• Short Summary

    Ethiopia's progress towards the socialist objectives announced by the country's ruling Provisional Military Council in December went one step further in the first days of the New Year.

  • Description

    Ethiopia's progress towards the socialist objectives announced by the country's ruling Provisional Military Council in December went one step further in the first days of the New Year.

    As the National Work campaign continued in the streets of the capital, Addis Ababa, the Provisional Military Council announced on 1 January the nationalisation of all banks, mortgage corporations and insurance companies, many of them under partial foreign ownership.

    The newly-nationalised banks include the Commercial Bank of Addis Ababa -- 40 per cent owned by a British banking firm -- and the Ethiopian subsidiaries of Italy's Banco di Roma and Banco di Napoli. Mortgage companies now under government control include the Home Ownership and Savings Association, over half of the capital of which was donated by the United States. Life insurance firms taken over number the Ethiopian-American Life Insurance company, in which United States share-holders have a 70 per cent interest.

    The Council's nationalisation announcement added that "appropriate compensations will be paid in future to the shareholders" of the affected enterprises, but no further details were given."
    The Provisional Military Government has pledged to turn the country into a socialist state with a one-party system, direct government control over most of the economy, and collective farming on state land.

  • Tags

  • Data

    Film ID:
    VLVA7RA1ARRCVLK5O6PND5DV4JOWL
    Media URN:
    VLVA7RA1ARRCVLK5O6PND5DV4JOWL
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    05/01/1975
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:00:00
    Time in/Out:
    /
    Canister:
    N/A

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