Ethiopian Airlines lays a foundation for the future with SIRAX Solutions
Lufthansa Systems proudly announces that Ethiopian Airlines, the largest airline in Africa and the fastest-growing brand in the world, relies on its finance solution, SIRAX/Revenue Accounting. Ethiopian Airlines, therefore, profits from a reliable solution with a high level of automation and data of the highest quality. This way, Ethiopian Airlines is prepared to move to the ONE Order world when it comes. By combining the two solutions, Ethiopian Airlines speeds up its current accounting processes while preparing for the future. By automating financial processes such as checking ticket sales information against actual flight data, Ethiopian Airlines benefits from a reduced workload and higher data quality.
Source:Ethiopian News
July 30, 2024 14:23 UTC
Ethiopian Airlines defends transporting live monkeys to US as ‘complying with aviation rules’
Ethiopian Airlines CEO Mesfin Tasew responded to multiple allegations against the flag carries during a press briefing on Monday (Photo: Ethiopian Airlines/Facebook)Addis Abeba – Ethiopian Airlines has defended its transportation of live primates to the US for laboratory use as complying with “international aviation” rules, following criticism from the animal rights group PETA. In a press briefing held yesterday, Ethiopian Airlines CEO Mesfin Tasew responded to allegations that the airline flew 250 long-tailed macaques to a US importer that supplies monkeys for laboratory experiments. In a statement, the group accused Ethiopian Airlines of “facilitating their use in experimental procedures.”Earlier this month, two American and a UK citizen were arrested in Addis Abeba as they were preparing to stage a demonstration outside the airline’s headquarters demanding the Airlines to stop shipping endangered monkeys. However, Ethiopian Airlines claims the specific reasons were not properly communicated and said that it is “currently seeking clarification“. The CEO mentioned that in March, Eritrea’s Civil Aviation Authority had sent a letter to Ethiopian Airlines concerning luggage mishandling and requesting compensation for affected passengers.
Source:Ethiopian News
July 30, 2024 14:17 UTC
Ethiopia's Currency Dives by 30% as IMF-Backed Reforms to Stabilize the Economy Take Effect
ADDIS ABABA, Ethiopia (AP) — Ethiopia's currency lost 30% of its value Tuesday, the day after the central bank began implementing a flexible exchange rate policy backed by the International Monetary Fund as part of new measures to stabilize the eastern African nation's economy. The International Monetary Fund approved a four-year credit facility worth $3.4 billion to coincide with Ethiopia's reforms. Following the currency float, the birr depreciated by 30% in the official market against major foreign currencies. Ethiopia has long faced a critical shortage of foreign currency. For over a year, the gap between the official exchange rate and the parallel market rate soared, a disparity the government expects to narrow after the reforms.
Source:Ethiopian News
July 30, 2024 13:45 UTC
Ethiopia's currency dives by 30% as IMF-backed reforms to stabilize the economy take effect
The International Monetary Fund approved a four-year credit facility worth $3.4 billion to coincide with Ethiopia's reforms. Following the currency float, the birr depreciated by 30% in the official market against major foreign currencies. Ethiopia has long faced a critical shortage of foreign currency. For over a year, the gap between the official exchange rate and the parallel market rate soared, a disparity the government expects to narrow after the reforms. “The floating was overdue as the parallel black market had reached its ceiling due to cash shortages in the economy,” said Samson Berhane, an economist based in Addis Ababa.
Source:Ethiopian News
July 30, 2024 13:37 UTC
Ethiopia's IMF Reward for Scrapping Dollar Peg Comes With a Price Shock
Welcome to Next Africa, a twice-weekly newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. Ethiopia’s decision this week to break with three decades of managing its currency has won it billions of dollars of funding from the International Monetary Fund and other creditors.
Source:Ethiopian News
July 30, 2024 13:29 UTC
Ethiopia's IMF Deal Paves Way for Debt Restructuring, Official Says
By Dawit EndeshawADDIS ABABA (Reuters) - Ethiopia's new $3.4 billion financing deal with the International Monetary Fund paves the way for completion of its long-delayed debt restructuring in the next three to six months, a senior finance ministry official said on Tuesday. The announcement of the four-year, $3.4 billion programme on Monday came hours after Ethiopia had undertaken one of the IMF's key recommendations and floated its currency, the birr. "Debt restructuring should be finalised before the next IMF programme review," State Minister of Finance Eyob Tekalign told Reuters, adding that would typically be between three and six months. The IMF deal is expected to be followed by further financing of up to $7.3 billion from the World Bank and other creditors, Ethiopian officials have said. News of the IMF deal lifted the $1 billion government bond at the centre of the restructuring plan to its highest level since October 2021 on Tuesday.
Source:Ethiopian News
July 30, 2024 12:55 UTC
My Interview with Hachalu Hundessa: “The Other Is a Divine Creation”
He said,“In short, equality means mutual respect. Equality means loving one another. Equality means humans recognizing that the other is a divine creation, respecting the divine, and living in reverence of the divine arrangement. At the end of the interview, Hachalu and I discussed doing a follow-up interview and producing a song together to promote neighbor-love in Ethiopia. Equality means humans recognizing that the other is a divine creation, respecting the divine, and living in reverence of the divine arrangement.
Source:Ethiopian News
July 30, 2024 12:01 UTC
US Rep. Sheila Jackson Lee of Texas fondly remembered as she lies in state at Houston City Hall
Her body will lie in state in Houston’s City Hall rotunda for 10 hours. A large photo of Jackson Lee, as well as two large flower arrangements, stood next to her casket. We gather here this morning, sad but a celebration,” said Whitmire, who had reached out to Jackson Lee’s family about having her lie in state at City Hall. Before being elected to Congress, Jackson Lee served on Houston’s city council from 1990 to 1994. She was only the second person to be granted the honor of lying in state in Houston’s City Hall rotunda.
Source:Ethiopian News
July 30, 2024 11:46 UTC
Ethiopia Emulates Nigeria in Currency Floating, Faces IMF Economic Policy Challenges
ADDIS ABABA, July 29 (Reuters) – Ethiopia’s central bank floated the birr currency on Monday, aiming to secure support from the International Monetary Fund (IMF) and advance a long-delayed debt restructuring. The move aligns Ethiopia with other African economies like Nigeria, which have adopted similar strategies. Central bank governor Mamo Mihretu stated in an online video that Ethiopia would receive $10.7 billion in external financing from the IMF, World Bank, and other creditors. It is now a market-based foreign exchange regime, so we will buy or sell based on the legal channels,” said a businessman in Addis Ababa. Earlier this month, the government announced other reforms linked to IMF talks, including adopting an interest rate-based monetary policy.
Source:Ethiopian News
July 30, 2024 11:06 UTC
EaseMyTrip announces Azadi Mega Sale, giving generous discounts on flights, hotels, holiday packages and more
New Delhi : EaseMyTrip.com, one of India’s leading online travel tech platforms has announced the Azadi Mega Sale, a special sale for the upcoming Independence Day. The sale will provide customers with a prolific lineup of discounts on all travel services. This sale will allow travelers to explore different destinations and experiences by providing attractive discounts on flights, hotels, buses, cab bookings, and holiday packages from July 30th to August 6th, 2024. Mr Nishant Pitti, CEO & Co-founder of EaseMyTrip commented, “As we celebrate the spirit of Independence Day, we’re excited to announce our Azadi Mega Sale. Whether you’re planning a quick getaway or the adventure of a lifetime, our exclusive deals offer unbeatable prices on flights, hotels, and experiences worldwide.
Source:Ethiopian News
July 30, 2024 10:06 UTC
Morocco releases imprisoned journalists after pardons from King Mohamed VI
Three journalists who were sentenced to years in prison after writing about corruption and abuse of power in Morocco were released Monday after receiving pardons from King Mohammed VI. The pardons were announced as Morocco prepared to celebrate its national holiday marking the 25th anniversary of when Mohammed VI ascended to the throne. Human rights activists applauded the pardons, but said the move didn't exonerate what they have called the politically motivated manner in which Moroccan authorities pursued and prosecuted the journalists. Awaiting the others — and democracy,” human rights activist Fouad Abdelmoumni wrote on Facebook, referencing that a number of dissidents remained behind bars in the North African kingdom. At the height of the Me Too movement, human rights groups said all allegations merited investigation but accused Morocco of weaponizing them to defame and intimidate its critics.
Source:Ethiopian News
July 30, 2024 09:41 UTC
IMF Executive Board Approves Four-Year US$3.4 billion Extended Credit Facility Arrangement for Ethiopia
IMF Executive Board Approves Four-Year US$3.4 billion Extended Credit Facility Arrangement for EthiopiaThe IMF Board approved an SDR 2.556 billion (about US$3.4 billion) ECF arrangement for Ethiopia. The authorities’ economic program, supported by the four-year ECF arrangement, envisages a comprehensive policy package to stimulate private sector activity and increase economic openness to promote higher and more inclusive growth. Strengthening social safety nets to mitigate the impact of reforms on vulnerable households is a critical component of the authorities’ reform program. Raising fiscal revenues and reaching a comprehensive external debt treatment, including of official debt under the G20 Common Framework, are crucial in this regard. Strengthening social safety nets to mitigate the impact of reforms on vulnerable households is critical component of the authorities’ reform program.
Source:Ethiopian News
July 30, 2024 09:16 UTC
Ethiopia adopts new forex exchange trading system
The Ethiopian government has transitioned to a market-based foreign exchange rate system, allowing the birr’s value to be determined by the market. This shift marks the most significant economic change in the country in 50 years, moving away from the long-standing fixed exchange rate policy. The National Bank of Ethiopia aims for the market-determined exchange rate system to attract foreign investment, stabilize the economy, secure IMF funding, and advance a long-delayed debt overhaul. The reforms also include ending mandatory foreign exchange surrender for exporters, liberalizing import and capital flow rules, allowing non-bank currency exchanges, and deregulating how commercial banks allocate forex to importers. “A market-based currency exchange system would weaken the birr’s purchasing power and raise the value of the dollar, negatively impacting businesses.
Source:Ethiopian News
July 30, 2024 08:33 UTC
Beverage industry struggles amid government tax hikes and regional fees
The Ethiopian beverage industry is facing significant challenges due to new government taxes and regional state fees, creating a formidable burden on manufacturers. Regional states have further complicated matters by introducing their own regulations and checkpoint fees, exacerbating the financial strain on companies. Habesha Beer, another significant player in Ethiopia’s beverage market, is also struggling under the weight of these new regulations. Adane Teka, the Corporate Communications and Government Affairs Manager at Habesha Beer, highlighted how the increased checkpoint fees and regional taxes are impacting the company’s operations. The cumulative effect of rising taxes, regional fees, and security concerns is placing immense pressure on Ethiopia’s beverage industry.
Source:Ethiopian News
July 30, 2024 08:26 UTC
'Most important evidence I've seen in 5 years’ I What a newly leaked Boeing document could reveal
A never-before-seen document could shed new light on what contributed to a 2019 Ethiopian Airlines Boeing jet crash that killed everyone on board. The lead Ethiopian investigators say they never saw this document. "This is the most important evidence I've seen in 5 years," Pierson told KING 5. Four months prior, on Oct. 29, 2018, a 737 MAX jet flown by Indonesia’s Lion Air crashed killing all 189 on board. He said his clients feel like Boeing is concealing information and this new document could be another example of that.
Source:Ethiopian News
July 30, 2024 07:55 UTC