The timetable for the negotiation process over the third rescue package for Greece is difficult to be met, German news magazine Focus said, citing a German officials assessment.

Consequently, as it is noted, the German Parliament meeting that had already been planned for mid-August should be deferred.

Analysts criticize that the negotiations timetable followed by the European Commission is extremely pressing, the report continued, explaining that the whole process should be completed by August 10 and 11, when the Finance Ministers will give their consent before the agreement is ratified by the parliaments of Eurozone member-states and voted by the Greek Parliament.

This delay can cause serious payment problems in Greece, as the Greek government has to pay 3.2 billion euros to the European Central Bank (ECB) by August 20, the article said, revealing that some European Commission circles have already been seeking for new financial sources.

Analysts also estimate that there will be a new capital injection by the European Financial Stability Facility (EFSF), however, it would be difficult, taking into account that the European Union member-states that are outside the Eurozone may seek for exemptions on guarantees level again, the magazine concluded.



McGraw Hill Financial Inc. is nearing a deal to acquire SNL Financial LC in a deal valued at more than $2 billion, including debt, according to people familiar with the matter.

SNL Financial, which is based in Charlottesville, Va., provides data, commentary, and services for banking, real estate, energy and other sectors. Talks are in the late stages and the deal could be announced as early as Monday, the people said.




In his Manhattan Supreme Court session, the iconic rapper testified that his lavish lifestyle--well-documented in his music and in social media-- was all a ruse for the public.

Its entertainment.

Legally named Curtis James Jackson III, 50 Cent is currently facing a $5 million lawsuit from Lastonia Leviston after releasing a private sex tape that involved Leviston and a certain Maurice Murray.

However, the shamed rapper did apologize to Leviston in court while also trying to keep a happy persona. The seven-figure lawsuit apparently cornered 50 Cent, and he was forced to claim the falsity of his over-the-top standard of living.

The rapper made numerous songs than involve or even outright boasts of his wealth, like I Get Money, Straight to the Bank, and PIMP and had many videos that feature shiny bling and luxury cars.

I borrowed them.

Apparently, 50 was not shy in denying the full ownership of the fancy jewelry that seems to never separate from him.

Those thick golden chains surrounded by diamonds were, according to the rapper, just temporarily his. In fact, he stated that he only owns a few gold chains and three or four watches including the one that he wore in court.

His motorized beauties that include a Ferrari and a Bentley? Also rented. His recently bought Rolls-Royce? Not bought but traded for two other luxury cars that include his Lambo.

Jackson also went on to explain his paltry earnings that include 10 cents per record (at least give him 50), and the lower end of six-figure totals from his movie appearances in Spy and the boxing movie Southpaw.

However, the plaintiffs lawyer was not giving 50 Cent any credit for his denials, noting the various financial sources the defendant has. Philip Freidin mentioned the rappers successful career, acting stints, a Connecticut mansion formerly owned by Mike Tyson, and numerous deals from clothing, beverage, and record companies that total up to $200 million.

I need protection.

Despite all of his wealth in paper -- Forbes lists his net worth at $150 million -- Jackson surprisingly filed for bankruptcy last week. He and his lawyer claimed that 50 Cent was now just worth around $4 million, and thats not including the $5 million dollar he owes in damages.

Its tough to say whether Jacksons confession will have any bearing in his court battles, or if its even true in the first place.

[Image by Noam Galai, Getty Images]



ADDIS ABABA - When US President Barrack Obama arrives in Addis Ababa on Sunday, it will be hard for him to ignore the Chinese-funded and built $475 million Addis Ababa Light Rail Project (AALRT), the Chinese-financed new African Union headquarters and the many road construction projects that are also being undertaken by the Chinese.

While locals in Addis Ababa frequent American movies (as well as movies in Amharic, the official language of Ethiopia), eat at American-lookalike eateries through locally owned Pizzerias and Burger joints and chat on their i-Phones, the Chinese have made inroads in infrastructure, from hard infrastructure like hydro-electric power plants and telecom projects to soft ones like the Huawei Smartphone.

Many feel that the US has lost ground in Ethiopia and generally across Africa to the rising economic superpower China and to a lesser extent to newcomers like India and Turkey.

That's's not a feeling shared, at least publicly, by US government officials.

Michael A. Battle, who served as US Ambassador to the African Union (AU) until 2013, admits that while Chinese projects may be the most visible ones because of their focus on infrastructure, when it comes to health and education, the US helps a lot, working in partnership with countries like Ethiopia.

"The US has been showing commitments to Ethiopia with various initiatives made by former and current US Presidents, with the Power Africa scheme being the latest example," said Battle.

Indeed about half of Ethiopia's health budget comes from external financial sources, including the European Union and the US.

Ethiopia has immensely benefited in cutting mother-to-child HIV/AIDS transmission rates especially as a result of the President's Emergency Plan For AIDS Relief (PEPFAR), a US governmental initiative to address the global HIV/AIDS epidemic and help save the lives of those suffering from the disease, primarily in Africa launched by ex-US President George W. Bush and continued by Obama.

Ethopia has also benefitted, though far more modestly, especially in the textile and leather sector, from the African Growth and Opportunity Act (AGOA) which was introduced by former President Bill Clinton and also continued by Obama.

It gives qualifying African countries duty-free access to the lucrative US markets for most of their exports.

Ethiopia is also expected to be a one of the first five African countries to benefit from the Power Africa scheme which Obama announced during his previous trip to the continent two years ago, to light up the electricity production capacity of the continent.

The scheme gives financial and other help to power companies based in the US or run by US nationals to invest in the continent's power infrastructure.

Ethiopia has recently lifted its 50 Megawatt cap on private investors generating power and selling it to the government, partly in order to benefit from Power Africa.

While most US investments are larger ones involved with the government, there is a small but growing private sector investment from smaller US companies.

One is Juniper Glass Industries Private Limited Company (PLC) a subsidiary of Roha Ventures owned by US national Brooks Washington which is investing close to $50 million for a glass bottle factory to meet the demands of Ethiopia's rapidly increasing alcoholic and beverage industry.

Washington, an African American investor, which is itself unusual, said the factory located about 110km north of the capital city Addis Ababa was part of his company's plan to invest in greenfield and early stage manufacturing companies.

"I think for us the future is we're going to keep growing," he said, adding that he was planning to construct a furnace to manufacture glass.

Last year another US firm made the largest investment so far by a US company into an Ethiopian firm, $200 million in Afriflora, a flower company that grows 730 million flowers a year in Ethiopia for export.

Ethiopia is competing in the floriculture and horticulture sector with neighboring Kenya, enticing foreign investors with cheap labour, better infrastructure and better security.

The flagship national carrier Ethiopian Airlines is also the biggest customer in Africa for Boeing the American manufacturer of large passenger jet aircraft such as the 787 Dreamliner.

According to Zemdeneh Nigatu, managing partner of the accounting firm Ernest and Young Ethiopia, himself a former resident of US of Ethiopian origin, the aviation sector, which heavily depends for its aircrafts and supplies from the US, was the country's top revenue earner at 4.2 USD billion last year, easily heavily beating Ethiopia's most famous agricultural export, coffee.

Obama will undoubtedly want to boost his trip with even more US investments and partnerships with Africa's second most populous nation at 94 million plus and one of the continent's fastest growing economies.

- Africa News Agency



opinion

Taxation is a long practice since the establishment of governments all over the world. Every government to run its administrative work efficiently needs finance that is usually generated from citizens in the form of tax and non tax income. Nowadays because of the multifaceted value of tax paying, tax has become a mark of responsible citizenship. However, as the governments expenditure increases from time to time for the enhancement of development the tax base must be broaden. In addition to that, other domestic financial sources also should be channeled to the governments treasury.

The Education and Communication Directorate Director at the Federal Revenue Authority Ephrem Mekonnen said that the government revenue generated from tax shows ascending trend; it has been rising from the 50.8 billion birr in the year 2003 to 116 billion birr by the year 2007. There are many factors that can be mentioned for this to happen. Among these, the growing of the culture of paying tax and developing sense of citizenship counts high share.