THE PAPER THAT PROMOTES FREE ENTERPRISE Year 23, No. 1151 Sunday December 27, 2020 / Tel: +251-11 618 3253 | 11 661 0976 / Fax: +251-11 618 5206 / P.O. Box: 95/1110 Addis Ababa, Ethiopia / Price 10.00 INSIDE STORIES Dashen’s dash Ministry of Trade and Industry Dashen Bank reported massive earnings per share (EPS) in the past financial year 3 provides support to Tigray Investors By Metesebia Teshome investors from the Tigray region. Dinkayehu, state minister of Trade and Nyala’s outstanding The ministry has set up an eight members task Industry. He explained that the ministry of performance Ministry of Trade and Industry has taken the force from different stake-holders to re-launch Trade and Industry will send its expertise directly to the location of the factories to Nyala Insurance declared lead to support investors in Tigray region industries that have been shut down. The to reopen their investment and continue ministry is also committed to finding solutions conduct field study and find a solution to it has collected more than support the factories. half a billion Birr premium their contribution in the region. During the to companies that are concerned about ports, income from its three-week war that began in the Tigray customs degradation foreign exchange As Yohannes Dinkayehu said, government general and long-term regional state, several factories were severely problems financial supply and inability to will support the factories in the region to insurance businesses 5 damaged and looted. enter into contracts with their customers quickly get out of trouble. On Friday December 25, officials from the “The first mandate of the task force is to Some of the factories outside Mekelle Berhan lights ministry and different stakeholders held identify information of damage and destroy Berhan Insurance registered discussions with different representatives of to re operate industries,” said Yohannes significant earnings per share and profit for the 2019/20 financial year with higher premium 7 Ethiopia Exhibitions After a year of silence due to the Covid-19 global set to start pandemic, exhibitions and bazaars have started to get under way 7 reporting Enat’s successful year Enat Bank’s total outstanding loans and advances have continued to show massive FSIs for IMF expansion in the past financial year 10 By Muluken Yewondwossen INTERVIEW Anteneh Aklilu Ethiopia is set to start reporting Financial PHOTO: Soundness Indicators (FSI) for the Statistics Department (STA) of IMF as of this month in accordance with the 2019 FSI Guide using the Draft proclamation ridiculed workbook developed by IMF mission on the technical assistance that was mid this year. By Muluken Yewondwossen formation of chambers will be carried out under state structure form and most of the The STA mission had paid an assistant mission participants who attended the discussion on in June remotely, on the aim to technical provide The business community blasted the new Friday December 25 at Sheraton Addis, ended assistance to the Bank Supervision Directorate draft proclamation of the Chamber of up ridiculing it. (BSD) of National Bank of Ethiopia to manage Commerce and Industry. A participant called and commence the new reporting. They said that at the inception the draft it a ‘Treaty of Wuchale’ that aims to elevate Meanwhile, Ethiopia has been reporting for their autonomy on pillar activities. has made problems since it demands the business community to be organized under IMF’s African Department (AFR) for deposit Great Ethiopian Run The draft proclamation that targets to replace governmental administration form. takers for internal use in its AFR’s financial The Great Ethiopian Run the controversial Proclamation Chambers stability analysis. It is the first time for the International 10km is a of Commerce and Sectorial Association One of the participants argued that the country to report to the STA. The quarterly flagship event held since Establishment no.341/2003 has been discussed business does not have region like politics; report will be posted on the IMF FSI website, 2000, the event has been the as the event organized by Addis Ababa Chamber it shall trade everywhere in the country which makes Ethiopia another country and cities in different regions, “Such kind of biggest road race in Africa and Sectoral Association in collaboration alongside 143 countries who posts on the and has been held formation process would not be acceptable for with Ministry of Trade and Industry, who is website. without interruption responsible on the drafting process. for the past 19 years 16 The draft proclamation indicated that the Page 6 Page 6 ISSN 2410-6933 Ethiopia’s Business Weekly www.capitalethiopia.com / Twitter @capitaleth / facebook.com/capitalethiopia Get our latest stories from your smart phone, just download QR reader from your app store and flash on 2 EDITORIAL Year 23, No. 1151 Sunday Dec. 27, 2020 ARRESTING CORRUPTION Late modernity is characterized by blinding greed. As a result, it is facing CAPITAL is a weekly business mounting public pressure against its multifarious abuses. Systemically structured newspaper published and (undeserved) privileges, facilitated by the reigning neoliberal order obtain all over the world, in every nook and cranny. In other words, from large-scale parasitic distributed every Sunday by CROWN activities that unashamedly leverage political power, (grand corruption) to the PUBLISHING PLC. tiniest operations lubricated by bribes (petty corruption), un-tempered avarice CAPITAL dominates life in the twilight of the prevailing world system. Expected or not, the is a registered limit to all such injustices is being reached in one form or another all across planet newspaper with the Federal earth. The increasing wrath of the global sheeple (human mass) is now obvious. Democratic Republic of Ethiopia Oligarchs are on the run and their handlers are scared. From the notorious Russian Ministry of Trade license number oligarchs, to the capitalists of Red China, tumult is becoming the order of the day. 14/673/21142/2004. The recent crackdown on the princelings and their minions in Saudi Arabia is a t continuation of this global uprising! Managing Editor Teguest Yilma Thanks to the administration of President Putin, the Russian oligarchs are now cut By Nabih Bulos, Laura King to size, to the displeasure of global dominant interests, mostly located in the core COMMENT [email protected] countries of the West. It would be recalled that after the demise of the USSR, the t Editor-in-chief newly created Russian mafia took over the country’s wealth, literally. Mines of Groum Abate all kinds were paper transferred to accomplished thieves with the help of western In gilded Saudi royal [email protected] banksters. Without the gradual arrest of such gross embezzlements taking place in the Russian economy, extreme violence would have been the result. In the last Addis Ababa, Yeka sub-city, five years, the Xi administration in China has managed to indict over a million and circles, corruption has Wereda: 06 H. No. 514, half individuals operating within the system. The reaction of dominant interests in 011 618 3253/011 661 0976 the west to this initiatives is/was, as expected; Xi is becoming a dictator, akin to t Deputy Editor-in-chief Mao. President Putin is considered, at least in the eyes of the deep state, as devil long been a way of life Muluken Yewondwossen incarnate! Don’t forget, oligarchs all over the world share the same philosophy of [email protected] blind greed, and want to operate in ways that can only benefit them, whatever the ehind the walls of one of his many opulent palaces, the t Reporters consequences to people and other life forms. king was troubled. He knew all too well that the self- t Metasebia Teshome Unfortunately, aspiring oligarchs are also fledging in countries of the periphery, dealing ways and gold-plated lifestyle of the House of [email protected] supported by global entrenched interests and compromised/captured states. In Saud - whose princes and princelings numbered in the this regard, the current African reality is abysmal, not excluding the so-called Bthousands - had spiraled out of control. Things had to change. t Senior Graphics Designer developmentalist states! Even in poor Ethiopia, situations seem to get out of t That was a decade ago. Daniel Amare hand. It is time to round up the ‘princelings’ (privileged parasites) that were danielamare@capitalethiopia. Leaked American diplomatic cables from the time described created during the last two decades, along with their handlers (degenerate high com officials of party/government). Not to worry, we also have our own splendid ‘five the attempts of then-King Abdullah bin Abdulaziz to rein in the star’ hotel in ‘kilinto’ eagerly waiting to accommodate them! money-skimming excesses of his fabulously wealthy fellow royals. Graphics Designer The Saudi Arabian monarch, already an octogenarian, reportedly What is happening in Saudi Arabia might well be a last ditch effort to save the t Abrham Wuletaw told his brothers that he didn’t want to face Judgment Day with monarchy. One should recall that Egypt, Libya and Iran were once (not very long [email protected] “the burden of corruption” on his shoulders, the diplomatic memos ago) ruled by monarchs. These kingdoms were not able to adapt to the changing said. He died in 2015. t Photographer world and had to be replaced by more participatory governance structures. The t Anteneh Aklilu current oligarchs of the oil kingdoms, almost without exception, start with plenty Now the kingdom’s brash young crown prince, 32-year-old of stolen capital. After their corrupt acquisition of the sheeple’s wealth, they go on Mohammed bin Salman, has proclaimed a new war on corruption. [email protected] acquiring legit businesses (all over the world) to clean up their loot.