Ermias MulugetaJanuary 14, 2020
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1min2510

Commercial Bank of Ethiopia inaugurates a new branch that provides full-fledged banking services in Djibouti. Launched by President of Djibouti, Ismaïl Omar Guelleh in the presence of CBE’s President, Bacha Gina, the new branch is expected to enable Ethiopian investors get all types of domestic and international banking services at ease.


Ermias MulugetaJanuary 14, 2020
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1min5400

One of Ethiopia’s biggest de-facto conglomerates, East African Holding, registered a turnover of five billion Birr in the past fiscal year. While this is almost equal to an income of a big private bank, such a performance makes the Holding one of the most profitable private entity in Ethiopia. Having 17 subsidiaries, East African Holdings in engaged in the manufacturing of fast moving consumer goods, tea processing, printing and packaging, transport, real estate, cement production and coal mining.


Ermias MulugetaJanuary 10, 2020
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1min4900

US food and beverage giant PepsiCo bought stakes in Ethiopian crisps firm, Senselet Food Processing. In a statement, Amsterdam-based Veris said it will continue to maintain a minority interest in Senselet and “partner with PepsiCo to further grow the business and develop potato sourcing programs in Ethiopia”. Financial details relating to the transaction have not been disclosed.

Senselet, founded in 2015, produces Sun Chips, distributed throughout Addis Ababa and other large Ethiopian cities from Senselet’s factory located around 65 km from the capital, and employ more than 150 people. Last month, PepsiCo entered into an agreement to acquire BFY Brands, a global producer of Pop Corners snacks.


Ermias MulugetaJanuary 10, 2020
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1min1310

Ministry of Education decides to incorporate the concept of consumer protection and trade practices into the curriculum. Although not to be given as a separate course, it will be incorporated within main subjects, including mathematics, English, civics and social science, to both primary and secondary school students.

The move is targeted at raising literacy about fair trade competition and the rights of consumers. The curriculum will be implemented in all regional states and city administrations starting from the next academic year. It will also be put into practice along with the education road map launched last year.


Ermias MulugetaJanuary 9, 2020
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1min3150

Nyala Insurance posts a gross profit of ETB184.3 million in the past fiscal year, which is the highest amongst all Ethiopian private insurers. While this is ETB24.7 million higher than the amount registered by the Firm in 2017/18, it netted ETB169.4 million profit during the past fiscal year, which is almost ETB9.4 million higher than what was registered by Awash Insurance in the same period. In the past fiscal year, Nyala written a gross premium of ETB491.6 million, which is ETB277.7 million lower than of 2017/18. Despite such a decline, however, the total income of the Firm showed a 10Pct rise to ETB547 million. Currently, the total assets of Nyala have reached two billion Birr, while the Firm’s paid up capital stands at ETB416.4 million. The company has more than 340 employees.


Ermias MulugetaJanuary 9, 2020
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1min2740

Ethiopian Insurance Corporation pays ETB95 million claim for Djibouti-Standard Gauge Railway as a compensation for its trains damaged because of a flooding. This is the second-highest claim paid by the insurance giant since its establishment, next to ETB330 million claims it has paid to Ethiopian Airlines a decade ago. The railway’s two locomotive trains and 12 wagons were damaged eight months ago because of an accident caused by a flooding occurred in Fentale Woreda, State of Oromia. The reinsurance coverage for the claim was covered by three international and a local firm, Ethiopia Reinsurance. Munich Reinsurance covered 50Pct of the claim, while the remaining is covered by African Reinsurance, PTA and Ethio-Re. In the past fiscal year, EIC written a premium of ETB3.3 billion from both general and life insurance lines of businesses with a market share of 38Pct.


Ermias MulugetaJanuary 9, 2020
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1min5730

Marathon Motor Engineering Plc, an assembler of Korean-owned Hyundai car, has announced that it will begin assembling electric cars in the coming three months. Preparations are underway to complete the first phase importation of the cars that will be fully assembled by the company. While the vehicles can be recharged with electricity available at home, they don’t require using lubricants and oil, which potentially help the country save foreign currencies spent to import such items. The electric cars are also expected to be affordable and they will not be more than 10Pct higher than the price of a regular vehicle with 1600 CC, the company said. An excise tax of five percent is going to be levied on electric cars, making it cheaper compared to old cars that face as much as 500Pct tax, according to the new draft proclamation that is now being reviewed by the Ministry of Finance.



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