Oromia International Bank (OIB) earned ETB217 million profit from interest free banking services (IFB) in the past fiscal year. While this is the highest amongst all private banks that provide IFB services, it is 22Pct higher than 2017/18 financial year. Being the first private bank to provide IFB service, OIB’s IFB window generated a total income of ETB244 million in 2018/19, a nine percent rise compared to the preceding fiscal year, while its total expense of the same window declined by four percent to ETB27 million.

Kuriftu Resorts and Spa disclosed its plan to open a water park in Arbaminch, 432.5km away from Addis Ababa. While the company is now attempting to select sites among three plots of land availed by the City’s administration for the water park, it is planning to begin construction next year.

Ethiopians set to replace Chinese experts who are currently running the control center of Ethiopian-Djibouti Railway that was built with a cost of four billion dollars. Scholars from Beijing Jiaotong University provided 45 days training for 185 railway junior personalities.

A new book dubbed ‘Managing Cross-cultural Dynamics for a Shared Future China-Ethiopia Cultural Constructs’ launched this week at Sky Light Hotel, Addis Ababa.

The book is the outcome of a joint academic research and insights undertaken by the Ethiopian Centre for Dialogue, Research and Cooperation (CRDC) and the Center for International Business Ethics at the University of International Business and Economics of China.

Head of governments across Africa convened in Beijing to attend a high-level summit hosted by China. The summit, which was also attended by Prime Minister Abiy Ahmed, is called the Forum for Africa-China Cooperation, FOCAC, and was organized with the aim of increasing diplomatic, economic and bilateral ties amongst the two sides. It started on September 3, 2018, and lasted for two days. The summit kicked off at a time when Chinese financial support to Ethiopia is being cut down.

Ethiopia has seen some surprising developments this month, with the recent lifting of the state of emergency during a parliamentary session in early June, and the release of more than 500 people held on corruption and terrorism related charges. Prominent businesspeople and government officials, including Melaku Fenta, former Director General of the Ethiopian Revenues and Customs Authority (ERCA), Nega Gebreegziabher and Fikru Maru (MD), were among those who had corruption-related charges against them dropped and were released from detention.

The end of the Italian occupation of Ethiopia, which was marked by the return of Emperor Haile Selassie I was celebrated for the 77th time on May 5th (Patriots’ Victory Day) in Arat Kilo, at the heart of Addis Ababa. The celebration commemorated the sacrifice of the patriots who lost their lives during the fight to put an end to Italy’s occupation in 1941, and was held in the presence of veteran fighters, and higher level government officials, including President Mulatu Teshome and Diriba Kuma, mayor of Addis Ababa, as well as the representatives of various international and regional organizations, and city residents. Thousands of Ethiopians and tourists crowded the streets to join in the festivities; and some major roads across the capital were adorned with signs celebrating the occasions.

On April 3, 2018, Members of the Parliament convened to endorse Abiy Ahmed (PhD), as Prime Minister of Ethiopia. This filled the vacuum created by the resignation of former Prime Minister Hailemariam Desalegn, who announced his decision to step down in mid-February with the hope of ending the unrest and political upheaval that has rocked the country since 2015.

In the midst of frosty relations between the United States and Russia, outgoing US Secretary of State Rex Tillerson and Russian Minister of Foreign Minister Sergei Lavrov both visited Addis Ababa in the begining of March. Both ministers met with Ethiopia’s Minister of Foreign Affairs Workeneh Gebeyehu, although there were no formal meetings between Lavrov and Tillerson. Relations between the United States and Russia have taken a notably frosty turn since the election of President Donald Trump last year and allegations of Russian meddling in the US election. Although the presidents of both countries denied any meddling, 13 Russians were indicted in mid-February for interfering in the US election.