Economy

  • Louvres Hotel Group,Signed Its 3rd Hotel In Ethiopia

    Louvres Hotel Group, number one hotel group in East Africa, signed its 3rd hotel in Ethiopia, pursuing the expansion of an ambitious network covering sub-Saharan African metropolitan areas.

    Already present in 8 Sub-Saharan African countries, with 17 hotels comprising a total of 2,300 rooms under its Tulip Inn, Golden Tulip, and Royal Tulip brands, Louvre Hotels Group continues its growth strategy by reinforcing itself on the Ethiopian market.

    The 5-star Hotel in ADAMA

    Is one of the first sites outside capital cities, being present in major cities of Ethiopia is the demonstration of the group willing to go a step ahead in the development of its brands. Adama’s location on the highway that relies on Addis to Djibouti and the surrounding offer of restaurants and clubs in the vicinity justify the choice of this particular location. The site also profits from its quiet location at the recreational side at the Rift Valley.

    “For the last year we have been pursuing a very ambitious expansion plan, opening one hotel per quarter and signing one new deal each semester, this plan reflects our trust in the hospitality business potential in East Africa, but not only, it also reflects the trust investors are putting in our ability as operator to accompany them in the fructification of their assets. We are treasured with investors which have the ability to share our values they do, dare and dream” explains Alain Sebah, President Golden Tulip for French-Speaking Africa and East Africa.

    During this year Louvre Hotels Group continued to boost its international presence. The most impressive acquisition happened in South Asia, keeping up with the region’s constantly growing leisure and business tourism. The group became a majority stakeholder in Sarovar Hotels, an Indian company made up of 75 hotels on the premium, mid-range and budget sectors.

    In the African continent, the group penetrated the Ugandan market with a new hotel in Kampala and inaugurated yet another in Cotonou, both under the Golden Tulip Brand. Early 2018 the refurbishment of the historical hotel La Croix du Sud in Dakar is due to open under Golden Tulip flag. In Comoros Islands, the group secured a new deal for a Resort & Spa hotel. Many other projects are currently under development or construction in the region. In fact, some twelve hotels are planned for 2018, enabling the group to double its presence.

    “ Our company is proud to work with such respected Brand Golden Tulip to bring a Conference Business to our beloved Country especially in our vibrant Business City – Adama and also provision the generation on the technology transfer and advancement ”states Mr. Bezu Beyen – President of Gende Import & export, the hotel’s owners.

    Gonde & Golden Tulip partnership was monitored thanks to Ozzie Hospitality Management Group – Mr. Kumneger Teketel, Managing Director Ozzie Hospitality, who negotiate and consult the developer, said that Ethiopia will soon be a great MICE Destination for Africa and Ethiopia got vibrant Business City all over the Main Regional Cities like Adama that boost the conference and leisure business.

    The number of tourists welcomed across the African continent has more than doubled over the past fifteen years, increasing from 26 million to 56 million in 2014, according to the Tourist Investment and Business Forum for Africa.

    Hotel guests and the travel agent will also be able to benefit from Louvre Group’s ongoing royalty programs – Ambassador’s Club and Flavors Club, which enables members to earn reward points which are redeemable at all Louvre Group properties worldwide. 

    Read more

    Read more
  • Nobel in Economics Is Awarded to Richard Thaler

     The economist Richard H. Thaler at his home in Chicago on Monday after winning the 2017 Nobel Memorial Prize in Economic Sciences. He said he would try to spend the prize money “as irrationally as possible.” Credit Anne Ryan/University of Chicago, via Reuters

    WASHINGTON — Richard H. Thaler, whose work has persuaded many economists to pay more attention to human behavior, and many governments to pay more attention to economics, was awarded the Nobel Memorial Prize in Economic Sciences on Monday.

    Professor Thaler is the rare economist to win a measure of fame before winning the prize. He is an author of a best-selling book, “Nudge,” about helping people to make better decisions. He also appeared in the 2015 film “The Big Short,” delivering what is surely one of the most widely viewed tutorials in the history of economics, on the causes of the 2008 financial crisis.

    The Nobel committee, announcing the award in Stockholm, said that it was honoring Professor Thaler for his pioneering work in establishing that people are predictably irrational — that they consistently behave in ways that defy economic theory. People will refuse to pay more for an umbrella during a rainstorm; they will use the savings from lower gas prices to buy premium gasoline; they will offer to buy a coffee mug for $3 and refuse to sell it for $6.

    The committee credited Professor Thaler, who teaches at the University of Chicago Booth School of Business, for moving economics toward a more realistic understanding of human behavior, and for using the resulting insights to improve public policies, notably a sweeping shift toward the automatic enrollment of employees in retirement savings programs.

    Read more

    Read more
  • CBE at Half Trillion Birr in Assets

     

     

    The state owned financial giant, Commercial Bank of Ethiopia (CBE), total assets will soon climb to a half trillion Birr.

    The bank disclosed in its annual performance for the 2016/17 financial that it has registered massive progresses in every aspect of the banking activity.

    The biggest bank in the country stated that its assets reached to 485.7 billion Birr by the end of the financial year. The capital of CBE has also reached to 40 billion birr. Recently, the government approved a capital increase.

    For the year the bank has earned close to 32 billion Birr in revenue. Of which the gross profit before tax is 14.6 billion Birr.

    In the budget year, an additional 76.4 billion Birr has mobilized from depositors. During the ended fiscal year the total deposit mobilization of CBE has reached 365 billion Birr.

    In the financial year 94.5 billion Birr in loans has been dispersed for businesses and projects, while during the same period the bank has collected 64.6 billion birr from client loans.

    The bank has collected USD 4.5 billion via remittances export trade and other businesses.

    Read More:

     

     

    Read more
  • Egypt is always associated with Nile dam discussions between Ethiopia and Sudan: Ghandour

     

    The Sudanese Foreign Minister Ibrahim Ghandour Tuesday praised the exemplary relationship between Ethiopia and Sudan but was keen to underscore that the talks on Renaissance Dame and Nile Water are always done with the Egyptian participation.

    The Sudanese top diplomat was speaking at a press conference held in Khartoum after the arrival of the Ethiopian Prime Minister Hailemariam Desalegn in an official three-day visit where the two neighbors will sign a number of bilateral agreements in various fields.

    "Sudan’s relationship with Ethiopia goes beyond water issues. The water is a national security issue for Sudan, Ethiopia and the rest of the Nile Basin countries. Also, it is one of the most important issues under the Nile Basin Initiative, the Technical Committee of the Nile Basin and the water agreement between the three countries.(Egypt, Ethiopia, and Sudan), particularly about the Renaissance Dam," he said.

    The issue of water has always been present when two of the three parties meet, but the concern is always "how to have tripartite cooperation between the three countries," he further stressed.

    The Ethiopian multi-billion dollar Renaissance Dam is being constructed on the Blue Nile, about 20 kilometers from the Sudanese border, and has a capacity of 74 billion cubic meters, and is expected to generate electrical power of up to 6,000 megawatts.

    Sudan backs the project because its water will be used to develop the eastern Sudan region while Ethiopia says it intends to produce only electricity and has no interest in the water or any intention to harm Egypt.

    However, Cairo is openly opposed to the project and requests more guarantees that the project will not affect its share of the Nile water.

    Ghandour who held a joint press conference with State Minister for Foreign Affairs, Mrs. Hirut Zemene told reports that bilateral meetings would be held between the respective ministers in the two countries to discuss issues of security, water, economic cooperation, etc.

    Read More:

    Read more
  • Gedam Sefer to be demolished after Ethiopian New Year

     

    Arada Land Management Bureau announced that the entire Gedam Sefer which holds more than 1,200 houses will be demolished soon after September 11.

    A Total of 852 Kebele houses, 17 private and 44 Housing Administration agency houses and other and business shops will be demolished in the area to make way for commercial centers, apartments and green areas.

    But the heritages which are owned by Ethiopian Orthodox Churches and other notable patriots will not be demolished.

    Gedam Sefer which is found at the back of St. George Church near Piassa hosted nuns who were serving the church but through time the places turned in to shelters and became known as a lower income area.

    The redevelopment will ensure the buildings do not hide historical heritages in the area.

    Markos Alemayehu, Public relations officer of Arada Sub- city told Capital that the demolition was supposed to take place last year but was delayed because of some management issues.

    He added that some people have been relocated to another place to hasten the demolition and people will be compensated if their homes are demolished.

    “As the place is found at the hub of the city it needs to be better looking, it needs modern infrastructure and buildings that why the demolition will occur but we will not leave the residents nowhere they can either choose a condo house or Kebele house in another area,” he said. ‘’ For the private house they can construct buildings in the area according to our plan if they can afford that or we will give them the compensation.

    Read More:

      

    Read more
  • Alarm as Drought Kills Two Million Livestock

     

    Drought victims continue to live in fear and uncertainty as the recent severe drought has killed two million livestock so far, according to a report of the Food & Agriculture Organization (FAO) of the United Nations. The primary reason for the death of the livestock is linked to a rise in drought affected areas and people.

    The surge in drought was disclosed by the government after the completion of a Belg assessment Humanitarian Requirement Document (HRD), which was jointly developed by the government and humanitarian organizations, involving more than 200 individuals.

    The current food and nutrition crisis is significantly aggravated by the severe blow to pastoral livelihoods, reads the report of FAO.

    The effects of low rainfall also continue to have a devastating impact on the food security conditions of the country as the number of people who are in need of immediate assistance has increased from 7.8 million to 8.5 million, becoming the third worst drought in half a century.

    Oromia and Somali regional states remain severely affected by the drought, accounting for over half of the drought victims in eight regions of the country, affecting 10.6 percent and 31 percent of their population, respectively.

    Also, the number of priority Weredas has grown from 454 to 461, half of which are severely affected by the drought.

    The report is released as the average price of food has reached its highest level since October 2015, hitting 12.5 percent in the past month, growing by an unprecedented level against the target of the government to keep the rate at a single digit.

    The document showed a significant change in the humanitarian context, requiring urgent life-saving interventions, pushing the humanitarian requirement of the country to 1.2 billion dollars from 948.6 million dollars as of January 2017, of which about 771 million dollars is covered by the government and donations from humanitarian partners.

    The United States, the government of Ethiopia and the United Kingdom are the major donors to the drought with a fund of 179 million dollars, 147 million dollars and 40 million dollars, respectively.

    Read More: 

    Read more