| Wegagen Bank nets over 138mln birr |
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| Saturday, 01 November 2008 | |
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(Private banks declare profit) By a Staff Reporter One of the privately owned banks in the country, Wegagen Bank, announced this week that it earned a net profit after tax of 138.8 million birr at the end of the fiscal year ended last July 7. During its 15th ordinary and 8th extraordinary general assemblies of shareholders, the bank disclosed that in pursuit of enhancing its market share, it had opened 45 full-fledged branches and a forex bureau to reach out to all who those need its services. Wegagen said that being an agent to 12 international money transfer companies, it is the only bank in Ethiopia to have such a large number of partners in the industry. The bank noted that though the road was not a bed of roses, the last 11 years in a row revealed a success story for it. As a result, it was able to record three billion birr deposits and 2.3 billion birr loans and advances. Total assets of the bank also grew to 4.1 billion birr while total paid-up capital rose to 370.8 million birr. The number of shareholders kept on growing and reached 914 at the end of June this year. According to Wegagen, presently it has finalized the necessary preparations to came up with ATMs, point of sales (PoS) terminals and payment card systems, beside outgoing efforts to replace the existing core banking system with a versatile one. Preparations are now under way to erect a modern complex around the stadium to have its own building. "This will create a relaxing working atmosphere, thereby adding to increased productivity," the bank said. At the end of June, Wegagen had 1,450 employees. In-house and abroad trainings were intensively conducted so as to empower the staff with necessary banking knowledge and skills, it added. The bank also added that as a socially responsible organization, it engaged in a number of philanthropic activities as an expression of its core values and principles. |
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Since the introduction of electric power shedding in March this year, the impacts of power outage are strongly affecting major business entities and smallholdings across the nation. In the past three months the country has been facing electric power outage due to the dwindling water level in dams, which are the dominant source of hydroelectric power.
Beware the Asmara-Mogadishu threat!
We have always had, and will continue to have, the firm belief that when we speak of Eritrea and Somalia we must make a distinction between the people of these countries and their political leadership. We have no enemy people. The people of Somalia and Eritrea are our friends. They themselves face a range of problems. They are our partners in our quest for peace and justice.
Repercussions of power cuts
Hayal Alemayehu
When the Ethiopian Electric and Power Corporation (EEPCo) instituted nationwide power shedding in March and consequently ordered high-power consuming plants not to use power a month later, Mugher Cement Enterprise did not consider the power cut as a threat because it was notified by the corporation that the power cut will last for a month.
Sir,
Ethiopia would have been a better place to live in if all our officials were approaching our problems with as much honesty and candour as these were displayed abundantly last Wednesday on TV by Ato Meheret Debebe, EEPCo's general manager.
Resource mobilized (consisting of deposits, collection of loans and borrowings) by the banking system reached 10.4 billion birr during the first quarter of 2008/09, up by 39.8 and 31.5 percent vis-à-vis the preceding quarter and same quarter of last year, respectively. This was largely attributed to the surge in net deposits.
The Amhara Region Agriculture and Rural Development Bureau says me 3.2 million hectares of land has been prepared for production with a view to raising agriculture productivity from 40 to 50 percent in the state.
On international adoption of Ethiopian children
Mehari Taddele Maru
Just after the final draft of this article, I asked myself ‘what would be the reaction of a foreigner, ferenji, or adoptive parents to this article?’; and I decided to send the final draft to one of my closest ferenjis and asked her to read the article from ‘a ferenji’ prism. Her verbatim comment was:
By Harego Bensa
People in Sierra Leon say, “No matter how long a stone stays in a sea, it will never swim like a fish.” In order for a stone to swim, it has to turn itself into a fish or any other aquatic creature. But that is against the law of nature. Or else, the stone has to take all the pains to learn and master the art of swimming. But, that is again impossible for a stone is not like a human being capable of learning. With such improbabilities, the only choice for the stone to have is to stay beneath the sea for ever and stay out of the course of the swimming creatures.
Positioning Ethiopia in the global carbon credit market
Ato Samueal Assefa has met and discussed issues of sustainable development and forest carbon credits with various Government & Business, including Addis Ababa administration, Ministry of Works and urban development, he has also met and discussed specifically forestry carbon credits with president Girma Wolde-Giorgis.
By a Staff Reporter
Policymakers must radically alter their views of migration and see it as a vital adaptation to climate change rather than an unwanted consequence or a failure to adapt, according to research by the International Institute for Environment and Development (IIED) that was presented in London Wednesday.
When you dream, you generally don't know you're dreaming. The events of a dream feel real, regardless of how fantastic they may be. You awaken and wonder how those ideas even came to be inside your head. What do they mean?
Google’s global website was blocked in China on Wednesday night, marking an escalation in Beijing’s unprecedented crackdown on the world’s leading search engine company.
Berhane Adere was announced as an entrant in the women's half-marathon to Rock ‘n’ Roll Seattle Marathon, which will be held today.
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Highlights
Positioning Ethiopia in the global carbon credit market
Samuel Assefa is the founder of Phoenix Sustainable Asset Management (PSAM) which is primarily concerned with Environment, Social Governance (ESG) assets, forestry carbon credits and sustainable urban development.
He speaks with “The Reporter” regarding his planned projects in Ethiopia.
Read the full interview on tomorrow’s English version of “The Reporter” newspaper.
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