General Electric appoints seasoned marketer Selam Amare to head Ethiopia operations

November 12, 2019

ETHIOPIA – American multinational conglomerate with projects in Healthcare, Aviation and Power, General Electric (GE) has announced the appointment of Selam Amare as the Country Leader for Ethiopia. In her new role, Selam will oversee GE’s operations in the country and strengthen our businesses presence in the market, the company said in a press statement. […]

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Toyota records impressive US$6.1 billion 2Q profits, announces $1.8 billion share buyback

November 10, 2019

JAPAN – Japan’s biggest automaker, Toyota Motor Corp has announced that its profits rose by 14% to 662.3 billion yen (US$6.1 billion) for the three months ending September 30. The Automaker also announced that it will buy back shares worth US$1.8 billion. Toyota’s impressive performance beat an average forecast of 592.3 billion yen (US$5.42 billion), […]

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GM offloads idle Ohio assembly plant, new owners to convert facility to electric car manufacturing hub

November 8, 2019

UNITED STATES – General Motors Co has confirmed that it has sold its shuttered Lordstown Assembly plant in Ohio to Lordstown Motors Corp, a start-up that has an ambitious plan to begin building electric pickup trucks by the end of 2020. General Motors revealed its plan to stop operations at the Ohio facility in November […]

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Brazil’s paper industry giant Klabin secures US$280m loan from IFC to increase capacity and enhance efficiency

November 7, 2019

BRAZIL – Brazil’s largest producer, exporter and recycler of packaging paper, Klabin has secured a US$280 million for its Puma Project II from the International Finance Corporation (IFC). IFC said in a statement that financing to one of the largest producers of paper in Latin America will support the company’s growth as well as improve […]

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German industrial conglomerate Thyssenkrupp to invest US$279m at shipbuilding division

November 6, 2019

GERMANY – Thyssenkrupp has announced plans to invest 250 million euros ($279 million) at its unit that builds submarines and warships, the German industrial conglomerate said on Monday. The investment comes days after the group said it would invest a similar amount in a new hot-dip coating facility at its steel division, Steel Europe. The […]

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IFC, GAFSP invest US$22m in Ethiopia’s Soufflet to Boost Local Malt Production

November 3, 2019

ETHIOPIA — The International Finance Corporation (IFC) and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP) have announced a US$22.33 million (€20 million) investment in Soufflet Malt Ethiopia to help the company build and operate a malting plant in Ethiopia. The greenfield investment will help Soufflet Malt Ethiopia, a subsidiary […]

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Ford discontinues halts production of Ford Flex and Lincoln MKT, plans to lay off workers

October 29, 2019

CANADA – America’s second largest car manufacturer, Ford Motor Co has announced plans to cut about 450 jobs at its Oakville assembly plant in Ontario, as it discontinues production of the Ford Flex and Lincoln MKT, Reuters has reported. According to Ford spokeswoman Kelli Felker, the layoffs will occur in early-2020 after Ford discontinues production […]

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Chinese textile manufacturer inaugurates US$220m manufacturing plant in Ethiopia

October 23, 2019

ETHIOPIA – Chinese textile manufacturing giant, Wuxi No. 1 Cotton Textile PLC, has inaugurated its US$220 million textile manufacturing plant in Ethiopia. The factory is in Ethiopia’s eastern Dire Dawa City, at a strategic location that is adjacent to a major crossing point of the Chinese-built Ethiopia-Djibouti Standard Gauge Railway therefore making it easier for […]

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Tesla set to become first foreign automaker to operate a fully owned car plant in China

October 17, 2019

CHINA – American automotive and energy company Tesla Inc has received an approval from the Chinese government to set up a manufacturing plant and commence operations in the second largest economy in the world. China’s industry ministry said in October this year that it had added Tesla to a government list of approved automotive manufacturers […]

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Ghana moves to restore trade ties with Czech Republic

September 29, 2019

GHANA – Ghana has intentions of reviving its trade ties with the Czech Republic which date back to the 1950s when the European country set up industries in the West African nation. Ghana’s intentions were made clear by its Foreign Minister, Shirley Ayorkor Botchwey  during a meeting with her counterpart from Czech Republic, Tomas Patrick, […]

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