2021 – Page 14 – Ethiopian Business Review

In the shadow of Abebe Bikila’s colossal fame is Addis Gezahegn, the first Ethiopian and African woman to win a major marathon. She finished the 1991 Rotterdam Marathon in 2:35:04, a record at the time for an African woman. She also competed in Tokyo in 1990, the Barcelona Olympic Games in 1992, and a in a total of 30 international tournaments.
She usually ran in men’s races, as separate races for women were almost nonexistent. Addis participated in the annual Abebe Bikila Marathon for men in Addis Ababa in 1989, her first ever 42 kilometers. Her spontaneous performance and non-fatigable physique could not pass unnoted by talent explorers of the national squad. At 155 centimeters high and weighing 45 kilograms, Addis still runs as a life experience, though she retired in 2011. EBR’s Abiy Wendifraw, chatted with the sport’s stuntwoman about her captivating story.

Gone are the days when only humans play story characters. A human character does not have to put on excessive costumes to play the character of legends who passed even before photography was invented. With digital drawing pads, computers, and software programs, two- and three-dimensional visual characters are developed with even more features and abilities than their human counterparts. The only limitation, however, is that digital art cannot replace live theater.
The demand for digitally generated visual artworks is growing in Ethiopia, mainly from film makers, videogame enthusiasts, and visual advertisement agencies. However, there are only few digital artists as not even the traditional art has fully matured in Ethiopia. EBR’s Samuel Habtab, assessed the baby steps digital visual art is taking in Addis Ababa.

The life of waste collectors in Addis Ababa is not dissimilar to a burning kindle. They make the capital clean and bright while their very lives are hung by a thread. Each day, they move from door to door with pushcarts to collect garbage, just to get ETB0.71 per kilogram of collected waste. They have families but are homeless and excluded from social structures.

However, even that has become luxury for the close to 400 residents of a garbage collection site who recently lost everything in a fire accident and have to return to the streets with babies, elders, and pregnant women. Ironically, the city administration, local officials, and NGOs are all silent even a month after the major fire accident damaged all that they had. The fairy Addis Ababa is deaf to a number of flaws in its urban texture, all the while being a diplomatic hub. EBR’s Mersha Tiruneh investigates how the lives of hundreds of Addis Ababa’s cleaning workers have gone down the dust bin.

Samrawit Fikru’s Account of the Difficulties

The world has come to a grinding halt because of the coronavirus pandemic. Factories have stopped operations. Corporations that generated millions of dollars every day have ceased functioning. No one seems immune to the health, economic, and social hazards of the ongoing crisis. With no end in sight yet, businesses are being forced to lay off their highly valued employees as their expenses surpass the revenues they generate.

The accelerating rollout of COVID-19 vaccines in many advanced economies has set the stage for rapid recovery in the second half of this year and into 2022. Although growth in digital and digitally enabled sectors will level out somewhat, high-employment service industries will ride a wave of pent-up demand.

The news of the establishment of a capital market has been received with hype and enthusiasm. It is hoped that it would support the national economy through the mobilization of capital for new ventures, promotion of new financial products, etc.
The idea of forming a securities exchange was raised in the late 1990s and early 2000s. Unfortunately, with the emergence of the developmental state model in Ethiopia in the middle of the 2000s, the idea was shelved. More than a decade has had to pass for the issue to resurface. As part of the recent economic reform package, the agenda of establishing a securities exchange came to light. After two years of efforts, the Council of Minsters approved the establishment of a capital market. A couple years ago, when the idea gained increasing attention, it was promised that the market would be operational in 2020. But there is still much work to be done.

The National Bank of Ethiopia introduced a new threshold for banks’ minimum paid up capital, raising the bar to ETB5 billion, up from the current ETB500 million. Existing banks are given five years grace period to meet the new threshold, while new banks in seven years, according to Frezer Ayalew, Bank Supervision director at NBE, who said the letter is just dispatched for the commercial banks.

The first private iron ore mining plant is to kick off in Mekaneselam, Wollo Zone in northcentral Ethiopia. Agodo YO is investing between USD150 and 200 million to install a medium-scale iron ore processing plant using the close to 200 million tons of ore discovered in Mekaneselam. Agodo YO is a sister company of C&E Brothers Steel Factory, engaged in rebar production since 2008.

Ministry of Mines and Petroleum agreed to renew Midroc’s Legedembi Gold Mining license. Midroc Gold is expected to resume production in the next two years.

“Midroc is allowed to start running its mining plant in Legedembi. However, local people who were affected by the project previously must be compensated and reach agreement on how the community get a lasting benefit. Plus, the project cannot resume immediately now, because Midroc has to maintain its machineries, which has been idle,” Frehiwot Fekadu, communications director at MoMP, told EBR.

The House of People’s Representative ratified revised Commercial Code of Ethiopia. The revised code featured various new articles ranging from types of business licenses, online registration and closing, taxation and renewal procedures, ecommerce, trade competition practices, arbitration and tribunals, among others.

Addis Gezahegn First Woman Marathoner

Digital Art: Refurbishing or Dismantling Traditional Art?

Tragic End of Addis Ababa’s Cleaning Heroes

The Plight of Startups During COVID-19

The Shape of Global Recovery

Capital Market, Takes More Than Legal Frameworks

NBE Raised Banks’ Minimum Paid-up Capital

Ethiopia Nears First Iron Ore Plant

Midroc Retrieves Legedembi

House Passed Revised Commercial Code