Posts Tagged ‘Economy’

Lufthansa, Ethiopian increase Addis-Frankfurt flights

Lufthansa has expanded its service from Addis Ababa to Frankfurt from the current four to five flights a week as of April, according to a press release the company sent to The Reporter.

The increase marks the first step in a flight schedule optimization with Ethiopian Airlines.

Effective June 1, Lufthansa and its code share partner Ethiopian Airlines will be offering ten flights weekly on a day and night flight schedule pattern, thereby raising the current eight times a week flight the two airline operates on the same route to ten times a week.

Through the schedule harmonization of Lufthansa and Ethiopian Airlines, passengers of both carriers will have the choice of ten weekly non-stop services, according to the company.

Passengers from Kigali, Entebbe, Nairobi, Djibouti, Bujumbura, Dar Es Salaam, Kilimanjaro and Zanzibar flying on Read the rest of this entry »

China grants Kenya Sh1.2bn for a second port at Lamu

The bulk of the money will be in the development of a second port at Lamu and the construction of a rail and road corridor from the Coast to Isiolo.

This will link the Kenyan Coast to Southern Sudan and land-locked Ethiopia to the north.

A statement after talks between President Kibaki and his Chinese counterpart Hu Jintao said the port will take top priority. It is estimated to cost $16 billion (Sh1.2 trillion).

“My visit today, the third one in a five years, underscores the close relations between Kenya and China,” said President Kibaki.

The port will have 22 berths with a quay on 1,000 acres. It will serve Ethiopia, currently served by Djibouti port. Read the rest of this entry »

The Russian giant GAZPROM moved to Djibouti

As part of its diversification strategy and deployment of its international business, the Russian gas giant GAZPROM just moved to Djibouti.

The company is a giant Gazprom energy, her everything is superlative: more than 400,000 employees, the largest company in Russia, the third market capitalization, the largest exporter of gas in the world. Gazprom owns the largest pipeline network in the world (155,000 km), and holds positions in banks, insurance, media, construction and agriculture.
Read the rest of this entry »

Economic Recovery for Africa?

The news today brings us two optimistic articles on the African economy. Businessweek reports that “Inflation is slowing across sub- Saharan Africa’s leading economies as bumper crops and stronger currencies help curb prices, enabling South Africa, Nigeria, Kenya and Ghana to extend interest rate cuts into this year.” A new African Development Bank report states that “with a projected overall growth rate of more than four per cent this year and a gross domestic product of just under $1.5 trillion, the continent’s growth is promising.” Read the rest of this entry »

Djibouti Backs off from Proposed Operation Monopoly at Doraleh

The government of Djibouti backed off, last week, from its plans to grant exclusive rights to a private consortium, which would have undertaken the operation of container stuffing and unstuffing inside its own premises, sources disclosed to Fortune.

Spearheaded by a logistic firm, Maersk Djibouti Container Freight Station (MDCFS), these operations were given to this consortium, which opened a specially designated location known in Djibouti as PK 12. This is an area on the outskirts of Djibouti Town, a couple of kilometres from the Doraleh Port. This stirred an uproar in Djibouti and Ethiopia among forwarding companies and led to hundreds of trucks stranded inside the port. Read the rest of this entry »

Tanzania’s Exim Bank to open branches in Djibouti

The central bank [BoT] has allowed Exim Bank Tanzania to open more subsidiaries outside the country as part of the latter’s expansion plan that will be in Djibouti and Zambia, managing director Sabetha Mwambenja said yesterday in Dar es Salaam.

She made the revelations when announcing the bank’s last year performance, which included an increase of 20.14 per cent of total assets to Sh584 billion from Sh486 billion in 2008. Read the rest of this entry »

China makes inroads into East Africa, gets road contract without bids

ADDIS ABABA – China continues to make inroads into Africa, as it bagged yet another major order for building an 80-km expressway in Ethiopia. The order was given without any bidding as the construction of the six-lane expressway would be financed through a Chinese soft loan worth over $700 million.

China’s state infrastructure major, China Road and Bridge Corporation (CRBC), has signed an agreement to construct a new expressway connecting Ethiopia’s capital to another city in the centre of the country, Nazreth. Read the rest of this entry »

Ethiopia: Sky Bus imports more buses

Addis Ababa, Ethiopia (The Reporter) — Sky Bus S.C., the first modern public transport company, this week imported six modern buses. The 45-seat buses cost more than two million birr each.

In January this year, Sky Bus launched public transport services to six major regional towns — Bahir Dar, Gondar, Harrar, Dire Dawa, Awassa and Jimma. Read the rest of this entry »

Chalice to Complete African Gold Merger, Steps Up Exploration at Zara Gold Project

Chalice Gold Mines Limited (ASX: CHN; “Chalice”) will open a fresh chapter in its history as an African-focused gold exploration and development company this week following receipt of final Court approval of its merger with fellow Perth-based junior, Sub Sahara Resources.

The merger will now be implemented by the issue of Chalice shares to Sub-Sahara shareholders and is scheduled to be fully completed by 2 September 2009 following the de-listing of Sub-Sahara shares from ASX on 14 August 2009. Read the rest of this entry »

Djibouti to increase salt output

Salt production expected to significantly rise by June 2010 in the East African country

Salt Investment SA’s new salt plant in Djibouti, eastern Africa, is expected to start production by June 2010.

Salt Investment is at present building a plant in Lake Assal, between the cities of Tadjoura and Yoboki, and is looking to export.