Business

Merkato Shuts Down Amid Disputes Over Receipt-Based Trading Requirements

Addis Ababa, Ethiopia – Merkato, the largest commercial hub in Addis Ababa, has seen a significant disruption in its trading activities as a majority of shops remain closed for over a week. Traders have shut down their businesses in protest against the mandatory implementation of a receipt-based transaction system, sparking debates between merchants and government

November 18, 2024 • By Addis Insight

Business

Ethiopian Airlines Faces Setbacks Due to Boeing Strike but Remains Optimistic About Growth

Addis Ababa, Ethiopia — Ethiopian Airlines CEO Mesfin Tasew has expressed concerns over the impact of Boeing’s recent seven-week machinist strike on the carrier’s growth ambitions. The production halt of the 737 MAX and 777 aircraft during the strike has delayed deliveries of key aircraft Ethiopian Airlines has on order, further complicating the airline’s fleet

November 18, 2024 • By Addis Insight

Business

Residents Ordered to Leave Bishoftu Amid Land Leases to Emirati Investors

In an effort to position the city as an “East African tourism center,” reports have emerged that significant portions of land in Bishoftu are being leased to investors from the United Arab Emirates. Residents say they have been instructed to vacate their properties within a week. “We have heard that up to 80 percent of

November 16, 2024 • By Addis Insight

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

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

Business

Crisis in Merkato: Fear of Government Crackdown Drives Merchants to Close Shop

Mercato Merchants in Crisis: Fear of Property Seizures Drives Shop Closures In Addis Ababa’s bustling Mercato, a wave of confusion and fear has swept through merchants as rumors of government property confiscation circulate widely. Concerns are mounting about sudden and ambiguous government actions enforcing receipt-based trading requirements, sparking a wave of shop closures and a

November 11, 2024 • By Addis Insight

Business

Ethio Telecom and MwareTV Launch IGADO+: A New Affordable, Localized Streaming Service in Ethiopia

MwareTV, a Dutch provider of cloud-based TV platforms, has introduced IGADO+, a new video streaming service specifically developed for the Ethiopian market. In collaboration with Ethio Telecom, the country’s primary telecommunications provider, IGADO+ aims to make diverse streaming options widely accessible. The service, available over both broadband and mobile networks, provides Ethiopian audiences with a

November 11, 2024 • By Addis Insight