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  • U.S. Embassy Addis Ababa response to Ethiopians Visa Quota to USA

    "We have seen questions on Facebook about a quota system for Ethiopian visa applicants.

    Last week, the President of the United States initiated a review of national security procedures which applies to visitors and potential immigrants from seven countries.

    Ethiopia is not among those seven countries and Ethiopian citizens are not addressed nor affected by the President’s executive order.

    The U.S. Government remains committed to facilitating legitimate travel for international visitors. In fact, in 2016, the U.S. Embassy in Addis Ababa issued more than 18,000 non-immigrant visas, with the majority to Ethiopian applicants.

    For more information on the recent Executive Order or on the application process for U.S. visas:

    https://travel.state.gov/content/visas/en.html"

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  • 5 Ethiopian Multi-Millionaires You Should Know

    A few Ethiopians have built multi-million and billion dollar empires in industries as diverse as agriculture, food, construction, energy and distribution and earned multi-million dollar fortunes to boot. Their names don’t ring with the African public, and you’ve probably never heard about them before, but they are very successful — and very wealthy. Meet 5 Ethiopian entrepreneurs, who own businesses with annual revenues of $50 million or more.

    Belayneh Kindie

    Source: Agricultural Commodities

    Belayneh Kindie Import And Export (BKIEA), the eponymous company Belayneh founded and runs, is the largest agricultural commodities trading company in Ethiopia. He founded the company in 2005 to primarily export oil seeds and subsequently expanded into other commodities such as sesame seeds and nuts. Its commodities trading business has revenues of a little over $60 million in 2016. The company also has a thriving transportation business that boasts a fleet of more than 100 dry & fuel cargo trucks. BKIEA also owns hotels in Ethiopia and a port handling service company.

     

    Tewodros Ashenafi

    Source: Oil

    Ashenafi is the chairman and co-owner of Ambo Mineral Water, Ethiopia’s bestselling naturally-carbonated bottled mineral water, along with beverage giant SABMiller. He is also the founder and CEO of oil exploration firm SouthWest Energy, one the largest oil and gas acreage holders in East Africa. SouthWest has a leading acreage position in the Jijiga Basin, Ethiopia’s largest proven hydrocarbon-bearing sedimentary basin, covering an area of approximately 350,000 km2 and in the eastern region of Ethiopia bordering Somaliland.

     

    Buzuayehu T. Bizenu

    Source: Diversified

    Bizenu is the chairman and controlling shareholder of East African Holding, a leading industrial conglomerate in Ethiopia that operates in a variety of sectors such as manufacturing of Fast Moving Consumer Goods, tea processing, printing and packaging, transport, real estate, cement production and coal mining.

    Ato Ketema Kebede

    Source: Diversified

    Kebede is the founder of KK PLC, an Ethiopian company that manufactures blankets primarily to export across Africa and North America. The company also owns an acrylic yarn dyeing plant, and is also engaged in the import and distribution of heavy-duty machineries and equipment for mining, construction, road making and quarrying. The company is also one of the largest exporters of Ethiopian coffee, cereals and spices.

     Akiko Seyoum Ambaye

    Source: Construction

    Akiko Ambaye, one of Ethiopia’s most prominent female business leaders, is the founder of Orchid Business Group (OBG), an Ethiopian construction company engaged in road construction, the supply of construction materials, rental services of construction machinery and haulage.

    Source: forbes

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  • 20 Easy Ways to Save More Money

    How do you save more? There doesn't seem to be enough money to save anything by the end of the month, does it? Saving money is not easy when you have never done it. But if you manage to form the habit, it will become second nature. Here are 20 tips to use.

    1. Have a spending audit

    For a week, write down everything you spend. Tedious, I know. But for every expense, ask yourself: Did I really need to spend that money? How could I avoid that expense? Did it bring me value? If it doesn't, stop. If it does, let's move on. I used to spend a lot on nights out, until we decided with my friends to gather at someone's place. Half the cost, same fun. It doesn't have to be drastic, or affect your lifestyle. Challenge the spending and find alternative ways to get the same value for less.

    2. Turn saving into a challenge

    One such challenge could be getting rid of one bad spending habit, such as eating lunch out every day. Try bringing lunch to work once a week. Then make it twice a week. Put the savings into a jar or a savings account. Throw all your spare change into a jar at the end of the day, and deposit the savings into your bank account at the end of the month. By making it fun, you will make it easier.

    3. Start slow

    You won't go from zero savings to $1,000 a month the first month. Try saving $5 or $10. Then try saving $5 more the next week. Before you know it, the slow increment led you to saving $50 a month. Which is better than nothing. Keep going until you feel the pinch.

    4. Have a savings goal

    Why do you want to have savings for? Is it for a holiday, for a new car, for a deposit on your house? By having a goal, you will be able to ponder whether it is worth to spend $100 going out tonight, or have one day of fun on your next holiday.

    5. Round it up

    When you spend $54.11 at a restaurant, round it up and save the $0.89. Some apps will do it for you and reroute the excess to savings automatically. Small amounts add up.

    6. Get rid of the waste

    Do you often throw food? Have magazines piling up unread? Clothes you just wore once? All this is money you spent on things you don't need. Get rid of the ones you can (and make money in the process!), and stop buying anything you don't use. Buy half the food you use to, and go through your freezer and cupboards for the rest of the week. Send the difference to savings.

    7. Prioritize

    Pretend there is only money for one thing. Would you rather have HBO or go out once a month? Only keep the one you prefer.

    8. Get a cashback card Or a loyalty membership to your favorite supermarket. Put the savings into... savings.

    9. Get a discount On everything you buy

    Try to get it for less. Look for online coupon codes, cheaper stores, ways to get it for free on Freecycle.

    10. Cut down meat And other expensive items in your groceries, such as cheese or nuts

    You can make a ton of delicious vegetarian dishes, or recipes with just a little meat as a way to add flavor.

    11. Make your own coffee

    Coffee on the go is expensive! Buy a nice thermos for your car, flavorful beans and you're all set for a $0.10 cup.

    12. DIY

    Be it painting the living room, fixing a leak, moving house, try to do things yourself instead of hiring out. There are plenty of online tutorials to help you out.

    13. Master your FOMO

    It is OK to say no to peer pressure. Find cheap and free activities to do with your friends instead of the expensive one they suggest.

    14. Get a roommate

    An easy way to save $500+ on rent, if you don't mind having less privacy. Again, remember why you are doing it and it will be much easier.

    15. Carpool or cycle to work

    Socialize or get free exercise on your way to work, cutting on your commuting expenses.

    16. Reconsider your car (or second car)

    Do you really need a car or two? How often do you use it? How much does it cost in maintenance, fuel, insurance, parking... is it cheaper than using Uber or renting one when you need?

    17. Keep track of your progress

    It is easy to get frustrated when saving money. By keeping track of your progress, you will remain motivated.

    18. Repair broken things

    Try to DIY or have things repaired for a fraction of the price of replacing them.

    19. Look for free entertainment

    Your nearby college, the adult learning center, your church.. may have free or cheap activities for you to enjoy.

    20. Bring your water bottle

    Bring water everywhere you go and avoid buying bottles that are not only expensive but also bad for the environment.

    Saving money is a slow process, but it doesn't have to be painful. With these little tips, you can easily get started and gain momentum to save more and more!

    Source: huffingtonpost.com 

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  • Hedasse Grand Mall Avails Shares with Highest Promoters’ Fee

    Hedasse Automotive & Machinery Market S.C availed 2.99 million shares worth three billion Birr for public subscriptions to build a grand mall in Addis Ababa, whose exact location remains undisclosed.

    The company has also offered to charge potential subscribers of shares the highest, 17pc, as promoters’ fee, meant to cover administrative and promotional cost during the period of formation. If succeeded, promoters will raise over half a billion Birr in promoters fee.

    Most share companies floating initial public offerings (IPO) charge service charges of five percent to 10pc, thus making Hedasse’s the highest fee to date.

    Ahmedin Mohammed, one of the 11 promoters and president of the share company, says such high fees is crucial to cover “operational cost of the project.”

    From the fees collected from prospective shareholders, 15pc of it will be deducted for VAT, while six percent goes to corporate social responsibility and eight percent to service commission reserved to shareholders who bring others to buy shares, Ahmedin told Fortune.

    The company was initially founded two years ago by 30 individuals and currently has 215 shareholders. With par value of 1,000 Br, minimum number of shares up for subscriptions is 600 shares while the highest is at 2,400 shares.

    Hedasse started to sell shares on February 5, 2017, but it officially offered IPO on April 19, 2017, at the Sheraton Addis Hotel.

    The company aspires to work in three different industries; automotive market, manufacturing and a grand mall, which is hoped to incorporate no less than 5,000 stores, and claimed by promoters to be “the largest mall in Africa.”

    “We’ve been doing research, market analysis and the design of Hedasse grand mall for the past two years,” says Ahmedin, who is an importer of spare parts and machineries.

    Ahmedin is currently constructing a spare parts manufacturing plant worth 109 million Br in Qaliti, along Debrezeit Road. He is also among those who initiated the idea of importing 1,000 meter taxis.

    The new company intends to construct a three-storey grand mall on a 250,000sqm plot, accompanied by two four-star hotels, and four residential apartments. It will also have a parking space with the capacity of about 8,000 vehicles.

    Dereje Mekonnen, a general manager of the project, states that different international construction companies have shown interest to take part in the project. He also compares the grand mall with Mall of Africa located in Waterfall city, South Africa, which lies on 550,000sqm and has 2,500 shops.

    “We hope to be dubbed ‘the biggest mall in Africa,” Dereje said.

    The entire project will have two phases; the first phase will incorporate the shops and is expected to be finalized within three years and will be able to create permanent job opportunities for about 35,000 citizens, promoters say. Phase two will converge on the construction of the apartments and the hotels, according to Anemaw Abera, media and promotion manager for the company.

    Hedasse is in the process of acquiring the land for a lower rate, negotiating on the fixed lease price with the city administration and is hoping to get one of the nine reserved areas for development in the city, according to Ahmedin.

    “Even if the location has not been acquired yet, it is not a concern for me as the investment we make is safe in a blocked account,” said Raiwa Mohammed, who bought shares in the company and runs a car decor shop around Sebara Babur area, in Gullele District.

    The company has opened such accounts with all the commercial banks operating in the market.

    An interested shareholder buying the lowest share makes nine percent initial payment of the shares wanted, together with 50pc of the promoters fee, before being registered as a shareholder.

    People close to the issue raise concerns of over ambition, particularly in relations to the ability of promoters to raise all the required capital. They relate the case of Addis Africa International Convention & Exhibition Center (AAICEC), which took over three years to sell the 300,000 shares it availed for public subscription, mainly due to the low interest from the public. AAICEC realised its plan after the involvment of the city administration which bought shares worth one billion Birr out of the total three billion Birr.

    “Hedasse will surely benefit if the government gets involved,” a consultant in project development told Fortune.

    Source: Addisfortune

     

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