The agreement allows the CBUAE and the NBE to swap local currencies with a nominal value of up to AED 3 billion and ETB 46 billion. This supports the financial and commercial cooperation between the UAE and Ethiopia through the provision of liquidity in local currencies to financial markets, enabling more effective and efficient settlement of cross-border transactions. The MoU covers several measures that will facilitate the use of the two countries’ local currencies in the settlement of commercial transactions. The bilateral currency swap agreement and the MoUs signed today reflect the robust economic cooperation between the UAE and Ethiopia, specifically in the areas of trade and investment. We look forward to working closely with our partners in Ethiopia to enhance financial stability and achieve our mutual interests.

Apollo Funds will acquire The Travel Corporation, ending its century-long history as a private entity and transforming its future growth trajectory. In a significant shift within the travel industry, The Travel Corporation (TTC), a consortium of 18 renowned travel brands, is set to be acquired by the private equity firm Apollo Funds. “For more than 104 years, our family has nurtured TTC into a beacon of quality and innovation in the travel sector,” Tollman stated. Apollo Funds’ existing investments in the travel sector include prominent names like the Venetian Resort Las Vegas and Hilton Grand Vacations, positioning TTC among a notable roster of industry leaders. This acquisition is poised to leverage TTC’s established market presence to scale new heights in the evolving travel landscape.

Ethiopia sets the stage for its first securities exchange with new licensing directiveBrook Taye, Director General of the Ethiopian Capital Market AuthorityAddis Abeba – The Ethiopian Capital Market Authority (ECMA) has taken a step towards establishing a fully functional capital market in the country. On 16 July, 2024, the Authority issued a directive titled “Directive on Licensing, Operation, and Supervision of Securities Exchanges, Derivatives Exchanges, and the Over-The-Counter Market.”This directive outlines clear guidelines and requirements for obtaining licenses to operate both securities exchanges and over-the-counter markets, according to a statement released by the Authority. Officials also emphasized that the directive paves the way for the Ethiopian Securities Exchange (ESX) to officially begin operations. Director General Taye confirmed that most of the preparatory work for launching Ethiopia’s first full-fledged capital market is already finalized. Established in 2021, the Ethiopian Capital Market Authority is tasked with fostering the development and regulation of the capital market within Ethiopia.

More than 100 people, mostly students, are being held for ransom by kidnappers in Ethiopia, the latest in an epidemic of abductions in the troubled country. It is now "very rare" to find a family "who has not been affected by kidnapping,” one local told The Guardian in January. Last year, the Ethiopian Human Rights Council said victims of the kidnapping epidemic "often endure torture, cruel treatment, and detainment under inhumane conditions, constituting severe crimes against human dignity". In Ethiopia's "broken economy" collecting ransoms is seen as "easy money" and "anyone can be a target". The British embassy advises UK nationals to "avoid regular patterns of travel or movement" in large parts of Oromia because of the risk of kidnapping.

Second author withdraws from Scotiabank Giller Prize jury over bank’s ties to IsraelBy The Canadian Press on July 16, 2024. A protester films herself as she interrupts the Scotiabank Giller Prize in Toronto, on Monday, November 13, 2023. A second author has stepped down from this year's Scotiabank Giller Prize jury over the organization's refusal to cut ties with its lead sponsor. THE CANADIAN PRESS/Chris Young A protester films herself as she interrupts the Scotiabank Giller Prize in Toronto, on Monday, November 13, 2023. A second author has stepped down from this year's Scotiabank Giller Prize jury over the organization's refusal to cut ties with its lead sponsor.

Try something new when Tesfa Ethiopian heads your way this week! Order by 10am day-ofWhether you've never had Ethiopian food, or you're already a fan, we hope you're excited for Tesfa Cuisine to come to you in Naperville, Bolingbrook, and Lemont on Wednesday, July 24th! Tefsa, one of the most highly rated Ethiopian restaurants in Chicago, offers traditional Ethiopian cuisine, with samplers for two, family samplers, and samplers for vegetarians and meat eaters. Popular choices include the Siga Wot, or spicy Ethiopian beef stew. the Doro Wot, or spicy chicken stew, or the vegetarian Tesfa specialty, Yetimatim Wot, which is a tomato stew.

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Addis Ababa, July 16/2024 (ENA) The Ethiopian News Agency and TV BRICS have signed a memorandum of understanding (MoU) to cooperate on enhancing media coverage. CEO of the Ethiopian News Agency, Seife Deribe for his part said that the MoU will serve as a model to strengthen cooperation among the BRICS countries. “Today’s MoU will have a great contribution to enhance the media coverage for both media houses and BRICS media countries. TV BRICS CEO, Janna Tolstikova on her part said the media cooperation signed between ENA and TV BRICS will contribute to bolstering the bilateral relationship between Ethiopia and Russia. Recall that the Ethiopian News Agency had inked MoUs with the BRICS member countries media houses including the Russian News Agency Sputnik and the Chinese news agency Xinhua.

Khaled Balama, Governor of the UAE Central Bank, and Mamo Mihretu, Governor of the National Bank of Ethiopia, during the signing of agreements. Photo: CBUAEKhaled Balama, Governor of the UAE Central Bank, and Mamo Mihretu, Governor of the National Bank of Ethiopia, during the signing of agreements. Photo: CBUAE

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The United States is encouraged by "incremental progress" on peace and reconciliation efforts in Ethiopia, 20 months after a cease-fire was implemented in the northern Tigray region, according to a senior U.S. official. Mike Hammer, U.S. special envoy for the Horn of Africa: I did see some progress during my recent visit. VOA: Secretary of State Antony Blinken has said, “War crimes, crimes against humanity and ethnic cleansing” took place in the Tigray war. Hammer: It's very important that we called out the war crimes, crimes against humanity, and atrocities that were committed. VOA: Do you see a resumption of Sudan peace talks soon?

Twelve people were killed Monday in central Somalia as government soldiers and local militias fought over two truckloads of weapons illegally brought over the border from Ethiopia. The local militias overpowered government forces after receiving reinforcements from clansmen, the official added. The Somali government did not disclose the quantity of the weapons but the security official told VOA Somali that the weapons were two truckloads and included DshK and PKM machine guns, AK-47 assault rifles, pistols and ammunition. The government appealed to local residents and elders for help in returning the weapons to government hands. The Somali government has been attempting to reassert control of the country from armed militias and al-Shabab militants.

Tsegaye Tegenu, PhD2024-07-16Part nineteen continues the discussion on the strategy component of the actionable steps in the long-term development plan. Strategy 1: Implement a national infrastructure development plan prioritizing key economic corridors. Pillar 15: Improve Infrastructure for BusinessesObjective 1: Develop and improve infrastructure such as reliable internet, transportation, and energy supply in 80% of industrial zones within five years. Goal 5: Elevating the Capabilities of Public InstitutionsPillar 27: Public Sector Efficiency and EffectivenessObjective 1: Improve public sector efficiency by reducing bureaucracy and streamlining processes within three years. For Mid-Level (Tactical) Strategies, refer to my article titled ‘National Industrial Policy by Design Thinking .’A highly detailed and comprehensive approach to strategy development is essential for long-term national development.

At the First International Post-COVID Conference held in Toronto, Canada, Ethiopian Airlines received the prestigious Global Recognition and Appreciation Award for its response to COVID-19. This accolade acknowledges Ethiopian Airlines’ pivotal role in distributing emergency gear throughout Africa during the COVID-19 pandemic, ensuring the delivery of essential medical supplies and saving countless lives, according to the press statement Ethiopian disseminated. While receiving the recognition award Ethiopian Airlines GCEO, Mr. Mesfin Tasew expressed his admiration saying, “We are honored to receive this prestigious recognition for our significant contribution worldwide during the COVID-19 pandemic. Ethiopian Airlines played a crucial role in re configuring approximately 25 passenger aircraft into dedicated cargo freighters. Throughout its 78-year journey, Ethiopian Airlines has cultivated remarkable adaptability, agility, and resilience.

Ahmedabad (Gujarat) [India], July 5: Incorporated in April 2016, Ganesh Green Bharat Limited is into Solar PV Modules manufacturing, solar system & allied services, Electrical Contracting services & Water Supply Scheme Projects. Solar PV modules are manufactured using polycrystalline, monocrystalline & Topcon Solar cell technology. For its SME Initial Public Offering (IPO), Ganesh Green Bharat Limited has established a price band of Rs 181 to Rs 190 per share. Ganesh Green Bharat Limited reported consolidated revenue of Rs. Ganesh Green Bharat Limited has completed projects under various government schemes, such as the Saubhagya Scheme, KUSUM Scheme, and Saur Sujla Yojna.