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Huawei Donates Medical Materials

May 16 , 2020

Huawei Technologies donated 10,000 surgical masks, 20 infrared thermometers and 100 bottles of hand sanitiser to the Ministry of Science & Higher Education. The handover ceremony took place at the premises of the Ministry on May 14, 2020. The Chinese ICT company, to aid the country in combating the spread of the Novel Coronavirus (COVID-19), donated the medical materials via Tiber Zhou, CEO of Huawei Technologies Ethiopia Plc., and his deputy, Charles Ding, who presented the donation to Hirut Woldermariam (MD), minister of Science & Higher Education. The company and the Ministry have a partnership on ICT talent capacity building and IT infrastructure modernisation.

Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...

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Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...

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Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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