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SUGAR WOES STIR ECONOMIC BITTERNESS


The increasing cost of living has taken a toll on citizens who wrestle with the harsh realities of soaring inflation rates. A visit to the Qera Consumer Association revealed how prices, especially for sugar, have sky-rocketed, forcing some to drastic...

Apr 6 , 2024


Fortune News

Parliament Rolls Out Red Carpet for Tenants

In a landmark move, federal legislators have enacted a sweeping law that promises to fundamentally transform the residential tenancies market, providing a reprieve for tenants with a precariousness of...

Apr 6 , 2024

Fortune News

City Administration Dials Back House Valuation Rates

Officials at the Addis Abeba City Administration have rolled back a house valuation increase set in place less than a year ago, hoping to stimulate activities in a sluggish real estate market. The ini...

Apr 6 , 2024

News Analysis

CAUGHT IN THE MAELSTROM:Businesses Swept Away by Surging Costs

Three weeks ago, Mintesinot Lemma, the general manager of Mintu Plast Plastic Raw Materials Production Plc, imported 22 shipping containers of plastic raw materials from Oman. What should have been a...

Mar 23 , 2024


Latest Updates

Shabelle Twirls from Microfinance to Macro Bank, with a Few Missteps on Profit's Tightrope

Shabelle Bank may stand out for its pioneering history as a microfinance institution transitioning t...

Apr 6 , 2024


Ministries at Odds Over Hide Exports

Ethiopia's leather industry is facing a policy clash between government ministries with officials at...

Apr 6 , 2024








Agenda

Sugar Rush Turns Sour

Abebech Tasew, 58, stood at the counter of the Qera Consumer Association last week, her expression reflecting the strain of dwindling purchasing power. As she scanned the prices, Abebech recounted the adjustments she had had to make to her shopping l...

Apr 6 , 2024


A Bumpy Ride on the Road to Green

Yohannes Dereje recently sold his Volkswagen ID 4 pro electric vehicle for 4.1 million Br after a year and a half use. It was imported from the Middle East for...

Mar 30 , 2024


In Addis Abeba, Progress Measures Success in Square Metre, Lost City Soul

Arada District Land Management & Administration Bureau, on Adwa St., near Berhanena Selam Printing Enterprise, was not just a place for paperwork last week...

Mar 23 , 2024







Editorial

Blundered CBE Plunders Privacy Naming, Blaming and Shaming for a Glitch's Recovery

In a rather unsettling turn of events, the state-owned Commercial Bank of Ethiopia (CBE), under the management of its President, Abie Sano, found itself embroiled in controversy after taking an unconventional approach to dealing with a recent financi...

Apr 6 , 2024


Central Bank Tries Monetary Gymnastic Dodging Pitfalls, with the IMF as Its Reluctant Coach

Ethiopian authorities find themselves at a crossroads in the shadow of a global economic malaise characterised by sluggish growth and persistently high inflation. Much like several other countries, the economy they are in charge of is not insulated from the in...

Mar 30 , 2024

Is Addis Abeba "Renewing" While Forsaking Its Soul ?

Addis Abeba has been experiencing rapid expansion over the past two decades. While seemingly progressive, efforts to broaden roads and introduce bike lanes continue to unsettle many of its residents who are subjected to dislocations, resettlement and inconveni...

Mar 23 , 2024







Exclusive Interview

Cloudy Horizons in the Digital Ecosystem

With a background in cybersecurity, CEO Charly Bahaous is from Israel and relocated to South Africa in 2006. Under his watch,  Touchnet has grown to encompass over 300 employees across various sub-sectors. The Company's portfolio includes a fibre management and construction business, cybersecurity...

Jan 27 , 2024


Inside the Quirky World of Ethiopia's Tech, Finance Mavericks

ABREHAM TILAHUN (Kacha) Abraham Tilahun, 40, married and a father of four, is an alumnus of Addis Abeba and Jimma universities and graduated in Banking & Finance and Accounting. Under his leadership, Kacha is the first private payment instrument issuer...

Jan 7 , 2024

Marcus Pledges to Offer Modern Ethiopian Experience

Fortune: What does opening a new restaurant feel like? Marcus Samuelsson: It is a homecoming. I have been in hospitality most of my life, so sharing this in my homeland is incredibly gratifying. Both Maya and I are thrilled and grateful for the hard work of...

Dec 23 , 2023







Viewpoint

The Economic Consequences of Legal Behavior

Many thriving societies, such as Germany and Japan, adhere closely to the letter of the law. However, as the United States has done throughout its history, allowing for a certain degree of latitude for individual interpretation can foster creativity, enhance efficiency, and stimulate economic growth. The way people navigate traffic can tell us a lot about their respective cultures. Recently, wh...

Apr 7 , 2024


In the Shadow of Digital Authoritarianism, a Blueprint for Technological Liberty

The world is on the precipice of a technological cold war. As authoritarian regimes develop new digital tools that endanger open societies and threaten democratic values, the West must decide whether to compete or concede. The battle for freedom is being fough...

Apr 6 , 2024

Are Global Capital Rules Possible?

The final proposals for bank capital rules were dubbed Basel 3.1, as if to suggest a minor tidying-up exercise – just a few grace notes added to a melody composed long ago. What's in a name? But banks, concerned that the implications would be more severe, sp...

Apr 6 , 2024


My Opinion

Geopolitical Waves of Russia's Ukrainian Foray from the Black Sea to the Red Sea

In a world increasingly defined by convoluted geopolitical dynamics, the echoes of Russia's invasion of Ukraine reverberate far beyond its immediate borders, stirring a cauldron of strategic recalibrations and diplomatic manoeuvrings. At the heart of Moscow's justification is a claim steeped in national security concerns, primarily spurred by the expansionist tendencies of Western military alli...

Apr 6 , 2024


Racing to the Future, Addis Abeba Leaves Its Souls in the Dust

The transformation of Dubai from Al Wasl, a quaint fishing village, to a symbol of modernity and a hub for tourism and commerce presents a fascinating study of urban evolution and cultural preservation amidst rapid development. While an illustration of its lea...

Mar 30 , 2024

Trump's Chess of Brokering Deals, Stirring the Pot, and Eyeing Nobel Glory

Former President Donald Trump's legacy in the Horn of Africa, particularly his policies towards the Ethiopia-Eritrea conflict and the Grand Ethiopian Renaissance Dam (GERD) dispute, personified the blend of contradiction and assertiveness characteristic of his...

Mar 23 , 2024






Featured

Central Ethiopia Rues: Welqite Town Parched for Relief

Welqite town in Central Ethiopia Regional State simmers with its 250,000 residents. There, the most precious commodity is not gold, but a simple jerrycan brimming with lifeblood—water. Rukiya Hassen, 14, rises two hours before dawn, rushing to queue at the Yonas Hotel. It is one of the few places where residents can quench their thirst - for three Birr a jerry can. She has to load five of them onto a horse-drawn carriage and hurry back home in Bekur district before school starts. With a sev...

Apr 6 , 2024


Commentaries

Why Have Inflation Forecasts Been So Wrong?

Last year, following the Great Inflation of 2021-22, central banks, leading academics and international institutions issued a smattering of post-mortems. Yet even before the ink was dry on their analyses, inflation forecasts were being revised down almost as fast as they had been revised up during the two preceding years. For example, in June 2023, the US Federal Reserve's median projection for core year-on-year personal-consumption-expenditures inflation (excluding food and energy prices) in...

Apr 6 , 2024


News Analysis

CAUGHT IN THE MAELSTROM:Businesses Swept Away by Surging Costs

Three weeks ago, Mintesinot Lemma, the general manager of Mintu Plast Plastic Raw Materials Production Plc, imported 22 shipping containers of plastic raw materials from Oman. What should have been a three-day journey turned into a month and a half, as the vessels changed routes navigating the treacherous waters. "Everything has changed," he told Fortune. Mintesinot highlights the far-reaching impact of changing routes, citing additional shipping costs, delays in settling payments with ban...

Mar 23 , 2024


Delicate Number

2

The number of micro, small and medium enterprises in Ethiopia, of which 71pc are micro-enterprises.    

Apr 6 , 2024


Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the media, showcasing what polling stations will look like during the upcoming national elections; and they took the...

Oct 3 , 2020


Verbatim

"[Opposition parties] raised no issues challenging him."

Alamerew Yirdaw, the chairperson of the Agew National Congress (ANC), told the BBC Amharic service about Prime Minister Abiy Ahmed's (PhD) meeting with political party leaders.



View From Arada

A Week of Illness Turns to Sharing Others' Burden

My recent encounter with illness proved to be an enlightening journey, opening my eyes to a new perspective on life's fragility. While I have faced health issues in the past, this recent bou...

Apr 6 , 2024




Fortune Video




Sunday With Eden

Housing Control Law: Balancing Act or Quick Fix?

Last week's decision by lawmakers to regulate rental properties has sent shockwaves through the city. While many residents see it as a beacon of hope, others remain sceptical. Addis Abeba faces a severe housing crisis. The demand for affordable housing far exceeds the supply, forcing people into cramped, substandard dwellings or leaving them at the mercy of high rents for decent accommodation. Thi...

Apr 6 , 2024


Addis Abeba Loosing Balance Between Progress, Preservation

A recent car ride through Addis Abeba with my family unearthed a stint of emotions. While the city's massive facelift was a wonder for my wide-eyed daughter, the scene evoked a profound sense of loss within me. The relentless demolition and excavation mirrore...

Mar 30 , 2024

Zooming in on Health Center Hygiene Reality

My visit to district health centres in search of a second dose of the polio vaccine for my daughter turned out to be an unexpected experience. From rude encounters to falling ill due to unhygienic environments, it was far from what I had anticipated. After...

Mar 23 , 2024


Life Matters

The Silent Money Drain

Offering help without expecting something in return is a genuine act. However, while well-meaning, these kind souls can unintentionally lead the recipient down a path of financial trouble. My friend experienced this firsthand. She relied on a trusted Bajaj driver for everything, from errands to picking up her niece from school. He went above and beyond, lending her money in a pinch, like the ti...

Apr 6 , 2024


Why Some Crave Quiet in Chaos

The scene that greeted me upon entering my house was pure pandemonium. My children, caught up in the throes of a lively game of catch, darted around with unbridled energy, their laughter ringing out like music in the air. An initial surge of joy at their exube...

Mar 30 , 2024

Hunger for Security, Thirst for Justice

Imagine the disappointment of ordering a sizzling steak and receiving a plate of lettuce. That is what I feel about the current state of affairs in Ethiopia. A chasm separates the government from the people it serves. Officials seem oblivious to the daily stru...

Mar 23 , 2024





Radar

Addis Chamber Embarks on Leadership Forum

A leadership forum where prominent executives will share their experiences in the business environment is organised by the Addis Abeba Chamber of Commerce & Sectoral Association (Addis Chamber) and SAK Training & Consultancy Firm. Headlining Arega Yirdaw (PhD), president of Unity University, who is expected to address the fortunes and adversities of the leadership ecosystem and share in...

Feb 24 , 2024


ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted...

Apr 8 , 2024

In Picture

CONCRETE CHIAROSCURO

Arat Kilo area is poised for an aesthetic makeover as a massive corridor construction pulverises through what some consider urban landmarks, and others regard as antiquated vestiges of a bygone era. An interesting optical horizon emerges as the socialist Dergue regime's former base of operations is razed, with the ruling party's headquarters peeking from the backdrop. The area, which has served as...

Apr 1 , 2024


TIERED TROLLEYS

An eerie optical illusion appears as the city bus passes under a crossing bridge below a row of cross-country jitneys. Multi-tiered transportation infrastructure is rare in the capital as most roads are characterised by narrow passages snaking by the city's buildings. The City Administration has revealed plans to expand pedestrian walkways and bicycle lanes and even introduce cable cars to improve...

Apr 9 , 2024




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