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City Adjusts Transport Fares Following Fuel Price Hike


City Adjusts Transport Fares Following Fuel Price Hike

The Addis Abeba Transport Bureau has announced a bump in transport fares a week after the 25pc hike on fuel. The fare increases vary between 50 cent and 3.5 Br depending on the length of the route. Commuters on short taxi routes (up to eight kilometres) will now be asked to pay four Birr, up from three Birr. The longest routes (up to 30Km) will cost 30 Br, a 3.5 Br increase. Routes with lengths in between have also seen fares rise by an average of 20pc. The announcement is welcome news to transport service providers, who have been operating with the old prices for a week after fuel retail prices climbed by around six Birr a litre for both benzene and diesel. A litre of diesel is now being sold 28.94 Br while a litre of benzene is going for 31.74 Br.

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Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


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Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


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ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...