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Zemen Bank has taken an important pioneering step by becoming the first financial institution to invest in the Ethiopian Securities Exchange (ESX). In a landmark deal finalized today, Zemen Bank purchased a stake worth 47.5 million birr in the bourse. The agreement sees Zemen Bank acquire approximately a 5% shareholding in ESX. This meets the […]

In a distressing turn of events, the Babile Elephant Sanctuary, a vital haven for elephants in Ethiopia, has lost a staggering 200,000 hectares of its land. Regional authorities have made the land available for investors, sparking concerns about the future of the sanctuary and the lives of its resident elephants. Situated between the Oromia and

Ethiopian Airlines is among the international carriers that will receive portions of the $61 million recently disbursed by the Central Bank of Nigeria (CBN) to resolve longstanding foreign exchange backlogs. The Ethiopian carrier is one of the airlines that has struggled with accumulating ticket revenues trapped in Nigeria due to forex illiquidity issues. It will

In a notable development, a collection of historical artifacts that were looted shortly after the Battle of Magdala in 1868 has been returned to Ethiopia. The repatriated items, which include two silver-plated cup trophies, a horn cup, letters, a shield, and even the hair of Prince Alemayheu Theodros, were handed over by the Ethiopian Ambassador

The Chairman of the African Union Commission has called for calm and mutual respect between Ethiopia and Somalia to resolve tensions peacefully. In a statement today, Moussa Faki Mahamat urged the neighboring countries to refrain from any actions that could deteriorate their good relations. The tensions stem from a Memorandum of Understanding (MoU) signed between

The Somali government has strongly rejected the Memorandum of Understanding (MOU) signed yesterday between Ethiopia and Somaliland. Somalia says the deal is “null and void” and has no legal basis. The agreement, inked by Prime Minister Abiy Ahmed and Somaliland President Muse Bihi, aims to improve Ethiopia’s access to seaports by having Somaliland lease 20

Ethiopia has cemented an important agreement that will provide it with improved access to seaports, after Prime Minister Abiy Ahmed and Somaliland President Muse Bihe Abdi signed a Memorandum of Understanding in Addis Ababa. As a part of the agreement, Ethiopia set to officially recognize Somaliland as a republic. In exchange, Ethiopia has secured a

Shipping companies have resumed transit through the Red Sea after Danish group Maersk and French shipping giant CMA CGM announced their decision amidst increased security measures. This comes as a US-led naval coalition takes charge of safeguarding the crucial maritime route against attacks by Yemeni rebels. French shipping giant CMA has announced the resumption of

State-owned enterprises (SOEs) have expressed opposition to a new draft procurement proclamation, arguing that it does not align with their operations This issue took center stage during a parliamentary session held on December 27, 2023, where over a dozen SOE managers gathered to express their concerns. The clash emerges between the government and state-run enterprises