MUMBAI (Reuters) – Indian sugar mills have so far contracted to export 3.5 million tonnes of sugar the in 2019/20 marketing year, mainly to Iran, Malaysia, Somalia and Sri Lanka, a trade body said on Wednesday. The exports will help the world’s biggest sugar producer in bringing down stockpiles and supporting local prices of the...
November 9, 2026
Category: Market Bazaar
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Ethiopian Airlines Posts $260 Million Half Year Profit
By Eunniah Mbabazi Ethiopian Airlines has posted a $260 million gross unaudited profit during the first six months of its current fiscal year, which is equivalent to 7.8 billion Ethiopian Birr (ETB). According to the Public Enterprises Agency, in addition to the profit, the airlines also posted $2.1 billion (ETB68 billion) worth of revenues during the...
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IMF says members pledged $334 mn in debt relief for Somalia
More than 100 IMF members have pledged to provide $334 million in debt relief for Somalia, which then will unlock fresh funds to help the country, the International Monetary Fund announced Wednesday. Facing a debt load that measured $5.3 billion at the end of 2018, the relief will be provided under a special program to...
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Somalia: African Development Bank Group approves framework to clear nation’s arrears
ABIDJAN, Ivory Coast- APO Group/ — The African Development Bank (AfDB.org) and African Development Fund today approved a framework for $122.55 million to clear Somalia’s arrears, paving the way for the Bank Group to fully reengage with Somalia and opening opportunities for enhanced financing for the country. The historic Framework for Somalia’s Arrears Clearance and a...
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Islamic Corporation for the Development of the Private Sector signs MoU with the A-eTrade Group
ADDIS ABABA, Ethiopia, — During the 33rd Ordinary Session of the African Union Head of States Summit, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, duly represented by Mr. Ikbal Daredia, Senior Advisor to the CEO and the CEO and...
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Somali Businesses Should Promote the Rule of Law
By Ali Haji Warsame Entrepreneurship is the one of the post-1991 success stories from Somalia. Some economists describe unbridled capitalism as the basis for the entrepreneurial drive that help Somalis cope with state collapse. Certainly the story of entrepreneurship in Somalia is not altogether rosy particularly twenty nine years after the state collapse in 1991. One...
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Ethiopian Airlines gambles brand equity by continuing to fly to China
By Eric Olander , The Africa Report Ethiopian Airlines’ decision to continue operating direct flights to China amid the worsening coronavirus outbreak threatens to erode the airline’s hard-won brand equity. While 59 other carriers from 44 different countries have all grounded their flights to China, Ethiopian Airlines insists that it will follow directives from the World...
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South Africa scours state coffers in bid to rescue SAA
JOHANNESBURG (Reuters) – South Africa is scrambling to secure extra funding to rescue South African Airways (SAA), which last month entered a form of bankruptcy protection in a last-ditch bid to save the state-owned company and around 10,000 related jobs. Tito Mboweni, the country’s finance minister, told business leaders in Johannesburg ahead of the World...
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New oil law in Somalia tests uneasy peace
By Ed Reed Somalia’s Upper House has voted to approve the Petroleum Law, following its third reading on January 6. A statement said 28 of the senators had voted in support of the law, which was approved by the lower house in May 2019. This law will go some way to sorting out the difficulties...
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Ethiopian Airlines and Boeing reaches out to the Needy in Ethiopia
Ethiopian Airlines and Boeing are partnering to deliver much-needed aid supplies to organizations across Ethiopia. The airline took delivery of a new 787 Dreamliner from North Charleston, South Carolina in December and loaded the jet with 34,000 pounds of books and 5,800 pounds of school supplies, clothing and medical supplies for the flight home to...