Bloomberg-Backed Training Seeks Boosting Financial Journalism


A new financial journalism training program expected to boost the country's emerging capital markets kicked off last week. The initiative, a partnership between Bloomberg Media Initiative Africa (BMIA), Addis Abeba University, and Unity University, seeks to equip journalists with the tools to accurately and comprehensively report on the country's financial landscape. The seven-month training program is expected to start in September. It has been in the works for over a year following an invitation from the Ethiopian Capital Market Authority (ECMA) and offers a comprehensive curriculum covering financial reporting, data analysis, and economic policy. Funded by Bloomberg Philanthropies, with support from the Ford Foundation and the Stavros Niarchos Foundation, the training is BMIA's signature program, developed to increase the pipeline of skilled financial journalists and analysts embracing a data-driven journalism culture across Africa. It was launched at Hyatt Regency, and saw the attendance of officials such as Hana Tehelku, director general of the Ethiopian Capital Markets Authority, and Aguil Deng senior program manager at Bloomberg LP. According to Christine Mwangi, secretariat director of Strathmore Business School, trainees will benefit from the expertise of business journalists and industry leaders, as well as hands-on experience with the Bloomberg Terminal while philanthropic partners are covering the tuition and program costs, ensuring accessibility.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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