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LAND RETRIEVAL
The Addis Abeba City Administration’s move to
reclaim one million square metres of land from real
estate developers, which it says have not started
construction according to their lease agreements,
has caught developers by surprise. The letter
written on July 29, 2010, by the City’s Land
Allocation Authority to the Land Administration and
Building Permit offices of Bole, Yeka, Nifas Silk
Lafto, and Kolfe Keranio districts specifies 34
developers, most of whom signed lease agreements in
2005 and 2006. Many of the developers, who claim to
have started construction, find the move by the
administration unwarranted. They blame the delay in
construction on the failure of the city
administration to deliver the land on time and
install the necessary infrastructure. With much land
allotted for various development projects sitting
idle all over town, the move to reclaim land taken
by real estate developers has bewildered many.
PLEASE SEE THE STORY |
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NEWS |
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Airport
Customs Branch Asks for More from Importers |
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Imports through the customs branch at Bole
International Airport are being charged deposits
that are 25pc to 100pc beyond normal import tax
rates based on accompanying invoices, if the items’
market values are not already catalogued, until the
correct amounts are figured out. |
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Education Ministry Bans Distance Learning |
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The Ministry of Education (MoE) scrapped all distance
education programmes provided by both private and public
institutions in the country; private colleges are also no
longer to offer training in law and teaching fields. |
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Court:
Natenael Plc to Stitch up Default Due Hawassa Textile |
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The state owned textile mill, Hawassa Textile SC,
won a civil suit against Natenael Plc, a company
engaged in textile and industry product
distribution, involving a claim of around 1.2
million Br, after the latter failed to pay for the
textile products supplied to it. |
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Second
Year Profits Surprise Oromia Int’l Bank |
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Oromia International Bank (OIB), in its second year
after establishment, has made its first profit at
21.5 million Br. |
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Court
Grants Askallukan Plaintiffs 10.6m Br |
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The Federal High Court, Ninth Civil Bench, awarded
nearly 10.6 million Br to 282 plaintiffs in a case
instituted in 10 separate court filings against
Askallukan Trading Plc, while the criminal suit was
further adjourned due to the absence of the first
defendant and the defence lawyer. |
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Sululta
Earmarks 84,609sqm for Reclaim |
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The developers had registered 88.6 million Br for
various projects including hotels, factories,
recreation centres, and warehouses. Out of the many
that have leased land from the area, 130 have not
started any construction on their respective sites,
according to the city administration. |
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Lion Bank Elects Fresh Board
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Lion International Bank (LIB), whose previously
elected boards of directors were rejected by the
National Bank of Ethiopia (NBE), nominated 14 people
for its new board of directors, in a general
assembly called and supervised by the central bank
on Saturday, August 21, 2010. |
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EIC’s
1.5b Br in Claims May Force Changes |
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Claims incurred by the Ethiopian Insurance
Corporation (EIC) in the last budget year due to the
loss of life and property by customers reached a
staggering 1.5 billion Br, most of which resulted
from the accident of the Ethiopian Airlines Flight
409 that had crashed off the coast of Beirut on
January 25, 2010, in which 90 people died. |
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Copyright Case Lands Inventor in Prison |
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Admasu Gebre (Eng), who is credited for the
innovation of a vehicle guidance system (VGS), was
sentenced to serve two and a half years of
imprisonment after he was found guilty of copyright
violations over an Amharic film. |
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Adama
Plans to Implement New Water Meters |
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The Adama City Water and Sewerage Enterprise is set
to start replacing old water usage meters with new
ones from September 11, 2010, before embarking on a
modern card payment system for its service. |
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Women’s
Network to Collect 39m Br for New Building |
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The Network of Ethiopian Women’s Associations (NEWA)
is going to construct its own large four-storey
building, but is yet to raise 39 million Br for the
project. |
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Firms
Amend Bids on Habesha Cement Plant |
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At the request of the Habesha Cement SC three
Chinese companies made their revised financial
offers on the engineering, procurement, and
construction (EPC) tender of the company’s factory
on Thursday, August 26, 2010. |
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Hawassa Continues Rapid Expansion with New Budget |
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The Hawassa Town Administration approved a budget of
156.3 million Br in capital and fixed assets for the
2010/11 budget year, on August 21, 2010. |
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Ethiopia
Names New Chief of Accession to Trade Org. |
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Ethiopia has nominated Steffen Smit, the newly
appointed ambassador of Denmark to the Permanent
Mission in Geneva, to serve as the chairperson of
the working party to oversee its accession to the
World Trade Organisation (WTO), sources disclosed to
Fortune. |
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Polaris,
MFI Team up to Modernise Ethiopian Finance |
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Polaris Software Lab Ltd,
and MFI Enterprise Solutions, both international
company,
signed a strategic agreement to provide Intellect, a
software product of the former, to Ethiopian banks,
insurance companies, and microfinance institutions,
on Friday, August 27, 2010.
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FEATURE |
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Overlapping Christian, Muslim Fasts Push Food Prices
Heavenward |
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In a rare alignment fasts among local religions, food prices
for vegetables and fish, due to the Felseta Fast of Orthodox
Christians, as well as fruit and meat, due to Ramadan, the
month-long fast of Muslims, have risen significantly. With
the rainy season also causing shipment delays and the
Ethiopian New Year fast approaching, regular prices may not
be resurrected anytime soon, writes EDEN SAHLE, FORTUNE
STAFF WRITER.
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Escape to Kenya |
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Ever since the ousting of Imperial rule back in the early
1970s, tens of thousands of Ethiopians have journeyed to
neighbouring countries, hoping for transit to a western
nation. Kenya remains one of these countries that continues
to host Ethiopian refugees, pushed out by the repression of
a brutal military government and driven by the promise of
what the West has to offer. It has been four decades since
Ethiopians started leaving. AYENEW HAILESELASSIE, SPECIAL TO
FORTUNE, spent three weeks in Nairobi to uncover the hopes
that are dashed and the promises that are still alive.
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