News Wire

Devastating Drone Attack in North Gojjam Leaves Dozens Dead, Including Women and Children

In the early hours of November 6, 2024, a deadly drone attack struck the South Achefer district in North Gojjam, Amhara region, Ethiopia, killing at least 50 people, including pregnant women and children. The incident, described by witnesses as one of the deadliest in recent memory, unfolded in the small town of Arge (Zebst), about

November 9, 2024 • By Addis Insight

Business

Ethiopia’s Ministry of Finance Ends Franco Valuta Import System for Commercial Goods

The Ministry of Finance of the Federal Democratic Republic of Ethiopia has issued a directive announcing the end of the Franco valuta import system for specific commercial goods. This decision affects imports of goods like oil and other food products previously allowed under this system, which was introduced to mitigate potential inflation during the implementation

November 8, 2024 • By Addis Insight

Business

Ethiopia Aims for Cashless Economy with Interoperable QR Code Payment System

Ethiopia’s New Interoperable QR Code Standard Sets the Stage for a Digital Payment Revolution Ethiopia is taking a significant step in digital finance with the rollout of an interoperable QR code payment standard, promising to unify the country’s fragmented payment ecosystem and deliver seamless, accessible, and secure transactions. Spearheaded by EthSwitch, Ethiopia’s national payment switch,

November 8, 2024 • By Addis Insight

Tech

Ethiopia’s Banking Sector at Risk: Kaspersky Reports Grandoreiro Trojan Spread

Ethiopia is among the latest countries targeted by the Grandoreiro banking trojan, a significant cyber threat now expanding across Africa and Asia. According to a recent report by Kaspersky, the Grandoreiro malware, active since 2016, has contributed to roughly five percent of all global banking trojan attacks in 2024, marking a troubling new frontier in

November 8, 2024 • By Addis Insight

Business

Ethiopia Earns $55 Million from Bitcoin Mining: A Growing Global Player

Ethiopia’s role in the Bitcoin mining industry is on the rise, bringing in a remarkable $55 million over the last ten months. This boost in revenue follows Ethiopian Electric Power’s (EEP) strategic contract with 25 organizations engaged in Bitcoin trading, with plans to capitalize on Ethiopia’s abundant and affordable energy resources. Ethiopia’s Bitcoin Mining Surge

November 7, 2024 • By Addis Insight

Business

Ethiopian Airlines’ Airbus A350-1000 Makes First Flight to Lagos

Ethiopian Airlines has announced that its first Airbus A350-1000 aircraft in Africa will make its inaugural flight to Lagos, Nigeria. The airline’s latest addition to its fleet, the Airbus A350-1000, arrived in Addis Ababa from Toulouse, France, on November 5, 2024. In partnership with Airbus and Aviation Sans Frontières, Ethiopian Airlines transported over €100,000 worth

November 7, 2024 • By Addis Insight

Business

Ethiopian Airlines Launches Air Congo: A New Chapter in African Aviation

Ethiopian Airlines, Africa’s largest and most ambitious airline, is preparing for its newest venture, Air Congo, set to take flight in the Democratic Republic of Congo. This new airline, based in Kinshasa and co-owned with the Congolese government, is part of Ethiopian Airlines’ strategy to grow its footprint across the African continent, capturing the booming

November 7, 2024 • By Addis Insight

Business

Ethiopia’s 900 Billion Birr Bond Plan: EEP, Sugar Corporation, and Railway Corporation Lead in Major Debt Overhaul for Commercial Bank

The Ethiopian government has unveiled a major financial proposal to issue 900 billion birr in government bonds. This move aims to address significant debt obligations held by government development organizations and to strengthen the capital reserves of the Commercial Bank of Ethiopia (CBE), the country’s largest state-owned bank. Below are the key details and implications

November 6, 2024 • By Addis Insight

Business

Inside AliExpress’ Expansion in Ethiopia: Unlocking New Opportunities for Local Businesses

Ethiopia’s rapidly growing demand for digital services and e-commerce solutions is surfacing the way for global tech giants to make a mark on the country’s economy, with Alibaba leading the charge. As a nation of over 120 million people, Ethiopia’s expanding consumer base and increasing internet penetration highlight an immense potential for online marketplaces and

November 6, 2024 • By Addis Insight

Business

Inside Ethiopia’s First IMF Review: Progress, Challenges, and Strategic Adjustments

In a significant step to address longstanding economic challenges, the IMF recently completed its first review under the 48-month Extended Credit Facility (ECF) for Ethiopia. This arrangement, part of a comprehensive $10.7 billion support package from global partners, provides Ethiopia with about $3.4 billion in support to stabilize the economy, restore debt sustainability, and catalyze

November 5, 2024 • By Addis Insight