In a move reminiscent of overnight capitalist reforms in the post-Soviet 90s, the Federal Housing Corporation sent letters to thousands of tenants of its commercial units in mid-December that sent shock waves through Add...

The general assembly of Hidasie Telecom, a local telecom products and services distributor, was disrupted in a dispute following a demand by shareholders to remove the board of directors. The company's sixth general a...

The state-owned military-industrial conglomerate, Metals & Engineering Corporation (MetEC), which has been in hot water for the past four months, is shrinking by reducing its staff size by more than half. With 19,...

The board of the Berhanena Selam Printing Enterprise, the state printing press giant, dismissed Teka Abadi, CEO of the Enterprise, effective Friday, December 29, 2018. Chaired by Worku Guangual, state minister for Goo...

Hyatt Regency is becoming the eighth international franchise hotel to join the hospitality industry in the capital with a soft opening to be held on December 31, 2018. Built to a five-star standard, the hotel is locat...

Judges at the Federal High Court gave prosecutors two-weeks press charges against 11 senior officials from the state military conglomerate Metals & Engineering Corporation (MetEC), who have been detained under suspic...

Premium Switch Solutions (PSS), the electronic solutions share company that operates the electronic payment systems of six banks acquired Yoseph Kibret, former chief information system officer of Abyssinia Bank, as its n...

The City Small & Micro Enterprises Development Bureau is drafting a directive to compel small and micro-enterprises (SMEs) to upgrade themselves to medium level after five years of programme participation. The Bur...

The Accounting & Audit Board of Ethiopia (AABE) invested five million Birr to build a data centre that will store information on companies that report to the 12-member Board. The new data centre is located at AABE he...

Two e-commerce platforms, which will enable online commerce locally as well as allow buyers outside the country to transact in goods available domestically, are set to be launched by Belcash Ethiopia. Hellomarket will...

Nib Insurance Company, one of 17 private insurance firms, paid out record high claims in the private industry during the last fiscal year. The firm registered 308 million Br in claims in the last fiscal year, a 23pc i...

The Development Bank of Ethiopia received a new board of directors chaired by former senior staff of the United Nations, Tegegnwork Gettu (PhD). Tegegnework replaced Shiferaw Shigute and another six new board members...

Prime Minister Abiy Ahmed (PhD) has appointed one of his aides to serve as the new investment commission, replacing Fistume Arega. Abebe Abebayehu, a lawyer by training, is the new Commissioner of the the Ethiopian In...

Eyob Tesfaye (PhD), a macro economist working for the UN, has been appointed by the administration of Prime Minister Abiy Ahmed to serve the state owned Commercial Bank of Ethiopia (CBE) as a director of its board. Th...

A sweeping corruption probe is taking place in Oromia Regional State where investigators have apprehended 77 suspects, including Bahiru Tekle, mayor of Gelan town. The wave of arrests began a week ago and continued to...

A former senior staff for the United Nations has been appointed to chair the state owned but troubled bank, the Development Bank of Ethiopia (DBE). Tegegnework Gettu (PhD), former regional director at UNDP, has replac...

Twenty ambassadors appointment by President Sahle-worq Zewdie was made yesterday. Fitsum Arega, chief of the federal agency for investment promotion, is assigned to the United State; Teshome Toga, to China; and Suliem...

Hundreds of tenants for state owned commercial housing in Addis Abeba protested the recent steep rental fee increase, marching today to the head office of the Federal Housing Corporation. The tenants, who furiously di...

Last week was not business as usual for the TPLF - a senior member of the coalitions in the ruling EPRDF. The party lost the support of its allies on its stand in parliament to stop the establishment of the Administrativ...

The Development Bank of Ethiopia (DBE), the state policy bank, repossessed the textile plant of Ayka Addis Textile & Investment Group from its defaulted Turkish owners . The decision was made by the Bank’s manag...

The Federal Housing Corporation’s first increase in commercial rental fees in 43 years in Addis Abeba has caused significant tumult among the business class across the city. In a letter addressed and sent to each te...

The central bank is amending its directives to raise insurance company investment ceilings on acquisition and construction of buildings; and to ease the maximum liquidity level imposed by the central bank previously.

The long-awaited census, the fourth in the nation’s history, will be held between April 7 and April 22, 2019. Initially scheduled to be conducted in November 2017, the census was postponed again to March 2018 due to...

The decade-old Oromia Insurance Company registered one of the highest growth rates in the industry for the second year in a row. The insurance firm grew its net profits by 127pc to 72.5 million Br compared to the prev...

The Council of Ministers approved a regulation that empowers the Ethiopian Energy Authority to regulate energy efficiency performance standards of equipment and appliances. Approved on December 15, 2018, the 40-page d...

Police have brought an additional six allegations against Kinfe Dagnew (Maj. Gen), former head of Metals & Engineering Corporation (MetEC) and a suspect in crimes of corruption, making the sum total of allegations ag...

Following grievances lodged by residents, Bole District Environment Protection Authority shut down 14 nightclubs in the Gerji, area accusing them of creating noise pollution. The district revoked the licenses of 14 ni...