• Ethiopia: Ethio telecom announces 3.64 billion Br (182 Million USD) gross profit for the last three months operations

    Ethiopia’s state-owned telecom monopoly has seen first quarter operations bring its books 3.64 billion Br gross profit, from an operating revenue of over five billion Birr. Its profit, described by its corporate communications head, Abdurahim Ahmed, as “remarkable results”, represents an 11pc growth compared to the same period last year.

    However, ethio telecom’s operating revenue is five percent short of its plan, yet experienced a 20pc growth in comparison with the same period last year. Of this, about 70pc was earned from mobile services. International call service, data and internet accounts about 10.5pc and 13.3pc of the general revenue, respectively.

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  • Ethiopia issues unfamiliar investor warning over war and famine

    The document, seen by the Financial Times, is a sobering reminder of the risk of investing in one of Africa’s less developed nations. With gross domestic product per capita at less than $550 per year, Ethiopia is the poorest country yet to issue global bonds.

    In the 108-page prospectus, issued ahead of its expected $1bn bond, Ethiopia tells investors they need to consider the potential resumption of the Eritrea-Ethiopia war, which ended in 2000, although it “does not anticipate future conflict”.

    There is also the risk of famine, the “high level of poverty” and strained public finances, as well as the possible, if unlikely, blocking of the country’s only access to the sea through neighbouring Djibouti should relations between the two countries sour.

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  • Ethio Telecom to roll out new services

    Ethio Telecom to roll out new services

    Ethio Telecom’s Corporate Communications Head Abdurahim Ahmed stated the company is running tests on the new services. The 4G service is up and running in line with the recently completed network expansion project.

    The new service will allow Ethio Telecom to provide app services for mobile phones using its own servers ending its reliance on expensive foreign servers.

    In addition to the latest addition to Ethio Telecom’s conference call service, Ahmed said the company will offer video and voice mail services to its customers. The company will also introduce call reminder services for switched off phones.

    The new services employ the use of a modern network and smart phones, and the system will deactivate stolen or contraband mobile devices, Ahmed said.

    The services, depending on their nature, will commence from December 2014 to March 2015.

    Source: diretube

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  • Court hands down prison sentence for an Eritrean trained terror convict

    Court hands down prison sentence for an Eritrean trained terror convict

    The Federal High Court 19th Bench handed Gashaw Shibabaw, a member of the outlawed Ethiopian People Patriotic Front (EPPF), a prison sentence of four years and eight months without probation.

    The convict received shelter, training and logistical assistance from the Eritrean regime under the auspices of the terrorist group EPPF, before crossing into Ethiopia with his full military gear to launch terrorist attacks in the country.

    In a statement the convict gave to police, he admitted to joining EPPF, a terrorist group supported by the notorious regime in Asmara and received military and political training in a place called Erena.

    Two years ago, the convict crossed into Ethiopia with a small insurgent group to mount terrorist attacks in the country and was involved in several skirmishes with local security personnel, before being arrested in May, 2013.

    The Federal Prosecutor brought terrorism charges against the individual and the convict admitted to joining an outlawed terrorist organization, to receiving military and political training in Eritrea, tirelessly working to carry out the group’s missions, illegally crossing into Ethiopia through River Tekeze with his full military gear, forcefully recruiting farmers to join the terrorist group, engaging Ethiopian security forces militarily and attempting to attack government institutions.

    As such, the court sentenced the convict to serve a prison term of four years and eight months without probation.

    Source: diretube

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