Business

Abyssinia Bank Reports Over 5 Billion Birr Gross Profit for 2023/24 Fiscal Year

Abyssinia Bank has reported a gross profit of 5.28 billion birr for the 2023/24 fiscal year, representing a growth of 0.92% compared to the previous year. The announcement was made during the bank’s 28th Annual General Meeting of Shareholders, where key financial highlights were presented. Key Financial Performance: The meeting provided an overview of the

November 15, 2024 • By Addis Insight

Business

Ethiopian Government Raises Customs Duty on Imported Electric Vehicles

In a notable policy shift, the Ethiopian government has increased customs duty on imported electric domestic vehicles, raising the rate from 15 percent to 20 percent. The decision to implement a 5 percent increase follows the International Monetary Fund’s (IMF) call for Ethiopia to expand its tax base. However, it may impact vehicle affordability in

November 14, 2024 • By Addis Insight

Business

Ethiopian Capital Market Authority’s First Investment Directive Approved at the 2024 Capital Markets Summit

The Ministry of Justice has recently approved groundbreaking guidelines from the Ethiopian Capital Markets Authority (ECMA) focused on public offerings and trading of documented investments. Announced at the 2024 Capital Markets Summit in Addis Ababa, this directive represents the first formal document guiding investment provisions in Ethiopia, setting the stage for a structured, secure, and

November 14, 2024 • By Addis Insight

Uncategorized

National Bank of Ethiopia Launches New 50% Foreign Currency Retention Policy Starting Tomorrow

The National Bank of Ethiopia (NBE) has announced that starting tomorrow, exporters will have the option to sell 50 percent of the foreign currency they generate immediately while retaining the remaining 50 percent in their accounts indefinitely. Previously, exporters were required to sell half of their foreign currency earnings to banks upon receipt and the

November 13, 2024 • By Addis Insight

Entrepreneurship

Creative DNA Ethiopia 2.0 Pop-Up Showcases Bold & Innovative DesignsJoin Us for an Exclusive Event Featuring Emerging Ethiopian Fashion Talent

ADDIS ABABA, 11 NOVEMBER 2024 – The future of Ethiopian fashion is on display! The Creative DNA: Ethiopia 2.0 program invites you to an exclusive two-day pop-up event on November 16th and 17th, 2024, from 9:30 AM to 5:00 PM at The British Council, Addis Ababa. This exciting showcase will feature collections from Ethiopia’s most

November 13, 2024 • By Addis Insight

Uncategorized

Minister Hanna Arayaselassie’s Proposed Asset Seizure Bill: A New Approach to Addressing Unexplained Wealth in Ethiopia

The debate over Ethiopia’s proposed asset recovery bill has centered around its high-stakes approach to combating illicit wealth, with a particular focus on assets exceeding the 10 million birr threshold. This monetary cut-off, if the bill passes, will authorize the Ministry of Justice to retroactively investigate and potentially seize properties acquired through “unexplained means” —

November 13, 2024 • By Addis Insight

News

State and Ransom: Jawar Mohammed’s Alarming Account of Ethiopia’s Forced Conscription Crisis

In a recent Facebook post, Jawar Mohammed, a prominent figure in Ethiopian politics, raised urgent concerns over the worsening crisis of kidnappings for ransom by armed groups in Ethiopia. Jawar’s post highlighted a disturbing reality: while such crimes are typically associated with non-state actors, there are troubling reports implicating government forces in colluding with these

November 13, 2024 • By Addis Insight

Business

Most Buildings in Addis Ababa Lack Insurance Coverage as Earthquake Risks Grow

Ethiopia has recently experienced a heightened seismic activity, with an earthquake originating from the Awash region making its way to Addis Ababa, leaving many buildings and structures in a vulnerable state. The tremor raised alarm bells about the lack of adequate insurance coverage for buildings, particularly in Ethiopia’s rapidly developing urban centers like Addis Ababa.

November 13, 2024 • By Addis Insight

Business

Ethiopia Ships Fresh Produce to Europe for the First Time, Opening New Markets

Ethiopia has marked a new chapter in its agricultural sector by sending its first refrigerated shipment of fruits and vegetables to Europe, as announced by the Ministry of Agriculture. Ethio Vegfru, a private export-import company, has initiated shipments of Sugar Snap and Mangetout vegetables to the Netherlands. The launch event was attended by Agriculture State

November 12, 2024 • By Addis Insight

Business

Ethiopian Airlines Set to Welcome Second Airbus A350-1000 in December

Ethiopian Airlines’ New Airbus A350-1000 Soars Across Continents: A Landmark in African Aviation On November 5, 2024, Ethiopian Airlines marked a historic milestone by welcoming its first Airbus A350-1000 into its fleet, making it the first African carrier to operate this advanced aircraft. This new addition is not just an achievement for the airline but

November 12, 2024 • By Addis Insight