Uncategorized

Ethiopia Keeps Fuel Prices Steady in August Despite Currency Floating

Addis Ababa, July 30, 2016 – The Ministry of Trade and Regional Cooperation has announced that the retail sale of petroleum products in August 2016 will continue at the same price as in July. Minister of Trade and Regional Cooperation, Dr. Kasahun Goffe, stated that an order has been issued to maintain gas station prices

August 6, 2024 • By Addis Insight

Sport

Tsige Duguma Secures Ethiopia’s First Olympic Medal in the 800 Meters

Ethiopian athlete Tsige Duguma has made history by winning a bronze medal in the women’s 800 meters at the Paris 2024 Olympics. This achievement marks Ethiopia’s first-ever Olympic medal in this distance, a notable addition to the nation’s storied history in middle and long-distance running events. Duguma, born in 2001, demonstrated her exceptional talent and

August 5, 2024 • By Addis Insight

Business

Genesis Investment Bank Set to Launch with Comprehensive Financial Services Portfolio

Addis Ababa, Ethiopia – Genesis Investment Bank™, a new financial institution founded by Ermias Amelega, is preparing to enter the market with a broad range of financial services. The bank aims to provide comprehensive solutions including underwriting, venture capital, private equity, and asset management, targeting both local clients and foreign investors looking to engage with

August 5, 2024 • By Addis Insight

Business

Federal Government Introduces 551 Billion Birr Budget Increase

Federal Government to Present Additional Budget of 551 Billion Birr State Minister of Finance, Dr. Eyob Tekaleni, announced that the federal government will present an additional budget of 551 billion birr to the House of Representatives. This budget, which was approved by the government in June 2017, will bring the total budget for the fiscal

August 5, 2024 • By Addis Insight

Uncategorized

Dodai’s Bold Response to 88% Birr Devaluation: Maintaining Prices and Launching Promotions”

In a dramatic shift in Ethiopia’s economic landscape, the country floated its currency just a week ago, resulting in the birr losing over 88% of its value. This sudden devaluation has led to a cascade of reactions from businesses—many increased their prices significantly, while others stopped selling their products altogether. However, amidst the turmoil, one

August 5, 2024 • By Addis Insight

Business

IMF Agrees to $950 Million Exemption for Koysha Hydroelectric Dam and Project Completion

IMF Support for Ethiopia’s Macroeconomic Reform Program The Board of the International Monetary Fund (IMF) has recently endorsed Ethiopia’s macroeconomic reform program, detailing the decision and the agreements made with the Ethiopian government. A central aspect of this support is the Koysha Hydroelectric Dam project, a pivotal development initiative for the country. Koysha Hydroelectric Dam

August 4, 2024 • By Addis Insight

Entertainment & Arts

TV Icon Danayit Mekbib Leaves Kana TV After 8 Years

After eight remarkable years, the iconic TV host and internet sensation Danayit Mekbib is bidding farewell to Kana TV. Known for her dynamic presence on the popular show #Time, Danayit has captivated audiences across Ethiopia with her charm and charisma. Danayit’s journey with Kana TV began eight years ago, and she has since become a

August 3, 2024 • By Addis Insight

Business

Ethiopian Airlines Under Fire: Kenyan Woman Plans to Sue Over Passport Confiscation and Video Deletion

Kenyan Woman Removed from Ethiopian Airlines Flight Speaks Out A Kenyan woman who was removed from an Ethiopian Airlines flight to allegedly make room for a minister has shared her distressing experience, sparking a wave of public outrage. In a viral video, she revealed that despite having confirmed reservations, she and her husband were offloaded

August 3, 2024 • By Addis Insight

News

7 Suspects Arrested After Dramatic Kidnapping and 20 Million Birr Ransom in Addis Ababa

The National Intelligence and Security Service (NISS) has announced the arrest of seven suspects who received 20 million birr after kidnapping an investor in Addis Ababa. Kidnapping and Ransom Demand The suspects demanded 100 million birr initially but settled for 20 million birr after several negotiations, according to the service office. Mr. Engidaw Wudu, an

August 2, 2024 • By Addis Insight

Business

NBE Governor Mamo Mehretu Announces $2.5 Billion Transfer from IMF and World Bank

The governor of the National Bank, Mamo Mehretu, said that so far, 2.5 billion dollars have been transferred to the National Bank from the International Monetary Fund (IMF) and the World Bank. On the other hand, he stated that only 18 percent of imported consumer goods are imported using foreign currency. He pointed out that

August 2, 2024 • By Addis Insight