Business

Federal Government Employees to Work 48-Hour Weeks Under New Law

The Federal Government Employees Amendment Bill, a subject of intense debate, was approved yesterday by the House of Representatives. Members voiced varied opinions on the bill and its accompanying amendment report, focusing on its implications for federal employees, particularly regarding working hours and operational dynamics. Key Points Raised by Members of the House Criticism of

November 20, 2024 • By Addis Insight

Business

PM Dr. Abiy Inaugurates Ethno Mining Gold Factory

Prime Minister Abiy Ahmed (Dr.) today inaugurated the Ethno Mining Gold Factory, constructed in the Gambella Regional State. In a post on his social media page, the Prime Minister highlighted that Ethno Mining serves as the parent company of Akobo Minerals. He further noted that the company is collaborating with the Ethiopian government through the

November 20, 2024 • By Addis Insight

Business

Importers Face Delays and Risks in Ethiopia’s New Forex Regime

Floating Exchange Rate Sparks Concerns Over Exchange Rate Risk in Ethiopia Ethiopia has recently launched a comprehensive macroeconomic reform program to tackle long-standing economic challenges and transition to a more stable and competitive economy. A central aspect of this reform is the adoption of a Floating Exchange Rate System, intended to address foreign exchange distortions.

November 20, 2024 • By Addis Insight

Business

Ethio Telecom Launches Digital ID Printing Service

Addis Ababa, November 10, 2017 (FBC) – Ethio Telecom has introduced a new service enabling the printing of National Digital IDs, making it more convenient for customers to access their identification cards. This innovative service allows customers to submit their ID print requests online through the Telebirr SuperApp or the official website https://teleprint.fayda.et/. Once the

November 19, 2024 • By Addis Insight

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