The Confederation of Ethiopian Trade Unions (CETU) has highlighted the challenges faced by Ethiopian workers, citing their inability to meet basic living expenses with their current salaries. Despite repeated appeals to the government, these concerns have yet to be addressed.

In a recent statement, CETU emphasized the urgent need for government intervention, particularly in reducing income tax to alleviate the financial burden on workers. The union urged the government to prioritize this issue and take decisive action following collaborative discussions.

While legislation such as the Labor Affairs Act mandates the establishment of a wage board to set minimum wage standards, CETU noted that practical implementation has been lacking due to the absence of regulatory enactment by the Council of Ministers.

Additionally, CETU emphasized the importance of enforcing laws related to occupational safety and health in the workplace. They highlighted instances where employers neglect these regulations, leading to serious injuries and fatalities among workers. Urgent action is required to ensure compliance with these laws and safeguard the well-being of employees.

As Ethiopia commemorated the 135th International Workers’ Day, CETU reiterated its commitment to advocating for the rights and livelihoods of workers, emphasizing the collective role in fostering peace and prosperity within the nation.

The Commercial Bank of Ethiopia (CBE) and MasterCard have inked a five-year Memorandum of Understanding aimed at propelling efforts towards a cashless society in the coming years.

The agreement, signed on May 2, 2024, at the CBE headquarters, marks a significant step towards expanding card banking services domestically and internationally. Additionally, it is poised to facilitate the introduction of new card services.

With this five-year collaboration, both parties are poised to play a pivotal role in advancing the nation’s journey towards a cashless economy. The focus will be on addressing the evolving needs of the bank’s clientele while introducing cutting-edge services that align with global standards.

MasterCard, an esteemed international payment facilitator operating in over 210 countries, has a longstanding partnership with the Commercial Bank of Ethiopia, marking this agreement as a continuation of their fruitful collaboration.

Big 5 Construct Ethiopia, the premier event for the construction industry, is set to return for its second edition, reaffirming the continued growth and potential in Ethiopia’s construction sector. The event, which is endorsed by Ethiopia’s Ministry for Urban and Infrastructure, aims to connect 150 local and international exhibitors with over 9,000 construction professionals and potential buyers.

Ethiopia’s economy has been experiencing significant growth driven by investments, manufacturing, industrial development, and exports, with a particular focus on the construction sector, which is valued at $41 billion, according to ABiQ. To capitalize on the opportunities generated by these sectors, the second edition of Big 5 Construct Ethiopia will take place at the Millennium Hall in Addis Ababa from May 30 to June 1, 2024.

“Ethiopia is currently witnessing major construction and infrastructure projects, indicating a vibrant built environment. Big 5 Construct Ethiopia aims to bring together the entire construction value chain, showcasing the expertise of regional and international companies and tapping into the diverse opportunities available in the country,” said Ben Greenish, Senior Vice President – Construction at dmg events.

The event caters to a wide range of professionals in the industry, including contractors, developers, consultants, architects, project managers, civil engineers, designers, urban planners, sustainability engineers, and procurement managers. With over 9,000 attendees expected this year, Big 5 Construct Ethiopia provides a platform for networking, business facilitation, and support for the industry as it aligns with Ethiopia’s ambitious Vision 2025 goals.

Endorsed by Ethiopia’s Ministry for Urban and Infrastructure, the event will feature 150 exhibitors from 19 countries. Among the exhibitors are prominent industry players such as Jotun Paints, a specialist in paint and coatings; EJOT from Germany, a fastener manufacturer; Bostik, a France-based manufacturer and distributor of sealants; Araib Factory for Industry, a plastics manufacturer from Saudi Arabia, and Roofings Middle East, a leading fabricator of pre-engineered steel buildings and cladding products from the UAE.

Tariq Al-Qanni, Director of Operations at Dar Al-Handash Consultants, a consulting firm specializing in engineering, architecture, planning, and project management, and the Gold Sponsor of Big 5 Construct Ethiopia, expressed their excitement about participating in the event and sharing their expertise and experience in implementing digital technologies and innovative design and construction practices.

The event will also feature country pavilions showcasing the latest construction trends from Ethiopia, Italy, Turkey, the United Arab Emirates, and China. Additionally, attendees can benefit from 22 Continuing Professional Development (CPD)-certified industry talks, covering topics such as sustainability, project management, technology, engineering, architecture, design, and the introduction of infrastructure as a new theme.

Big 5 Construct Ethiopia is supported by the Ethiopia Construction Works Corporation (ECWC). Engineer Yonas Ayalew, Chief Executive Officer of ECWC, emphasized the significance of the event in bringing together exhibitors and visitors from around the globe to share experiences, expand marketing networks, and promote the value chain of the construction industry.

Other associations supporting the event include the Ethiopian Association of Civil Engineers, Chartered Institute of Building, and the Project Management Institute Ethiopia.

“Events like Big 5 Construct Ethiopia attract global enterprises to our shores, offering not just products and services but a shared vision to shape the future of Ethiopia’s construction sector through business growth,” concluded Greenish.

The European multinational aircraft company Airbus SE reported a 9% increase in sales for the first quarter of this year, despite a number of obstacles. In its statement covering financial results for the first quarter (Q1) ended 31 March 2024, Airbus stated that geopolitical and supply chain tensions continue.

“We delivered first-quarter 2024 results against the backdrop of an operating environment that shows no sign of improvement. In that context, we delivered 142 commercial aircraft,” said Airbus CEO Guillaume Faury. “We started 2024 with solid order intake across our businesses. The strong momentum on widebody aircraft underpins our decision to increase the production rate for the A350 to 12 aircraft a month in 2028. Our ramp-up plans are continuing, supported by investments in our production system while relying on our core pillars of safety, quality, integrity, compliance, and security.”

According to the report sent to Capital, gross commercial aircraft orders totaled 170 (Q1 2023: 156 aircraft) with the same number of net orders due to no cancellations (Q1 2023 net orders: 142 aircraft). The order backlog amounted to 8,626 commercial aircraft at the end of March 2024. Airbus Helicopters registered 63 net orders (Q1 2023: 39 units), mainly in the light and medium segments. Airbus Defence and Space’s order intake by value was 2 billion euros (Q1 2023: 2.5 billion euros).

Consolidated revenues increased 9 percent year-on-year to 12.8 billion euros from 11.8 billion euros in Q1 2023. A total of 142 commercial aircraft were delivered, an increase from 127 aircraft in the same period last year. According to the quarterly report, revenues generated by Airbus’ commercial aircraft activities increased 13 percent, mainly reflecting the higher number of deliveries. Airbus Helicopters’ deliveries totaled 50 units, a decrease compared with the preceding year’s same period of 71 units.

“Its revenues decreased 9 percent, reflecting the lower volume of deliveries, partially offset by services,” it added. According to the report, revenues at Airbus Defence and Space increased 4 percent mainly driven by the Air Power business, partly offset by a less favorable phasing in Space Systems.

It stated that consolidated earnings before interest and taxes (EBIT) Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programs, restructuring, or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – was 577 million euros (Q1 2023: 773 million euros).

“It includes the planned impact linked to the increased Airbus Employee Share Ownership Plan, which saw record participation among employees, and resulted in a year-on-year expense increase of slightly above 0.1 billion euros,” it added. EBIT Adjusted related to Airbus’ commercial aircraft activities decreased to 507 million euros from 580 million euros of last year’s same period, “with the positive impact from higher deliveries being offset by a slightly less favorable hedge rate as well as investments for preparing the future.”

The A220 ramp-up continues towards a monthly production rate of 14 aircraft in 2026, with a focus on the program’s industrial maturity and financial performance. On the A320 Family program, the Company is making progress towards the rate of 75 aircraft per month in 2026. Entry-into-service of the A321XLR continues to be expected in Q3 2024. On widebody aircraft, the Company has decided to increase the production rate for the A350 to 12 aircraft a month in 2028 and continues to target rate 4 for the A330 in 2024.

Airbus Helicopters’ EBIT Adjusted decreased to 71 million euros from 156 million euros in Q1 2023, reflecting a particularly strong first quarter in 2023 and reflecting the lower deliveries. EBIT Adjusted at Airbus Defence and Space decreased to -9 million euros (Q1 2023: 36 million euros), mainly reflecting the lower volume and profitability of Space Systems, notably linked to the Estimates at Completion updates performed in the second half of 2023.