Content: Fortune News

  • Ministry Embarks on National Sanitation Survey

    The government kicked off the second sanitation survey using 4,075 tablet computers procured for 2.1 million dollars by the African Development Bank (AfDB). To be held across the regional states and two city administrations, the survey includes documenting both government and private facilities for potable water and sanitation quality. The survey will also include recording […]

  • Betty G – Engages Positively

    Bruktawit Getahun, Betty G for her fans, would have loved to be around for the Battle of Adwa and thinks of robots as square and scary. Third daughter to her parents, anchored but not confined, there is not a challenge in her life she would rather not have faced. She waxes philosophically to describe herself and her life, recounting icons of the great musical Gold Age of Ethiopia as her dream collaborators. Her interest in music coasts between grunge, country, rock and pop, a style that inspires her work. Her career has been on an upward trajectory since the release of her first single in 2012. Her second album, selling around 30,000 copies, was released to acclaim, winning the 33-year old the best album award at the All African Music Awards last year. Betty, viewing the world from above the fray, sat down with FORTUNE’S OP-ED EDITOR, CHRISTIAN TESFAYE.

  • Ministry Manoeuvres Toward Digital Economy

    The Ministry of Innovation & Technology is revising its 15-year-old policy in a bid to digitise the nation’s economy. Revising the national science, technology and innovation policy in collaboration with the United Nations Conference on Trade & Development (UNCTAD), the Ministry aspires to lead the economy toward tech-led growth. Failure to align with different sectors, […]

  • Police Partially Wind Down Investigation of Ex-MetEC CEO

    Judges at the Federal High Court gave prosecutors 10 days to charge Kinfe Dagnew (Maj. Gen), founding CEO of the state military conglomerate Metals & Engineering Corporation (MetEC), who is suspected of corruption. Last Monday, the prosecutors received the case from the Federal Police, who have been probing Kinfe, for the past two months. On […]

  • Reform Reaches Regional Tax Authority

    The Oromia Revenues Authority is undergoing a massive restructuring, including transferring police and prosecutorial activities to the region’s attorney general. Initiated two months ago, the restructuring will be completed and implemented starting this month. Forming a new team to oversee tax audits, transferring police and prosecutors to another office and downsizing the structural division of […]

  • Justices Concede Judicial System Partisanship, Incompetence

    As the Supreme Court held their third meeting ever last week, the justices sounded a clear note of alarm. Proclaiming the supremacy of the law, they announced that the independence and competence of the judiciary system of the nation have been at risk in recent times. The Plenum was held on December 30, 2018, at […]

  • Dashen Buoys Profit, Dividend

    Dashen Bank, one of the leading private banks, declared a 14pc increase in net profit, registering 904.3 million Br during the last financial year. The Bank’s earnings per share (EPS) have shown a slight increase reaching 430 Br. The EPS represents 46pc of what it returned to shareholders five years ago. “The fiscal year was […]

  • Liquor Plant Makes an Entrance in Amhara State

    The nation’s 13th liquor processing plant is on its way to joining the market with an estimated investment value of 350 million Br in Cheke kebele, Amhara Regional State. Komari Beverages Plc will be the second liquor factory in Amhara Regional state to be owned by European investors and will have a production capacity of […]

  • Flour, Biscuit Factory Emerges in Awash

    A local trading company has invested 200 million Br to set up separate flour processing and biscuit manufacturing plants in Awash Melkasa town, seven kilometres away from Adama, Oromia Regional State. Built by Dina Gezahegn Import & Export, the two plants rest on 20,000Sqm of land and have a capacity of processing 820tn of flour […]

  • Ethio-Re Rebounds From Losses

    The lone local re-insurance firm, Ethiopian Reinsurance S.C (Ethio-Re), has reversed its loss record and registered a profit for the first time since its establishment two years ago. Ethio-Re reported a net profit of 78.6 million Br last fiscal year, paying out 1,515 Br a share. Substantial unearned premiums brought forward from the preceding year […]

  • Addis Bank Reports Lukewarm Profit

    One of the youngest entrants into the banking industry, Addis International Bank, registered a net profit of 112.9 million Br, an 18pc increase from the previous reporting period. Despite the moderate increase in profit, shareholders saw their dividend returns unmoved from two years ago, at 17pc par value. “The surge in capital and the new […]

  • RENT TREMOR

    In a move reminiscent of overnight capitalist reforms in the post-Soviet 90s, the Federal Housing Corporation sent letters to thousands of tenants of its commercial units in mid-December that sent shock waves through Addis Abeba’s business community. The Corporation, after conducting a market survey, slapped an average increase of 2,090pc on its state-owned units, effective […]

  • Shareholders Disrupt Hidasie’s Assembly

    The general assembly of Hidasie Telecom, a local telecom products and services distributor, was disrupted in a dispute following a demand by shareholders to remove the board of directors. The company’s sixth general assembly was called for last Sunday, December 23, 2018, to discuss three agenda: to hear last fiscal year’s financial report, to consider […]

  • MetEC Ousts Half of Employees

    The state-owned military-industrial conglomerate, Metals & Engineering Corporation (MetEC), which has been in hot water for the past four months, is shrinking by reducing its staff size by more than half. With 19,500 employees recruited from the military and civilians, the Corporation will be left with roughly 8,000 employees after terminations and transfers of employees […]

  • Board Removes State Printer CEO

    The board of the Berhanena Selam Printing Enterprise, the state printing press giant, dismissed Teka Abadi, CEO of the Enterprise, effective Friday, December 29, 2018. Chaired by Worku Guangual, state minister for Good Governance at the Office of the Prime Minister, the board appointed Shitawhun Wale, deputy executive officer in charge of the printing division […]

  • Hyatt Regency Adorns Addis Abeba

    Hyatt Regency is becoming the eighth international franchise hotel to join the hospitality industry in the capital with a soft opening to be held on December 31, 2018. Built to a five-star standard, the hotel is located five kilometres from Bole International Airport. The hotel features 188 guestrooms, including 12 suites, two executive suites, one […]

  • Court Grants Prosecutors Two Weeks to Charge MetEC Officials

    Judges at the Federal High Court gave prosecutors two-weeks press charges against 11 senior officials from the state military conglomerate Metals & Engineering Corporation (MetEC), who have been detained under suspicion of grand corruption. During the court session held on Thursday, December 27, 2018, investigators from the Federal Police reported that they have completed their […]

  • Abyssinia Bank Exec Joins Fintech Firm

    Premium Switch Solutions (PSS), the electronic solutions share company that operates the electronic payment systems of six banks acquired Yoseph Kibret, former chief information system officer of Abyssinia Bank, as its new CEO, effective January 1, 2019. Before joining Abyssinia four years ago, Yoseph, who has a quarter century of experience in the financial sector, […]

  • Grow or Give Up Licenses: Bureau to Small Businesses

    The City Small & Micro Enterprises Development Bureau is drafting a directive to compel small and micro-enterprises (SMEs) to upgrade themselves to medium level after five years of programme participation. The Bureau has been working on three different directives that focus on three areas – upgrading enterprises, creating market linkages and formation and registration of […]

  • Board Creates Data Centre for Financial Info

    The Accounting & Audit Board of Ethiopia (AABE) invested five million Birr to build a data centre that will store information on companies that report to the 12-member Board. The new data centre is located at AABE headquarters in Sidist Kilo, and its goals are to store and transfer information smoothly, according to Abebe Shiferaw, […]

  • Belcash to Launch Online Commerce Platforms

    Two e-commerce platforms, which will enable online commerce locally as well as allow buyers outside the country to transact in goods available domestically, are set to be launched by Belcash Ethiopia. Hellomarket will be the platform used for local transactions, enabling buyers to order, deliver and pay for goods through electronic banking services. Belcash has […]

  • Nib Pays Private Industry Record Claim

    Nib Insurance Company, one of 17 private insurance firms, paid out record high claims in the private industry during the last fiscal year. The firm registered 308 million Br in claims in the last fiscal year, a 23pc increase. In the reporting period, Nib’s competitor United reported 232 million Br; Awash, 284 million; and Nyala, […]

  • New Board Leads Policy Bank

    The Development Bank of Ethiopia received a new board of directors chaired by former senior staff of the United Nations, Tegegnwork Gettu (PhD). Tegegnework replaced Shiferaw Shigute and another six new board members including Yohannes Ayalew (PhD), director of the state think-tank; Tefera Deribew, former minister of Agriculture; Umer Hussien, current minister of Agriculture; and […]

  • Premier Appoints Aide New Investment Chief

    Prime Minister Abiy Ahmed (PhD) has appointed one of his aides to serve as the new investment commission, replacing Fistume Arega. Abebe Abebayehu, a lawyer by training, is the new Commissioner of the the Ethiopian Investement Commission (EIC). He had served as a deputy before he was moved to the Prime Minister Office, following his […]

  • Macro Economist Joins CBE Board

    Eyob Tesfaye (PhD), a macro economist working for the UN, has been appointed by the administration of Prime Minister Abiy Ahmed to serve the state owned Commercial Bank of Ethiopia (CBE) as a director of its board. The CBE has nine directors, including its chairman, Ahmed Abitew, former minister of Industry. Although it is the […]