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November 20 , 2021

A TAX SEASON FOR ATROPHIED ECONOMY

As October and November rolled in, so did the tax season, when tax officials and businesses began an annual ritual of testing one another’s patience. However, the tax bureaus were not as crowded, stuffy and inflexible as in previous years, although businesses were as belated in their filings and d...

November 20 , 2021 . By BERSABEH GEBRE

Security Concerns Drive Pioneering Tenant Away from Hawassa Industrial Park

An international apparel company that has played a pioneering role in establishing the Hawassa Industrial Park has unplugged its operation and is leaving, owing to increasingly fluid security situations unfolding in the country. Philips-Van Heusen Corp (PVH), a principal tenant in the country's largest industrial park, announced last week it has terminated its operations in Ethiopia. The New York-based fashion giant's executives say the increasingly volatile security situation is the reason behind their decision to close the facility. The move also comes weeks after Biden's administration m...


November 20 , 2021 . By BERSABEH GEBRE

Awash Insurance to Erect Second HQ

Awash Insurance plans to erect a new headquarters building in Addis Abeba's financial district of the Senga Tera area, marking the second project of such purpose. Awash has acquired a 3,870sqm of land in Lideta District, leased two years ago, to finance the construction of a 30-storey building. It will house its corporate offices, conference rooms, and five basement levels. With 754.9 million Br in paid-up capital, the 25-year-old company is one of the industry's highest capitalised private insurance firms. The company's executives are preparing to select an architect through a design...


November 20 , 2021 . By SAMUEL BOGALE

Trade Ministry Plans to Allow Retailers Distribute Fuel in Rural Areas

The federal government is to begin licensing small-scale fuel retailers in rural areas where gas stations are few and far between. A directive is in the making that will allow individuals and businesses outside of towns to distribute fuel, hoping to address the rampant shortages and high prices observed in rural and remote areas across the country. There are 38 oil companies and close to 930 fuel stations operating in Ethiopia, serving a population of over 110 million and 1.3 million registered vehicles. Most of these fuel stations are located in urban areas, despite the vast majority livin...

Fortune News

Debt Soaked Sugar Corp Wants 11.3b Br in Loans

The Ethiopian Sugar Corporation (ESC) has placed loan applications with the state-owned Commercial Bank of Ethiopia (CBE) for 11.3 billion Br for rehabilitation works and servicing debts. Nearly ha...

November 20 , 2021

Despite Rise in Net Claims, United Shores Up Profits

United Insurance saw a rise in profits last year, netting 145.1 million Br, a 17pc jump compared to the previous year. It is a profit recorded notwithstanding the severity of road accidents, escala...

Banks Raise 1.2b Br for Humanitarian Response

Banks have raised 1.23 billion Br to support efforts by the federal government to provide humanitarian assistance to the displaced in the northern parts of the country due to the year-old militarized...

November 13 , 2021

Security Concerns Cast Doubt on Addis Abeba Global Telecom Conference

An international conference scheduled to take place in Addis Abeba next year faces uncertainty following the introduction of a nationwide state of emergency two weeks ago. The International Telecom...

November 13 , 2021

Car Injury Victims to See Medical Expense Limit Rise to 40,000 Br

The Insurance Fund Administration Service (IFAS) is set to introduce a new arrangement at the end of 2021, compelling health institutions to treat those injured in road accidents for up to 40,000 Br....

November 13 , 2021

Dashen Bank Senior Executives Leave for New Pastures

Two senior executives of Dashen Bank have left to take the helms of newly-established financial institutions. Last week, Yared Mesfin, chief corporate banking officer, was approved by regulatory autho...

November 13 , 2021

Trade Bureau Issues Notice for Mercato Commercial Property

Municipal authorities have issued a notice to a share company that owns a commercial property in Mercato, demanding managers meet a list of requirements within 15 days or face permanent closure. Ed...

Ministry Mulls Higher Profit Margin for Petroleum Industry

Petroleum product retailers and distributors stand to see a significant increase in profit margins if a directive in the making by the Ministry of Trade & Regional Integration wins approval from t...

November 6 , 2021

Insurance Lobby Pleads Regulators for Bond Rethink

Insurance firms have petitioned the central bank to reduce the minimum amount required to invest in bonds issued by the Development Bank of Ethiopia (DBE), claiming the requirement would put the indus...

November 6 , 2021

Authority Bans Baby Formula Products Promotion

The federal government has banned the promotion and advertisements of infant formula, enforced beginning last week. Authorities are increasingly concerned with the growing use of substitute formula un...

November 6 , 2021

Disease Blights Coffee Output in Southern Region

Tens of thousands of farmers in the primarily coffee-growing areas of the south face risk of loss with the spread of a fungus damaging coffee beans. Over 32,000 farmers in the Gedeo Zone of the Sou...

Salt Trader Embarks on 8b Br Addis Abeba Tower Projects

A proprietor of a landmark building near Mexico Square aspires to finance a series of skyscraper projects in Addis Abeba estimated to cost close to eight billion Birr. Temesgen Kefyalew, a business...

October 30 , 2021

Awash Insurance Profits Surge, Shareholder Earnings Dwindle

Shareholders of Awash Insurance may have reasons to get displeased despite a remarkable net profit the firm has made from its operations last year. Awash has reported a 270 million Br profit in 20...

October 30 , 2021

Labour Union Struggle Faces Stiff Resistance in Hawassa Park

Five companies operating in Hawassa Industrial Park have rejected the rights of nearly 6,000 employees to form labour unions. Managers of Arvind Lifestyle Apparel, JP Textile, JP Garment, Isabella...

October 30 , 2021

City Cabinet Increases Public Health Premium Rate by 30pc

Under a public-health scheme in Addis Abeba, community insurance beneficiaries will be subjected to a 30pc increase in their annual premium to 500 Br. The move comes a year after the Ethiopian Heal...

Technology Park Price Tag Vexes Investors

Companies setting up data centres at the Addis Abeba ICT Park are embroiled in a dispute over lease payments after a Corporation administering the park revised lease prices. Raxio Data Plc, RedFox...


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Truce - Desirable, Useful and Attainable!


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Truce - Desirable, Useful and Attainable!

Leaders of the warring parties in Ethiopia`s year-old militarised conflict may think they...

Editorial | November 20 , 2021

Public Apathy Impairs COVID-19 Vax Drive

Pedestrians passing by the St. George Cathedral in Piassa a couple of weeks ago could noti...

Featured | November 13 , 2021 . By SAMUEL BOGALE

It's Tax Season! Uncle Sam Struggles to Meet Target

October and November are hectic months for those employed by the civil service working in...

Agenda | November 20 , 2021 . By SAMUEL BOGALE

A TAX SEASON FOR ATROPHIED ECONOMY

As October and November rolled in, so did the tax season, when tax officials and businesse...

Fortune News | November 20 , 2021

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