Al-Amoudi’s Ethiopia Asset Over $1.2b


Mohammed Al Amoudi's (Sheikh) vast assets in Ethiopia amount to only his second largest after those in Sweden, according to the Bloomberg Billionaires Index. The index shows that his assets in Ethiopia are valued at 1...


President Girma Passes Away at 94


Former President of Ethiopia, Girma Wolde-Giorgis, who has been under treatment at the Nordic Medical Centre, passed away yesterday at the age of 94. Hospitalized for the past two weeks, Girma entered into a deteriora...


Ethiopia on Pathway to Join Continental Free Trade Area


Ethiopia is negotiating to enter the African Continental Free Trade Area, which aims to create a free, single continental market for goods and services. Last week, the latest negotiation was held in Cairo, Egypt durin...


Regulator Remits Bank Fines for Failure to Train Staff


The central bank has remitted 40.1 million Br in fines it levied on seven banks that failed to invest two percent of their expenses on staff training. In a letter issued on November 27, 2018, Solomon Desta, director o...


Local, Chinese Firms Team Up to Furnish Nile’s HQs


A partnership between local and Chinese construction companies has won a deal to finish the headquarters building of Nile Insurance for 872 million Br. Rama Construction and China Jiangsu International Economic &...


Technology University, Students at Standoff


The management and students of the Addis Abeba Science & Technology University, one of the 45 public universities in the country, have been at loggerheads with each other since December 03, 2018. Tensions surfaced...


Rigorous Law Approaches to Dispirit Tobacco, Alcohol Use


A bill, which has stringent rules on the use, sale, advertisement and retail of tobacco and alcohol, has reached the final stages of legislation in  parliament. Drafted by a joint force of the Food & Drug Adminis...


Authority Awards 16b Br for Road Projects


The Ethiopian Road Authority signed agreements for the construction of a network of roads totaling nearly 724Km for 16.3 billion Br. The agreement encompasses 10 road projects across Amhara, Oromia, SNNPR, Somalia and...


City to Construct Primary Dump Sites


The Addis Abeba Solid Waste Administration Agency is set to build 74 primary dump collection sites across all districts of the city. They will replace the current 819 open-air dump collection containers around the city.


Inflationary Pressure Continues to Ease


Headline inflation, which has drifted upward to double-digit figures for the past 15 monthes, edged down to 10.6pc. The rate, which is considered an indicator of the cost of living, fell for the fourth consecutive mon...


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...


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 Co...


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.


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...


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 Mele...


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,...


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 compl...


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 C...


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 decentr...


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...


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 ser...


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 Ba...


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 Amba...


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.


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 do...


DIPLOMATIC CHARM


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...



Editorial

The Main Department for Immigration & Nationality Affairs Office ha...


Agenda

Recent months have seen significant increase in the number of media pub...


Fineline

Prime Minister Abiy Ahmed (PhD) has been busy this...


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The sharpest differences of opinion can be over how conflicts can be ma...


View From Arada

Eritrea's financial system, antiquated by any modern standards, speaks...






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