Office Closes Nine Salt Businesses for Price Gouging

Aug 21 , 2021


Authorities at the Addis Abeba Trade Bureau have shut down nine salt trading stores on allegations of price gouging. The traders were accused of selling salt for as much 50 Br a kilogram, four times the price ceiling enforced by the Bureau. There has been a spike in price of salt over the last two weeks. Traders blamed the disruption of supply due to transportation problems caused by the conflict in Afar Regional State, which is the only source of salt in Ethiopia. The dispute between producers and suppliers over the price of salt have been also cited by officials as one of the reasons for the recent price hikes, leading to a disruption of supply to factories that iodize salt. Currently, a kilo of salt is being retailed for 20 Br.


Radar

Capital Market Authority Extends Public Company Registration Deadline, Warns Against Unlicensed Investment Bank

Ethiopian Capital Market Authority (ECMA) has granted a final one-month extension for publicly held companies to register, setting the new deadline for April 9, 2025. The extension applies specifically to companies with over 50 shareholders, who are required to submit comprehensive documentation across all industries. Mandatory details include the total number of shareholders, the total number of shares issued, fully paid shares, subscribed shares, and the value of shares on the reporting dat...


Radar

State Corps Post Growth Eyeing Innovation, Market Expansion

The Ethiopian Insurance Corporation (EIC) generated 9.34 billion Br in written gross premiums, marking a considerable 51.7pc increase compared to the same period last year. The Corporation's profit reached 1.2 billion Br, exceeding its planned target by 15pc and increasing by 62.7pc from last year's corresponding period. Executives of Ethiopian Investment Holdings (EIH), Ethiopia's sovereign fund that owns state enterprises, commended EIC for its achievements and provided strategic guidance t...


Radar

Ethiopian Airlines, AfDB Forge Partnership for Bishoftu International Airport Project

The Ethiopian Airlines Group has signed a letter of intent with the African Development Bank (AfDB) to launch a partnership for the ambitious Bishoftu International Airport Project. Mesfin Tasew, CEO of Ethiopian Airlines, and Nnenna Nwabufo, vice president of Regional Development, Integration & Strategy at AfDB signed the agreement. The two officials expressed their intent to consolidate the existing partnership through strategic and innovative engagements to benefit Ethiopia and the wid...