The body of prominent diplomat and former senior government official Kassa Kebede (Amb) was laid to rest on stately funeral service on January 5 at the Holy Trinity Cathedral.
Kassa, the former Ethiopian Ambassador to Geneva and who served as expert on diplomacy, and peace and security for different global organizations reportedly died few days ago in the US where he resided till the age of 79.
Ministry of Foreign Affairs stated that on the official service, High-level government officials including Mehreteab Mulugeta (Amb), Chief of Cabinet of the Office of the Foreign Minister, and other representatives from the Ministry of Foreign Affairs of Ethiopia were in attendance at the funeral.
Kassa, who served Ethiopia in different capacity in the emperor and Derg era, is well know in related with Operation Solomon, the campaign to move Ethiopian Jews to Israel.
Kassa was one of the influential figures during Mengistu Hailemariam’s time.
Renowned diplomat, Kassa Kebede laid to rest
Provision expense dwindles Wegagen Bank’s profits
The provision expense of Wegagen Bank triple slashing the profit by 82 percent for the financial year that ended in June 2021.
The bank that disclosed the 2020/21 financial year report a week ago, stated that its total expense surged by 44 percent in the stated period.
In the 2019/20 financial year the bank’s total expense was 3.3 billion birr which ballooned to 4.8 billion birr in the financial year that ended on June 30, 2021.
According to the annual report, although the provision expense took 18 percent of the total expense of the 2020/21 financial year it has contributed to increase in the total expense significantly.
The report stated that the provision expense increased by 307 percent compared with the preceding year due to the non performing loans (NPL) rate showing increment in the year.
A year ago the share of provision expense for doubtful loans and advances was only 6 percent of the total expenses which went on to stretch to 18 percent in the past financial year.
In the reported year, the bank was forced to hold 864 million birr as provision expense due the NPL while but a year ago this amount was 231 million birr.
From the total expense, the salary and benefit took the lion share followed closely by interest expense and general expense with 31 percent, 30 percent and 20 percent respectively.
In the financial year ended on June 30, 2020, it is worth recalling that the interest expense stood at the top taking 37 percent share from the total expense amount.
According to Abdishu Hussien, Chairperson of the Board of Directors of Wegagen Bank, the provision expense increment has significantly affected the bank’s profit in the reported period.
In the year, the bank managed to secure 193.1 million birr in profit before tax which is a huge chop of 82 percent when compared with 1.07 billion birr in the preceding year.
Abdishu said that NPL mainly occurred in relation to the conflict in northern part of the country. He said that the bank was unable to collect loans provided for customers in the stated conflict area.
In the year the bank totally secured five billion birr in revenue which increased by 13 percent in comparison with 4.4 billion birr of the 2019/20 financial year.
Similarly, the deposit mobilization has shown a five percent increment to stand at 31.5 billion birr.
According to the annual report, the total outstanding loans and advances increased by 15 percent to reach 27.3 billion birr.
At the end of the reported year, the total asset of the bank has reached almost 40 billion birr with four percent growth on year to year basis.
At the reported period, the paid up capital of Wegagen increased by 400 million birr to reach at 3.3 billion birr. In the year Wegagen’s profit after tax has stood at 126.7 million birr showing significant shrinkage from 832 million birr on June 30, 2020.
African Mosaique unveils event to support women, children and victims
Aimed to both fundraise and provide support for Women and Children causes through Eyezon.com, the African Mosaique has organized an event dubbed “ Made In Ethiopia Pop-up series wrap-up event” which is to take place on January 14, 2022, at its design center and manufacturing hub, in Legetafo.
“This fundraising event aims to attract visiting and local guests, especially the diaspora community that has arrived for the great Ethiopian Homecoming challenge, as well as the business and international community, government officials, the diplomatic community, designers, and the press,” the statement of African Mosaique read. Moreover, all proceeds including the entrance fee of 500 birr will be donated to support Women and Children causes through Eyezon.com. The event will follow the proper COVID-19 protocols to protect the safety of guests and participants.
The one day event will feature 10 leading and emerging designers who will showcase their product at the fashion show and over 20 creatives who will participate in the Pop-Up. Guests will have a chance to meet and hear inspiring stories from the creatives as well as shop. Moreover, some of Ethiopia’s creative designers, and interior design installations from leading furniture designers, and display of art works from different artisans and designers will be showcased.
The African Mosaique PLC, is primarily a high-end-fashion and clothing production enterprise, and an export-oriented company with operations from Legetafo. The company also provides mentorship and collaborates with up-and-coming young designers and entrepreneurs in the fashion and apparel industry. It serves as a platform to emerging and established Ethiopian and other African designers, by providing on-job training, transfer of knowledge, and marketing opportunities, through the AM fashion incubator program, AMFI launched in 2016.
African Mosaique Design Center and Manufacturing Hub, the first of its kind in Ethiopia, will continue celebrating local ‘Made in Ethiopia’ Fashion while identifying and promoting emerging designers, by providing training, production, and showcasing facilities, alongside networking and business facilitation.
Addis hosts real estate and homes expo
The 4th edition of Ethiopian real estate and home expo kicked off in Addis Ababa for two days starting from January 1-2, 2022 at Hilton Hotel. Organized by 251 communications and marketing, the expo was a one stop shop to fulfill housing, furnishing and installation needs, bringing the real estate and home accessory companies in Ethiopia. The event took place amid the rapidly growing construction and real estate sector. The event provided a platform for leading local and international realestate developers to showcase a wide range of homes, commercial properties, furnishing and interior to potential home seekers and existing homeowners attaching prominent real-estate companies and business which construct develop, market and deliver different types of business and residential villas apartments, luxury condos and buildings exhibiting a wide range of products services and properties to thousands of visitors during the two day event.
