Archive for the ‘Business’ Category

Fressia Ethiopia PLC, an upcoming flower farm established at Sululta in the Oromia regional state, announced it is to grow a special type of flower known as Fressia, recognized to be environmentally friendly and consuming less chemical. The company which is established by Ethiopian and German investors was officially inaugurated on March 21. Ronald Vijverberg, Deputy General ... Full story

The Commercial Bank of Ethiopia (CBE) awarded the project to acquire card based payment system to M2M Group, a Morocco based company. The contract agreement between the two was finally signed on March 20, 17 months after the tender was floated. Sources within CBE told Capital, the project that entails supply of the hardware and installation is ... Full story

A group of private Saudi investors plans to invest 375 million riyals ($100 million) to plant wheat, barley and rice in Ethiopia, one of the investors said. The three investors met Ethiopian Prime Minister Meles Zenawi late last month, Mohamed al-Musallam, who chairs Dar Misc Economic and Administrative Consultancy firm, told Reuters. "They approved to lease us the ... Full story

Ethiopia launched on Sunday a multi million mobile telephone network to increase its mobile telephone subscribers to 12 million from the current 4.1 million. Ethiopian Telecommunication Corporation (ETC) said that a six million expansion work for the mobile telephone is being carried out in the first phase of the project. Ethiopia, home to 77 million people is still ... Full story

Ethiopia's Revenue and Customs Authority operation to get back millions of birr in tax arrears from private businesses has resulted in chaos all over the city. A few weeks back the taskforce set up to enforce the collection requested companies to submit documents describing their purchases of imports, local purchases and local sales for the past three ... Full story

CRBC Addis Engineering Plc, the Chinese government construction firm subsidiary company based in Ethiopia, halted construction of three main roads in Addis Ababa, in relation with its accruing serious financial problem owing to its client's Addis Ababa Road Authority (AACRA) failure in servicing the firms due payments. The manager of the construction firm sent a ... Full story

The Commercial Bank of Ethiopia (CBE) awarded the project to acquire card based payment system to M2M Group, a Morocco based company. The contract agreement between the two was finally signed on March 20, 17 months after the tender was floated. Sources within CBE told Capital, the project that entails supply ... Full story

The National Bank of Ethiopia (NBE) is to issue a directive to control money laundering in view of restraining terrorist transactions. Sources told Capital that the new directive, scheduled to be issued shortly, is expected to block illegal money transfers. The central bank's legal office, that regulates and monitor financial institutions in the country, told ... Full story

By: Melissa Allison Seattle Times-Melissa Allison tracks Seattle's — and the world's — caffeine addiction. The Ethiopia Commodity Exchange wants people to know that the country is still exporting coffee. When I declined to correct this blog post from last week, because it accurately says that the country's six largest exporters -- not all of its ... Full story

Azeb Mesfin, the wife of anti-Ethiopian tyrant Meles Zenawi, is poised to taking over the largest business conglomerate that controls 60 percent of the Ethiopian economy, a source reported on Monday. The online Ethiopia Zare said Azeb Mesfin was appointed Deputy CEO of Endowment Fund for Rehabilitation of Tigray (EFFORT), a conglomerate consisting of over 60 companies. The ... Full story