Ethiopian Business Review

Eco-friendly Paper Enters the Ethiopian Market

Monday, 01 April 2013 11:49 Published in Focus

“This is the response of Jupiter Trading to the growing concern of environmental issues” said Melaku Bisrat, managing partner and co founder of Jupiter Trading on an eco friendly paper launching event that was held at Jupiter International Hotel on March 26, 2013. Jupitor partnered with Trident Group and Alia Mohammed Trading- Indian Companies based in Dubai to launch what they called the first eco friendly copier paper in Ethiopia.

The Big Apple International, owner of New York New York Café and Restaurant, which is located on Africa road, is to open a 4 stars standard hotel- New York New York Addis Hotel, which is planned to be operational starting September, 2013, Heran Tesfaye, marketing manager of its sister company, Cosmo Trading told EBR.

Poor Quality of Network Disrupts Businesses

Monday, 01 April 2013 11:46 Published in Focus

ethio telecom’s alleged poor network quality is reported to have slowed the dissemination and maintenance of cash register machines since March 3, 2013, according to the tax information administration directorate of Ethiopian Revenues and Customs Authority (ERCA).
 The state monopoly telecom service provider, provides the GPRS service- that creates a wireless connection between a cash register and ERCA’s server. This enables the machines to send transaction reports to the revenue authority.

Debub Universal Insurance: A New Company in the Making

Monday, 01 April 2013 11:44 Published in Focus

Another will-be addition to the insurance industry, Debub Universal Insurance S.C., is going to be operational starting may 2013, making it the country’s 15th private insurance company, Birhanu Tesfaye, administrator of the promoters’ executive committee told EBR. Having floated shares since December 2012, the promoters hope to raise Br 50 million. Most of the promotors had prior experience of organizing the foudation of the Debub Global Bank. They were planning to name the company Debub Global Insurance. However, National Bank of Ethiopia (NBE) didn’t allow them as it would create conflict of interest with Global Insurance.

HCMD to Hand Over Houses by September 2013

Monday, 01 April 2013 11:43 Published in Focus

Habesha Constructions and Materials Development (HCMD) will hand over its first round of homes to customers in September, 2013, Eng. Bekele Gadissa, general manager of the company told EBR. “384 houses will be ready for a hand over,” said Bekele.

A number of hotels are either opening up, expanding or set to join the industry in this fiscal year, according to industry insiders. As the city becomes a major travel destination the business is becoming lucrative. And one of the new additions that joined the industry is Aphrodite Hotel. The 4 star hotel made the latest entrance to the hospitality industry with inaugural ceremony held in its new facility on March 22, 2013. The hotel which is owned by Desalegn Mengistu, a name normally associated with oil seeds exports is located around Kazanchis. The facility is built on 538m2 area of land and has 52 rooms divided in to executive, deluxe and twin standard rooms, according to Dawit Girmay, front office and marketing division manager. The hotel which was established with a capital of 60 million Br has created job opportunities for 115 people.

CBE Extends Business Hour

Monday, 01 April 2013 11:35 Published in Focus

Commercial Bank of Ethiopia (CBE) has extended office hours effective April 1, 2013, Tefera Seyfu, corporate communication manager at the bank told EBR. According to the new extended business hour schedule, customers can get service from 8am to 7 pm from Monday through Saturday. The bank normally closes at 5 pm.

“This is one way of getting closer to our vision of becoming a World Class Commercial Bank by 2025,” Tefera said.

Independent Lost

Monday, 01 April 2013 10:20 Published in Commentary

Every major economic crisis has its victims. Some bounce back, while others experience long-lasting, even permanent, damage. When it comes to the global crisis that erupted in 2008, output growth has been a resilient victim. Central bank independence, by contrast, has been undermined severely – and possibly forever.

As the biggest economy in Africa, with a GDP of 419.92 billion US Dollar in 2010 according to the Global Finance, and labeled by the World Bank as one of the four upper middle income countries in Africa, South Africa is a preferred destination for refugees from poor nations in its backyard such as Mozambique, Zimbabwe, Malawi and other distant African countries like Nigeria and Ethiopia.

Disgruntled Members Sued Africa Vacation Club

Monday, 01 April 2013 08:41 Published in Focus

Africa Vacation Club Ethiopia (AVCE), one of the well known time share provider in Ethiopia, which was established in 2004, will appear before court on April 10, 2013, to defend the charges brought on it by 72 members, Yemisrach Hailu, an organizer of the disenfranchised members, told EBR. The charge is regarding the club’s mistreatment of its members, according to the source.

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