The BRICS – Brazil, Russia, India, China and South Africa- have agreed to establish a new development bank on their 6th summit staged in Durban, South Africa, on March 27, 2013. There are speculations that 50 billion dollar will be injected in to the new bank as an initial capital. The five countries will contribute equal amount.   Following this announcement economists around the world have been contemplating what it will mean to the global order.

“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.

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.

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.

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.