By raising the project’s theme, “One-Tree per One-customer”, Nyala Insurance S.C. (NISCO) has planted over two thousand local and foreign plant species around Entoto Mountain by mobilizing forest experts and staff on 2nd August 2018.
This became a reality when NISCO objectively formulated the project hoping to play a vital role in developing the country’s reforesting efforts.
Tegegne Masresha, Marketing and Business Development Executive Office of NISCO said the company has initiated the project to plant many trees in the name of its esteemed customers for discharging corporate social responsibilities in the nation’s forest development and allowing people to enjoy the wisdom of trees.
For that matter, NISCO has, he added, entered into contract agreement with the Bureau of Environmental Protection of Gulele Sub-City so as to adequately look after the plants by supplying the required essential nutrients like water together with timely hoeing up until they survive well.
Apart from safe guarding the planted trees, Tegegne confirmed that NISCO will continue to plant a number of other species of trees every budget year based on the number of customers who hold active insurance policies within the company.
Wondossen Shiferaw, Coordinator, Bureau of Environmental Protection of the Sub-City, thanked Nyala Insurance for its formulation of one-tree per customer project to take part in the green initiative by allocating budget and logistics.
He added that planting the trees was a great first step, they will need to be protected and cared for. Nyala’s commitment is a commendable approach, and the Bureau is ready to support the project, he added.
NISCO says join the Green Side!
Futures to be traded at ECX, regional trading centers coming soon
The Ethiopian Commodity Exchange (ECX), which celebrates its 10th anniversary announced that the next market scheme includes trading futures and forward contracts in addition to launching industrial trading at the electronic trading platform.
The commodity exchange platform which officially formed in March 2008 and commenced its first trading as of April 2008 has celebrated its ten year anniversary at an event held at ECA on July 28.
Wondimagegnehu Negera, CEO of ECX, said that one of the next strategies would be introducing a future trading scheme for the country.
Since the formation of the modern trading ECX, which is considered exemplary and the first such kind of trading in Africa, has been engaged in spot trading, while it has undertaken several studies to potentially launch futures trading which is common in most commodity exchanges in other countries.
“We have good experience in spot trading with zero defaults in the last ten years so that would be a good indication for the success of futures and forward trading,” Wondimagegnehu told Capital.
They used foreign consultants to conduct the study and based on their recommendations they plan to prepare a financial system, crop insurance and some legal safeguards.
Currently coffee exporters buy the bean via spot trading and engage with market actors who link with future trading at the export destinations. “When futures trading begins, exporters will base prices on future and forward trading schemes locally and via the international market. This reduces the trading risk and matches on both trading,” he said.
It is expected to commence in the near future, according to Wondimagegnehu. “It is difficult to determine exactly when but the economy and the industrialization is expanding so we want to start it soon,” he added.
Industrial Commodity
The agricultural industrial parks that the government launched in different corners of the country will also get products from the trading at ECX, according to the new plan.
“We plan to supply standard commodities with ample volume for parks in an organized manner,” he said, “Manufacturers shall access the input in nearby areas without challenges in warehousing and logistics facilities.”
According to the CEO, currently ECX is under discussions with relevant bodies about the issue.
Besides agricultural products other products such as sugar will be traded on the exchange floor. The CEO stated that some beverage industries like breweries are asking to get materials under the trading scheme at ECX.
Regional trading
Regional trading centers will be the other new operation that the commodity exchange will commence in the near future. For instance trading in Hawassa will commence operation in September. “We have finalized pre conditions and data test at Hawassa so we will commence operation soon,” he added.
Besides that the trading centers in Gonder, Nekempt and Hummera, all of them are centres for sesame seed production, will join the scheme. Jimma and Adama, which are sources of coffee and pea beans respectively, will also have trading centers.
“Expanding trading centers will be a good opportunity to expand the trading and the commodity volume transacted under ECX and it will reduce the trading chain,” the CEO added.
In the past ten years the commodity exchange has established 22 warehouses with a capacity of storing 307,000 tones at one time. In the stated period 180.3 billion birr or 4.8 million tons of commodities were traded.
Coffee, sesame seeds, red kidney beans, mug beans and other agricultural products are traded on the floor. New commodities are expected to be included in the coming year.
At first there were 98 seats but now there are 333, while the trading actors, engaged in buying and selling have increased from 2,176 to 17,067 as of last month.
ET rolls out new packages for transiting passengers
After Prime Minister Abiy Ahmed (PhD) mentioned that Ethiopian Airlines (ET) will launch stopover tourism packages for its customers, the airline group started its package this week.
The PM stated that the country will provide a short tourism scheme for travelers on their stopover during transit at Bole International Airport.
It has been estimated eight million travelers per year visit Bole Airport, a number that has been increasing as ET launched new destinations.
According to ET, the largest Aviation Group in Africa and SKYTRAX the certified Four Star Global Airline; is rolling out stopover packages without any additional airfare catering to all leisure needs with a view to promoting Ethiopian tourism.
The African airlines giant stated that as of August 1 passengers traveling through Addis Ababa and continuing their journey to one of the destinations in the Ethiopian network can now take advantage of stopover offerings from Ethiopian Holidays, the tour operator wing of Ethiopian Airlines, enabling them to discover and experience the many historical, cultural, religious and natural treasures of Ethiopia.
Ethiopian Holidays was formed about six years ago to link travelers with tourism packages as a further revenue source for ET and to expand the tourism sector and its revenue for the country.
The packages range from sightseeing in Addis Ababa, the diplomatic capital of Africa, obelisks of Axum, rock-hewn churches of Lalibela, the amazing 9th century mosques of Harar, castles of Gondar, the stunning source of the Blue Nile, Simien Mountains, the lake side resorts of Hawassa and Arba Minch, unique coffee farms of Kaffa, birth place of coffee, and much more.
Tewolde Gebremariam, Group CEO of Ethiopian Airlines, said “Ethiopian is working with all stakeholders in the tourism chain to make Ethiopia a tourism destination of choice. With its many riches, the world has yet to truly discover Ethiopia and tourism has the potential to become the main foreign currency generator for the country and a mass job creator for the youth.”
“With the stopover packages, we aim to attract a significant portion of our transit customers in Addis as tourists and to considerably enhance the flow of tourism into the country,” he added.
From the state owned enterprises ET is the leading hard currency generator with its operation in aviation. It is also in the process of realizing its hotel ownership by building a brand new hotel at the front of the headquarters which is in the final stages of opening.
Even though Ethiopia has historical, natural and cultural resources, the tourism sector has not been tapped as much as other African countries.
PM Abiy is planning for the country to generate a significant amount of revenue from travelers transiting in Ethiopia.
New grads to help develop logistics
The Ethiopian Freight Forwarders and Shipping Agents Association (EFFSAA) graduated the International Federation of Freight Forwarders Associations (FIATA) students during a ceremony held at Sheraton Addis on July 31. On this batch 27 students graduated on FIATA with diplomas.
Mekonnen Abera, Director General of Ethiopian Maritimes Affairs Authority, said that the association has significantly improved the logistics sector. Hiwot Mosisa, State Minister of Transport, said that the government is building infrastructure which depends on a well-developed logistics sector which these first FIATA diploma graduates will be a part of. The association in collaboration with FIATA has also provided a two week, internationally recognized FIATA/Advisory Body Vocational Training (ABVT), for trainers which includes practitioners and academicians.
