US prosecutors push for criminal charges against Boeing over 737 Max crash settlement breach – Reports
After US prosecutors reportedly told the Department of Justice (DoJ), alleging that Boeing had broken a settlement linked to two deadly crases of the 737 Max aircraft, the US aerospace firm may now face criminal charges. According to media sources, the DoJ's officials have until July 7 to determine whether to press criminal charges against Boeing based on the recommendation of the case's prosecutors. "Boeing's employees chose the path of profit over candour," the DoJ stated at the time of the settlement. Watch | Whistleblowers highlight Boeing safety lapses × The deal was supposed to expire in January, which would have given Boeing one less thing to worry about. A source stated that Boeing may be charged with more offences in addition to the initial 2021 fraud conspiracy indictment.
Source:Ethiopian News
June 24, 2024 12:20 UTC
Yomif prevails over Berihu in Ethiopian Olympic 10,000m trials
Yomif Kejelcha took a thrilling narrow win at the Ethiopian 10,000m Olympic trials held in Nerja, Spain. The 26-year-old smashed his lifetime best by 18 seconds to clock a world-leading 26:31.01 after an incredibly tight sprint with Berihu Aregawi, who also improved his career best to 26:31.13. The third spot on Ethiopia’s team for Paris went to Olympic champion Selemon Barega, who was timed at 26:34.93. On a mild (21C), windless night and in a race with good pacemaking, Aregawi, Kejelcha, Barega, and Mehari went through the halfway mark in 13:17. Shortly after reaching the bell, Barega began to fade, and the event became a two-way showdown between Aregawi and Kejelcha.
Source:Ethiopian News
June 24, 2024 12:11 UTC
Sweeping banking sector reforms pave way for foreign investment
The existing proclamation, which was issued sixteen years ago, has been significantly altered by the new law. The draft proclamation that will amend the proclamation no 592/2008, issued in 2008 and amended in 2019, will allow banks to form subsidiaries. It states that the NBE may allow for the establishment of a specialized bank or conversion from/to a specialized bank. The highly anticipated proclamation includes provisions for foreign players to establish partially or fully owned foreign bank subsidiaries, open foreign bank branches, establish representative offices, or acquire shares of a bank. It also states that foreign nationals, other than foreign banks and foreign-owned Ethiopian organizations, may acquire shares in banks.
Source:Ethiopian News
June 24, 2024 12:11 UTC
Ethiopia leads East Africa in Foreign Direct Investment
Addis Abeba, Ethiopia’s capital, is emerging as a major hub for foreign direct investment (FDI) projects in East Africa (Photo: Social Media)Addis Abeba – Ethiopia emerged as the leader in attracting foreign direct investment (FDI) in East Africa last year, according to the World Investment Report published by the United Nations Conference on Trade and Development (UNCTAD) last week. The report reveals that Ethiopia secured $3.3 billion in FDI in 2023, surpassing regional competitors such as Kenya and Uganda. AMEA Power announced plans to develop a 300 MW onshore wind power project in Ethiopia. The UN agency also indicated that Ethiopia’s allowance of foreign investment in digital payment systems contributed to the FDI inflow in 2023. Last year, the House of Peoples’ Representatives endorsed a proclamation opening doors for foreign investment in the financial sector.
Source:Ethiopian News
June 24, 2024 12:11 UTC
Somalia: Somaliland, Ethiopia Move to Formalize Maritime Deal
Somalia: Somaliland, Ethiopia Move to Formalize Maritime Deal - sourcesMOGADISHU, Somalia — Sources close to the negotiations have confirmed that the MoU between Somaliland and Ethiopia is on the brink of being formalized into an official document. The MoU, initially signed on January 1 in Addis Ababa by Somaliland President Muse Bihi and Ethiopian Prime Minister Abiy Ahmed, represents a significant step towards Ethiopia gaining access to the sea. According to the terms of the MoU, Somaliland has agreed to lease 20 kilometers of its coastline to Ethiopia for 50 years. The government of Somalia has expressed its opposition to the maritime agreement and remains uncertain about its next course of action. Prime Minister Abiy Ahmed has previously emphasized that Ethiopia is determined to secure its access to the sea, either through strategic negotiations or by force if necessary.
Source:Ethiopian News
June 24, 2024 11:45 UTC
Ethiopia Commodity Exchange (ECX) Daily Trade Data – 20 June 2024
For all other commodities, price is in (Birr/Quintals), 1 Quintal = 100Kg. To get more commodity trade information, you may call ECX on short number 929 or text to them on short number 934.
Source:Ethiopian News
June 24, 2024 11:28 UTC
US prosecutors want Boeing to face criminal charges
Criminal charges recommended against BoeingUS prosecutors have recommended that the Department of Justice (DoJ) brings criminal charges against Boeing. Boeing declined to comment when contacted by the BBC but previously it has denied violating the deferred prosecution agreement. We’re seeing problems with these planes and I’m talking about 737 Max, 787 and it is reflective of the leadership." The plane crashes - both involving Boeing's 737 Max aircraft - occurred within six months of each other. Last week, relatives of the victims urged prosecutors to seek a fine against Boeing of $25bn (£14.6bn) and to pursue a criminal prosecution.
Source:Ethiopian News
June 24, 2024 11:22 UTC
Sustainable energy generation at Munich Airport
Munich Airport uses FlowGen’s container with photovoltaic panels and wind rotors to sustainably charge rental electric vehicles, generating 200 kWh daily. An innovative system for sustainable energy generation is currently in use at Munich Airport: a container with photovoltaic panels and wind rotors from FlowGen, a company specializing in green energy system solutions. In cooperation with Munich Airport, the mobile energy container is being used to charge electric vehicles. The energy container is located in a parking lot used by car rental companies on the east side of the airport. The levels of performance achieved have allowed us to create a new segment on the wind energy market.
Source:Ethiopian News
June 24, 2024 11:08 UTC
Kenya: Ethiopian Cuts KQ Dominance On Nairobi-Lusaka With Launch of Zambia Airways
Zambia Airways is poised to launch direct flights between Nairobi and Lusaka on June 27, effectively disrupting Kenya Airways' monopoly on the route. Zambia Airways, backed by a 45 percent stake from Ethiopian Airlines, aims to reshape the aviation landscape along this South African corridor. For years, Kenya Airways has held sway over the Nairobi-Lusaka route, with direct flights serving as a cornerstone of its regional strategy. Ethiopian Airlines' ascent to the forefront of Africa's aviation sector has been remarkable, surpassing regional rivals like Kenya Airways and South African Airways in revenue and profitability. Under the revival plan, Zambia Airways, dormant for over two decades since its liquidation in 1994, aims to operate a fleet of 12 aircraft by 2028.
Source:Ethiopian News
June 24, 2024 11:05 UTC
Sharjah’s cancer survivors unite, sharing inspirational stories of hope and resilience
During Cancer Survivor Month, Maysaa joined several other patients at Burjeel Specialty Hospital in Sharjah to share their recovery journeys. The event, which honored and celebrated those who have faced cancer and emerged victorious, inspired both survivors and current patients battling the disease. Many survivors emphasized the importance of sharing their stories to bring strength and hope to those still fighting cancer. Dr. Mehdi Afrit, Specialist in Medical Oncology at Burjeel Specialty Hospital, Sharjah, emphasized the significance of acknowledging the victories in cancer treatment. Celebrating these recoveries is essential as it gives hope to those still undergoing treatment and reaffirms our commitment to fighting cancer,” said Dr. Afrit.
Source:Ethiopian News
June 24, 2024 10:19 UTC
Creditors Ready to Give Ethiopia More Time to Negotiate IMF Deal
Ethiopia’s official creditors are ready to extend a June 30 deadline for the country to reach a deal with the International Monetary Fund on a new program, according to a person with direct knowledge of the talks. The IMF cutoff date is part of a debt standstill provided to Ethiopia by most members of the official creditor committee, including the Paris Club and countries such as India and Saudi Arabia, to suspend debt service for two years until the end of 2024. The panel’s interaction with the IMF has signaled talks for a program are making progress, the person said.
Source:Ethiopian News
June 24, 2024 10:01 UTC
Ethiopian Cuts KQ Dominance On Nairobi-Lusaka With Launch of Zambia Airways
Zambia Airways is poised to launch direct flights between Nairobi and Lusaka on June 27 , effectively disrupting Kenya Airways' monopoly on the route. Zambia Airways , backed by a 45 percent stake from Ethiopian Airlines , aims to reshape the aviation landscape along this South African corridor. The entry of Zambia Airways into this market signals a significant shift. Ethiopian Airlines' ascent to the forefront of Africa's aviation sector has been remarkable, surpassing regional rivals like Kenya Airways and South African Airways in revenue and profitability. Under the revival plan, Zambia Airways , dormant for over two decades since its liquidation in 1994, aims to operate a fleet of 12 aircraft by 2028.
Source:Ethiopian News
June 24, 2024 09:08 UTC
Boeing may be criminally charged by the US Department of Justice
Boeing could be criminally charged by the US Department of Justice in July if prosecutors’ recommendations are accepted, Reuters revealed. In May, authorities said the planemaker violated an agreement after a door plug exploded on an Alaska Airlines 737 MAX 9 in January. According to the news agency’s sources, Boeing and DOJ are in discussions to find an alternative to criminal charges. The hypothesis could drastically affect the company as it could lead to a type of management intervention or, in a more extreme case, require Boeing to plead guilty. The news comes as families of crew and passengers who died in the Lion Air and Ethiopian Airlines 737 MAX crashes demand that Boeing pay a fine of nearly $25 billion in compensation.
Source:Ethiopian News
June 24, 2024 08:35 UTC
Villa del Palmar at The Islands of Loreto by Danzante Bay appoints Rich Taylor as Director of Golf
Rich Taylor appointed as Director of Golf at Villa del Palmar at the Islands of Loreto, enhancing operations and guest experience at TPC Danzante Bay. LORETO, MEXICO – Villa del Palmar at the Islands of Loreto by Danzante Bay, the award-winning resort located on the eastern coast of Mexico’s Baja California Peninsula, has appointed Rich Taylor as Director of Golf. In this role, Taylor will spearhead all operations at the exceptional TPC Danzante Bay, an 18-hole golf course from Rees Jones boasting some of the most striking holes in golf. Taylor has been instrumental in shaping the golf offerings at TPC Danzante Bay since 2019, where he most recently served as Director of Golf Development. Guests can book the Unlimited Golf or Spa package, which includes a three-night stay in a Deluxe Suite, unlimited golf rounds at the exceptional TPC Danzante Bay, spa access, activities and more.
Source:Ethiopian News
June 24, 2024 05:33 UTC
The town that is pure California perfection
The state’s missions figure prominently in the formation of California, giving rise to cities including San Diego, Santa Barbara and San Luis Obispo. A collection of museums such as the History Center of San Luis Obispo County and the San Luis Obispo Children’s Museum is scattered nearby, making up the city’s cultural corridor. Part of this group is the free-entry San Luis Obispo Museum of Art (SLOMA), which is undergoing a “renaissance,” as Executive Director Leann Standish puts it. Among them, the San Luis Obispo Public Market has been drawing a lot of attention lately. While new businesses appear around town, SLO’s well-known and beloved attractions continue to draw crowds.
Source:Ethiopian News
June 24, 2024 01:40 UTC