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Cattle market around the Qera area offers beating batons priced between 20 Br and 50 Br depending on the desired impact. As Ethiopia boasts the largest population of cattle in the continent with more than 65 million, the holiday season brings an annual uptick in revenue for herders and vendors. The combination of drought in Borena Zone, Oromia Regional State in the previous two years and a rise in contraband trade across national borders have pushed the price of a single ox to a shocking 200,000 Br. Holidays in Ethiopia entail the slaughter of an animal and communal feasting of beefy meals. More people are adopting a communal purchasing scheme traditionally called ‘kircha’ where groups of people purchase one large animal and divide the hunt equally amongst themselves.


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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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