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Thursday, May 29, 2014
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Monday, May 19, 2014
In an unprecedented manner, the government of China is going to extend a 500 million dollar loan to Ethiopian Airlines to finance Boeing jetliner purchases as it did on the train construction and vesseles b purchases completely buying of the country with debt.
During Chinese Premier Li Keqiang’s state visit to Ethiopia last week, a Memorandum of Understanding (MoU) was signed between Ethiopian Airlines and ICBC Financial Leasing Co., Ltd.
A senior official at Ethiopian told The Reporter that the MoU relates only to Boeing aircrafts but in the future it can be extended to other fleet types. “The understanding is for 500 million dollars in financial facility. The loan negotiation will be the next stage,” the official said.
The senior official said that it was the first time that a Chinese bank had taken the lead in providing aircraft financing to Ethiopian. However, ICBC was already a junior loan partner in the B777-200LR freighter deal.
According to the MoU, ICBC Leasing will provide Ethiopian Airlines with financial support for its fleet expansion plan, including but not limited to B737 and B787 aircrafts in the form of finance lease, sale and lease back, commercial loans or operating lease from ICBC Leasing’s Boeing order.
Ethiopian said the MOU was one of the largest financial cooperation in the aviation industry between the two countries, which is an important step for China's financial industry to go international.
Djibouti receives nine Chinese new vessels in to export Chinese product made in Ethiopia
The Ethiopian government on Saturday received nine new vessels worth over $300 million from China at a ceremony organized in Djibouti for the Chinese government exportation of its products made in Ethiopia.
"The vessels are not only Ethiopian assets but they are also Djibouti’s properties," Ethiopian Prime Minister Hailemariam Desalegn said at the ceremony. In reality they do not belong to both but to China.
The vessels indicate the rapid colonization of Ethiopia by China.
Named after the capital cities of Ethiopia's regional states, the vessels were built with supposedly loans from the Chinese government.
Most of Ethiopia made Chinese products exports and imports are transported through the Port of Djibouti, which is located 900km east of Ethiopian capital Addis Ababa.
Djibouti benefits from Chinese rapid control of Ethiopia and in turn Djibouti’s growth is an advantage to China.
"The relation between Ethiopia and Djibouti is not limited to a government-to-government level but it has been intensified in people-to-people ties," said the Djibouti's president.
The Djiboutian leader went on to say that relations between the two neighbors are boosting in different spheres, including the economic and social fields.
"Djibouti gives a port service to Ethiopia but it does not consider that it is giving the service to another country but regards it as it is doing it for itself," he said.
"We believe that Ethiopia is Djibouti and Djibouti is Ethiopia, no difference at all," he added, going on to reiterate that the new vessels will further help speed up the ongoing development endeavors in Ethiopia.
Ethiopia had used Eritrean ports until 1998 when the two countries engaged in a war of their border disputes.
Following the war, Ethiopian began to use Djibouti ports to export its products.
Friday, May 16, 2014
China’s was once known as cheapest factory floor on the planet, but in the last two decades its economy has transitioned to become one of the world’s most advanced industrial powers. That means someone else needs to start making all those shoes and sweatshirts, hence all those apparel companies in recent years moving their factories to Vietnam and other cheap spots throughout Asia.
And it’s not just Asia. China’s Huajian Group plans to invest up to $2 billion in Ethiopia in the next decade, turning the country into a shoe manufacturing base for exports to the U.S. and Europe. As the WSJ’s Peter Wonacott reports:
Chinese factory wages have been rising an average of 20% a year for the last decade, pushing low-cost manufacturers toward places where salaries are stagnant. Here’s a chart the WSJ put together last year:
And as China steps more prominently into Africa, what do its officials say in response to suggestions the country could act as a new form of colonial power? In an interview with the WSJ, Chinese ambassador to South Africa Tian Xuejun had little time for such claims:
Monday, May 5, 2014
Thursday, May 1, 2014
7:11 p.m. CDT, April 29, 2014
WASHINGTON (Reuters) - Switzerland and Norway are the world's most expensive economies, followed by Bermuda, Australia and Denmark, according to a new ranking by the World Bank.
The economies with the lowest prices are Egypt, Pakistan, Myanmar, Ethiopia and Laos, according to a review of economic data which seeks to compensate for exchange rate effects and measure spending power across countries.
The United States, the world's largest economy, was in relatively affordable 25th place, lower than most other high-income countries.
The richest countries, or those with the highest gross domestic product (GDP) per capita on a purchasing power parity basis, were Qatar, Macao, Luxembourg, Kuwait, and Brunei.
Eight countries, including Malawi, Mozambique and Liberia, had GDP per capita of less than $1,000.
Almost half the world's $90.6 trillion in total economic output in 2011 came from low- and middle-income countries, the World Bank said.
Compared to the last time the exercise was done in 2005, with a slightly different methodology and mix of countries, middle-income countries gained a bigger share of the world economy, at the expense of both high- and low-income peers.
(Reporting by Krista Hughes; Editing by Jonathan Oatis)