Dawit Taye

Ermias Eshetu, the CEO of the Ethiopian Commodity Exchange (ECX), has tendered his resignation letter to the board of directors of the trading enterprise.

The Chinese giant Maxtor International Financial Services Group on Wednesday inked a memorandum of understanding with the Amhara Regional State that would enable the former to build a Special Economic Zone in Bahr Dar.

By Dawit Taye and Kaleyesus Bekele The Government of Ethiopia has taken over the potash mine concession of Allana Potash Afar in the Afar Regional State, Danakil Depression.

ET Switch, a centralized switch system which plans to integrate all real-time and online payment systems in Ethiopia, which started by connecting all the Automated Teller Machines (ATMs), has announced that it has completed transaction valued at 1,175,089,410 birr since its launch last May although challenged by high transaction decline rate of 40 percent per month mainly caused by the connection failure and system breakage in its member banks.

-  Holds government accountable for loss of properties ICL, the Israeli company which recently announced its decision to terminate its investment in the potash mine development project in the Afar Regional State, requested the Ministry of Mines, Petroleum and Natural Gas to take over the potash project.

The Ethiopian Revenues and Customs Authority (ERCA) has blocked the bank accounts of the Israeli firm, Israel Chemicals (ICL), that has been engaged in potash development project in the Afar Regional State, Dallol Depression.

Delivering a serious blow to Zemen Bank, one of the players in the private banking industry of Ethiopia, which is also known for operating on a unique one-branch banking model, the National Bank of Ethiopia (NBE) has moved to ban two senior Vice Presidents of the bank who have worked in their positions for over five years.

Berhan International Bank, one of the smaller private banks in Ethiopia, has registered an astronomical growth in profit levels during the just concluded fiscal year bagging 365 million birr profit before tax, a whopping 162. 5 percent leap from the 139 million birr profit it has garnered last year.

The National Bank of Ethiopia (NBE) has drafted the initial documents to establish a mammoth insurance company which will offer an insurance policy that will cover commercial banks in Ethiopia against any risk on the deposit that they accepted from their customers.

The CEO of Ethiopian Insurance Company, Yewondwossen Itefa, has been approved by the National Bank of Ethiopia to head the newly established Ethiopian Reinsurance SC (Ethiopia Re).