Ashenafi EndaleJanuary 8, 2021
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2min4550

Boeing has entered into agreement to pay a total criminal monetary amount of over USD2.5 billion, the US Department of Justice disclosed on January 7, 2021. Criminal information filed at northern district of Texas, Under the deferred prosecution agreement (DPA), charges Boeing of conspiracy to defraud the united states.

The total USD2.5 billion, is composed of a criminal monetary penalty of USD243.6 million, compensation payments to Boeing’s 737 MAX airline customers of USD1.77 billion, and the establishment of a USD500 million crash-victim beneficiaries fund to compensate the heirs, relatives, and legal beneficiaries of the 346 passengers who died in the Boeing 737 MAX crashes of Indonesia’s Lion Air Flight 610 and Ethiopian Airlines Flight 302.

“Boeing’s employees chose the path of profit over candor by concealing material information from the FAA concerning the operation of its 737 Max airplane and engaging in an effort to cover up their deception. This resolution holds Boeing accountable for its employees’ criminal misconduct, addresses the financial impact to Boeing’s airline customers, and hopefully provides some measure of compensation to the crash-victims’ families and beneficiaries,” stated Acting Assistant Attorney General David P. Burns of the Justice Department’s Criminal Division.

Boeing Max products were grounded in 59 airlines, to which the company pays compensation, apart from the families of the deceased in Indonesian and Ethiopian demised flights. All 157 passengers lost their lives during Flight 302 and 189 in Flight 610.


Ashenafi EndaleDecember 31, 2020
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1min9280

Ethiopia has lost over USD300 million from Meeting Incentives Conferencing and Exhibitions (MICE), since the corona virus, according to a study presented by Addis Ababa chamber commerce and sectoral association, on December 31 There were 24 international exhibitions organized in Addis Ababa, annually, before covid19. There are
also over 700 event organizers in Addis Ababa, who currently has lost their manpower. Between ETB200 million and ETB250 million transactions takes place per exhibition, according to Aklile Belete, managing partner at African Trade Fairs Partner.


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1min7270

Ministry of Mines (MoM) revokes 63 investment licenses, of which 38 are mining and the rest are exploration companies. Underperformance, failure to renew licenses, and wasting public resources are mentioned as the rationales, according Takele Uma (Eng.), recently appointed minister of MoM.

Over the last five months, the mining sector generated USD302.9 million from export, of which USD299.1 million is from gold export, a magical comeback from a mediocre USD27.9 million for the whole 2019/20 fiscal year.


Ashenafi EndaleDecember 11, 2020
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1min9980

Eth-Switch S.C, Ethiopia’s national payments switch, declared ETB94.5 million revenue and ETB24.3 million net profit for 2019/20 Ethiopian financial year. Its profit surged by 93pct from previous year, following increasing use of electronic transaction under covid19 pandemic and government measurements to discourage cash-based transactions. Eth-Switch has been reporting loss for three consecutive years until last year.


Ashenafi EndaleNovember 27, 2020
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1min8410

The Ethiopian Telecommunication Authority has floated Request for Proposals that leads to pick two private telecom service providers. The bidding will be open for the next three months, after which the winners are licensed by April 2021, according to Eyob Tekalign (PhD), state minister of Finance.


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1min8960

The Addis Ababa city administration has discovered over 1,000-hectare plots of land whose owners are unknown and held illegally. The administration also found 100 houses unidentified with legal owners.

The informal land and housing market mushroomed in the capital, is under reform, according to Adanech Abebe, deputy mayor, while disclosing findings of undergoing land and housing audit assessment.


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1min9860

Number of Ethiopian asylum seekers crossed into Sudan has surpassed 25,300, according to United Nations for the Coordination of Humanitarian Affairs (UNOCHA). “the UN is alarmed by the escalating conflict in north Ethiopia, increasing insecurity in western and southern Oromia, as well as eastern Benishangul Gumuz region,” stated the organization, on November 16, 2020.



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