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)…


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…


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…


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…


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…


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…


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…


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…


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…


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…


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…


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…


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.…


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…


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…


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…


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…


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…


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…


Oromia Police Arrest Gelan Town’s Mayor, Suspects of Corruption

A sweeping corruption probe is taking place in Oromia Regional State where investigators have apprehended 77 suspects, including Bahiru Tekle, mayor of Gelan town. The wave of arrests began a…


Ex UN Staffer New Chair for DBE Board

A former senior staff for the United Nations has been appointed to chair the state owned but troubled bank, the Development Bank of Ethiopia (DBE). Tegegnework Gettu (PhD), former regional…


President Sahle-worq Appoints Ambassadors

Twenty ambassadors appointment by President Sahle-worq Zewdie was made yesterday.


Furious Tenants Protest Rental Fee Spike

Hundreds of tenants for state owned commercial housing in Addis Abeba protested the recent steep rental fee increase, marching today to the head office of the Federal Housing Corporation. The…


TPLF Loses Legislative Power Grip

Last week was not business as usual for the TPLF – a senior member of the coalitions in the ruling EPRDF. The party lost the support of its allies on…


DBE Repossesses Ayka Addis

The Development Bank of Ethiopia (DBE), the state policy bank, repossessed the textile plant of Ayka Addis Textile & Investment Group from its defaulted Turkish owners . The decision was…




Editorial

With a reformist administration in charge of the executive, there has b...


Agenda

The new electricity tariffs that became effective on December 1, 2018,...


Fineline

Who it is that midwifed the rapprochement between E...


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Commentary

Ethiopia’s economy is at a crossroads. The same old advice will not s...


Viewpoint

A recent photo between Prime Minister Abiy Ahmed (PhD) and George Soros...


Opinion

The future is bleak. Millennials and younger generations who will inher...


View From Arada

There is heated debate on the propriety, decency and morality of breast...




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