2merkato

Gullele Soap Factory Plc changed its business organization form to a share company with a capital of 80 Million Birr.

Ministry of Finance and Economic Development (MoFED) announced on Saturday, August 2, 2014, it has made salary increment that ranges from 33 percent to 46 percent for civil servant. The increment is going to be effective starting from the new budget year’s first month.

The United Arab Emirates (UAE) based automotive company, Al Ghandin Auto Group, opened a representative office in Ethiopia’s capital, Addis Ababa, for the purpose of serving the East African market. The company intends to go fully operational by the coming October.

On Saturday, August 2, 2014, Ethiopia hosted an experts’ seminar at the UN Economic Commission for Africa to assess the establishment of a Regional Development Bank (RDB) for Intergovernmental Authority on Development (IGAD). The seminar was organized by the Horn Economic and Social policy Institute (HESPI) and IGAD.

Shoa Trading and Shopping Company is set to open two more hypermarkets in Ethiopia’s capital, Addis Ababa. The hypermarkets are said to be located around Sar Bet and CMC areas.

Awash International bank (AIB) disclosed, during the past budget year it managed to raise its deposit from 13.1 Billion Birr to 16.1 Billion Birr.

Addis Ababa Roads Authority (AARA) announced roads it built at the cost of 6.5 Billion Birr are open for traffic.

Ministry of Trade (MoT) is going to establish a new regulatory body for the purpose of supervising share companies.

Out of six enterprises, Privatization & Public Enterprises Supervising Agency (PPESA) floated, only one attracted a buyer.

Cooperative Bank of Oromia S.C. (CBO) secured a gross profit of 470.6 Million Birr during the past budget year. This income is 78 percent higher than what the bank has earned in the budget year before that.