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  • Revenue from Mining had not Met its Goal in Ethiopia

    The Ethiopian government, along with private sector partners, is taking steps to tap the country's vast underground resources. “Ethiopia has considerable resRevenue from Mining had not Met its Goal in Ethiopiaerves of gold, potash, zinc, gemstones and tantalum,” geological survey consultant Yalew Bekele told Anadolu Agency on Friday. “But they remain unstudied, unexplored and undeveloped.”

    Ethiopian Minister of Mines, Petroleum and Natural Gas Tolossa Shagi told Anadolu Agency on Friday that the government is stepping up efforts to support the mining industry. “There is hope that Ethiopia will become a country in the short term whose extractive industry will contribute significantly to GDP,” the minister said in an interview. The minister pointed out that revenue from mining had not met its goal, as defined by the government’s economic plan for 2014. Ethiopia had planned to secure mining revenue of $646 million during 2014/15 but only earned about half of that, $363 million, according to government statistics.
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    Image: Traditional Mining in Ethiopia. The country has vast untapped resources of gold, potash, zinc and tantalum, experts say.

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  • PM Appreciates Chinese Role in Africa’s Development Ahead of FOCAC Summit

    Ethiopia’s prime minister said the upcoming Forum on China-Africa Cooperation (FOCAC) summit can bring more trade and investment between China anPM Appreciates Chinese Role in Africa’s Development Ahead of FOCAC Summitd Africa, and expects the summit to discuss the global peace and security, and climate change as well, Chinese media reported.

    “Africa has been growing rapidly in the last decade or so, and China has contributed a lot,” said Ethiopian Prime Minister Hailemariam Desalegn. Desalegn said relations between China and Ethiopia are an example of China-Africa ties. Both countries have a strong party, according to Desalegn, and “China now has the Chinese dream that the Communist Party of China is promoting. But Ethiopia also has the Ethiopian Renaissance, and we want our people to achieve that end. So I think this helps us to synchronize and to understand each other,” he added.

    Both countries know that a free market is not the solution to everything, said Desalegn, adding for a lesser developed country like Ethiopia, government needs to play a strong role. “China and Ethiopia are similar in terms of having a strong government that leads the development process,” Desalegn said.
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    Image: Chinese Premier Li Keqiang (C), Ethiopian Prime Minister Hailemariam Desalegn and African Union (AU) Commission chairperson Nkosazana Dlamini-Zuma attend an exhibition featuring China's most advanced railway and aviation technologies at the AU Conference Center in Addis Ababa, Ethiopia, May 5, 2014. (Xinhua/Li Xueren)

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  • Hypersonic Plane that Fly from London to Sydney within 90 Minutes

    That’s travel at 25 times theHypersonic Plane that Fly from London to Sydney within 90 Minutes speed of sound — or barely enough time to take in an in-flight movie. Few areas of aviation generate wilder predictions than hypersonic flight — but a team in Germany might just have cracked it. Hypersonic means speeds of Mach 5 or over, or more than five times the speed of sound. Supersonic is Mach 1, or the speed of sound. Since the withdrawal of the Concorde in 2003, commercial aviation has remained purely subsonic, but that could change in the coming decades.

    Take new aircraft concepts like the Japanese HYTEX, capable of speeds of Mach 5, or the EuropeanLapcat-II, expected to reach Mach 8. Then there’s the nascent space tourism industry, with companies such as Virgin Galactic and XCOR Aerospace hoping to take a select few on leisure trips to the edge of space.
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    Image: The amazing hypersonic plane that can travel from London to Sydney in just 90 minutes.

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  • Mrs Banda Sold Presidential Jet that Cost the Poor Malawi £220,000 a year

    Mrs Banda said she was hMrs Banda Sold Presidential Jet that Cost the Poor Malawi £220,000 a yearappy to "offload" the presidential perks, adding: "I can well use private airlines. I am already used to hitchhiking." It means that the 62-year-old head of state – the second woman to hold the position in Africa – will fly to the Queen's Jubilee celebrations in London this weekend with British Airways. Andrew Mitchell, the UK International Development Secretary who is currently visiting Malawi, delivered a £33m cash injection for Mrs Banda's government. He said the move was a sign of the "seriousness Mrs Banda is applying to overturn bad decisions taken under the previous government".

    The former vice-president in Bingu wa Mutharika's government, she stepped into the presidency in April when he suffered a heart attack. The jet had annual running costs of £220,000. Since then, she has sacked former members of the "old guard" in the cabinet and security services, brought back Malawi's old flag and pledged to lift the country's ban on homosexuality. Most recently, she followed long-standing International Monetary Fund advice to devalueMalawi's currency by a third. The move caused panic buying and a sharp rise in the prices of basic foods and fuel.
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    Image: Malawi's president Banda.

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  • Ethiopia who failed to secure US $ 5bln Revenue Now Eyes $16 bln

    As it seeks to become a lower middle-income country by 2025, Ethiopia aims to increase its export revenue to $16 billion, up from the current $3 billion, in the next five years. Prime Minister Hailemariam Desalegn has made two key changes in his Cabinet: He appointed Yacob Yala as Trade MEthiopia who failed to secure US $ 5bln Revenue Now Eyes $16 blninister, and replaced Finance Minister Sufian Ahmed with Abdulaziz Mohammed. Former trade minister Kebede Chane was allegedly dropped for failing to achieve export targets outlined in the country’s initial growth and transformation plan, in which Ethiopia secured $3 billion of the targeted $5 billion export revenue.

    The new growth plan seeks to open up key areas of the economy as the country shifts from its reliance on agriculture. Ethiopia plans to reduce the agricultural sector contribution to the GDP by 4 percentage in the next five years, from the current 40 per cent, in favour of manufacturing and industry. Its current GDP stands at $55.7 billion. The plan proposes the privatisation of public entities to attract investors.

    This would support key sectors that have been crowded out through unfair competition by the public sector and state-owned enterprises. For instance, in the banking sector, capital adequacy, bond buying programmes and a lack of an enabling environment are hindering private banks from lending. Recently, Ethiopia has been riding on an economic transformation wave that has seen it raise funds through a $1 billion Eurobond, after it secured a better than anticipated rating from agencies. The country is expected to raise another $2 billion bond next month.

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    Image: Employees of the Ethiopian Railways Corporation work at a construction site of the Chinese-built railway in Dire Dawa, north eastern Ethiopia. PHOTO | AFP 

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  • Ethiopia warns of disruptions to anti-Houthi campaign if provoked by Eritrea

    Compiled by Elias Meseret, DireTube Correspondent

    (Addis Ababa, Ethiopia) - Ethiopian Prime Minister, Hailemariam Desalegn, has told a local private newspaper that Saudi Arabia and the UAE will bear the consequences of Ethiopia’s response if their operation in and around Eritrea’s Port of Assab supports the ‘Eritrean regime’s destabilizatioEthiopia warns of disruptions to anti-Houthi campaign if provoked by Eritrean agenda against Ethiopia.’ He made the remarks after a recent United Nations monitoring group report indicates that Saudi Arabia and the UAE have leased the Port of Assab for 30 years from the Eritrean government in their coalition to fight the Houthis in Yemen.

    “They have assured us that they would not be engaged in activities that would endanger the peace and security of Ethiopia. They have said this is only a choice of tactical convenience to their operation in Yemen and that they would evacuate the area as soon as the mission is completed,” Hailemariam told The Reporter newspaper. “We have also stressed that they will bear the consequences of our response if their operation in the area supports the Eritrean regime’s destabilization agenda against Ethiopia. Although we understand their objective, we were not consulted before the countries reached to this agreement.”

    The Premier also told reporters of the newspaper during his first interview with a local private media outlet that Ethiopia absolves itself of any responsibility in case of disruptions to their operation in the area due to its proportionate response to any provocations by the Eritrean regime.

    “Although we understand their objective, we were not consulted before the countries reached to this agreement. We have a right to protect the sovereignty of our country. And this might depend on the actions of the Eritrean regime,” Hailemariam said.
    The Prime Minister, however, said that there is no evidence Saudi Arabia and the UAE had leased the Port of Assab from Eritrea for 30 years.

    Experts say the relationship between Eritrea and Ethiopia is arguably the most important and volatile in East Africa. The fall-out between the former brothers-in-arms initiated a two-year-long border war in 1998, which claimed around 100,000 causalities, and cost billions of dollars. Many say the ‘now war, now peace’ situation between the two countries continues to serve as the main source of regional instability in the Horn of Africa.

    DireTube News.

    Image:Sheikh Mohamed bin Zayed Al Nahyan and PM Hailemariam Desalegn on their latest talk.

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