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Showing posts from August 11, 2010

Ethiopia PM says will probe coffee export defaulting

By Barry Malone Reuters August 11, 2010 Ethiopia's Prime Minister Meles Zenawi said on Wednesday he would look into claims Ethiopian coffee exporters have been defaulting on contracts since U.S. arabica futures hit a 12-1/2-year high. Sources at the Ministry of Agriculture in Addis Ababa told Reuters they were aware of several complaints from European buyers and were investigating how widespread the defaulting might be. Meles said he had not previously been aware of the claims but that he would investigate them. "If indeed our companies are improperly defaulting on their contracts, then the government has a responsibility to enforce the law and see that contracts are implemented or the necessary penalties are substituted," Meles told reporters. Ethiopia is Africa's biggest exporter of coffee. The ministry of trade this week told Reuters the country earned $528 million from exports of the bean in the 2009/2010 season, rebounding from a poor $375.8 millio...