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Prices of oil have surged to the highest level since 2008 after European countries placed a sanction on oil exported to the continent by Russia and the US signalled there will be a potential embargo on Russian supplies with its allies. Brent crude – which is usually used as global oil benchmark – soared to […]

The United States through the United States Agency for International Development (USAID) launched a new investment of $60 million (3.1 billion Birr) to lift up millions of vulnerable youth across Ethiopia.  Over the next five years, the new USAID Kefeta activity—which means ‘to elevate’ in Amharic—will help youth in 18 cities find meaningful jobs and expand

Prime Minister Abiy Ahmed (PhD) Inaugurates the headquarters of the Commercial Bank of Ethiopia, the largest financial company in the country with an asset of over 1.2 trillion Birr. Constructed for 303 million dollars, the tower has 53 storeys, with a height of 209.1 metres. The main contractor of the project was China State Construction

Europe announced a plan to invest 150-billion-euro in Africa, a measure seen as response to the growing influence of China in the continent through its Belt & Road Initiative. This comes as African countries prepare to attend the European Union – African Union Summit in Brussels next week. The announcement was made by European Commission

Ethiopia will face 1.9 billion dollar external debt servicing costs in 2022, the global credit rating agency, Fitch, said. Of that amount, USD611 million is directly owed by the government, whereas remainder of debt servicing will be met by SOEs, some of which remain profitable and have access to FX. The government estimated it would

Prime Minister Abiy Ahmed (PhD) calls on African leaders to establish a media organisation that will be a voice to African people. “I would like to propose to this august body the establishment of an African Union Continental Media House,” said Abiy, in his welcoming remarks at the 35th ordinary Session of the AU Assembly.

Ethiopian Airlines, Africa’s most profitable aviation group, flew its Boeing 737 MAX jet for the first time on February 01, 2021 after the crash two years ago that have claimed the lives of 157 people. A decision that have received a mixed reaction among the public, the management of the Airlines added  the 737 MAX

School of Cloud, one of the subsidiaries of Eaglelion System Technology, launches Ethiopia’s first educational marketplace and digital school. The platform, which is open to users as of today, will enable subscribers to access self-education videos of entrepreneurs and accomplished individuals from any parts of the world. “Our platform has the potential to revolutionise the

The Addis Ababa City Administration partially lifted the suspension placed on land-related services. Effective as of January 25, 2022, it is among series of measures recently taken by the city administration to ameliorate the property market, which was at standstill because of the suspension. Transferring title deed is now allowed in case of foreclosure, inherited

Cash outside the banking system is growing, forcing commercial banks to face a liquidity shortage, while leading to a fall in interest income due to decline in loans provided to their customers. A problem caused by the cash-withdrawal and the transaction limit that was lifted recently, the growth in cash outside banks signals the surge