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Egypt approves cabinet reshuffle

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Egypt’s parliament approved on Sunday a cabinet reshuffle including four new ministers, government sources said, two months ahead of a scheduled presidential election.

The reshuffle included the appointment of Abu Bakr al-Gendi as minister for local development, Rania al-Mashat as tourism minister, Enas Abdeldayem as culture minister and Khaled Badawy as public enterprise minister.

Two new ministry deputies were also appointed in the reshuffle.

Housing Minister Mustafa Madbuly will continue to serve as interim prime minister while Prime Minister Sherif Ismail recovers from surgery, government sources said.

Egypt is set to hold a presidential vote on March 26-28, with a run-off on April 24-26. Candidates must register between Jan. 20 and 29.

Egypt’s last cabinet reshuffle was in February last year and included new investment and agriculture ministers.

Business

Absa became the new competitor on the Ethiopia market.

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Absa Bank Of South Africa’s  has become the Latest Multinational Corporation to show Interest in Organizing the Ethiopia market.

Ethiopia has since Prevented Foreign Ownership in Economic Sectors that Includes Banking but Abiy Ahmed has began to take fast Action on the issue since he came to power in April.



Jason Quinn, the bank’s chief financial officer, told reporters that Absa was investigating on how and where to enter in a number of populating market, including Nigeria and Angola.

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Am Entrance made into the Ethiopia market of 100 million People, would be part of a Scheme made by Absa after it break from Britain’s Barclays in 2017.

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Ethiopia has plans to liberalise state-owned companies including Ethiopian Airlines, Ethio Telecom, Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Power, in order to attract foreign direct investment and stimulate growth.

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Motherland News

Black box of the Ethiopian Airline Crash recovered.

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The United Nations described the Sunday crash of the Ethiopia airline as disastrous saying it has cost them a great loss.



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Michael Moller, director-general of the U.N. European head garters said this was the worst loss suffered in years in Geneva in a statement where 150 people where gathered.

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Investigators in Ethiopia have recovered the black box from the ill-fated Ethiopian airline this Sunday.

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