Commercial Bank of Ethiopia (CBE) has extended office hours effective April 1, 2013, Tefera Seyfu, corporate communication manager at the bank told EBR. According to the new extended business hour schedule, customers can get service from 8am to 7 pm from Monday through Saturday. The bank normally closes at 5 pm.
“This is one way of getting closer to our vision of becoming a World Class Commercial Bank by 2025,” Tefera said.
Every major economic crisis has its victims. Some bounce back, while others experience long-lasting, even permanent, damage. When it comes to the global crisis that erupted in 2008, output growth has been a resilient victim. Central bank independence, by contrast, has been undermined severely – and possibly forever.
In the 1970’s, the Western world was confronted with a unique phenomenon: simultaneous recession and rising inflation. Ger- many’s success in maintaining low inflation in this environment was explained by the fact that the Bundes bank was de facto independent from the German government. This triggered a global movement, in which country after country adopted legislation to increase the independence of its monetary authority. Soon, inflation began to fall.
As the biggest economy in Africa, with a GDP of 419.92 billion US Dollar in 2010 according to the Global Finance, and labeled by the World Bank as one of the four upper middle income countries in Africa, South Africa is a preferred destination for refugees from poor nations in its backyard such as Mozambique, Zimbabwe, Malawi and other distant African countries like Nigeria and Ethiopia.
South Africa’s population was 51.77 mil- lion according to the 2011 census. Official evidences show that the share of immigrant population is growing fast; and Ethiopians are among the dominant.
Africa Vacation Club Ethiopia (AVCE), one of the well known time share provider in Ethiopia, which was established in 2004, will appear before court on April 10, 2013, to defend the charges brought on it by 72 members, Yemisrach Hailu, an organizer of the disenfranchised members, told EBR. The charge is regarding the club’s mistreatment of its members, according to the source.
Metro PLC., the sole importer of LG- Life is Good- electronics in Ethiopia announced that it will import five more Care and Delight Buses at a cost of Br 10 million on an event, on which it launched what it called the first-in-Africa Care and Delight Bus Service on March 27, 2013. Metro will receive the buses in a year, Abdulhamid Abubaker, general manager of the company said.
Ethiopia is facing a growing number of cyber attacks in recent months, according to Information Network Security Agency (INSA).
INSA, which is one of the several wings of the national defense forces, is mandated to protect the cyber sphere of the nation. The agency states that it has been deterring cyber attacks aimed at different interests of the nation since its establishment in 2006/07.
“Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon.”
Winston Churchill
Said Engineer Tsedeke Yihune, founder and general manager of Flintstone Engineering and Flintstone Homes, on the second Executive Idea Exchange Forum which was held at Eshetu Cholle Building, Addis Ababa University, on March 28, 2013. The engineer said this as he shared his personal experience in the sector. In addition, Tsedeke elaborated on rent seeking and developmental theory in his rather captivating presentation. He also shared his views on how easier it is doing a business abroad than it is at home and his principles as an executive.
The number of Ethiopian tax payers who have given their finger prints to the Ethiopian Revenue and Customs Authority (ERCA) as of the first week of march 2013. ERCA has registered 127,574 finger prints through online and offline methods in the second quarter of the 2012/13 fiscal year. The biometric card production has also reached 1,447,021.
Much of the hype surrounding the G20 finance ministers and central bank governors’ meeting held on February 15-16 in Moscow, the Russian Federation, was dedicated to so- called “currency wars,” which some developing-country officials have accused advanced countries of waging by pursuing unconventional monetary policies. But another crucial issue – that of long-term investment financing – was largely neglected, even though the endgame for unconventional monetary policy will require the revitalization or creation of new long-term assets and liabilities in the global economy.
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