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Sugar Corp. in the red

In spite of its huge responsibility to repay more than USD two billion in foreign debts, which it borrowed for its outstanding projects, the Ethiopian Sugar Corporation (ESC) has found itself in a grave financial crisis due to its failure to complete any of its projects.

Tariff protection for wire rod aggrieves wire processors

A group of wire processing factories has written an official letter of complaint to the Office of the Prime Minister recently following a case that involved a tariff protection regime put in place to protect wire rod manufacturers, most important ingredient to wire processing (nail manufacturing) plants, and a purported plan to support one wire rode manufacturer in Ethiopia.

CBE loses 27 mln birr to inside fraud

A total of 11 employees working for the Commercial Bank of Ethiopia (CBE) Northern Addis Ababa District, in the Berhan ena Selam Branch, have been implicated in a fraud case involving 27.8 million birr which they have withdrawn from various accounts and transferred to a dummy company and account number.

French firm to aide Ethiopia on WTO accession

French agency extends more funds to Ethiopia  DMI Associates, a prominent legal consultancy firm based in Lyon, France, has been approached to assist the Ethiopian Government on its long overdue World Trade Organization (WTO) accession process and on the reform of the customs management system.

Gov’t showers manufacturers with incentives

90 percent non-collateralized credits for investors entering Hawassa Park Winning over ten global giants in textile manufacturing to harbor in the newly built Hawassa Industrial Park, the Government of Ethiopia has proposed a highly generous incentive package to all local manufacturers willing to set up shop at the newly built industrial park located in Hawassa town, capital city of the Southern Regional State.

Contraband continues to affect tax system

Mercato leads in both tax contribution, evasion The Ethiopian Revenues and Customs Authority (ERCA) told the House of People’s Representatives on Tuesday that it is having a hard time keeping up with the growing contraband trade in Ethiopia as the contrabandists constantly alter their methods and contraband networks evading the existing anti-contraband operations and controlling mechanisms.