Another Textile Factory Folds



After repeated attempts to transfer the ownership of troubled multimillion Br textile company Saygin Dima, the Commercial Bank of Ethiopia (CBE) has taken control of the company. The bank is still looking into options fo...


Dam If You Do, Dam If You Don’t


Gibe III dam takes hydroelectric power to a stratosphere level. A decade under construction and few months in to producing energy, it was officially inaugurated in the presence of Prime Minister Hailemariam Desalign, Sil...


Soft Drinks Lose Fizz as Gov’t Shuts Down Factories


In an unprecedented move, a government agency has ordered the shutting down of two soft drink bottling plants and ordered the recall of the products. The Ministry of Trade has shutdown the MOHA Soft Drinks plant in Ha...


Factory Owners Skip Town, Investors Cry Foul


The foreign owners of Else Addis Industrial Development Plc have abandoned their factory and left the country to escape unpaid loans, taxes and customer payments amounting to one billion Birr, two weeks ago. Development...


Plunging Profits at Cooperative Bank Raise Alarm


The Cooperative Bank of Oromia (CBO) has reported an eightfold decline in its profit, from 312 million Br to below 40 million Br. This kind of a slide is rare in the private banking industry. “This is a very shockin...


Royal Tulip Enters Ethiopian Market


Louvres Hotel Group has signed a 20-year management agreement with Begez Business Group to run the Royal Tulip Plaza Addis Abeba Hotel Luxury Style Collection. The agreement was signed by Sebsebe Teklu, the chairman of B...


United Boosts Capital, Shareholder Return


United Bank S.C. has shown a profit of 339 million Br this year, 20pc higher than last fiscal year. The bank’s growth rate is higher than the average rate of growth of medium banks, a category that includes Nib Bank...


New Chairman Takes Helm at Development Bank


Shiferaw Shigute, the former minister of education and former board chairman of the dissolved Construction & Business Bank, has been tapped as the new board chairman of the Development Bank of Ethiopia (DBE). He repl...


Alleged Elaborate Heist Busted


Seven defendants suspected of stealing steel bars from the Addis Ababa Saving Houses Development Enterprise were charged and brought before the 15th Criminal Bench of the Federal High Court. The defendants are charged wi...


Cassation Bench Axes Trademark Dispute


The long court ordeal between Addis Ababa Foam and Plastic Factory and New Flower General Trading on the issue of trademark and unfair competition reached its conclusion after the Cassation Bench rejected Addis Ababa Foa...


Nile’s CEO Departs, profit Down


Nile Insurance‘s CEO has stepped down following declining profits for the second year in a row. The firm confirmed that Melaku Sissay left his position on December 15, 2016, and has been replaced as CEO by the board...


New Policy to Ensure Labour Safety


The Confederation of Ethiopian Trade Unions has tabled a draft policy document concerning labour safety in work places. The Union already finalized the policy entitled "Labour Safety & Health Protection" for final ap...


Defense Enterprises Establish New Share Company


Two state-owned defence construction companies are teaming up with a U.S.-based company to create a share company to manufacture building materials. The new company, Legendary Defense Products, was formed by Defense Ente...


Teshome G. Mariam Passes Away at 86


Teshome Gebremariam Bokan, a prominent corporate lawyer, has passed away on Friday, December 16, 2016, at the age of 86. He passed away on his birthday while away on a business trip to Namibia, according to people close...


Power Players


The Gibe III Hydroelectric Project was inaugurated by Prime Minister Hailemariam Desalegn on December 17, 2016, two years behind its initial completion schedule. Hailemariam congratulated Azeb Asnake, CEO of Ethiopian El...


Results from Gambella Commercial Farms Disappointing


Massive loans poured over the years into commercial farms in the Gambella Regional State have results with 84pc spending on the intended purposes, but with disappointing results of productivity that is a fraction of the...


Editorial

The news that the Administration of Prime Minister Hailemariam Desalegn...


Agenda

Ashenafi Beza has been in the business of renting out construction mach...


Fineline

The manner in which the current leadership of the O...


Commentary

With the rush to develop Ethiopia and make the country one among middle...


Viewpoint

A recent World Bank report entitled, “Why So Idle? Wages and Emp...


Opinion

The dark specter of evil (the begetter of war) smiles upon this earth,...


View From Arada

When people travel to a new city or town, they might notice the transpo...


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