Content: Fortune News

The government of Ethiopia is going to invest one Billion Birr to construct a new headquarter for the World Meteorology Organization’s (WMO) African Regional Office, a United Nations Agency which is relocating to Ethiopia from Geneva, Switzerland. The 11-storey building that sits on a 35,000Sqm lot will also house the National Meteorology Agency (NMA); and […]

A local event organiser and promoter won the bid to present the next Christmas holiday bazaar and exhibition by placing the highest ever bid price paid for the venue. Habesha Weekly Promotion won the bid for Addis Abeba Marketing & Development Center by offering 26.2 million Br for 21-day rental of the exhibition space for […]

Six local companies are vying to supply 82 elevators with an estimated cost of 134 million Br for housing units being built for middle-lower income housing schemes. Racrob Business, Sintec Ethiopia, Mekong General Trading, Desta Alem, Dan Lift Technology and Tsemex Global Enterprise are the companies that qualified during the preliminary screening stage to supply […]

A new agency tasked with the development and safekeeping of river basins and green areas of Addis Abeba is to be established by the City Council. A proclamation for the establishment has been drafted by the city’s Planning Commission last year.  The proclamation has since been put up for discussions by different offices that will […]

Two international companies are vying to supply steam coal which will be distributed to cement factories operating in the country. The procurement would likely cost the country close to 50 million dollars. Glencore International AG and Heidelbergcement (HC) are the two companies contending to supply 650,000tn – 850,000tn of steam coal. The tender was floated […]

The nation’s football federation is attempting to acquire a five-storey headquarter building for the fourth time. The acquisition would cost the federation over 70 million Br. The Ethiopian Football Federation (EFF) has announced the bid last Sunday, July 8, 2018. The previous three attempts failed after the tender process was finalised and the Federation was […]

The Addis Abeba City Administration’s Auditor General’s Office uncovered 767.8 million Br of audit gaps and financial irregularities in the last fiscal year Sixty of the city’s agencies had their financial conditions audited out of 70 that were initially targeted. The Auditor General, Tsegewoyen Kassa, evaluated 65pc of that fiscal year’s budget for the city, […]

The Labour Union of the state-owned giant Commercial Bank of Ethiopia (CBE), and the management of the bank are in dispute as CBE undergoes restructuring. The Labour Union, which has a total of 29,000 active members, opposes the planned restructuring claiming it overlooks benefits, salaries and promotions. Since the restructuring process began at the managerial […]

Parliament unanimously passed the federal government’s budget for 2018/19 last Friday, July 6, 2018. Standing at 346.9 billion Br, it is five percent lower than the previous year’s budget in dollar terms. Over two-thirds of the budget is expected to be covered by tax revenues, and the balance from what state enterprises generate in profites, […]

The Ethiopian Revenues & Customs Authority (ERCA) has rejected a claim made by Huawei Technologies Ethiopia Plc of paying trademark royalties to its mother company. Accordingly, the company is compelled to settle 100 million Br in tax on the expenses it claimed as trademark royalties. A few months ago, the company was required to pay […]

The Office of the Prime Minister has ordered the Ministry of Communications & Information Technology (MCIT) to transfer the lone ICT-Park, a.k.a Lemi Valley,of the country to the Industrial Parks Development Corporation (IPDC).  The MCIT is in charge of Ethio telecom and the Ethiopian Postal Service. Lemi Valley was not transferred to the IPDC as […]

With all the anxiety and reservation of the tax revenue’s ability in covering 68pc of this year’s budget, the legislators have approved a 346.9 billion Br budget for the newly started fiscal year. Parliament has unanimously approved the budget, which is characterised to be austere as it is lower than the previous years’ when converted […]

Two construction companies won bids to construct 22-grain silos, designed to be used in case of disasters in two regional states, for a total of 1.45 billion Br. The Chinese Zhongyang Construction Group and the local grade one contractor, 3M Engineering & Construction Plc, each won 1.1 billion Br and 342.3 million Br, respectively to […]

Ethiopia requires 118 million dollars in humanitarian assistance for the nearly one million internally displaced people following inter-regional disputes of Gedeo and West Guji zone. The funding is needed to provide food, water, sanitation and other non-food items. Food assistance takes up the largest share of the need at 62.3 million dollars, while 20.5 million […]

Addis Abeba City Administration is set to construct complexes to rehabilitate displaced farmers in five of its districts at a cost of 420 million Br. The beneficiaries of the project will be farmers who were displaced as a result of infrastructure development, public housing and transportation projects beginning in the mid-1990s from five districts including […]

Headline inflation, which has been falling for the past three months, went up to 14.7pc in June, according to the latest consumer price index from the Central Statistical Agency (CSA). The rate is marked as the third highest in the fiscal year that recently ended, which had an average headline inflation rate of 13pc, the […]

Ethiopian Roads Authority (ERA) is spending 5.5 billion Br to upgrade and construct 279Km roads in four regional states of the country. The roads are located in Amhara, Oromia, Benishangul Gumuz and Southern Nations, Nationalities, and Peoples’ Regional states. Four companies, Sunshine Construction, Grampia Building Plc, Cross Land Construction Plc and Tsion Construction Plc are […]

A Korean leather-bag manufacturer generated 33,344 dollars in its first export of Michael Kors (MK) handbags, one of the world’s trendy products, to Europe and New Zealand. The export-oriented company, Pungkook Ethiopia Bags Manufacturing Plc, made its first export of 1,043 purses last week, selling the bags for a unit price of 32 dollars. The […]

blueMoon launches an innovation laboratory dedicated to growing productivity in the agriculture sector. For its establishment, the Danish International Development Agency (DANIDA) has pledged 1.1 million dollars. During the 2018 ICT-Expo held at Millennium Hall, blueMoon – an agribusiness, agri-tech incubator and seed investor – held a signing ceremony for the grant agreement with the […]

The two state banks, the Commercial Bank of Ethiopia (CBE) and the Development Bank of Ethiopia (DBE) have received new heads, Bacha Gina and Haileyesus Bekelle, respectively. Sintayehu Woldemicahel (PhD), director general of the Public Financial Enterprises Agency, assigned Bacha, former vice-president of Cooperative Bank of Oromia, as the new president of CBE replacing Bekalu […]

A high-level Eritrean delegation, led by Osman Saleh Mohammed, foreign minister, and Yemane Gebreab, advisor to the President, arrived in Ethiopia on June 26. They were invited to a state dinner hosted by Prime Minister Abiy Ahmed (PhD) at the National Palace the same evening. Government Communications Affairs Minister Ahmed Shidie, Yemane, Foreign Minister Worqeneh Gebeyehu […]

A Turkish company with an outstanding loan balance of half a billion Birr is embroiled in a dispute with the Development Bank of Ethiopia (DBE), its creditor, for paying what its senior bank managers believe is ‘exaggerated’ salaries to its expat employee. The company has made no payments on its loan since its entrance into the […]

An advisory council, composed of 13 members, has landed to reform anti-terrorism, mass media and civil society laws, which have been criticised for restricting the political space in the country and limiting freedom of expressions. The Advisory Council for Legal & Justice Affairs is tasked with supporting the Office of the Attorney General in reforming […]

In the next two and a half years, Addis Abeba is getting a new municipal hall, which will feature architectural designs from various cultural places in the country. For the design, the Ethiopian Institute of Architecture Building Construction & City Development (EiABC) of the Addis Abeba University calls upon the residents of the city to […]