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Chinese Tannery Workers Strike Over Lax Safety

Friendship Tannery Plc, a Chinese-owned company, suspended operation for the past two weeks after its employees strike to protest against an accident with an employee of the Company. At least 1,720 workers at the Tannery went on strike on October 14, 2017. The protests surfaced just a day after Erm...

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Sika, Supplier-Turned-Manufacturer

Sika Abyssinia, known for supplying construction finishing materials and chemicals for the past 11 years, stepped into manufacturing its products locally after setting up a plant in Alemgena, Oromia Regional State. The new plant, which will manufacture waterproofing, roofing, flooring, sealing, bon...

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Chinese Contractors Dominate Nyala’s HQ Construction Bid

The bid floated for the construction of Nyala Insurance Company’s headquarters was overwhelmed with Chinese companies. Initially, 17 companies purchased the bid document, but only nine responded to the announcement. Seven of them are Chinese-owned companies, and the remaining two are local co...

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Nation’s Petroleum Supply on a Row

Three international companies are in a tough competition for the supply of fuel for the nation’s annual fuel consumption which is likely to cost the government 22 billion Br. PetroChina International, Vitol Bahrain and Trafigura Pte passed the preliminary technical evaluation of the tender an...

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Taxi Sales Initiate Despite Murky Picture

Resel Pick Pick ICT Technologies Plc has started selling 1,000 seven-seater metre taxis amidst apprehension over its formation and without getting approval from the City’s Transport Authority. The total cost of the taxis is 600 million Br. The Company a.k.a Pick Pick Taxi is selling the cars ...

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Farm Business Ventures into Agro-Processing

Gonde Import & Export Enterprise is going to commission a tomato processing plant, at the cost of 100 million Br in Adama (Nazareth), 100Km south-west of the capital. The new plant, expected to start operations in eight months time, has a production capacity of processing 50qls of tomatoes an h...

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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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Prev Next

Chinese Tannery Workers Strike Over Lax Safety

Friendship Tannery Plc, a Chinese-owned company, suspended operation for the past two weeks after its employees strike to protest against an accident with an employee of the Company. At least 1,720 workers at the Tannery went on strike on October 14, 2017. The protests surfaced just a day after Erm...

Read more

Sika, Supplier-Turned-Manufacturer

Sika Abyssinia, known for supplying construction finishing materials and chemicals for the past 11 years, stepped into manufacturing its products locally after setting up a plant in Alemgena, Oromia Regional State. The new plant, which will manufacture waterproofing, roofing, flooring, sealing, bon...

Read more

Chinese Contractors Dominate Nyala’s HQ Construction Bid

The bid floated for the construction of Nyala Insurance Company’s headquarters was overwhelmed with Chinese companies. Initially, 17 companies purchased the bid document, but only nine responded to the announcement. Seven of them are Chinese-owned companies, and the remaining two are local co...

Read more

Nation’s Petroleum Supply on a Row

Three international companies are in a tough competition for the supply of fuel for the nation’s annual fuel consumption which is likely to cost the government 22 billion Br. PetroChina International, Vitol Bahrain and Trafigura Pte passed the preliminary technical evaluation of the tender an...

Read more

Taxi Sales Initiate Despite Murky Picture

Resel Pick Pick ICT Technologies Plc has started selling 1,000 seven-seater metre taxis amidst apprehension over its formation and without getting approval from the City’s Transport Authority. The total cost of the taxis is 600 million Br. The Company a.k.a Pick Pick Taxi is selling the cars ...

Read more

Farm Business Ventures into Agro-Processing

Gonde Import & Export Enterprise is going to commission a tomato processing plant, at the cost of 100 million Br in Adama (Nazareth), 100Km south-west of the capital. The new plant, expected to start operations in eight months time, has a production capacity of processing 50qls of tomatoes an h...

Read more

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...

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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...

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Dashen Bank Profits 1.05 Billion Birr for 2017 / 2016 fiscal…

During the recently ended fiscal year, Dashen grossed 1.05 billion Br operating profit excluding the Bank earnings from the shares at Tana Department Store in Merkato and Nyala Insurance. The other bank which acquired the same strategy, Awash Bank, grossed a provisional profit of 1.4 billion Br duri...

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