Local Firm Bands Motorcyclists Together for Delivery Service

The initiative is said to be a response to the ban aimed at mitigating the use of motorcycles in acts of robbery and other criminal activities in the capital.


Local Firm Bands Motorcyclists Together for Delivery Service

Balubet, a ride and delivery service company involving motorcycle businesses, launched a new service bringing together more than 700 motorists and owners under 13 different associations from various corners of the city. The initiative is said to be a response to the ban aimed at mitigating the use of motorcycles in acts of robbery and other criminal activities in the capital. The ban was imposed on June 19, 2019, by Deputy Mayor Takele Uma. The embargo put hundreds of these motorists and owners out of business for more than six months. To resume service, the motorcyclists formed associations and installed GPS trackers on the motorcycles to monitor their movement and speed. Motorists are obliged to comply with safety standards by using protective equipment for both travelers and themselves and maintain the speed limit to avoid serious injuries due to accidents. Only half of the 45,000 motorcycles in the city have secured a license plate from the city’s Transport Authority.


Radar

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...


Radar

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...


Radar

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...


Back
WhatsApp
Telegram
Email