In late modernity, global dominant interests are trying hard to establish a general motto for all human societies. One can capture this maxim, willy-nilly, as: ‘anything goes and nothing matters.’ The implied message being; at the end of the day, not much matters and one must just accept this fact of life and deal with it. Of course, this fatalistic and sinister ideology goes against the grain of history, and yet, the power that be wants to make it the premiere global religion, at this late our! Undoubtedly, it has its important strategic use for the rulers of the system. The most important being; the complete pacification of the sheeple, while at the same time bestowing an aura of invincibility to the parasitic elites and their deep state. History is always on the move, whether one notices it or not. ‘End of history’ is as absurd as humanity without its languages, but we digress!
Trying to elevate insincerity to one of the highest form of civilized values cannot be taken seriously, even by the zombified sheeple of our planet. Sooner or later, this farce will be exposed for what it is; a scheme to shut off all critiques based on rational thoughts. Nonetheless, the DS (deep state) and fellow travellers, maybe out of desperation, believe the trick might work if followed through. We beg to differ! So far, the doctrine of insincerity has managed to leverage the relativeness of human social constructs to establish certain legitimacy in some circles. However, by continuously banging on this path, the DS has initiated widespread suspicions. To recall; we have defined the deep state as the military-intelligence-industrial-banking-media-complex of empire. For instance, what is being portrayed as ‘woke culture’, to some extent, is a reflection of the not so rational strategy employed by the global power that be. Even though we have nothing against the aspirations of many who claim to uphold all that is spewed by the ‘woke culture’, there are some issues that still need interrogating. Here is the observation of the first mixed race president of the US on ‘wokism’. “I get a sense among certain young people on social media that the way of making change is to be as judgmental as possible about other people. If I tweet or hashtag about how you didn’t do something right or used the wrong verb, then I can sit back and feel pretty good about myself because ‘Man did you see how woke I was? I called you out!”
The innate enemy of insincerity is sincerity, a no brainer; but the implication of this is not trivial, as it can dethrone everything that has been based on the ideology of insincerity. Sincerity underlies all science, therefore, unless science is ‘made’ insincere by hook or a crook, i.e., pseudoscience, the current system of banal ‘wokism’ might not hold for long. In our complex world system, science is no more a straightforward replicable affair. Myriad factors come into play when, for example, a complex experiment is scientifically attempted to verify claimed findings. Complexity necessitates big science and big science can be used as an effective obscurant in the ascending woke culture of the descending empire. Since big money commands big science, public/state universities have become, literally, corporate labs or campuses at the service of transnational capital. As a result, transnational capital is playing a significant role in derailing kosher science while empowering pseudoscience! It is no wonder individual researchers, not in agreement with the logic of capital, are treated as aliens from yonder!
When science is represented by big science/paid science, facts and truths tend to give way to fancy fanfares devoid of substance, which can only portend the coming of another era of darkness! Before long, the ‘witch hunt’, ‘human sacrifices’, etc., might be reincarnated in their modern equivalents. Luckily, we still have some individuals still committed to the tradition of enlightenment, always seeking scientific truth. Unlike the trashy science of the dominant interests, which is propagated by the DS/Davos crowd, for instance, the ‘Facts on Covid-19’ from the same country of Switzerland, but by the credible Swiss organization, Swiss Policy Research. Inquiring minds probably know something about ‘The Lancet’ (UK) and the ‘New England Journal of Medicine’ (USA). These are probably the two most prestigious medical journals in the world. Now get ready for the real shocker!
“The case against science is straightforward: much of the scientific literature, perhaps half, may simply be untrue. Afflicted by studies with small sample sizes, tiny effects, invalid exploratory analyses, and flagrant conflicts of interest, together with an obsession for pursuing fashionable trends of dubious importance, science has taken a turn towards darkness.” Robert Horton, editor in chief of ‘The Lancet’.
PSEUDOSCIENCE
Potential second telecom entrants now at liberty to express interest in February
The Ethiopian Communication Authority (ECA) is gearing to issue an expression of interest in early February 2023 for the third telecom provider, the authority’s Director General reveals.
This comes at the back of the authority publishing a call for a stakeholder consultation process for the third telecommunications operating license on November 16 2022.
“ECA has now resumed the licensing process for a third license or the second new full-service nationwide telecommunications license,” said Balcha Reba, ECA Director General, indicating that the country has huge potential to serve an additional telecom operator. “We have invited different international consultation companies to evaluate the document,” he added.
In the overall process the regulator has been keen in inviting potential bidders and any interested parties to participate in a consultation process, and as Balcha expressed, “Preparations are underway to float an expression of Interest to bring potential investors who can acquire the third license or the second new full-service license.”
According to the stakeholder consultation document, the license will be awarded via a competitive tender process that will take place in early 2023. Similarly, after assessing the cover of all responses of stakeholders for the next one month, it will float the expression of interest on early February which will stay up for one month. With regards to other financial ventures, the prospected new entrant is said to be allowed provision of mobile financial services following its fulfillment of the requirements of the National Bank of Ethiopia.
On October 2018, the Government announced its decision to proceed with the reform of the Ethiopian telecommunications sector to further the implementation of the Government’s Economic Reform Agenda and to introduce greater competition in the telecommunications sector in the context of improving market conditions.
On June 2020, the government had floated a bid for two additional telecom licenses and on the process after selecting only one new operator ECA cancelled the other license B bid.
Following the cancellation, ECA issued a Request for Proposal (RFP) for the second new full service nationwide Telecommunications Service License on September 28th, 2021 and the bidding process was ongoing. However, the process was terminated in December 2021 as ECA stated that the bidding process has temporarily been relinquished as per the request of bidders. On the follow up, ECA said in a note to the industry that it had received, “concerns and requests from several prospective bidders to delay the process.”
The bid now sees its third refloat after having failed twice.
On May 31, 2021, the ECA issued Ethiopia’s first-ever competitively-tendered Unified Telecommunications Operator License (“License A”) to the Global Partnership for Ethiopia, a private consortium consisting of Safaricom (Kenya), Vodafone Group (UK), Vodacom Group (South Africa), CDC Group (UK), and Sumitomo Corporation (Japan) now operating under the name Safaricom Telecommunications Ethiopia.
Currently, the government is also in the process of selling a 40% stake in the state-owned Ethio Telecom.
Truck importers collide with Bunna Bank over payment refusal
Five truck importers accuse Bunna Bank over refusal of commission reimbursement stemming from undelivered services as the complaints get forwarded in letter form to the National Bank of Ethiopia (NBE) for intervention on the matter. Bunna Bank now, in wait of NBE’s verdict which has taken up the case.
A year ago, five truck importers of the 168 companies which were authorized by the Ministry of Transport and Logistics to import trucks from the Jampur International FZE had struck deals with Bunna Bank and opened LC to facilitate the imports.
However, a couple of weeks ago the transport and logistics ministry announced the termination of 108 companies from the 168 that had been selected and given a loan guarantee to import 1,700 trucks citing they didn’t follow through with the stipulated timelines. However following the resentments of the companies, the ministry leniently gave a one month timeframe for things to be set in order which will end on January 14, 2023.
The lack of Ethiopian banks that run credit line facilities with the Africa import export bank (Afrexim Bank) was mentioned as one of the reasons since it was a requirement of the supplier to have Ethiopian banks have at least two years of credit facility with Afrexim.
As the importers highlight, “Bunna knowing that they didn’t have this credit facility line nevertheless accepted our request.”
When the five importers requested to shift to another bank and have their money refunded a whole new can of worms was unleashed following Bunna’s refusal.
“However, the bank refused to repay commission fees collected to provide the service while refunding only the down payment,” said Melaku Abebaw CEO of Melaku Abebaw Private Fuel transporter and one of the complainants processing to import eight fuel trucks with LC opened with a value of USD 751,680. Melaku further pointed out that the five businesses had paid about 19 percent of the total amount to open LC worth 3 million dollars.
According to the letter that the importers sent to the bank, the details expressed that as Afrexim bank didn’t approve LCs opened from Bunna Bank, thus a refund request of all costs the bank has charged them with including commissions paid to the bank and NBE was in order.
However, following the refusal of the bank to refund the five importers, they penned a letter to NBE and transport and logistics Ministry for intervention.
“We will sue the bank if it is necessary,” said Melaku.
As sources from the Bank disclose, since the case has reached to the governing body, NBE, Bunna will wait for the decision of NBE so as to solve the issue.
Asmamaw Melese Local Inland Freight Private Transport, Shikur Abder Local Inland Freight Private Transports, Adane Belay Fuel Transport PLC, Melaku Abebaw Private Fuel Transporter, Alamre Ayenew Import and Export are the five companies to file complaints.
Two years ago with advice of the macroeconomic committee, NBE provided the opportunity to purchase more vehicles by interested and capable companies who were selected by the transport and logistics ministry. Following the issuance of a bid, 168 companies vied to buy 3200 freight trucks with a credit facility from the local banks and the ministry thus gave loan guarantees from the Afrexim bank.
For the procurement of the trucks, a tender was then floated on January 12, 2021. The trucks were expected to be delivered to the country within 60 to 120 days, and had to meet the specifications outlined in the bid document including the payload and carrying capacity.
As it would later turn out, the trucks being expected to be imported within four months as per the agreement were not to materialize owing to companies not following through with the stipulated timelines.
The procurement was initially set to ease problems in the logistics sector brought on by a shortage of trucks. With the initiative, the private sector was geared to procure the trucks through a supply credit modality approved by the National Logistics Council. The companies were to raise a 30pc of the value, while the remaining was to be covered by a loan secured through the central bank’s guarantee.
All in all, shortage of trucks in the country is one of the logistics nightmares. As officials said the multi challenging conflict in the northern part has left or destroyed vehicles making the problem worse.
Jampur International FZE, Sino Truk international, FOTON intre. Trade co ltd china, Renault trucks SAS. Shacman heavy duty automobile import and export are some of the suppliers, in the Ethiopian truck market scene.
Nib Int’l bank’s financial hive buzzes in success
Nib International Bank attains outstanding performance in conventional and interest free banking (IFB) business operations in the 2021/22 financial year.
In the year under review, the bank was able to mobilize an additional 6.2 billion birr through its deposit scheme, which is 14 percent higher when compared to the previous year, cumulating to a now firm record of 49.8 billion birr.
The growth registered also rippled to the number of depositors who increased by over 25 percent to currently stand a little over 2.12 million.
Of the total 49.8 billion birr deposit mobilization, 9.3 billion birr or 18.7 percent stemmed from non-interest bearing deposits.
In the year, Nib’s total outstanding loans and advances stood at 39.4 billion birr that increased by 14.2 percent of the 34.5 billion birr as of June 30, 2021.
According to the report, the loan to deposit ratio of the bank was 79 percent at the end of the year, while the number of loan accounts have reached over 18,200.
The bank paid up capital has expanded by over 13 percent to reach 4.8 billion birr, while the total equity has increased by almost 16 percent sitting at 8.1 billion birr.
The bank’s asset now stands at 61.5 billion birr as a result of a 7.3 billion birr or 13.5 percent increase registered during the year in review.
In the financial year that closed June 30, 2022, the bank managed to generate 7 billion birr that increased by a fifth or 1.2 billion birr compared with the year that ended on June 2021.
Likewise, Nib’s profit has registered marvelous achievement and according to the annual report, in the year, 1.76 billion birr profit before tax was secured which is an 8.6 percent increase from the year prior.
On similar grounds, the bank’s IFB activity also attained promising results. For instance, in the IFB business the bank’s customer increased by over 129,000 or by 62 percent to reach over 340,000. Similarly fresh deposit mobilization in the IFB sector has increased by 768 million birr to cumulate to 3.8 billion birr at the end of the year.
The profit after tax also grew by 10 percent to reach a new milestone of 1.34 billion birr. However, the aggressive paid up capital increment influenced the earning per share (EPS) to slightly reduce compared with the preceding year. According to the bank’s audit book, the EPS now stands at 146 birr for 1,000 birr par value from 154 birr from the 2020/21 financial year.
