Latest Business Alerts

Lower Profits for Domestic Petroleum Vendor

Domestic Ethiopian Petroleum vendor Yetebaberut Beherawi Petroleum announced profits lower than what it had earned in the previous fiscal year.

The petroleum company reported 5.5 million birr in net profit for the last financial year at the annual General Assembly of Shareholders held at the Hilton Hotel. The profit it reported was 12.5 million birr lower than the 18.7 million birr it had declared for the year before.

YBP retailed 262.1 million liters of petrol and 1.72 million liters of oil from which it collected 4.5 billion birr. The total sales of the company showed an increase of 31 percent (1.5 billion birr) from its performance in the previous year. Add a comment Add a comment

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Ethio-Telecom to Change Logo

Ethio Telecom is to change it logo to one that better expresses the company and reflects its role in the country said Dr. Debretsion Gebremichael, Deputy Prime Minister and Minister of Information and Communication.

The current logo introduced early last year is also similar in design although different in color to the logo used by European company, Euroclean which makes the change desirable he noted.

The similarity in design is probably the most important reason why Ethio-telecom is changing its logo according to sources. Add a comment Add a comment

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Ethiopia Preparing to Host 2013 AGOA Forum

Ethiopia is preparing to successfully host the 2013 African Growth and Opportunity Act Forum announced the Ministry of Trade.

Committees, charged with the task of coordinating the preparation for the forum at various levels, have already been created and are expected to commence with laying the ground work for the meetings according to  Amakele Yimam, Director of the Corporate Communication Directorate with the Ministry of Trade.

The ministry has also opened lines of communications with two of the other six African countries who have already had the chance to host the AGOA Forum said Amakele. The ministry expects to learn from the experiences of the two countries, Zambia and Kenya to support Ethiopia’s opportunity to host this event he noted. Add a comment Add a comment

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France Telecom Hands Over Administration of Ethio Telecom

France Telecom handed over the administration of Ethiopia Telecom back to Ethiopian authorities this week. Domestic management took over the administration of the telecommunications corporation after two and a half years at the end of the contract reached between the French corporation and the Ethiopian government.

Some of the French management team will remain to provide support for the next few months according to sources.

Telecom coverage in the country grew from just 8% to 25% under the French management of the telecommunication provider it was noted. Add a comment Add a comment

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Ethiopia to Set Up Chemical Industry Corporation

The Ethiopian Council of Ministers has ratified the directive proposing to establish a Chemical Industry Corporation. The corporation is intended to oversee chemical industrial development under the administration of the Ministry of Industry.

The Ethiopian government has allocated more than 21.7 billion birr for the establishment of the corporation said Melaku Taye, Director of the Corporate Communications Directorate. An estimated 5.4 billion birr has already been used in the process of establishing the new corporation according to Melaku.

The Chemical Industry Corporation will be in charge of setting up factories to produce products from the rubber tree as well as fertilizers, cements and a range of chemical products for the domestic market and for export. Add a comment Add a comment

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