Archive for September, 2010

Ethiopian Airlines set to join Star Alliance

(HornTrade) – Ethiopian Airlines was officially invited to join Star Alliance Wednesday, and aims within 12 months to become the group’s third member on the African continent following EgyptAir and South African Airways. ET’s integration, under the mentoring of Lufthansa, will begin “shortly.”

“On behalf of the Chief Executive Board, it gives me great pleasure to invite Ethiopian Airlines to join the Star Alliance network,” Star CEO Jaan Albrecht said at a ceremony in Addis Ababa. “Ethiopian’s extensive intra-African network will provide more choice for our travelers and bring the Star Alliance benefits to new markets. Moreover, we will in the future have three main hubs in Africa—Addis Ababa, Cairo and Johannesburg—allowing for an ideal access to the continent from either the North, Center-East or South”. Read the rest of this entry »

Ethiopia: Allana Potash May Begin Extracting Mineral From Deposit in 2013

(HornTrade) - Allana Potash Corp., a Canadian explorer for the fertilizer ingredient, may begin extracting the mineral from Ethiopia’s northeastern Afar region in 2013, said Vice President Nejib Abba Biya.

The company, based in Toronto, has been exploring the Dallol Depression in Ethiopia and had “very, very encouraging” results, Nejib said in a mobile-phone interview today from Addis Ababa, the capital. Allana expects to extract 1 billion metric tons from its 150 square-kilometer (58 square-mile) concession.

The depression contains “a few billion tons” of deposits, he said. “It will last for a long time.” Read the rest of this entry »

Vulture Funds: African legal body defies the vultures

(HornTrade) – In investment circles they are known as distressed debt funds or specialist situation funds – to ­everyone else they are vulture funds. Such vehicles buy up sovereign debt at bargain rates and then sue the debtor for the full amount plus interest charges and legal fees.

In 2007, in one of the most high-profile vulture fund cases, British Virgin Islands fund Donegal ­International attempted to sue the Zambian government for around $55m (£35m) for a $15m debt it had bought from the Romanian government for around $3.3m. The High Court awarded Donegal $15.5m.

At least 54 companies are known to have brought these kinds of actions, suing the world’s 12 poorest nations for a total of more than £1.2bn.
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East Africa: CMA CGM, Maersk and MSC join forces against piracy

(Horntrade) - The three world leaders in container shipping have decided to cooperate in the fight against piracy in the Gulf of Aden and the Indian Ocean. This collaboration between the Danish Maersk Line, MSC Swiss and French CMA CGM, respectively numbers 1, 2 and 3 in the world, includes the exchange of information on policies, measures and procedures put in place, the axes of improvement possible and the willingness of coordination to address the issue with all stakeholders. “Our main concern remains the safety of our crews.

Piracy is a constant problem for the shipping industry and if we want to approach it effectively, we must, as shipowners, cooperate, explain Maersk Line, MSC and CMA CGM. An important part of the fleets of the three arms, which align over 1,000 container ships transiting the Read the rest of this entry »

Kenya: KA in talks with suppliers to speed up delivery of aircraft

(HornTrade) – Kenya Airways (KA) has opened discussions with Airbus, a European aircraft manufacturing consortium, following an apparent delay in the delivery of new 787 aircraft it had ordered from rival US firm, Boeing.

“We are faced with the threat of operating inefficient aircraft and that is why we are engaged in discussions with the two aircraft manufacturers. We expect the first deliveries from Boeing in October 2013,” said Titus Naikuni, CEO, Kenya Airways Limited.

Kenya Airways Chief Executive Titus Naikuni and the Head of Marketing Dick Omondi (left), address the press during the Annual General Meeting yesterday at the Bomas of Kenya on Friday. He spoke on Friday during the company’s 34th Annual General Meeting at the Bomas of Kenya, Nairobi.
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Ethiopia: Bole Airport to Provide Free Wireless Internet

(HornTrade) – The Ethiopian Airport Enterprise (EAE) is to start providing free wireless internet service at Bole International Airport, according to ENA news.

In a press conference she gave here on Tuesday EAE Information and technology service acting head, Birhane Sisay said the service will be launched within a month. She said passengers will have access to free internet services in both the old and new terminals.

The Ethiopian Information Network Security Agency (INSA) and the Ethiopian Information Technology Agency have been working to launch the service.

It was noted that Bole International Airport is the main international gateway for the nation and also serving neighboring countries as a hub.

Source: ENA

US-Ethiopia: Over $220mn development cooperation agreement

(HornTrade) – The United States government on Thursday signed a $ 229.3 million agreement with Ethiopia, aimed at expanding cooperation on development programs in education, health, and economic growth, including agriculture and trade.

The amount, due to be channelled through the United States Agency for International Development (USAID), results from close consultation between the governments of Ethiopia and the United States on priorities for the improvement and expansion of health and education services, the advancement of rural development and opportunities to generate income and create private enterprises.

The agreement was signed in Addis Ababa between USAID and the Ethiopian Ministry of Finance and Economic Development. Read the rest of this entry »

India’s trade with Comesa rises three-fold during 2009-10

(HornTrade) - India’s total trade with the Common Market for Eastern and Southern Africa (COMESA) region has risen more than three-fold from $2.55 billion in 2004-05 to $8.48 billion in 2009-10, says the Exim Bank’s latest study.

The study points out that the COMESA region recorded robust economic performances in spite of recent global financial crisis and draws attention to India’s trade and investment relations with the region that have strengthened in recent years, and presents opportunities to further enhance bilateral commercial relations.
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Global competitiveness ranking In the Eastern Africa

(HornTrade) – The Global Competitiveness Index 2010-2011 rankings and 2009-2010 comparisons

Kenya      106 out of 139
Tanzania  113 out of 139
Zambia     115 out of 139
Uganda     118 out of 139
Ethiopia    119 out of 139
Malawi     125 out of 139
Djibouti     N/A
Somalia    N/A
Sudan       N/A

Switzerland is ranked as the most competitive country to do business followed by Sweden, Singapore and the United States. Tunisia (37/139) ranks as the most competitive in Africa followed by South Africa (54/139) and Mauritius (55/139). Read the rest of this entry »

Bollore Africa Logistics eyes port concessions in Eastern Africa

(HornTrade) – French company Bollore Africa Logistics announced Thursday it won a tender to develop the Port of Berbera in self-declared state of Somaliland to help land- locked Ethiopia ease its maritime and port services needs.Dominique Lafont, CEO of Bollore Africa Logistics, announced in Nairobi that the facility will help ease Ethiopia import and export needs through maritime transport system and open new income stream for the government of Somaliland. “We shall be setting the port up as the national port of Ethiopia,” said Lafont. Read the rest of this entry »