Business

Awash Bank’s Pre-Tax Profit Jumps to ETB 14 Billion Amid Expansion

Awash Bank Reports Significant Profit Growth for 2023/24 Fiscal Year Addis Ababa, Ethiopia – Awash Bank, one of Ethiopia’s private commercial banks, has announced a substantial increase in its profits for the 2023/24 fiscal year. According to the bank’s financial statements, Awash Bank reported a pre-tax profit of ETB 14 billion, reflecting a 42.85% rise

July 17, 2024 • By Addis Insight

Business

Addis Abeba to Implement Shift System for Code 2 Vehicles to Alleviate Traffic Congestion

Addis Ababa, Ethiopia – In a bid to tackle the growing traffic congestion in the capital, the Addis Abeba City Traffic Management Authority has announced the implementation of a shift system for Code 2 vehicles during peak hours. This measure is part of a comprehensive strategy aimed at improving traffic flow and reducing the daily

July 17, 2024 • By Addis Insight

Business

Ethiopian Capital Market Authority (ECMA) Introduces Directive to License First Securities Exchange

Addis Ababa, Ethiopia, July 16, 2024 – The Ethiopian Capital Market Authority (ECMA) has announced the issuance of a groundbreaking directive that will facilitate the licensing of the first securities exchange in Ethiopia. This significant development marks a milestone in the evolution of the country’s financial sector, poised to enhance the capital market’s contribution to

July 16, 2024 • By Addis Insight

Business

Takele Uma Returns to Leadership as Ethio-Djibouti Railway CEO

Addis Ababa (July 9, 2016) – (Dr.) Engineer Takele Uma Benti has been appointed as the Chief Executive Officer of the Ethio-Djibouti Railway by Prime Minister,Abiy Ahmed (Dr.). The appointment is effective immediately. Engineer Takele Uma Benti has a diverse background in government roles. He served as the Mayor of Addis Ababa, where he oversaw

July 16, 2024 • By Addis Insight

Business

UAE and Ethiopia Forge Landmark Currency Swap Deal to Boost Trade and Investment

Addis Ababa (16 July 2024) – In a landmark financial collaboration, the Central Bank of the UAE (CBUAE) and the National Bank of Ethiopia (NBE) have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr. The agreement was formalized by His Excellency Khaled Mohamed Balama, Governor of the CBUAE, and His

July 16, 2024 • By Addis Insight

Business

AdGo Unveils New Out-Of-Home Advertising Platform in Ethiopia

AdGo has announced the launch of AdGo.ET, a new Out-Of-Home (OOH) advertising platform designed to simplify and enhance the advertising process for businesses in Ethiopia. The platform aims to provide a comprehensive range of advertising solutions, making it easier for companies to manage their campaigns from anywhere. New Advertising Solutions AdGo.ET offers a variety of

July 16, 2024 • By Addis Insight

Business

Ethiopian Airlines’ New Dollar-Only Policy: What It Means for Travelers and Businesses

Ethiopian Airlines has announced that airline tickets for passengers outside the country will now only be available for purchase in US dollars. Previously, international travelers could buy air transport tickets using birr if they visited Addis Ababa, but this change is effective immediately from Monday, July 8, 2024. This new policy will affect companies dealing

July 15, 2024 • By Addis Insight

Entertainment & Arts

Rediscovering Hidden Gems: The Tekle Legacy on Amha Records

By- Mag Reeves The story behind the Tekle releases on Amha: As the Derg regime took over in 1974, business became increasingly difficult for Amha Records. The National Bank was not letting Amha get loans for production costs as they had for years before, and importing records was becoming harder. Amha experimented with cheaper alternatives

July 13, 2024 • By Addis Insight

News

Parents Slam Government for False Claims on Release of Over 100 Kidnapped Students in Oromia Region

Addis Ababa, June 25, 2016 — Families of university students kidnapped in the Oromia region have reported that their children have been missing for over ten days. More than 100 Debarak University students were abducted while traveling from the Amhara region to Addis Ababa, with kidnappers demanding ransoms ranging between 500,000 and 1 million Birr

July 13, 2024 • By Addis Insight

Business

CBE Announces Historic 25.6 Billion Birr Pre-Tax Profit for 2023/24 Fiscal Year

The Commercial Bank of Ethiopia (CBE) has announced an exceptional financial performance for the 2023/24 fiscal year, marking a significant milestone in the bank’s history. The bank’s total revenue reached 135.4 billion Birr, representing a 13% growth compared to the previous fiscal year. Furthermore, CBE recorded a pre-tax profit of 25.6 billion Birr, the highest

July 13, 2024 • By Addis Insight