Blog Archives

ET 302 Flight Black Box Found

The black box from the flight of ET 302, which crashed yesterday morning, has been recovered from the accident site in an area called Ejere between the towns of Bishoftu (Debre Zeit) and Modjo. Manufactured by Boeing, the 737 Max 8 aircraft was the second to crash in five months after Indonesia’s Lion Air. There were eight cabin crew members and 149 passengers aboard the flight heading to Nairobi when it crashed at around 8:40am. Hailing from 33 countries overall, though a plurality were from Kenya, there were no survivors, including two children with Canadian and Polish nationalities, according to people close to the investigation. The flight was piloted by Yared Mulugeta and co-piloted by Ahmedur Mohammed. Four minutes after taking off, the pilot reported to ground control that the control panel went dead. He was told to return to
Posted in Business, Ethiopian News

Brand New ET Airplane Crashes, Cause Remains Unclear

Ethiopian Airlines Flight 302 crashed this morning in a place called Ejere, between Bishoftu (Debre Zeit), and the town of Modjo. It was a brand new 737 supplied by Boeing in November 2018, according to Tewelde Weldemaruam, CEO of Ethiopian Airlines Group. “There is no issue of maintenance, and the aircraft is checked clear,” Tewelde told the media today. The airport lost contact with ground controllers at about 8:40am, and the cause of the accident remains undetermined. The flight bound to Nairobi has no survivors from 149 passengers and eight cabin crew members.
Posted in Business, Ethiopian News

SOBER ADDRESS

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Posted in Business, Ethiopian News

Barred Firm Joins 3.2b Br Wheat Supply Bid

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Mayor Empowers Bureau to Administer All Construction

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Kinfe et al. File Preliminary Objections

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City Abattoir Invests in Water Treatment

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Tiret Ventures into Milk Processing Plant

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City to Expand Bus Depots

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Berhan Gleams Controlling Claim, Scaling Income

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Debre Birhan Drills Down

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Macroeconomic Problems Pull Down Nib’s Growth

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Legesse Asfaw, Cohort of Complicated, Painful History

Legesse Asfaw was not the type of man to worry friends and family with his personal problems. At least, as long as he hoped he could get past them. After experiencing pain last year, he began going to Korea Hospital, in the Gerji area of Addis Abeba, where he found out that he had liver cancer, an often incurable disease that typically set in during old age. Legesse, one of the closest allies of Mengistu Hailemariam, leader of Ethiopia between 1977 and 1991, was in his mid-70s at the time. For three months, he told no one until it was impossible to hold back from his family members. He was subsequently admitted to the hospital for medical care. But the cancer had spread, and one of the most senior officials of the Dergueregime passed away on January 26, 2019. His
Posted in Business, Ethiopian News

First Speaker of Parliament Dies, at 62

Dawit Yohannes, former Speaker of parliament, has died today in New York, at the age of 62. Dawit had served as Speaker of the house for two terms beginning 1995. He was the first Speaker to have served in such position after the current constitutional order was installed. He was succeeded by Teshome Toga, now Ethiopia’s ambassador to China. Dawit was then appointed as a permanent representative of Ethiopia to the United Nations. Dawit, who obtained his first and second degrees from Addis Abeba University and the University of Amsterdam, respectively, is survived by three children.
Posted in Business, Ethiopian News

DEVELOPING STORY: Saudi Arabia Releases Mohammed Hussien Ali Al-amoudi

Mohammed Hussien Ali Al-amoudi (Sheikh) in Jeddah yesterday afternoon, right after his release, spending more than a year in Saudi prison. He was one of the many royal family members and billionaires arrested following a wide crackdown by Mohammed bin Salman al Saud, the Crown Prince of Saudi Arabia.
Posted in Business, Ethiopian News

Hope & Comfort

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CBE to Take Over Electronic Utility Billing from Kifiya

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Agency Swaps Outdated Base Year in Inflation Measurements

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Firms Vie to Supply Analytical Technology to Investment Agencies

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Belgian, Local Firm Venture into Chemical Manufacturing

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Judges Rule to Continue Trial of Ex-Tiret Executives

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Furious Tenants at Loggerheads with Corporation

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Two Local Airports to be Equipped with Weather Systems

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Lion Roars: Flipping Slow Growth Over

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Investment Income Uplifts Ethio Life’s Achievement

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Online Betting Service Joins the Fray

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DEVELOPING STORY: Regional State Probe Leads to Bereket, Tadesse Arrest

The arrests of Bereket Simon and Tadesse Kassa was an operation led by the Amhara Regional State Police Commission with the cooperation of the Federal Police, people involved in the case disclosed to Fortune. They were arrested at their respective residences today suspected of corruption during their tenure in charge TIRET Corporate, an endowment company with businesses in brewery, agriculture, transport and agro-industry.
Posted in Business, Ethiopian News

Bereket Simon Arrested

Bereket Simon, a founding member of the EPRDF and a former senior government minister, has been arrested by the Federal government this morning, from his residence off Africa Avenue. Cause of arrest remains undisclosed, yet.
Posted in Business, Ethiopian News

Former TIRET Chief Arrested

Tadesse Kassa, a.k.a Tinkishu, former CEO of TIRET, has been arrested this morning at his residence in Addis Abeba. His arrest was made about the same time of police arresting Bereket Simon, also chairman of the Board of Directors of TIRET, an endowment company with relations to the ADP, a ruling party in Amhara Regional State. Tadesse was also a founding member of the ANDM and the ruling EPRDF.
Posted in Business, Ethiopian News

RUNNING OUT OF GAS

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Power Generator, Distributor at Odds

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Authority Shuts Tanneries With no Treatment Plants

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City Digitizes Farmland Relocation Data

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Kinfe, Others Face Additional Corruption Charges

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BALE UNDER PRESSURE

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BALE UNDER PRESSURE

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Agency Pop-up to Regulate Telecom Industry

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Posted in Business, Ethiopian News

Agency Pop-up to Regulate Telecom Industry

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Kinfe Faces First Corruption Charge

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Judge Summons CCD’s Head for Failing to Deliver Homes

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Auditor Reprimands Water Ministry for Cost Overruns

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Auditor Reprimands Water Ministry for Cost Overruns

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Culture Ministry Ushers in Advisory Group

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Abyssinia Upgrades Data Center, Core Banking

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Veterinary Institute to Produce Animal Meds

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Veterinary Institute to Produce Animal Meds

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NBE’s Stringent Law Stagnates Zemen’s Growth

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Nile’s Profit Plummets Nearly in Half

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Ministry Embarks on National Sanitation Survey

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Betty G – Engages Positively

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Ministry Manoeuvres Toward Digital Economy

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Police Partially Wind Down Investigation of Ex-MetEC CEO

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Reform Reaches Regional Tax Authority

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Reform Reaches Regional Tax Authority

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Justices Concede Judicial System Partisanship, Incompetence

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Justices Concede Judicial System Partisanship, Incompetence

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Dashen Buoys Profit, Dividend

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Liquor Plant Makes an Entrance in Amhara State

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Liquor Plant Makes an Entrance in Amhara State

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Flour, Biscuit Factory Emerges in Awash

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Ethio-Re Rebounds From Losses

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Addis Bank Reports Lukewarm Profit

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Without Regulations, Businesses Blossom in Drone Technology

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RENT TREMOR

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Shareholders Disrupt Hidasie’s Assembly

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MetEC Ousts Half of Employees

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Board Removes State Printer CEO

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Hyatt Regency Adorns Addis Abeba

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Court Grants Prosecutors Two Weeks to Charge MetEC Officials

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Abyssinia Bank Exec Joins Fintech Firm

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Grow or Give Up Licenses: Bureau to Small Businesses

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Board Creates Data Centre for Financial Info

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Belcash to Launch Online Commerce Platforms

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Inept Officialdom Lulls ‘Free-for-all’ Law and Order

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Nib Pays Private Industry Record Claim

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Ministry Reports 11.3b Br Audit Gap

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New Board Leads Policy Bank

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Premier Appoints Aide New Investment Chief

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 Investement Commission (EIC). He had served as a deputy before he was moved to the Prime Minister Office, following his former boss, Fistume, a capable technocrat now assigned to serve as Ethiopia’s ambassador to the United States. Abebe has been serving as senior legal advisor at the Office of the Prime Minister lately. He has more than a decade of experience working on private sector development, economic policy and regulatory reform, negotiations of international trade and investment agreements, academic research and teaching. At the Commission, he led the policy research, investment promotion and investment climate reform workstreams. Before he joined the Commission, he was working
Posted in Business, Ethiopian News

Macro Economist Joins CBE Board

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. The CBE has nine directors, including its chairman, Ahmed Abitew, former minister of Industry. Although it is the first for Eyob to serve in the board, he has had background working in the financial sector. He had served as head of the Federal Financial Institutions Supervisory Agency before he left public service. Prior to that he was a macroeconomist at the central bank.
Posted in Business, Ethiopian News

Oromia Police Arrest Gelan Town’s Mayor, Suspects of Corruption

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 today. Most of the suspects have appeared before court; investigators from the Oromia Region’s Anti-Corruption Commission have received the right of custody, according to Abebe Kebede, the Commissioner. The suspects are from the Oromia Credit & Saving Association, Oromia Procurement & Property Disposal Agency, the region’s roads authority, Gelan’s and Shashemene’s city administrations and Jimma zone. Along with Bahiru, Mengistu Regassa, head of Bole Lemi Industrial Park; Teshome Legesse, head of Oromia Credit & Saving Association; Feyisa Regassa, former mayor of Shashemene town; and Abdo Geleto, former head of the region’s roads authority, are among the detainees. The region’s police force conducted the arrests following investigations
Posted in Business, Ethiopian News

Ex UN Staffer New Chair for DBE Board

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 replaced Shiferaw Shuigute as a chairperson, after receiving a letter of appointment signed by Beyene G. Mesqel, director general of Public Enterprises Holding & Administration Agency. The letter was issued today, December 25, 2018. Along with Tegegnework, six new boards of directors were appointed, including Yohannes Ayalew (PhD), director of the state think-thank; Tefera Deribew, former minister of Agriculture; Umer Hussien, current minister of Agriculture; and Mesfin Nemera, a former parliamentarian. Tegegnework has served as the Under-Secretary-General for General Assembly & Conference Management at UNDP. Before joining the UN, he was a fellow at Columbia University, assistant professor and lecturer at the University of Rochester, Hunter
Posted in Business, Ethiopian News

President Sahle-worq Appoints Ambassadors

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 Sulieman Dedefo to Abu Dhabi, diplomatic sources said. Other assignments include Mulu Solomon, former president of the Addis Abeba Chamber of Commerce; and Henok Tefera, vice president of the Ethiopian Airlines, to Paris.
Posted in Business, Ethiopian News

Furious Tenants Protest Rental Fee Spike

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 disputed the sudden rental hikes, which in some cases have risen more than 60-fold, demonstrated for two hours in the morning. The business men and women organized the demonstration following the Corporation’s announcement on December 18 of increases in commercial unit rental fees by an average rate of 2,090pc. The price hike was made on 6,128 business units across the city, which have not had their rents increased in 43 years. The demonstrators, who are represented by a committee formed from each of the five business districts, have submitted their grievances to the management of the Corporation, which has agreed to review the complaints with the committee
Posted in Business, Ethiopian News

TPLF Loses Legislative Power Grip

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DBE Repossesses Ayka Addis

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Skyrocketing Rental Fee Stokes Outrage

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Central Bank to Raise Insurer Investment Ceilings

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Agency Schedules Overdue Census for April

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Claims Control Boosts Oromia’s Profit

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New Regulation Broadens Energy Authority’s Scope

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Judges Re-up 14-Day Custody of Kinfe for Third Time

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Authority Shuts Nightclubs Down for Noise Pollution

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Project Valued at 1b Br Brings Water to Dire Dawa

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Girma: President, Environmentalist, Dance Lover

The late Girma WoldeGiorgis might have been Ethiopia’s longest-serving president, with a political and military career that spanned almost eight decades. He was down to earth, loved nature and had a soft spot for music and dancing. Most uniquely, he cared very little for goats and Eucalyptus trees. Girma wanted to see a greener Ethiopia, evident is his contributions to get the Climate Resilient Green Economy plan off the ground, and he believed that goats and Eucalyptus trees were antithetical to that. He thought goats favoured eating saplings of trees and shrubs, devouring green life and depriving the earth of its vegetation cover. Eucalyptus trees, in particular, fared badly in his eyes. “He thought they were selfish, because they didn’t allow other plants to thrive underneath them,” says Solomon, one of his five children. Girma was replacing all the Eucalyptus
Posted in Business, Ethiopian News

Judges Grant Police Custody Right on Kinfe, Brother for Third Appeal

Federal Judges have granted Police appeal to keep under custody Kinfe Dagnew (Maj. Gen), former head of Metals & Engineering Corporation (MetEC), who is suspected of grand corruption, yet for the third time. Presided by Judge Christian Baylegne, the 10th Criminal Bench of the Federal High Court has granted police additional 14-day. Kinfe was arrested on November 14, 2018, and appeared before the Court the following day along with his brother Essayas, former chief operating officer of Ethio Telecom. During their first appearance, Judges gave police additional days of investigation and adjourned the case to December 3, 2018. Two weeks ago federal investigators probing the case presented a 13-page preliminary claim with 12 allegations against Kinfe. Appealing they need more time for further investigation, investigators have requested the Court for additional days of custody right, which was accepted by the
Posted in Business, Ethiopian News

President Girma Passes Away at 94

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Al-Amoudi’s Ethiopia Asset Over $1.2b

Mohammed Al Amoudi’s (Sheikh) vast assets in Ethiopia amount to only his second largest after those in Sweden, according to the Bloomberg Billionaires Index. The index shows that his assets in Ethiopia are valued at 1.2 billion dollars, which is close to five times higher than the assets he owns in Saudi Arabia, the country of his citizenship. The index put him on the 164th ranking worldwide with a net worth of 8.32 billion dollars. The report also shows that Al Amoudi holds 425 million dollars in cash. His biggest assets are registered in Sweden, where he owns the entirely 5.1 billion dollars of shares in Preem, the biggest oil company in Sweden, with a refining capacity of more than 18 million cubic meters of crude oil every year. Preem, which has over 1,400 employees, has a service network of
Posted in Business, Ethiopian News

Ethiopia on Pathway to Join Continental Free Trade Area

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Regulator Remits Bank Fines for Failure to Train Staff

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Local, Chinese Firms Team Up to Furnish Nile’s HQs

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Technology University, Students at Standoff

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Rigorous Law Approaches to Dispirit Tobacco, Alcohol Use

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Authority Awards 16b Br for Road Projects

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City to Construct Primary Dump Sites

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Inflationary Pressure Continues to Ease

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New Bottled Water Hits Market

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Nyala’s Profit Tops Private Insurance Industry

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Passport Tease

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Task Force Emerges to Revamp Tax Regime

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State Bank Undergoes Major Reshuffle

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Authority Eases Registration, Licensing for Medicine

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Police Maintain Custody of Ex- MetEC CEO, Brother

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Nation’s Second Toll Road Nears Completion

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Nation Launches Migrant Monitoring Database

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Court’s Injunction Temporarily Lifts Nile’s Frozen Accounts

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Agency Takes Power of Attorney Services Online

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Police Arrest Second Suspect in Awash Bank Robbery

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Authority Renovates Ambassador Park

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Wegagen Scores Massive Profit but Leaves Some Shareholders Questioning

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Divestment Burgeons United’s Performance

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Bitcoin Brings Economic Freedom

The feature story headlined, “Despite Murky Picture, Bitcoin Hatches” [Vol 19, No 966, November 4, 2018]. The goal of the replay is to indicate that Bitcoin is paving the global commercial way of the future and that the local Bitclub-Network is a vehicle. Bitcoin, as termed by its creator Satoshi Nakamoto, is a combination of two measurement units. “Bit” is a unit of data, and “Coin” is a unit of money. In the fintech sector, Bitcoin is the emergence of dynamic technology into the delicate and vulnerable financial data management system. Informaton technology and the internet revolutionised the world, catapulting humanity to unprecedented levels. Free access to information positively affected human endeavours in the arts, sciences and sports. Yet valuable information in intellectual property and privacy was simultaneously negatively affected.  This cyber insecurity intensified resistance around the sensitive financial sector.
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DIPLOMATIC CHARM

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United Secures Disputed Multi-Million Birr Insurance Deal

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Eth-Switch Gets Second Boss, After Half Year

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Judges Grant Police Custody Right of MetEC Officials

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Unpaid Workers  Hold Indians Hostage

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Nation to Recieve National Soil Information Centre

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Liquor Company Rises to Meet Demand for Bottling Caps

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Planners Debate Fate of Africa’s Political Capital

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Local Leather Firm Branches out to Washington, D.C.

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Chinese Firm Seals Deal to Install Bus Shelters

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Lucy Bolsters Yield for Third Year

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Real Estate Firm Selects Architects to Design 25-Storey Complex

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New Jute Sack Factory Joins Market

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Abyssinia Hikes Profit, But Dividend Goes Cold

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THE BET ON DEMOCRACY

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Central Bank Eases Filing Requirements

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MetEC Receives Third Boss

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MetEC Receives Third Boss

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Renegotiation Brings Back La Gare Eagle Hills Project

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PetroChina Lands Low Bid to Freight Nation’s Petroleum

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Addis Gets Two Bus Depots for 1.3b Br

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Authority Plans to Digitize Transport, Traffic Mang’t Systems

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Authority Plans to Digitize Transport, Traffic Mang’t Systems

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AfDB Endows Ethiopia with $123m

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Trade Bureau to Launch Online Registration, Easing Hassles

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Trade Bureau to Launch Online Registration, Easing Hassles

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Berhan Posts Slight Profit Increase

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Judges Order Police to Bring Investigation Evidence on Ex-Security Deputy Head

Judges at the Federal High Court have ordered Police to present preliminary evidence showing probable cause from their investigations on Yared Zerihun, former deputy director of the National Intelligence & Security Service (NISS) who is suspected of alleged human rights abuse. A panel of three judges of the 10th Criminal Bench of Lideta Division has ordered Police to file their investigative evidence after they appear before the Court without them. Yared was arrested on November 14, 2018, suspected of human rights abuses. Police claimed that Yared was allegedly involved in a violation of human rights of detainees suspected of being members of former dissident groups. Police also said Yared has allegedly did that receiving orders from his former boss, Getachew Assefa, who was director general of NISS. Police reported that Yared was arrested at one of the hotels in Dukem
Posted in Business, Ethiopian News

Federal Judges Deny Bail Rights to an Official, a Businessman in MeTEC Probe

Judges at the Federal High Court of 10th Criminal Bench have denied the bail request of Assefa Yohannes (Col.), head of Ethiopia Power Engineering Industry of MetEC, who was suspected of grand corruption case. The Judges have granted police 10-days for further investigation. Yohannes, who was represented by a public defender, was arrested on November 14, 2018, and was suspected of corruption in relation to the Tana Beles I Sugar Project. Police claim that he gave the project to a Chinese firm for 49.9 million dollars but later amended the contract to 55.6 million dollars. Police also said the Chinese company abounded the project, progressing 55pc and taking the full payment. This led the government to enter a contract with another company, worth 6.4 million dollars in an effort to finalise the project, according to Police. The Judges also granted
Posted in Business, Ethiopian News

FOR THE REGION, BY THE REGION

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Wonji Sugar Factory Up for Privatisation

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The Presumption of Innocence Before the Courts Establish Guilt

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Water Pours From 1.2b Br Wells in the City

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Gov’t Invests in Standard Agency’s Training Academy

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World Bank Restores “Trust” with Ethiopia’s Gov`t

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Debub Unveils New Premium Branch

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Chinese Firm to Supply Satellite Receiver

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Digata Hands Over Soil Test Center

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United’s Deal to Insure Domestic Workers Faces Protest

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Posted in Business, Ethiopian News

The Consumer Continues to Pay the Price

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Abay Bank Emerges with Outstanding Performance

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Staff Sue Abay Radio For Unpaid Salaries

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Suspects of Corruption Probe, Alleged Human Rights Abuse Appear Before a Judge as Late as 9pm

A Court has denied 64 suspects the right to bail when federal police brought them before a federal judge at the 10th Criminal Bench of Lideta Division, as late as 9:00pm today. Among the suspects are 28 employees of the state owned military-industrial complex, Metal & Engineering Corporation (MetEC), including its deputy CEO, Tena Kurunde (B. Gen). The remaining are from the Federal Police, national security and intelligence agency and prison administration. All but two of the suspects have appeared before the court, after they were arrested late last week. One of the suspects, Mulu Woldegebriel (Col.), was arrested near Awash town, according to police. The two suspects – Chernet Adane and Gebremedhin Gebresellasie (Let. Gen) – remain at large, says police. Adanech Tessema, a spouse of Yared Zerihun, former deputy head of national intelligence, is among the suspects brought
Posted in Business, Ethiopian News

Fed Begins High Level Probe on Corruption Allegations

Police have arrested 63 individuals, 27 of which are suspected of alleged corruption, Berhanu Tsegaye, the attorney general, confirmed at a press briefing broadcast live today. The entire investigation took five months before the Federal Police began making arrests last Friday. He also highlighted several of the alleged corruption details he claimed were committed by former senior management members of the state owned Metals & Engineering Corporation (MetEC). In one case, a 37-billion-Br procurement was made without a mandated bidding process, the Attorney General said. In another case, he alleged that MetEC carried out a local procurement worth 205 billion Br without a bidding process. MetEC also paid multiple times for a single procurement, according to Berhanu. MetEC was engaged in repeated procurements from single suppliers without competitive bidding, which is against the law, the Attorney General alleged.
Posted in Business, Ethiopian News

FOR WOMEN AND PEACE

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Central Bank Lifts Principal Payments on Arrears

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House Stands Ground on Standing Committee Chairpersonship

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DP World Takes China Merchants to Court

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Oromia Bank’s Performance Surges

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Production of Liquid Organic Fertiliser Commences

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Enterprise Opens Petroleum Bid

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Headline Inflation Steps Down for Third Consecutive Month

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Global Insurance Improves Profit, Reduces Claims

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Ethio Water to Join Flourishing Market

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Electrical Manufacturers Form Professional Association

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Parliament Approves Eight Standing Committee Chairs, Denies Motuma Meqassa

Parliament refused to accept the nomination of Motuma Maqassa, the former minister of Defense, and Atsebeha Aregawi to chair the International Relation & Peace and the Revenue, Budget & Finance standing Committees, respectively. The parliament went on to approve eight of the 10 standing committee chairs. This included Fozia Amin, former minister of Culture & Tourism, to chair the Legal, Justice & Democracy Affairs Standing Committee. The post was previously to go to Amanuel Abraham, deputy government whip, but faced resistance from MPs in parliament’s last Tuesday session. The parliament will fill the remaining two positions in its next assembly.
Posted in Business, Ethiopian News

Sahle-worq on Second Foreign Visit after Presidency

President Sahle-worq Zewdie, Ethiopia’s first female President, arrived in Johannesburg today to attend the first investment forum for Africa that its organisers insist is more “transactional” than an event. It is her second foreign trip after her appointment in October as president and head of state. Sahle-worq’s first visit was to South Sudan, just a few days after her assumption of office. Upon her arrival to Johannesburg late yesterday, she was greeted by South Africa’s President, Matamela Cyril Ramaphosa; and Dlamini Zuma (PhD), former head of the Africa Union (AU), who welcomed her with an emotional and overwhelming hug. Sahle-worq and a number of other heads of state and prime ministers are attending the forum from across Africa, where six of the 10 fastest growing economies are located. The continent has an average of three percent GDP expansion which is
Posted in Business, Ethiopian News

ALL SMILES, LIFELINES

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NBE Outlaws Pending Under-invoiced Import Clearance

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United Insurance Seals Deal, Ensures Overseas Employees

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Reach-Stackers in Pipeline to Relieve Port Congestion

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Nation Integrates Third-Party Liability Motor Insurance

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Nation Receives Another Round of WB Financing

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Awash Insurance Boosts Profit, Capital

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Agency Born to Regulate Construction Industry

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Lideta Civil Bench Relocates, Rents New Facilities

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ECX Brings Two Commodities Onboard

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TACON-built Gov’t HQs Collapses

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United Welcomes Female Vice President

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Plastic Factory Expands with DBE’s Bolstering

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Salt Producers Join Hands to Curb Iodine Deficiency

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Federal Supreme Court Vice President Announced

Prime Minister Abiy Ahmed (PhD) has nominated Solomon Areda as vice president of the Federal Supreme Court. More to come.
Posted in Business, Ethiopian News

Comm’n on Environment, Climate Gets New Boss

The newly formed federal commission in charge of the environment, forestry and climate change has a new boss in Fekadu Beyene (Prof.), former minister of Livestock & Fisheries. His appointment by Prime Minister Abiy Ahmed (PhD) is effective as of October 22, 2018. The Commission, which went through a restructure during the latest cabinet reshuffle two weeks ago, has been under the leadership of Gemedo Dale (PhD) and Shiferaw Teklemariam (PhD) since it was formed as the Ministry of Environment, Forest & Climate Change in 2015. The Commission will report to the Office of the Prime Minister, according to the new restructuring. Fekadu, a food scientist and technologist, has previously served as president of the Ethiopian Civil Service University and Welega University.
Posted in Business, Ethiopian News

Central Bank Governor Becomes ECX’s Board Chairperson

Yinager Dessie (PhD), governor of the National Bank of Ethiopia (NBE), has been appointed the board chairperson of the Ethiopian Commodities Exchange (ECX), replacing Sani Redi. The newly formed ECX board of directors has 11 members, of whom six are from government offices while the remaining are from the private sector. The new board of directors includes Getahun Mekuria (PhD), minister of Innovation & Technology; Abdisa Yadeta, director general of the Federal Transport Authority; Haileyesus Bekele, president of the Development Bank of Ethiopia; and Abebe Abebayehu, an advisor to the Prime Minister. Abdela Bagerish, general manager of SA Bagarish, one of the leading coffee exporter companies, has also been re-elected to the board of directors, representing the business community. Established a decade ago, ECX mainly trades agricultural commodities with its central trading system. It also provides services such as warehouse
Posted in Business, Ethiopian News

Premier Appoints Beyene to Head Public Enterprise Agency

Prime Minister Abiy Ahmed (PhD) has appointed Beyene G. Mesqel, an experienced hand in the sector, as a director general of the newly restructured Public Enterprises Holding & Administration Agency (PEHAA). Beyene was formally a state minister for the Public Enterprise Ministry which went through a restructure during the recent cabinet change in 2015. Before receiving his appointment as a state minister for the Ministry he was a long-serving Director General of the Privatisation & Public Enterprises Supervising Agency (PPESA). The Ministry of Public Enterprises, which was upgraded from the PPESA in 2015, has been under the leadership of Demitu Hambissa, Girma Amente (PhD) and Teshome Toga, consecutively. The recent restructuring has seen the Agency report to the Ministry of Finance. Prime Minister Abiy has also appointed Habtamu Hailemicahel as a deputy director general of the Agency as of October
Posted in Business, Ethiopian News

Your Turn, Madam President!

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Central Bank Fines Seven Banks for Failing to Train Staff

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Private Sector Promise for Biofuel

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The 71-year-old Chamber Elects First Female President

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