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Egypt: President Al-Sisi swears in New cabinet.

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Egypt swore in a new cabinet on Thursday, replacing key ministers including finance, defence and interior in a major reshuffle after President Abdel Fattah al-Sisi won a second term in office.

The new cabinet marks the broadest shake-up in Egypt’s government since Sisi first took office in 2014, as the Western- allied nation grapples with an Islamist insurgency and tries to put the economy back on track after years of turbulence since 2011 protests toppled veteran leader Hosni Mubarak.



Mohamed Ahmed Zaki was named as minister of defence, replacing Sedki Sobhi, who has overseen Egypt’s efforts to quash an Islamist militant insurgency in the Sinai peninsula that has seen scores of security forces killed in recent years.

Mahmoud Tawfik was appointed minister of interior, replacing Magdi Abdel Ghaffar, who has held the post since 2015.

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Mohamed Maait, deputy finance minister in the outgoing cabinet, was promoted to minister, replacing Amr El Garhy, who has helped to lead economic reforms tied to Egypt’s three-year $12 billion IMF loan programme.

Other key changes include Amr Adl Bayoumi appointed minister of trade and Ezz el-Din Abu-Steit to minister of agriculture.

Sisi won re-election in April with 97 percent of the vote after a campaign season that saw a top challenger jailed and all other serious contenders pulling out.

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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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