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October 1 , 2022

TWICE THE FESTIVITY

Over the past week people gathered in the heart of Addis Abeba at Mesqel Square to celebrate two public events. The streets were full of colour, with goers donning their best cultural or religious outfits. They danced, sang and ate together in festivities that hold great importance to the religious...

October 1 , 2022 . By TSION HAILEMICHAEL

Frustrated Cement Execs to Form New Lobby Group

Seven of the 11 cement factories are determined to set up a new industry lobby group following disputes over a series of measures enacted by the federal government in recent months. Cement retail prices have surged to around 2,000 Br a quintal as the stocks of retailers and wholesalers across the country are depleted following a directive last July, which sought to end the distribution of cement through agents. Gebremeskel Chala, minister of Trade & Regional Integration, followed the directive up with a price cap. He instructed factories to sell a quintal of cement to designated dist...


October 1 , 2022 . By RUTH TAYE

World Banks Nods to Additional $58m for Urban Safety Net

The World Bank has approved 58 million dollars in additional financing for a nationwide project supporting close to million beneficiaries from the most underprivileged and vulnerable segments of urban populations. The grant is supplementary to 400 million dollars in funding allocated by the Bretton Woods institution when the Urban Productive Safety Net & Jobs Project was launched last year. The federal government chips in 150 million dollars to cover the five-year project. The project office requested the additional financing seven months ago. Project managers attributed the pandemic...


October 1 , 2022 . By RUTH TAYE

Institute Hopes 800m Br Centre will Fix Construction Industry Ills

The Ethiopian Construction Management Institute has hired a consultant to erect an "excellence centre" its officials hope will serve as a hub for the development of the construction industry and a formal project management system. The Institute contracted BD Designs Private Ltd, a Bangladeshi firm, through direct selection. The consultant is on retainer for two years to prepare the design for the centre at a cost of 22 million Br. Direct selection was preferred to minimise the project's timespan, according to Dawit Mehari, deputy director-general of the Institute. "We'll negotiate cos...

Fortune News

October 1 , 2022

Funding Shortfalls Slow Dessie Hospital Rehab

A French agency undertakes the rehabilitation of a public hospital in Dessie, the Amhara Regional State, while federal authorities are yet to disburse financing to back infrastructure reconstruction w...

October 1 , 2022

Fed Scraps Provident Fund for Private Employees

Federal officials revoked a private provident fund regime two weeks ago, decades after it was introduced. A federal agency for Private Organisation Employees' Social Security Administration, under...

October 1 , 2022

ECX to Expand Commodity Portfolio to Twenty

The Ethiopian Commodity Exchange (ECX) is set to see the number of agricultural commodities traded on its floor beginning next week. The second increase in a year, adding lupin beans, cardamom, and fr...

September 24 , 2022

TSEDEY BLOOMS IN SPRING

Spring has come, in the form of a commercial bank. Amhara Credit & Saving Institution restarted operations as a full-fledged bank last week with the moniker Tsedey, Amharic for spring. It was a da...

September 24 , 2022

Financial Institutions to Open Wallets for War Efforts, Again

Federal authorities are pushing heads of financial institutions - yet again - to contribute up to two percent of gross profits to the Ethiopian National Defense Forces (ENDF). They are expecting the s...

Health Ministry Foresees $23m National Lab Built

Lia Tadesse's (MD) Ministry of Health foresees building a national reference laboratory as part of a project funded with funds secured from the World Bank. The laboratory is slated to make Ethiopia...

September 24 , 2022

Incumbent Mesenbet Wins Landslide Second Term as Chamber Head

Mesenbet Shenkute has consolidated her incumbency at the Addis Abeba Chamber of Commerce & Sectoral Associations, garnering 62pc of the votes cast last week. She was re-elected to her second te...

September 24 , 2022

Unions Ink Deal with Feed Supplier as High Prices Haunt Farmers

Farmers' unions across the country have inked a deal with a private feed processing company as the cost of nourishing livestock remains untenably high. MSA Trading Plc signed agreements with no les...

September 24 , 2022

Legal Advocates Grouchy Over Tax Obligations

A committee comprising tax authorities, officials from the Finance Ministry, and legal professionals is conducting a study to address misgivings from lawyers and legal advocates over what their leader...

September 24 , 2022

Boeing Pays $200m to Settle SEC Charges Over 737 Max

Boeing Co. will pay 200 million dollars to settle charges that the company and its former CEO misled investors about the safety of its 737 Max after two of the airliners crashed, killing 346 people. ...

September 18 , 2022

BACK TO PRICEY SCHOOLS

A parent haggles with a vendor while a kid checks the school items on display. The scene was Ghion Hotel, where a “Back to School” bazaar was organised in time for the calendar year 2015. With th...

September 18 , 2022

Hospital Admns, Drug Officials Squabble Over New Payment Scheme

Hospital administrators and directors of the federal agency supplying pharmaceuticals and medical equipment to public health institutions are at odds over a new payment modality. Heads of the Ethio...

Shipping Co. Slashes Tariffs as Global Markets Dip

Importers can sigh relief as Roba Megersa, chief executive officer (CEO) of the state-owned Ethiopian Shipping & Logistics Services Enterprise (ESLSE), slashes shipping costs by more than half. ...

September 18 , 2022

Education Ministry to Roll Out Digital School IDs

Federal education authorities have begun rolling out digital identification (ID) for students and teachers as part of a nationwide blockchain-based programme. Nearly two dozen public schools have b...

September 18 , 2022

School Feeding Initiative Sources Grain Through Contract Farming

Farmers in the outskirts of Addis Abeba have entered into contracts with federal authorities to supply grain to the state-run school feeding programme. The programme was launched under the administ...

September 18 , 2022

Central Bank Grants Agri Importers Credit Privileges

Central bank regulators have instructed commercial banks to open letters of credit (LCs) for agricultural inputs and equipment importers with suppliers' credit. It is a rare move in an economy wracked...


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TWICE THE FESTIVITY

Over the past week people gathered in the heart of Addis Abeba at Mesqel Square to celebra...

Fortune News | October 1 , 2022