The Ethiopian Investment Commission (EIC) has announced Wednesday that a team from Standard Bank Group held a discussion with Lelissie Nemie, Commissioner of EIC. Representatives of Standard Bank expressed their willingness in being involved in the banking sector in Ethiopia.
More than 85 thousand factory workers are poised to be at risk of losing their jobs if the United States disqualified Ethiopia from the African Growth and Opportunity Act (AGOA), a trade opportunity for Sub-Saharan countries, according to Sandokan Debebe, CEO of the Industrial Parks Development Corporation (IPDC). “Though there’s no official statement disclosed on…
The Addis Abeba Revenue Bureau said it has collected 12 billion Birr in the first three months of the current fiscal year. The Bureau is about to announce “Grade A” taxpayers of their taxes and collect the taxes until the November 9, 2021. Mulugeta Tefera, Bureau’s Head said that expansion of the tax base in…
54 Capital, a conglomerate producing the most popular edible oil “Tena Oil” has announced a major expansion in its production plant at Dukem Town. The fresh facility increases the company’s production by 130 percent and creates more than 500 new jobs, a statement Origins Business availed from the company. The total expansion of the facility…
Tadesse Tessema, Engineer by trade and founder and owner of the former Holland Car Assembly Plant has launched Adugenet auctions, a fresh auction website to bid for properties on Thursday. A fresh website can be found at www.adugenetauctions.com and administered by Adugenet Technology Group PLC, is intended to change the auction process by making bidding…
Commodity markets in Africa are expected to remain volatile in months ahead following the persistence of Covid-19 constrains in the supply chain and other global economic pressures, said Stephen Karingi, Director of Regional Integration and Trade Division at the Economic Commission for Africa (ECA). Karingi was speaking at the ECA Price Watch session with African…
Hotel owners have been bracing for difficult years as the sector continues to reel from a drop in bookings caused by the Covid-19 pandemic, according to Addis Abeba Hotel Owners Association. Hotels in Addis Abeba and regions are losing $35 million and $10 million respectively in a month due to the negative effects of the…
The House of Peoples’ Representatives has approved the nomination of 22 ministerial cabinets who have appointed by Prime Minister Abiy Ahmed (PhD) on Wednesday. List of 22 ministries presented in the draft proclamation deciding the powers and functions of the executive branch of the federal government including the newly appointed ministers are: Demeke Mekonnen —…
ZamZam Bank, a full-fledged interest-free bank, has opened its new branch in Furi area at the outskirt of Addis Abeba. ZamZam Bank’s Sharia advisors, board members and Grand Son of King Aba Jifar attended the branch opening program. ZamZam also plans to open new branch in Dire Dawa city. The bank has entered the market…
The latest report from the Central Statistical Authority (CSA) disclosed that the overall inflation rate in September 2021 has reached 34.8 percent. Last month’s rate registered a 4 percent surge from the August 2021 inflation rate, which was stood at 30.4 percent. Food inflation, the major contributing factor for the ballooning inflation also reached 42…
