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United Bank S.C Profits 339 million birr after tax as for 2017

United Bank S.C. reported a 12.5 percent increase in its after-tax profits to 339 million birr as of June 30, 2017 though its earnings per share fell. In this regard, earning per share (EPS) of United of 100 birr par value declined from 32.44 birr to 27.17 birr. The bank has gone through a similar ...

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Wegagen Bank Replaces Six-Year Old Core Banking Solution

Wegagen Bank S.C, the fourth most profitable private bank in the country, replaced its six years-old core banking solution in an attempt to build a robust database system and widen its capacity of serving clients. It will be fully implemented in all of the Bank’s 239 branches within two months...

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Bereket Simon resigns from his position as Adviser to the Prime Minister

Bereket Simon, a veteran politician and member of EPRDF, tendered his second resignation in a week, departing from the post of an Adviser to the Prime Minister in charge of Policy Studies & Research Centre. He has served as the premier’s senior adviser under a ministerial portfolio f...

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Four local companies competing to supply one million Breathalyser mouthpieces

Four local companies are competing to supply one million Breathalyser mouthpieces, and 20,000 breathalyser tubes for the Addis Abeba Transport Traffic Management Agency to reduce traffic accidents caused by intoxicated drivers. The procurement could cost the Agency five to six million Birr. Kasper...

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Dashen’s Share Prices Rocket Once Again

  Dashen Bank’s shares continue to witness soaring bids at a recent auction held for shares returned by a diaspora, attracting the biggest offer of over six times the Bank’s par value. The auction took place on October 13, 2017, in the presence of bidders and the Bank’s repr...

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Ethiopia Devalues Currency, Raises Interest Rates

In the midst of a Forex currency crisis, the National Bank of Ethiopia (NBE) has devalued Birr by 15pc and raised the interest rate by two percentage points to seven percent. The devaluation pegs the Ethiopian Birr at 26.91 to the dollar, up from 23.40 Br on the official market. It will be effe...

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PPPDS awards seven furniture suppliers a 138.8 million Br deal

The Public Procurement & Property Disposal Service (PPPDS) has awarded seven furniture manufacturers to supply furniture products worth 138.8 million Br. The companies were officially awarded on August 29, 2017. The procurement was conducted on behalf of the 11 newly established Universities fo...

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Long Awaited Road in Bulbula Gets Guardian

The Addis Abeba City Road Authority (AACRA) awarded the road project of the long serving eight kilometre long road at Bole Bulbula after 14 years of repeated requests from residents of the area. AACRA awarded two companies to construct the road with 750 million Br dividing it into two lots. The ag...

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United Bank S.C Profits 339 million birr after tax as for 20…

United Bank S.C. reported a 12.5 percent increase in its after-tax profits to 339 million birr as of June 30, 2017 though its earnings per share fell. In this regard, earning per share (EPS) of United of 100 birr par value declined from 32.44 birr to 27.17 birr. The bank has gone through a similar ...

Read more

Wegagen Bank Replaces Six-Year Old Core Banking Solution

Wegagen Bank S.C, the fourth most profitable private bank in the country, replaced its six years-old core banking solution in an attempt to build a robust database system and widen its capacity of serving clients. It will be fully implemented in all of the Bank’s 239 branches within two months...

Read more

Bereket Simon resigns from his position as Adviser to the Pr…

Bereket Simon, a veteran politician and member of EPRDF, tendered his second resignation in a week, departing from the post of an Adviser to the Prime Minister in charge of Policy Studies & Research Centre. He has served as the premier’s senior adviser under a ministerial portfolio f...

Read more

Four local companies competing to supply one million Breatha…

Four local companies are competing to supply one million Breathalyser mouthpieces, and 20,000 breathalyser tubes for the Addis Abeba Transport Traffic Management Agency to reduce traffic accidents caused by intoxicated drivers. The procurement could cost the Agency five to six million Birr. Kasper...

Read more

Dashen’s Share Prices Rocket Once Again

  Dashen Bank’s shares continue to witness soaring bids at a recent auction held for shares returned by a diaspora, attracting the biggest offer of over six times the Bank’s par value. The auction took place on October 13, 2017, in the presence of bidders and the Bank’s repr...

Read more

Ethiopia Devalues Currency, Raises Interest Rates

In the midst of a Forex currency crisis, the National Bank of Ethiopia (NBE) has devalued Birr by 15pc and raised the interest rate by two percentage points to seven percent. The devaluation pegs the Ethiopian Birr at 26.91 to the dollar, up from 23.40 Br on the official market. It will be effe...

Read more

PPPDS awards seven furniture suppliers a 138.8 million Br de…

The Public Procurement & Property Disposal Service (PPPDS) has awarded seven furniture manufacturers to supply furniture products worth 138.8 million Br. The companies were officially awarded on August 29, 2017. The procurement was conducted on behalf of the 11 newly established Universities fo...

Read more

Long Awaited Road in Bulbula Gets Guardian

The Addis Abeba City Road Authority (AACRA) awarded the road project of the long serving eight kilometre long road at Bole Bulbula after 14 years of repeated requests from residents of the area. AACRA awarded two companies to construct the road with 750 million Br dividing it into two lots. The ag...

Read more

Sekota Mining Flourishes with Iron Ore Extraction License

Sekota Mining Plc, a company formed by Luciano Frattolin and Beijing CBRF Technology Group Co. Ltd, secured a 20-year concession period to extract iron ore with an estimated total cost of half a billion dollars. The agreement was signed by Motuma Mekassa, minister of Mines, Petroleum & Natural ...

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Ethiopian Insurance Company (EIC) earns 700 million birr gro…

The largest insurance firm, Ethiopian Insurance Company (EIC), grossed a record-high profit in the past fiscal year, despite all the noise surrounding the infant insurance industry of the country. The profits of the firm have surged more than 25.2pc on the back of last year’s hike and a bette...

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