Content: Fortune News

  • New Bottled Water Hits Market

    A new bottled water brand, Tena Water, will join the thriving water bottling industry. Built in Sorowereda, Hadiya Zone in the Southern region of the country, the project is owned by Bereket Bottled Drinking Water Plc, which invested a total of 120 million Br in the project. The plant sits on 30,000Sqm of land, while […]

  • Nyala’s Profit Tops Private Insurance Industry

    Nyala Insurance reported the highest profit in the industry for two successive years, registering 141.3 million Br in net profit, a 22pc increase from last year. Nyala topped its closest competitor, Awash Insurance Company, which reported 128.7 million Br in profits last fiscal year. However, the firm’s earnings per share fell by 17 Br to […]

  • Passport Tease

    Over the past few months, Ethiopians heading to the Main Department for Immigration & Nationality Affairs Office to renew their passports or obtain new ones have found out that it is not as easy as it used to be. The authorities are now demanding not only identification cards but are requiring documentation proof of hotel […]

  • Task Force Emerges to Revamp Tax Regime

    A new task force formed to revamp the tax regime of the nation has begun operations with the primary aim of increasing tax revenue. The task force started operations two weeks ago and is studying and reviewing prior assessments and studies prepared for the taxation system in Ethiopia. The new body is tasked to reform the […]

  • State Bank Undergoes Major Reshuffle

    Commercial Bank of Ethiopia, which has been undergoing massive reshuffles, appointed four new vice presidents to fill executive positions left open after recent reassignments and departures. Muluneh Aboye, Emebet Melese, Ephraim Mekuria and Dereje Etecha were appointed as vice presidents of credit management, credit underwriting, internal services and banking services, respectively. While Muluneh and Dereje […]

  • Authority Eases Registration, Licensing for Medicine

    The Food & Drug Authority, the nation’s food and medicine regulator, has issued a circular to ease the registration and licensing requirements for medical supply equipment importers. The Authority’s circular, dated November 6, 2018, lifted the restriction that allowed only one agent to register a product and only two others to import and distribute specific […]

  • Police Maintain Custody of Ex- MetEC CEO, Brother

    Judges at the Federal High Court granted police an additional 14-day custody to continue their investigation of alleged corruption against Kinfe Dagnew (Maj. Gen), former head of the state-owned military-industrial complex, Metals & Engineering Corporation (MetEC). The three-panel judges of the 10th Criminal Bench of Lideta Division accepted the request of investigators, who claimed that […]

  • Nation’s Second Toll Road Nears Completion

    The nation’s second toll road, Dire Dawa – Dewele, will become operational in two months and is slated for an inauguration ceremony to be attended by high officials. Constructed for 5.9 billion Br – 85pc financed by China’s EX-IM Bank – the 220Km asphalt road was recently finalised and only awaits the completion of its […]

  • Nation Launches Migrant Monitoring Database

    The International Labour Organisation (ILO) has deployed a data management system for the Ministry of Labour & Social Affairs at a cost of 70,000 dollars. The Ethiopian Migrants Data Management System is a decentralised migrant electronic registration software system designed by Philippine firm LBS eBusiness Solutions Corporation. The system took two years to develop and […]

  • Court’s Injunction Temporarily Lifts Nile’s Frozen Accounts

    A judge at the Federal First Instance Court issued an injunction against an order delivered by the Addis Abeba Kality Customs Branch Office, of the Ministry of Revenue, for all commercial banks to freeze the accounts of Nile Insurance. The asset freeze order of November 2, 2018, followed the insurer’s failure to settle 18.1-million-Br of […]

  • Agency Takes Power of Attorney Services Online

    The Agency responsible for registering and authenticating documents launched an online power of attorney service at its four branches last month. The Document Authentications & Registration Agency launched the service to enable users to register and request power of attorney and  authentication of documents online without their physical presence, at its Qera, Jemo, Sidist Kilo […]

  • Police Arrest Second Suspect in Awash Bank Robbery

    Police have arrested the second suspect of the armed robbery on Awash Bank’s Jacross Branch, which happened yesterday, December 7, late in the afternoon. The suspects, five in number, robbed 1.1 million Br from the Bank at approximately 4:30pm. They were armed with guns and at least one knife. When trying to escape on their […]

  • Authority Renovates Ambassador Park

    Addis Abeba River Basins & Green Areas Agency has begun the renovation of Ambassador Park at a cost of 42 million Br. The construction of Ambassador Park, which lies on 9,393Sqm in the Arada District close to Ambassador Theatre along Ras Desta Damtew Street, began five weeks ago. The project is expected to be completed […]

  • Wegagen Scores Massive Profit but Leaves Some Shareholders Questioning

    Wegagen Bank, one of the 16 private commercial banks, has become the third bank, along with Awash and Dashen banks, to pass the one billion Birr mark in gross profits reported in its filings for the last fiscal year. Its net profit increased by 53pc to 793.5 million Br, and its earnings per share of […]

  • Divestment Burgeons United’s Performance

    The two-decade-old United Insurance has cheered up its shareholders by doubling its net profit in the last budget year. Triggered by higher underwriting surpluses and investment returns, the shareholder return also doubled to 504.5 Br a share in the same period. The company’s underwriting income after deductions for claims saw a 25pc rise. United earned […]


    Muferiat Kamil (right), minister of Peace, was glad to see two high-ranking United States diplomats at her office in Wollo Sefer area on November 28, 2018. While the US has been supportive and positive of the government

  • United Secures Disputed Multi-Million Birr Insurance Deal

    After three weeks of controversy, the Ministry of Labour & Social Affairs has bestowed domestic workers’ insurance coverage, estimated at 300 million Br, to United Insurance. The contract limits the deal to three middle east countries – Saudi Arabia, Qatar and Jordan – with which Ethiopia has signed bilateral labour agreements. United won the bid […]

  • Eth-Switch Gets Second Boss, After Half Year

    Eth-Switch S.C, a consortium of all banks established to integrate the national electronic payment system, has welcomed Yilebes Addis, former Chief Information Officer of Kifiya Financial Technology, as its new CEO starting December 3, 2018. The board of directors of the company chaired by Tiruneh Mitafa, vice governor of the National Bank of Ethiopia, assigned […]

  • Judges Grant Police Custody Right of MetEC Officials

    Judges at the Federal High Court granted police another 14-day extension to keep in custody 26 officials from the state-owned military-industrial conglomerate Metals & Engineering Corporation (MetEC). The police requested the extension to continue their investigation of the suspects, who are accused of grand corruption involving 37 billion Br in public procurement. The suspects are […]

  • Unpaid Workers  Hold Indians Hostage

    Angered over unpaid salaries, local employees in Nekemte, Bure and Woliso towns, in Oromia and Amhara regional states, took seven Indian employees hostage on Sunday, November 23, 2018. Khurram Imam, Neeraj Reghuwanshi, Sukhvinder Singh Khoker Chaitanya Hari, Bhaskar Reddy, Harish Bandi and Naggarju Bishu, all citizens of India, were taken hostage from camps set up […]

  • Nation to Recieve National Soil Information Centre

    The Agricultural Transformation Agency (ATA) is set to build a national soil information system in a bid to collect, store, interpret and disseminate information about soil found in Ethiopia at an estimated cost of five million Br. When operational after six months, the databases will be accessed through a website and an application and will […]

  • Liquor Company Rises to Meet Demand for Bottling Caps

    A new aluminium and plastic bottle cap factory will join the market to supply both domestic and export markets. The factory is an expansion project of the liquor producing company, Ponu Monu, that underwent a 54 million Br expansion to produce three million bottle-caps of different sizes a day. The expansion will create 60 employment […]

  • Planners Debate Fate of Africa’s Political Capital

    Addis Abeba was host to the 2018 Urban Age conference, where urbanisation, its future and its effects were discussed among experts, last week. With the hyper pace of urbanisation in the country, which is growing at 3.8pc annually, the fate of Addis Abeba was fiercely debated at a two-day summit organized by the London School […]

  • Local Leather Firm Branches out to Washington, D.C.

    ZAAF Collection, a local leather company that manufactures handcrafted leather goods and accessories, is opening its first overseas store in Washington, D.C. Located on 14th street, dubbed the most chic neighbourhood in Washington, the store opened its doors on December 1, 2018. It will retail handbags, weekend and travel accessories, scarves, leather jackets and fashion […]

  • Chinese Firm Seals Deal to Install Bus Shelters

    Addis Abeba will receive 500 additional bus shelters before the end of the current Ethiopian year at a cost of 156.6 million Br. Jiangxi Water & Hydropower Construction Company secured  the contract for the second phase of the project and started construction last September. The project, managed by the city Transport Authority, is expected to […]