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Jan 14 , 2025

Parliament Enacts Sweeping Property Tax, Dividing Lawmakers Over Fairness, Economic Impact

Federal legislators passed a landmark property tax law today, granting regional states and municipal authorities new powers to levy taxes on land-use rights and housing. The bill, with four votes against and 10 abstentions, sets the taxable base at 25pc of a property's total value, with rates rangin...

Jan 10 , 2025

Ethiopia Opens Doors to Capital Markets with Ambitious Securities Exchange Debut

The Ethiopian Securities Exchange (ESX) opened for business today, January 10, 2025, with Prime Minister Abiy Ahmed (PhD) officiating the ceremony at the Science Museum in Addis Abeba. The new bourse, billed as the country's first, is headquartered on the 18th floor of the Nile Building along Abebe Aregay (Ras) St., a site selected for its proximity to the capital's financial district. After meeting the regulatory requirements laid out by the Ethiopian Capital Market Authority (ECMA) last month and obtaining its operational license, the ESX facilitates traditional securities trading and ove...


Jan 9 , 2025

Parliament Tightens the Screws on Petroleum Distributors

Federal legislators passed today a sweeping bill tightening licensing requirements for distributors of petroleum products and imposing stiffer penalties on violators. The authors' of the bill believe it will combat smuggling, hoarding, and fuel adulteration. The law carries prison sentences of five to seven years for those convicted of adulterating fuel, tampering with equipment, or operating without proper certification. Authorities can confiscate contraband fuel from smugglers, while distributors caught overcharging buyers risk fines ranging from 600,000 Br to one million Br; repeat offen...


Jan 2 , 2025

Ethio telecom Faces $1.14b Shortfall in Push for Rural Connectivity

Firehiwot Tamiru, Ethio telecom's CEO, seeks a 1.14 billion dollar financing for a major infrastructure expansion this fiscal year, on her bid to deploy mobile networks in 1,000 new locations, including 496 rural areas. However, the state-owned teleco provider faces a substantial funding gap that could derail its ambitions. The CEO told members of Parliament's Standing Committee for State-owned Enterprises Affairs that the financial constraints remain severe, disclosing that the investment required exceeds the company's annual profit. Ethio telecom has maintained a strong presence in the...

News Alert

Dec 31 , 2024

Monetary Policy Committee Pushes for Higher Credit Growth, Keeps Policy Rate Unchanged

The Monetary Policy Committee (MPC), in its inaugural meeting, recommended increasing the targeted credit growth rate from 14pc to 18pc, allowing banks to lend more. The Committee which was establi...

Dec 20 , 2024

Ahadu Bank’s President Resigns as Recovery Takes Hold

Ahadu Bank's President, Sefialem Liben, has resigned, with the Bank's board of directors accepting his departure on December 14, 2024. Vice President Sisay Gebru has taken charge as acting president p...

Dec 17 , 2024

Parliament Approves Law Allowing Entry of Foreign Banks

Parliament has approved the Banking Business Proclamation, permitting foreign banks to enter and operate in Ethiopia. The new legislation allows foreign banks to establish subsidiaries, purchase sh...

Dec 17 , 2024

Parliament Grants Greater Autonomy to National Bank

The Parliament has approved a new proclamation that strengthens the National Bank of Ethiopia's (NBE) autonomy, granting it independence over monetary policy and foreign exchange management. The procl...

Dec 13 , 2024

Securities Exchange Set to Launch in January

The Ethiopian Securities Exchange (ESX) is set to launch its first trading market in mid-January, 2025, promising to reshape the country's financial ecosystem. Located on the 18th Floor of the Nile Bu...

Dec 4 , 2024

Wealth Fund Shakes Up State Asset

Ethiopia's sovereign wealth fund has expanded its portfolio, incorporating a number of state-owned enterprises, bringing together 40 companies. Under the Ethiopian Investment Holdings' (EIH) manage...

Dec 3 , 2024

Surge in Illegal Checkpoints Plunges Khat Exports

Khat exports have nosedived over the past three months, a decline federal government officials attribute to a surge in illegal checkpoints that are disrupting trade routes and fueling contraband activ...

Dec 3 , 2024

Ethio telecom Teams Up with Djibouti Telecom, Sudatel to Launch Terrestrial Internet Network

Ethio telecom has partnered with Djibouti and Sudatel telecoms to launch the Horizon Fiber Initiative, an ambitious project to establish a terrestrial fiber-optic network linking Djibouti, Ethiopia, a...


Most read

Columns

Commentaries | Jan 18,2025

Tight Monetary Policies Risk Stifling Economic Growth, Undermining Business Confidence

Life Matters | Jan 18,2025

Media Coverage of Africa Skews Towards Negativity

My Opinion | Jan 18,2025

Social Media as It Should Be

Sunday with Eden | Jan 18,2025

Acts of Kindness Create Lasting Legacies

Agenda | Jan 19,2025

Traditional Weaving Unravels as Chiffon Takes Over, Demands Dwindle, Costs Rise

Editorial | Jan 18,2025

Breaking the Chains to Protect the Vulnerable During Painful Reforms


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Breaking the Chains to Protect the Vulnerable During Painful Reforms

Adanech Abebie, the mayor of Addis Abeba, addressed last week a warm-up session for her pa...

Editorial | Jan 18 , 2025

New Roads Stimulate Post-Dusk Energy, Revamp Evening Scenes

Melese Gizaw, a former soldier from the Derg regime, finds himself drawn to cafes since le...

Featured | Jan 19 , 2025 . By YITBAREK GETACHEW

Traditional Weaving Unravels as Chiffon Takes Over, Demands Dwindle, Costs Rise

Asamenew Arba, a weaver operating from a building housing micro enterprises near Shero Med...

Agenda | Jan 19 , 2025 . By BEZAWIT HULUAGER

THREADBARE TRADITIONS, WEAVING UNRAVELS FAST

The looming scarcity of essential imported materials has overshadowed traditional weaving...

Fortune News | Jan 19 , 2025