Category: Markets

  • Facebook Marketplace Comes To Ethiopia

    Facebook Marketplace Comes To Ethiopia

    Addis Ababa, October 12, 2020 – Today Facebook has announced the rollout of Marketplace, a product on Facebook that offers a convenient destination where people can discover, buy and sell items from others in their local communities. With the effects of COVID-19 pandemic on businesses, Facebook Marketplace will make it easier for people in Ethiopia…

  • South Sudan to change currency due to economic crisis

    South Sudan to change currency due to economic crisis

    JUBA – South Sudan will introduce a new currency as part of efforts to overcome a crippling economic crisis, the government announced on Friday. “This is a decision taken by the Cabinet. This is in order to improve our infrastructure, our economic situation,” Information Minister Michael Makuei Lueth said at a news conference in the…

  • Somalia: Amal express refutes money laundering claims

    Somalia: Amal express refutes money laundering claims

    MOGADISHU – Amal Express, one of Somalia’s money remittance firm has dispelled a report claiming it aided money laundering for purchase of illegal arms. A report by Geneva-based Global Initiative Against Organised Crime. Published in September claimed a number of Hawala service providers including Amal had been used to settle illegal payments to arms dealers in…

  • Kenya: Railway is racking up losses even as loans come due

    Kenya: Railway is racking up losses even as loans come due

    Nairobi October 9, 2020.When Kenya secured a $3.2 billion loan from China in 2014 to construct the Standard Gauge Railway (SGR) connecting its capital Nairobi and the port city of Mombasa, critics termed the project costly and worried about its debt burden on Kenya. The agreement was always deemed overpriced by independent observers and there…

  • Sudan to announce fuel subsidy removal: minister

    Sudan to announce fuel subsidy removal: minister

    October 10, 2020 (KHARTOUM) – The Sudanese Minister of Energy and Mining said arrangements are underway to announce the removal of fuel subsidy. “The liberalization of fuel prices is no longer a secret, especially since Prime Minister Abdallah Hamdok had announced the measure in public meetings and in television interviews,” said Khairy Abdel Rahman. According…

  • Oil firm plans to build $500m refinery in South Sudan

    Oil firm plans to build $500m refinery in South Sudan

    October 7, 2020 (JUBA) – Trinity Energy, a South Sudanese oil marketing firm on Wednesday announced plans to construct a $500 million crude oil refinery in the Paloch oil fields of Upper Nile State. The refinery, an official said, will provide the region with refined oil. “The idea is to build a scalable refinery that…

  • Assela Wind Farm Project Enters Construction Phas

    Assela Wind Farm Project Enters Construction Phas

    Addis Ababa, October 5, 2020– Assela Wind Farm project located about 150Km south of Addis Ababa, near Iteya town in Oromia Regional State has now entered the construction phase. The commencement of construction came after the approval for the loan agreement signed between Ministry of Finance and Danske Bank for financing for the 100 megawatts project. The project…

  • Ethiopian Airlines Willing To Supply SAA With Planes And Pilots

    Ethiopian Airlines Willing To Supply SAA With Planes And Pilots

    Addis Ababa, October 5, 2020 (FBC) – Ethiopian Airlines is willing to supply South African Airways with planes, pilots and maintenance services as part of a new venture with the South African government, CEO Tewolde Gebremariam said. Ethiopian Airlines CEO, Tewolde Gebre Marium says that they’re looking at providing operational assistance and aren’t interested in…

  • Ethiopia Gold Exports Surge

    Ethiopia Gold Exports Surge

    Addis Ababa – Ethiopian gold exports surged after the central bank offered higher prices for the metal in a bid to curb smuggling and as part of wider efforts to spur investment in mining. Ethiopia’s gold industry is currently dominated by small-scale artisanal miners, but Newmont Corp. and Australia’s Allied Gold Corp. are among the…

  • Ethiopia To Issue Two Telecom Licenses

    Ethiopia To Issue Two Telecom Licenses

    Addis Ababa –The Ethiopian Communication Authority (ECA) announced that it will award licenses for two telecom operators until March, 2021. Speaking at a meeting held today, Engr Balcha Reba, ECA’s director-general, said bidding documents review for the two licences are nearing completion. The bidding process will start next month and remain open for up to…

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