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July 28 , 2022

Ethio telecom Execs Laud 61b Br Revenues

The state-owned Ethio telecom closed off the financial year with 61.3 billion Br in revenues. Though it is an 8.5pc jump from the previous year's performance, the telecom operator's executives, led by CEO Frehiwot Tamiru, say outages brought on by miltarised conflict and instability at nearly 3,...

July 27 , 2022

Trade Ministry Revisits Cement Retail Price Cap

The Ministry of Trade & Regional Integration has reintroduced a price cap for cement retailers in a bid to fight alleged "hoarding" and "illicit trade practices." Retailers are compelled to sell a quintal of cement for between 770 Br and 870 Br depending on transport and handling costs determined by cement factories. It is the authorities' second attempt to control the cement market through price caps in two years. In June 2020, the Trade Ministry capped distribution costs to 20 Br a quintal, and limited wholesale privileges to six authorised dealers. The measure backfired. The Mi...


July 8 , 2022

Fed Suspends Khat Export Contracts

The Ministry of Trade & Regional Integration, under Gebremeskel Challa, has put a temporary embargo on all khat export contracts while his experts "redress problems in the registration of contracts." The move comes barely two months after the Ministry revoked the licenses of 830 khat exporters following investigations. Last month, the Minister decreed that exporters must present contracts with overseas buyers before being permitted to send their goods abroad. Trade authorities claim an alarming growth in ‘illicit trade’, including over-invoicing practices, pushed them to enforce...


July 4 , 2022

Authorities Clamp Down on Fuel Stations

Officials at the Petroleum & Energy Authority have ordered gas stations to pay the difference in fuel stock they hold when prices change later this week. Officials are to conduct inventory at all gas stations and fuel depots the day before prices are adjusted and instruct stations to pay the price difference to the Ethiopian Petroleum Supply Enterprise. They allege illicit activities are behind their decision, claiming that hoarding is the cause for long queues at pumping stations over the past week. The federal government plans to lift fuel subsidies beginning this week progressivel...

News Alert

June 29 , 2022

Capital Approves 100b Br Budget

The Addis Abeba City Council has approved a 100 billion Br budget for the coming fiscal year. It is a 41pc jump from last year and equivalent to 13pc of the proposed federal budget tabled to Parlia...

June 23 , 2022

Sovereign Fund Takes Control of Colossal Enterprises

The country's biggest public enterprises have come under the wing of the newly-formed Ethiopian Investment Holdings (EIH). The Ethiopian Airlines Group, the Commercial Bank of Ethiopia, Ethio telec...

June 21 , 2022

IMF Pledges Support for Ethiopia Debt Relief

The International Monetary Fund (IMF) says it will work closely with creditors to provide debt relief to Ethiopia under the G20 Common Framework. An IMF team led by Sonali Jain-Chandra concluded a...

June 14 , 2022

Central Bank Halves Reserve for Commercial Banks

Regulators at the central bank have cut reserve requirements for commercial banks down by half to five percent. It comes less than a year after the banking supervision directorate at the National B...

June 3 , 2022

Fed Approves 787b Br Budget

The Council of Ministers has given the nod to a 786.6 billion Br budget for the coming fiscal year. It is 40pc higher than what lawmakers had apportioned for 2021/22. In dollar terms, the budget bi...

May 25 , 2022

Ethiopian, Boeing Seal Cargo Deal

The Ethiopian Airlines Group has ordered five Boeing 777 aircraft for cargoes. The state carrier looks to add the aircraft to its fleet of nine 777 freighters assigned to its network of 66 cargo ce...

May 18 , 2022

Capital Market to Form Under Holding Group

Federal officials have tasked Ethiopian Investment Holdings, a sovereign wealth fund formed earlier this year with 100 billion Br in capital, with the formation of the Ethiopian Securities Exchange. ...

May 7 , 2022

Retail Prices at Gas Stations Jump

Prices for benzene and diesel will go up beginning tomorrow, May 8, 2022. A litre of benzene is set at 36.87 Br, increasing by 16pc. It is an increase of a little over five Birr from what gas stati...


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National Dialogue! What National Dialogue?

The call for lofty ideals such as national dialogue and consensus has been as old as Ethio...

Editorial | August 14 , 2022

Marks to Erase: Tattoo Removal Business Booms

The traditional tattoos in the shape of a cross on her chin and forehead tell a story. It...

Featured | July 9 , 2022 . By RAHEL BOGALE

Agenda: Domestic Smartphone Assemblers Dial it In

The roads leading to Megenagna were crowded and hectic as ever. Street vendors selling a f...

Agenda | August 14 , 2022 . By RUTH TAYE

Addis Abeba University Reclaims Financial, Operational Autonomy

Federal authorities approved submissions by the Addis Abeba University (AAU) administrator...

Fortune News | August 14 , 2022 . By RAHEL BOGALE