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Best Western International Inc announced it is going to develop two of its branded hotels in the capital of Ethiopia. Best made the announcement with Great Abyssinia Plc and Noah Real Estate Plc.

The shares Africa Insurance Company S.C. floated witnessed a bid that is 57 percent higher than the price the company set.

Berhan International Bank’s President, Belachew Bogale, resigned from his position making him the fourth President from the banking industry to leave his place in one month time.

A business delegation that constitutes representatives of 12 Swiss companies and led by the Switzerland’s Ambassador to Ethiopia, Andrea Semadeni, are on a five days business visit in Addis Ababa in search of investment opportunities. The delegation started its visit on Monday, September 29 and it is going to last until Friday, October 3, 2014.

Toshiba Corporation disclosed it concluded a memorandum of understanding (MoU) with the Ethiopian Utility company, Ethiopian Electric Power (EEP), for a comprehensive partnership in geothermal power. The MoU stipulates EEP and Toshiba will collaborate in power generation
projects and personnel development.

Millennium Excellence Foundation disclosed it chose Ethiopian Airlines to be its official carrier for the Lifetime Africa Achievement Prize (LAAP) which will be held in Uyo, Nigeria from October 09 - 10, 2014.

KEFI Minerals bought the remaining 25 percent Nyota Minerals Limited ownes in the Tulu Kapi Gold Mine Oromia State, Ethiopia.

Privatization and Public Enterprises Supervising Agency (PPESA) decided to transfer Bahir Dar and Kombolcha textile factories by negotiating with a third party.

The Board of Directors at the Ethiopian Commodity Exchange (ECX) short listed five candidates and they are evaluating their Curriculum Vitaes for the purpose of appointing a new Chief Executive Officer (CEO).

The 16 private banks operating in Ethiopia made an aggregate gross profit of 4.6 Billion Birr during the just ended fiscal year.