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Hilton Addis Ababa has reported a significant increase in revenue and profit margins for the first half of 2023/24. In a performance briefing with the Ethiopian Investment Holding (EIH) last week, Hilton Addis Ababa revealed its revenue for July through December reached 400 million birr, up 19 percent over the same period last year. EIH […]

Ethiopian citizens visiting Kenya will no longer need to pay the 30 dollars electronic travel authorization (ETA) fee, the Ethiopian Ambassador to Kenya has announced. President William Ruto of Kenya had declared last year that citizens of African countries would be granted visa-free entry to promote intra-African travel. However, Kenya later clarified that visitors still

Ghanaian President Nana Akufo-Addo called on African heads of state to collectively invest 30% of their foreign reserves into African financial institutions. He made the remarks in a keynote address at the 37th African Union Assembly in Addis Ababa, Ethiopia. Currently, Akufo-Addo noted that African countries hold 100 percent of their reserves in foreign banks

The troubled Nib Bank has removed its CEO as part of a sweeping reorganization directed by Ethiopia’s central bank to address a deepening liquidity crisis. Nib Bank has been facing serious liquidity issues, with most branches unable to meet withdrawal demands from customers due to a critical shortage of cash, prompting the National Bank of

Siinqee Bank, one of Ethiopia’s private banks, has announced a new ETB 50 million investment in the Ethiopian Securities Exchange (ESX). With this investment, Siinqee will obtain a stake of slightly over five percent in ESX. Last month, Zemen Bank became the first financial institution to invest in ESX, purchasing a 5% stake worth approximately

A destructive fire broke out at the studios of Ya TV, a television station broadcasting translated Asian content in Amharic, on the evening of February 14, 2024. The station, located in the Agona Cinema Building in Addis Ababa, had been operating for just under a year since going on air. The management of the TV

The Ethiopian Petroleum and Energy Authority has released its report on fuel transactions for the first six months of the current fiscal year, showing sales exceeded 163 billion Birr. According to the data, a total of 163.7 billion Birr worth of fuel was sold nationwide between July 2023 and January 2024. The bulk of fuel,

The Commercial Bank of Ethiopia (CBE) has introduced a new verification feature on its mobile banking platform. The bank hopes the addition of a receipt verification tool, which now only works on Android smartphones, helps address ongoing issues reported by merchants and customers. Only a few months ago, several concerning videos began circulating showing frustrated

Ethiopia has seen exports decline for a second consecutive year, dropping two percent to 1.53 billion US dollars in the first half of the 2023/24 fiscal year. Data from the Export Ministry shows a 22 million dollar fall, exacerbating concerns over dwindling foreign exchange reserves in the import-reliant nation, where reserves currently cover less than

The Ethiopia Capital Market Authority (ECMA) announced it will begin “issuing investment bank licenses starting February 12th.” This will mark the “first time” such licenses have been granted in Ethiopia. Speaking at a press briefing in Addis Ababa, ECMA Director-General Brook Taye said the regulator has spent the last six months developing over 10 guidelines