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Dec 12 , 2020

Wegagen Bank Welcomes Sixth President

The National Bank of Ethiopia (NBE) has approved the appointment of Birtukan Gebreegzi as the sixth CEO of Wegagen Bank following the resignation of the former head. The appointment also makes Birtuka...

Dec 12 , 2020

Africa Insurance Rebounds from Loss

Africa Insurance, one of the oldest insurance companies in the country, has amassed 45.7 million Br in net profit in the last fiscal year, rebounding from the loss it incurred the previous year. Two y...

Dec 12 , 2020

New Brand to Tap into Water Bottling Market

The latest in a cascade of similar firms, Mulugeta Mekonnen Melesse Bottled Water Company is breaking ground in Yibab, a rural kebelelocated a few kilometres away from Bahir Dar, Amhara Regional State...

Dec 12 , 2020

App Attempts to Digitise Traditional Saving

A new application that looks to digitise equb, the popular traditional form of saving, is set to launch a beta version at the end of this month. Developed by three individuals, the application will al...

Dec 5 , 2020

FACE OF THE CONFLICT

The circumstance of this girl, carrying a child on her back, fleeing her home for safety, is the collateral damage of the armed conflict in Tigray Regional State. Coming on the back of calls for aid t...

Dec 5 , 2020

EU Urges Government to Open Doors to Tigray

European member states have called for unconditional, immediate and unimpeded humanitarian access to the conflict regions in Tigray Regional State and the rest of the country. Crisis Commissioner Jane...

Central Bank Compels Insurers to Invest in T-Bills

Insurance companies are required to invest at least 40pc of their admitted assets in treasury bills (T-bill), according to a new circular issued by the National Bank of Ethiopia (NBE). Signed by Fikad...

Dec 5 , 2020

Awash Bank Holds the Lead

Awash Bank, the most profitable private bank in the country, netted 2.6 billion Br in profit in the last fiscal year. The profit expansion recorded a seven percent growth rate, lower than the precedin...

Dec 5 , 2020

Cost of Living Hits 19pc in November

The prices consumers pay for widely used goods and services rose by 19pc in November, according to the latest report from the Central Statistical Agency (CSA). The year-on-year inflation rate showed a...

Dec 5 , 2020

Six Firms Vie to Supervise City Road Projects

Six consultants are vying to supervise a recently launched 4.5-billion-Br road project, which incorporates eight asphalt and gravel road network projects around five condominium neighbourhoods in the...

Dec 5 , 2020

Local Automotive Paint Maker Gears Up for Production

A local automotive and industrial paint factory built for 40 million Br in Dukem, Oromia Special Zone, will commence operations in half a year. Asmam Coatings & Chemicals Plc, which is mainly fina...

Dec 5 , 2020

Hospitality Firm Embarks on Packaging Business

A local firm primarily engaged in the hospitality industry has ventured into the production of packaging materials by establishing a carton plant after investing close to 121 million Br. Yhaenu Packag...

Nov 28 , 2020

DEFENCE FORCES CAPTURE, CONTROL MEQELLE

In a dramatic turn of events on Saturday, units of the Federal Armed Forces entered and captured the city of Meqelle, over three weeks after a military confrontation in Tigray Regional State began. La...

Nov 29 , 2020

Ethiopia Closes Telecom to Fourth Operator for 10 Years

The Ethiopian Communications Authority (ECA) has decided not to let a fourth operator enter the telecommunications sector for at least 10 years. The two new joining companies, which are expected to en...

Gov't Presses on with Sugar Estates Privatisation

The government has pushed the privatisation of sugar factories one step forward, kicking off the process of hiring a consultancy firm that will oversee the transaction. All told, the transaction advis...

Nov 29 , 2020

Abyssinia Bank Marks Prudent Growth

Bank of Abyssinia, one of the three most profitable banks in the country, registered moderate growth during the past fiscal year, netting 853.7 million Br in profit. The Bank's profit recorded 10pc gr...


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