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A drug used to treat HIV has proved 100 percent effective at preventing infection in a major clinical trial, researchers say. The trial involved over 5,000 women and girls in South Africa and Uganda. Some were given injections of the drug lenacapavir every six months, others took daily pills. None of those receiving the injections […]

By Yared Seyoum  The “unusual” board session comes before the IMF has announced reaching a staff-level agreement with Ethiopia. The executive board of the International Monetary Fund is set to meet next week to formally review a new support program to Ethiopia, as the East African nation seeks fresh multilateral financing to address its economic

Awash Bank has announced double-digit profit growth for the recently concluded fiscal year, driven by increased lending that boosted interest income to unprecedented levels. The largest domestic lender reported net profits of 11.6 billion birr for the year ended June 30, 2024, marking an 18.3 percent rise from the previous period. Total revenues jumped by

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 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