Ethiopian News

  • Teddy Afro coming with new music album, book

    (by Andegna Tube) Famed Teddy Afro is coming with a new music album and more a book of his work. However the singer recently announced on his official facebook page that he is coming with a new music album, according to our close source, Teddy has also finished his book containing ‘informal essays and/or tells’.

    “I am finishing my new album. God willing, I will let you know the date to be released soon. I’m hopeful that you will like as I liked it,” Teddy updated his fans via his facebook page on Monday.     

    The Ethiopian pop and reggae star has been denied major concerts at home. He had a 1.3 million Birr deal with Habesha Weekly plc, an event organizer, for a concert which was expected to stage at Ghion Hotel in Addis last…

    The concert has been canceled due to matters over official consent. However, the Organizer was optimistic enough to get the permission from the Addis Ababa City Administration, until the final minutes, to stage the concert expected to join over 5000 people.

    Two of the artist’s expected stages were also canceled, at the Laphto Mall planned for the Ethiopian New Year eve and at Ghion Hotel for Mesqel holiday eve in September .  


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  • Drought slower Ethiopia's economic growth in 2016: IMF

    (by Andegna Tube) Drought has an impact on Ethiopia's economy this year at 4.5 percent growth forecast despite last year it was one of the fastest growing economies in the world at 10.2 percent, according to the International Monetary Fund report.

    Ethiopia's government has been forecasting fast economic growth to continue as part of its mid-term Growth and Transformation Plan (GTP) success stories, however, El Nino induced drought and thus emergency needs is putting significant impact to the nation's macroeconomy.

    The International Monetary Fund (IMF) economic growth forecasts for Africa have been also revised downwards, in line with a less rosy view of global economic performance, reports BBC.

    In its latest report IMF says that growth in sub-Saharan Africa's economy this year "is expected to remain weak" at 3 percent, which is lower than forecast last year.

    The continent's oil exporting countries - especially Angola and Nigeria - have been particularly hard hit by a fall in the oil price. Forecasts have been dramatically revised downwards for Nigeria. The economy is now expected to grow by 2.3 percent this year as opposed to 4.1 percent, a figure predicted by the IMF in January.

    Ghana is one of the positive stories - with the economy due to grow at 4.5 percent this year. The IMF says that Ghana is emerging from problems caused by power shortages.

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  • Ethio telecom refutes recent news to charge VoIP apps

    (by Andegna Tube) Ethio telecom, the sole telecom service provider in Ethiopia, refuted the recent VoIP charge news claiming that its Chief Executive Officer has been misquoted. Despite the report that the telecom is implementing new technology that would charge Voice over Internet Protocol (VoIP) users for services such as Viber and Whatsapp, which are applications free of charge.

    A statement posted on the company’s social media page today reads “some Medias released that ‘Ethio Telecom to charge for VOIP (apps like Viber and whatsapp)’ however the CEO Mr. Andualem has been misquoted and correction will be done by the journalist soon.”

    Initially, the CEO, Andualem Admassie, was quoted for having said that, the company is in the process of implementing a new technology called Policy Charge and Control system (PCC) to control VoIP services that its customers use via the telecom operator’s network.

    According to the media report that the company will not ban the services, however, will implement the technology to control the use of these services through its network allowing the telecom company charge for the VoIP services.

    Although the use of VoIP applications is not technically free as it would still require the use of an internet connection provided by the telecom monopoly, Ethio telecom has stated that it has been losing revenue due to the applications, said the report. Services provided by applications such as Viber, WeChat and Whatsapp are popular amongst people as they are a cheaper alternative to connecting with friends and families as compared to a direct call.

    Meanwhile, the refuted report has also cited the telecom’s step to implement another technology called Equipment Identity Register (EIR) to curb the inflow of untaxed mobile phone apparatus entering the country illegally.

    This technology will have the capacity to not only shut down the sim-card but also stop the apparatus from working, it will be out of the network system completely. This system is also good because if a person’s phone is stolen, the owner can shut the system down so that the stolen phone cannot be used, according to the CEO. The implementation of the technology expected to be in effect as soon as within weeks will mean that phones that came into the country without being taxed, may not be able to function.

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  • Ethiopia puts cash on African Trade Insurance Agency

    (by Andegna Tube) An awaited proclamation, to establish the African Trade Insurance Agency (ATI) that Ethiopia assume to benefit its insurance companies and other business institutions from the special insurance services provided by the Agency, has been passed by the House of Peoples Representatives with a loan amount over US$ 4.9 million from the African Development Bank.

    ATI, an insurance agency that guarantees trade exchanges to its member countries was established in 2001 by seven African countries with financial and technical support of the World Bank to reduce investment and trade risks in the continent. It now has 40 member states and investments worth US$ 17 billion in Africa.

    The loan, which is a soft loan with nil interest rate, has long period of 30 years of repayment time having ten years of grace period with 0.75 percent annual service charge and 0.05 percent compulsory payment for non-performing loans after two months of the agreement.

    ATI membership offer a country to receive dividends from the profits of the agency. The services of the ATI include insurance convergence to the sale of goods on a letter of credit, trade risk insurance products in the import and export of goods as well as during trade embargoes among member African countries.  ATI also covers political risks by giving guarantee to companies’ loss in cases of nationalization, confiscation, cancellation of license in the investment receiving country, change of polices, government, civil war and terrorism.

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  • Three dies, over 20 injured in Addis traffic accident today

    (by Andegna Tube) Three people died while over twenty have been injured in a traffic accident on Monday around 10:10 am in the morning in Kolfie 18 area of the Kolfie Keraniyo Sub-City in Addis Ababa.

    A heavy 'Turbo' truck, supposed to have caused the horrific accident damaging six vehicles including three minibus taxis, two automobiles and a pickup.

    The cause of the traffic accident is still not clearly identified which the police is investigating, according to Deputy Inspector Assefa Mezgebu, Spokesperson of the Addis Ababa Traffic Office.

    "Two of the vehicles are completely damaged”. Despite reported death of four peoples police claimed three. A nearby pharmacy and neighboring mobile shop were  completely damaged, according to police. The financial loss is yet to be known.

    Reports indicate that, on average two accidents occur every hour in Addis Ababa which tall the risk of traffic accident death at the capital to be 41 percent. The number of accidents in Addis keep increasing. The damage of car crashes, for instance, rose by 12.7 percent to over 20,422 last year, when over 400 people died and 2,755 were lift to live with an array of physical injuries.

    Twelve of every 100,000 Addis residents lose their lives as a result of road accidents annually, reports say.

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