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Devaluation Shockwaves

Effects of the 15 percent devaluation measure, which was announced last week on Tuesday, are slowly dripping into market. Upon the announcement, economists and commentators opined that implementing the measure at this particular time could have some dire impacts on the normal functions of the market.

No end in sight in merger courtroom saga

Following months of legal proceedings between the Consumer Protection Authority vis-a-vis two defendants (Ambo Mineral Water PLC and the East African Bottling Company) over their illegal merger bid, the Trade Competition and Consumer Protection Appellant Tribunal Wednesday ordered the case processor of the case to come up with concrete pieces of evidence.

Three shortlisted for cement supply

Three local companies have made it to the next stage in the bid to supply a billion birr worth of cement for public housing projects, according to the Addis Ababa Public Procurement and Property Disposal Agency.

Adama to get its first brand hotel

The city of Adama, Oromia Regional State, which is a thriving hub for both business and pleasure, is set to get its first international brand hotel. The Louvre Hotel Group, the company behind Golden Tulip in the capital, is set to open its signature hotel.

Firm ventures into beverage quality control

14. Launches tests on toxins Obviating the need to send some water samples abroad for testing, Ethio-French Bless Agri Food Laboratory Services is to undertake full-fledged quality control and inspection services on food and beverage products.

The precarious birr

Once again, the embattled Ethiopian Birr has experienced a significant decline against the mighty US Dollar. The latest round of devaluation resulted in shaving off 15 percent of the purchasing power from the Birr vis-à-vis the Dollar. The latest move aside, NBE has two other devaluations under its belt. For all its achievements in registering double-digit economic growth in the past 15 years, Ethiopia is still unable to improve its foreign currency shortage. All major devaluations were taken in the name of shaking this persistent and annoying evil. Nevertheless, devaluation has some serious tradeoffs.