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To survive foreign competition, central bank governor suggests mandatory mergers, acquisitions
The bankers' association is upset about the tax on recapitalized dividend The National Bank of Ethiopia (NBE) plans to enforce mergers and acquisitions on local...
CBE grosses 27.5 bln birr profit last year
The Commercial Bank of Ethiopia grosses 27.5 billion birr profit during the just-ended fiscal year. It is 43 percent higher than the Bank's profit...
Fuel dealers demand gov’t to quintuple profit margin
Gas station owners demand the government to increase profit margins to 1.20 birr per liter within a week. It is a five-fold increase from...
Kazanchis to get 44 storey tower with 13 bln birr budget
CCECC is contracted to undertake the construction Quara Manufacturing Plc contracted China Civil Engineering Construction Company (CCECC) for 13 billion birr to construct a twin...
Corbetti undergoes ownership change
Owners of Corbetti Geothermal WorldCo have sold their shares to a blend of new companies. Meridiam has become the major shareholder, overtaking from Berkeley...
Fuel imports to surpass USD 5.6 billion, Bahrain company wins contract
Vitol, Kuwait government to supply fuel for the upcoming budget year Ethiopia is likely to spend USD 5.6 billion to import fuel next year, twice...
Two chamber officials defect on after a trade fair
Secretary General of Ethiopian Chamber of Commerce and Sectoral Association (ECCSA), Yusuf Ademnur as well as Binam Misgina, head of the trade and investment department at ECCSA failed to return to Ethiopia. The two officials tendered their resignation from the US.
Dashen Bank’s Board Chairperson Resigns over “Personal Reason”
Dashen Bank announced the resignation of its board chairperson, Neway Debebe, as of last week. The Bank said the resignation is due to personal reasons.
Banks to lend 12 bln birr for coffee growers from reserve
Commercial banks are instructed to lend 12 billion birr from their reserves put at the National Bank of Ethiopia (NBE) for players in the coffee industry across Ethiopia. A decision said to be the first of its kind, the move gives the green light to banks to use upto two percent of their reserve for this particular purpose.
Abyssinia awards USD 400 mln construction project
Bank of Abyssinia, one of the leading private banks in the country, awarded a construction project to China State Construction Engineering Corporation (CSCEC) worth USD 400 million.
