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The suspension of the Norwegian Refugee Council (NRC) extended by two months, sources said. The humanitarian organisation was suspended three months ago after being accused of disseminating “misinformation,” employing foreign nationals without appropriate work permits. The same measure was taken against MSF, which was allegedly “illegally imported” and used satellite radio equipment that wasn’t properly […]

Ethswitch S.C, the country’s sole switch operator, enables the interoperability of digital wallet, mobile and internet banking system of commercial banks. It is a move that will enable customers of commercial banks to instantly transfer funds from account to account between banks, a process that is used to take over a day before the commencement

The global price of oil tumble as the Russian leader, Vladimir Putin, order his country’s largest oil supplier, Gazprom, to fill fuel storage sites in Europe beginning from November 08, 2021. The fall in oil price also witnessed after Iran said talks with world powers on its nuclear programme would resume by the end of

Revenues from import taxes portray a higher growth than any other sources of government revenue, according to the first quarter 2021/22 report of the Ministry of Revenues. In the first three months of this fiscal year, about 38.6 billion Br in domestic taxes have been collected, showing 8.5 percent growth. During the same period, 31

Kefi Minerals, the gold exploration company with projects in Tulu Kapi, Oromia, disclosed four of its employees have been released after they were abducted since early September 2021. “Four of Tulu Kapi’s employees and contractors were captured during inspections of traffic routes for the project,” Kefi said in its statement. Since last month, The UK-listed

Goh Bank becomes the first private financial institution to open a mortgage bank in Ethiopia. It has started operation with a paid-up capital of 521.5 million Br. The mortage bank is joining an industry that is characterized by stiff competition and highly concentrated in urban market, particularly Addis Ababa, where a third of the branches

A local company leases a shed at Dire Dawa Industrial Park to set up an assembly plant with an investment capital of 700 million Br. It is expected to have a capacity to assemble 9,000 vehicles annually. El-Auto Engineering, a car assembler known for assembling Chinese made vehicles for taxi hailing services, is the company

The Ethiopian athlete, Letesenbet Gidey broke the women’s half marathon world record today. The 23-year old athlet finished the Valencia Half Marathon in 1 hour, 2 minutes and 52 seconds. The previous half marathon mark was 1:04:02 set by Kenya’s Ruth Chepngetich this year. “I’m so happy to break the world record in my first

Traders offer as high as 7,000 Br for a quintal of sesame at the floor of the Ethiopian Commodity Exchange (ECX). It is a historic-high offer recorded in the history of the Exchange and registered as traders face a shortage of sesame because of the war in North Ethiopia and the instability in Western Oromia.

Thirteen commercial banks that are under-establishment are at the edge of dissolving after failing to meet the six-month deadline set by the National Bank of Ethiopia to secure a license for banking operations with a paid-up capital of half a billion Birr. The deadline given for banks that have already started selling shares to the