Boeing to Pay $2.5b in Settlement Fees

Jan 9 , 2021

The Boeing Company agreed to pay over 2.5 billion dollars in settlement fees in relation to the two 737 Max plane crashes, which resulted in the deaths of 346 people in Indonesia and Ethiopia. The United States Justice Department, which had reached an agreement with the manufacturer, stated earlier last week that the multinational company will settle a charge of criminal conspiracy to defraud the United States Federal Aviation Administration. Around 1.7 billion dollars will be given to airlines that suffered losses from the international grounding of 737 Max aircraft. In addition, half a billion dollars will be forwarded as compensation to the families of those who lost their lives in the two crashes. Boeing admitted to criminal misconduct for hiding significant flaws in the 737 Max and misleading regulators. The criminal charges against it will be dropped in three years on the condition that the company complies with the terms of the settlement agreement.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...