Content: Fortune News

Authorities are set to introduce a new rule to enable businesses trading on the floor of the Ethiopia Commodity Exchange (ECX) to invest the settlement guarantee funds they deposit when they first acquire seats. It will soon be open for reinvestment if an amendment in the making wins approval. None of the funds deposited with […]

In a dramatic turn of events on Saturday, units of the Federal Armed Forces entered and captured the city of Meqelle, over three weeks after a military confrontation in Tigray Regional State began. Late evening the same day, senior officials of the federal government, from Prime Minister Abiy Ahmed (PhD) to Deputy Prime Minister Demeke […]

Saturday was not a good day for Chekol Mestet, 50, a farmer and father of five in Girara Kebele of Amhara Regional State. Early in the morning, he found the hectare of land he ploughs three times a year was infested by Schistocercagregaria, a species of grasshopper better known as the desert locust. Chekol, who […]

The Ministry of Agriculture has received 40 pickup trucks in its fight against the spread of desert locusts. The vehicles will enable the Ministry to spray farms and conduct ground surveillance. Donated by the Food & Agriculture Organisation (FAO), 22 of the vehicles are single cabin pickups and will be used to mount sprayers. The […]

Ethiopia has an increasingly high need for humanitarian assistance, estimated at more than 1.4 billion dollars, due to the compounded issues of the Novel Coronavirus (COVID-19) pandemic, locust invasions, conflict and floods, according to a recent report by the United Nations Office for the Coordination of Humanitarian Affairs. Released on October 6, 2020, the report […]

The Ethiopian Agricultural Transformation Agency (ATA), in partnership with Mercy Corps and the Ministry of Agriculture, has developed and availed a WhatsApp desert locust hotline for businesses. The new hotline will provide emergency services and support the government through ongoing data collection and surveillance work regarding the recent locust swarm in the country. Information about […]

A subcommittee formed to handle legal issues related to Ethiopian Airlines Flight 302 that crashed early last month has started the process of crafting a strategy to quantify the loss incurred to proceed with a compensation claim. Formed under a steering committee chaired by Dagmawit Moges, minister of Transport, the team is led by the […]

The black box from the flight of ET 302, which crashed yesterday morning, has been recovered from the accident site in an area called Ejere between the towns of Bishoftu (Debre Zeit) and Modjo. Manufactured by Boeing, the 737 Max 8 aircraft was the second to crash in five months after Indonesia’s Lion Air. There […]

Ethiopian Airlines Flight 302 crashed this morning in a place called Ejere, between Bishoftu (Debre Zeit), and the town of Modjo. It was a brand new 737 supplied by Boeing in November 2018, according to Tewelde Weldemaruam, CEO of Ethiopian Airlines Group. “There is no issue of maintenance, and the aircraft is checked clear,” Tewelde […]

Tagesse Chafo (right), speaker of Parliament, chatted with Prime Minister Abiy Ahmed (PhD) as they made their way out of the legislative hall, while Shimelis  Abdisa, chief of staff to the Prime Minister Office, looked on. It followed one of Abiy’s sober addresses to MPs on the half-year performance of the federal government that touched […]

Eight companies are bidding to supply four million quintals of wheat valued at 3.2 billion Br, including a Dubai based trading house that has been suspended from entering into such bids in Ethiopia. Promising International Trading took part in the bidding process last week after securing a court order, which temporarily lifted the injunction order […]

The City Construction Bureau has taken over the responsibility of managing all construction projects in the capital with the primary aim of improving project administration. Deputy Mayor Takele Uma ordered public offices in the city on January 14, 2019, to transfer all ongoing projects to the Addis Abeba Construction Bureau. The new mandate enables the […]

Kinfe Dagnew (Maj. Gen), former head of Metals & Engineering Corporation (MetEC) who has been charged with grand corruption, brought preliminary objections in defence of the charges leveled against him. Kinfe, the founding CEO of the Corporation, has defended the three out of the four charges brought against him. Through his two lawyers Haftom Kesete […]

The city’s state-owned slaughterhouse corporation is building a primary wastewater treatment plant at its Aqaqi Qality facility for an estimated 40 million Br. Addis Abeba Abattoirs Enterprise’s plant, which will sit on 2,673Sqm of land, is expected to be completed in a year and will have the capacity to treat 200 cubic metres of water […]

Tiret Corporate, an endowment fund affiliated with the Amhara Democratic Party (ADP), is investing 47 million Br to build a dairy processing plant in Amhara Regional State. TZA Dairy Production & Processing S.C, which will rest on 133ha of land in Tulefa town of Hagere Maryamena Kesem wereda of North Shoa zone, is designated for […]

A depot that accommodates 850 buses is being built at the premises of the headquarters of the Anbessa City Bus Services Enterprise in Yeka district. The construction is expected to commence next May. Resting on 10ha of land and consisting of four-storey bus bays, it is expected to be able to maintain and inspect 50 […]

Claim control has helped Berhan Insurance, one of the nation’s younger insurance firms, to register a 114pc profit increase in the past fiscal year. Berhan, which lost seven million Birr two years ago, netted 20.6 million Br profit in the last fiscal year, which allowed the firm to increase shareholder returns to 22pc of par […]

Two deepwater wells, which will supply potable water for 40,000 people, are being built in Debre Birhan at a cost of 42 million Br. The projects in the Atakilt Kebele are being financed by the city’s Water & Sewerage Service Bureau. The Lutheran and Baresa deep wells will have the capacity to pump 22ltr and […]

Political uncertainty and the severe foreign exchange crunch in the economy has dragged down the growth rate of Nib Bank during the last fiscal year. The 19-year-old Nib did, however, manage to increase its profit by four percent to 514.85 million Br. This growth rate is much lower than the previous year, which stood at […]

Dawit Yohannes, former Speaker of parliament, has died today in New York, at the age of 62. Dawit had served as Speaker of the house for two terms beginning 1995. He was the first Speaker to have served in such position after the current constitutional order was installed. He was succeeded by Teshome Toga, now […]

Mohammed Hussien Ali Al-amoudi (Sheikh) in Jeddah yesterday afternoon, right after his release, spending more than a year in Saudi prison. He was one of the many royal family members and billionaires arrested following a wide crackdown by Mohammed bin Salman al Saud, the Crown Prince of Saudi Arabia.

President Sahle-Work Zewde comfort one of the patients of Cure Ethiopia at children’s Orthopaedic Hospital in Addis Abeba. Joined by Rick Gardner (MD), medical director of Cure Ethiopia, the President comforted children undergoing corrective treatments at the hospital for bone and muscle deformities. Sahle-Work’s visit on the morning of January 22, 2018, marked the 10th […]

Electric utility bill payments services, which have been handled by Kifiya Financial Technologies, will be entirely moved to the Commercial Bank of Ethiopia (CBE) by the end of this fiscal year. The services will be switched to the state-owned bank when the agreement between the Ethiopian Electric Utility (EEU) and Kifiya Financial Technologies expires at […]

The Central Statistical Agency (CSA) has revised the Consumer Price Index (CPI) for a basket of goods and services, prices set as the basis for inflation rate measurements. The update was made on the major weighted index – major indicators – replacing a base year that is used for comparison in the measure of the […]

Three international companies are vying to supply technologies to analyse customers’ interactions and to integrate management systems of the nation’s two federal investment agencies. The offers placed by the bidding companies are far higher than the budget allocation prepared by the International Development Association (IDA) of the World Bank. IDA allocated one million dollars to […]