staff writer

Simonpietro Salini, who led Italian construction firm Salini Impreglio which is now known as Webuild, has died in Rome at the age of 92, the company announced on Monday. Salini took over the family business from his father Pietro in 1956 and expanded it internationally, leading projects across Africa in countries like Ethiopia, Sierra Leone, […]

By Yared Seyoum  Biden, who will turn 81 later this year, is the oldest president in American history. U.S. President Joe Biden said on Sunday he will not seek re-election in 2024, bowing to pressure from fellow Democrats who had raised concerns about his ability to mount another campaign. In a letter posted on Twitter,

Ethiopia’s central bank has relaxed rules to allow domestic lenders to invest directly in capital market services, a move aimed at deepening the country’s nascent stock exchange. Under amendments introduced in a directive issued on Friday, the National Bank of Ethiopia (NBE) will permit banks to acquire up to 100 percent stakes in investment banks,

Ethiopia’s foreign direct investment (FDI) jumped over USD 3.8 billion in the just-ended 2023/24 fiscal year, up 22 percent in the number of projects and 11.5 percent in value, the government said. The FDI figure represents 80 percent of the target set for the year, the Ethiopian Investment Commission (EIC) said. The government issued 329

By Yared Seyoum The two nations will be able to directly exchange their local currencies The central banks of the United Arab Emirates and Ethiopia signed a bilateral currency swap agreement worth up to three billion dirhams (USD 816.79 million) on Tuesday. It is a move that could provide much-needed relief to Ethiopia’s economy. Ethiopia

An illicit gold trade in Ethiopia’s northern Tigray region is exacerbating post-conflict challenges in the aftermath of a two-year conflict that ended in November 2022, according to officials and an investigation. The Reporter newspaper, in an investigative story published today, reported that Tigrayan military commanders have taken control of gold mining operations using forced labor

State-owned telecom provider Ethio Telecom has reported its fastest profit and revenue growth in years, driven by rising demand for digital services across Ethiopia. Meanwhile, its mobile money unit Telebirr continues hitting milestones that are deepening financial inclusion in the nation. Ethio Telecom announced this week that net profit jumped 21 percent to 21.8 billion

By Yared Seyoum Commercial bank deposit and lending rates were previously heavily influenced by administrative guidance from NBE. Now rates will be more market-driven based on the repo rate level. Banks will still have scope to price loans based on their own funding costs and risk assessments of borrowers. And deposit-taking banks must continue paying

U.S. hotel group Marriott International plans to open nine new properties across Ethiopia, ramping up its presence in the East African country where it already operates two hotels in the capital Addis Ababa. Marriott President and CEO Anthony Capuano met with Prime Minister Abiy Ahmed (PhD) last week, outlining proposals to significantly expand the company’s

Inflation in Ethiopia slowed more than anticipated last month, falling to 19.9 percent and bringing price growth closer to the target range set by the central bank, according to data released Monday by the Ethiopian Statistical Service. The figure marks a significant decline from the 29.3 percent inflation recorded in June 2023. The deceleration brings