Bloomberg BusinessweekCarol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.
In 2023, though not the largest year for industrial deals, US bankers have orchestrated over $200 billion in transactions involving industrial companies, reflecting a surge in smaller deals. So far in 2023, bankers have put together more than $200 billion worth of transactions that involve at least one US industrial company, according to data compiled by Bloomberg. With a month and a half to go, US industrial companies have been involved in more than 4,000 transactions. Amphenol Corp., Dover Corp. and Idex Corp. have also announced smaller, bolt-on deals worth hundreds of millions of dollars apiece rather than billions. Industrial companies simply have more pieces to move around the game board, and each one is a potential source of financing.
from ALEXIS DOUMBIA in Abidjan, Ivory CoastIvory Coast BureauABIDJAN, (CAJ News) – THE African Development Bank Group (AfDB) has lodged a formal complaint with Ethiopian authorities following the arrest of two staff members at the end of October. The Ivory Coast-headquartered bank decried the arrest by security forces as a “very serious diplomatic incident.”There was an official explanation as to why the pair was apprehended. AfDB welcomed that the Prime Minister of Ethiopia, Abiy Ahmed, immediately acted when he learnt of the incident, ordered the immediate release of the affected staff and promised to order an immediate investigation into the incident. Furthermore, the government reassured the bank that its staff in Ethiopia and those travelling to the country on mission will continue to enjoy full respect of their rights, privileges and diplomatic immunities under the Vienna Convention on Diplomatic Relations as well as the AfDB’s Development Bank’s Host Country Agreement with Ethiopia. “The African Development Bank values its excellent relations with the government of Ethiopia and is currently engaged with the authorities, through diplomatic channels, concerning the incident,” it stated.
AFDB Group PresidentAkinwumi A. Adesina pictured with President Sahle Work Zewde on 29 Oct 2023 at the World Food Prize Dialogue in Des Moines, Iowa, two days before the detention and physical assault of two staff members of the Bank’s Ethiopia office. Local media reports indicated that one of the victims were Dr. Abdul Kamara, AfDB’s Deputy Director General for East Africa, and Ethiopia office Country Manager, leading to a decision by the Bank to allegedly suspend its office operations in Addis Abeba. However, despite several e-mail correspondences with Addis Standard, the Bank neither confirmed, nor denied the names of the victims involved. In August this year, AfDB has awarded grant funding totaling $84.3 million to Ethiopia to advance wheat production and increase farmers’ incomes. In September, the Bank’s Board of Directors has granted approval for a $104 million funding package to support a transmission project in eastern Ethiopia.
More than five weeks into Israel’s war with Hamas, Prime Minister Benjamin Netanyahu has not outlined his future vision for Gaza. Growing U.S.-Israeli FrictionsWith so many key questions left unanswered, there is a growing disconnect between Netanyahu and the Biden administration in the United States. By contrast, Netanyahu has said Israel will need to retain control over security in Gaza after the war. After the war, Netanyahu doubtless hopes to resume governing with this coalition, so he must take their interests into account when it comes to formulating a post-war plan for Gaza. And this would allow him to burnish his tarnished credentials as Israel’s security guarantor.
Anil Kumar Rai has been appointed as the next ambassador of India to Ethiopia, the Ministry of External Affairs said in a statement. Anil Kumar Rai is currently serving as the Joint Secretary in the Ministry of External Affairs. According to the MEA, he “has been appointed as the next Ambassador of India to the Federal Democratic Republic of Ethiopia.”Anil Kumar Rai is expected to take up the assignment shortly, the MEA stated. According to the MEA, India’s relations with Ethiopia have been traditionally close and friendly. However, their relations have passed through various phases, largely in response to the change in regimes in Ethiopia.
The Multilateral Investment Guarantee Agency of the World Bank (MIGA) has increased the guarantees for a 50-MW geothermal project in Ethiopia, representing the first phase of a planned 150-MW greenfield geothermal power plant. The guarantees were issued in 2021 to Tulu Moye SAS of France to cover its equity and quasi-equity investments in Tulu Moye Geothermal Operations Plc, the Ethiopian company building the geothermal power plant in Oromia Regional State, against the risks of breach of contract, expropriation and war and civil disturbance for a period of up to 15 years. The original sum of USD 67.5 million has now been increased to USD 117 million (EUR 108m), MIGA said on Wednesday. The facility will help Ethiopia diversify its energy resources beyond hydropower, which makes the country susceptible to droughts. MIGA said it also used the IDA Private Sector Window MIGA Guarantee Facility, which provides a shared first loss layer of up to USD 40.95 million, of which IDA’s share is USD 32.76 million.
Rolls-Royce (LSE: RR., ADR: RYCEY) today announces it has signed a Memorandum of Understanding for a comprehensive TotalCare service agreement with Ethiopian Airlines for 22 Rolls-Royce Trent XWB-84 engines. TotalCare is designed to provide operational certainty for customers by transferring time on wing and maintenance cost risk back to Rolls-Royce. Ethiopian Airlines became Africa's first A350 operator in 2016, and has been a customer of Rolls-Royce for many years. This order will complement the airline's existing fleet of 40 Rolls-Royce Trent XWB-84 engines. Rolls-Royce also powers the airline's fleet of 10 Boeing 787s with their Trent 1000 engine.
Ethiopia’s central bank is working on a plan to fully open the country’s banking system to foreign investment, governor Mamo Mihretu tells The Africa Report. There's more to this storyGet unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Subscribe Nowcancel anytimeAlready a a subscriber Sign In
TIM ROBINSON FRAeS and BELLA RICHARDS provide a look at some of the most exciting news and highlights from the third day at the Dubai Air Show 2023. This Dubai Air Show coverage brought to you in partnership with AMAC AerospaceWith commercial airliner announcements slowing to a trickle, there was still much to see, do and learn at the third trade day of the Dubai Air Show. UAE Space Agency invests in young EmiratisThe UAE is keen to promote space careers to the young. (UAE Space Agency)After a relatively quiet week for space news at Dubai, the UAE Space Agency unveiled a new initiative, dubbed the ‘National Space Academy’, focused on the “acquisition and enrichment of space-related knowledge among Emirati youth”. He also opined that urban air mobility, above populated centres, would be a far harder challenge from a safety and public perception angle.
COMPARE OFFERS Move left Interactive Brokers Account Minimum $0 Fee $0 Low commission rates start at $0 for U.S. listed stocks & ETFs*. SoFi Invest Account Minimum $0 Fee $0 Active investing with SoFi makes it easy to start investing in stocks and ETFs. Yieldstreet Account Minimum $10,000 Fee 0% to 2.5% Invest in private market. Robinhood Account Minimum $0 Fee $0 No commission fees to trade stocks, options or crypto, and no account minimums to start. Rolls-Royce acknowledged its engine for the A350-1000 would need more servicing than Emirates would like, but denied Clark's suggestion that the XWB-97 engine was "defective".
The first of Ethiopian Airlines’ Airbus A350-1000 aircrafts on order is set to be delivered in the third quarter of 2024. ADDIA ABABA – Ethiopian Airlines Group announce that it selects AVANT Up inflight entertainment solution for its upcoming aircraft Airbus A350-1000. Ethiopian, a multi award winner including SKYTRAX awards for six years in a row, will introduce the latest technology inflight entertainment system from Thales Inflyt Experience with a new user interface to enhance passengers’ experience, several digital services such as, interactive maps, shopping, and meal and beverage selections. We are delighted to introduce the AVANT Up inflight entertainment solution for our upcoming Airbus A350-1000 aircraft where passengers will enjoy the finest immersive and cinematic experience. Thales’ AVANT Up brings to Ethiopian the latest consumer technologies and capabilities to the aircraft.
Isaias Afeworki (Left) and Abiy Ahmed (right)borkenaEthiopian Prime Minister Abiy Ahmed reportedly characterized Eritrean President Isaias Afeworki as anti-Ethiopian. “It is known that Abiy Ahmed sharply criticized President Isaias Afeworki during a meeting of Prosperity Party senior leaders,” the report stated. Sources suggest that the relationship between Abiy Ahmed and the Eritrean president deteriorated after Abiy Ahmed’s government signed the Pretoria agreement in November 2022, which concluded the two-year war between the TPLF and Abiy Ahmed’s government. Allegedly, differences between Abiy Ahmed and Isaias Afeworki (and Eritreans in general) escalated after Abiy Ahmed made claims, in October of this year, concerning the Red Sea by any means necessary. Ethiopian PM was awarded the Nobel Peace Prize for “ending hostility with Eritrea.” Eritrean president a noticeably high number of supporters in Ethiopia.
November 15, 2023 (PORT SUDAN) – Sudan’s Sovereign Council Chairman Abdel Fattah Al-Burhan travelled to Ethiopia on Tuesday to discuss the ongoing crisis in his country with Ethiopian Prime Minister Ahmed Abiy and African Union Commission Chairman Moussa Faki. Al-Burhan was accompanied by Darfur Governor Minni Minawi and the head of Sudan’s General Intelligence Service. This marks the second time that Minawi has travelled with al-Burhan to meet with African leaders to discuss the Sudanese crisis, which has recently been marred by violence in Darfur. During his meeting with Faki, al-Burhan discussed the situation in Sudan and the efforts being made to resolve the crisis, according to the Sovereign Council statement. The African Union is working with IGAD to launch an inclusive process to resolve Sudan’s crisis once a durable ceasefire agreement is reached under the Jeddah platform.
DUBAI (Reuters) - Emirates moved closer on Wednesday towards a potential agreement to buy dozens of Airbus A350-1000 jets after narrowing differences over performance and guarantees in talks with engine maker Rolls-Royce, industry sources said. Ethiopian Airlines was set to announce an order for around 10 of the smaller A350-900 after talks with Rolls-Royce at the Dubai Airshow that focused on service pricing, they said. None of the companies had any immediate comment. (Reporting by Alexander Cornwell, Pesha Magid, Editing by Tim Hepher)
