34 UTC
KEFI Advances Ethiopian Gold Project Amidst Support
KEFI Minerals (GB:KEFI) has released an update. KEFI Gold and Copper is advancing its Tulu Kapi Gold Project in Ethiopia, having received preliminary approval from co-lender African Finance Corporation, with final approval expected soon. The company has begun the Early Works programme, which will lead to major project works post-funding in October 2024. The Ethiopian government’s support for the mining sector, including Tulu Kapi, is set to boost the country’s gold exports significantly, potentially surpassing coffee as the largest export sector. For further insights into GB:KEFI stock, check out TipRanks’ Stock Analysis page.
Source:Ethiopian News
July 29, 2024 06:50 UTC
Golan Heights attack: Lebanon's Beirut airport cancels flights amid fears of Israeli attack
The Beirut-Rafic Hariri International Airport in Lebanon on Monday (July 29) cancelled or delayed flights as tensions escalated between Israel and Hezbollah. A rocket strike that killed 12 teenagers and children in the Israeli-occupied Golan Heights on Saturday. Israel blamed Hezbollah for the attack which has added to concerns that Israel and the Iran-backed group could engage in a full-scale war. Meanwhile, Turkish Airlines subsidiary AJet, Greek carrier Aegean Airlines, and Ethiopian Air cancelled flights scheduled to land in Beirut on Monday. Also watch | Golan Heights attack: What would be Netanyahu's next move?
Source:Ethiopian News
July 29, 2024 06:47 UTC
Lebanon-Israel Tensions Ground Sunday Night Flights To And From Beirut Airport
(Photo: X/ @beautyoflebanon)Several flights either arriving or departing Beirut-Rafic Al Hariri International Airport in Beirut, Lebanon on Sunday were either delayed or canceled. Lebanon's MEA Airlines cancelled all flights to and from Beirut International Airport on Sunday citing an insurance issue. Pegasus Airlines flight PC 758 from Istanbul, Aegean Airlines flight A3 946 from Athens, and Ethiopian Airlines flights ET 406 and ET 416 from Addis Ababa were among those canceled. Ethiopian Airlines, Flight ET 406, from Addis Ababa, Time: 02:054. Ethiopian Airlines, Flight ET 416, from Addis Ababa, Time: 03:05
Source:Ethiopian News
July 28, 2024 21:23 UTC