Archive for the ‘Business’ Category

The Addis Abeba City Roads Authority (AACRA) has short listed 15 foreign companies engaged in road construction projects in various parts of the country for the award of the huge Africa Avenue (Bole Road) upgrading project. ACCRA has already requested the companies to express interest, and five of them have already responded. The Japanese KAJIMA Corporation and the Chinese China Road and Bridge Corporation (CRBC) International ... Full story

There were mixed feelings when the President of DBE was sacked. The lack of any meaningful transformation after BPR at the bank and its failure to correct the audit findings by NBE have been cited as possible reasons for this latest dismissal. As the shudder at state banks continued, Wondwossen Teshome, president of the state-owned Development Bank of Ethiopia (DBE), was removed from the top most ... Full story

Source: Volvo Ethiopian Airlines and Volvo Aero Services Corp. have signed a 5 year Preferred Supplier Agreement where Volvo Aero Services will position in excess of $20 million dollars of engine material at Ethiopian Airlines in support of their MRO activity. In return, Ethiopian Airlines will provide MRO support to Volvo Aero Services ... Full story

Nib International Bank (NIB) achieved a record high net profit of over 113 million Br in 2007/2008 fiscal year. Dembel Balcha (PhD), the temporary chairman of the Board of Directors, announced this to the shareholders during the ninth ordinary and tenth extraordinary general meeting of the shareholders at Sheraton Addis on November 29, 2008. “Despite the challenges both locally and internationally for business and investment during the ... Full story

Sporting a swimming, gym and sauna facilities at its top tenth floor, a newly- built resort destined to become the country’s third five-star hotel will open its door for service in the presence of ministers, high government officials, ambassadors, and invited guests it was learnt. Erected at a booming construction site around Kasanchise area off the Marshal Tito Avenue, the hotel, Inter Continental, has 152 rooms ... Full story

Nov. 24 (Bloomberg) -- Ethiopia’s annual inflation rate declined to 55.4 percent in October from 59.6 percent in September, the Central Statistical Agency said. Food prices increased by 72.3 percent, slower than the annualized rate of 80.9 percent in September, the Addis-Ababa- based agency said in a statement on its website ... Full story

There's an old Ethiopian saying that spiderwebs joined together can catch a lion. Taytu — the name comes from a legendarily strong-willed Ethiopian empress — is a company composed of small leather and handwoven-textile producers in and around Addis Ababa. Collectively, these craftsmen are achieving what they could never have accomplished on their own: ... Full story