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Nile Insurance SC reported 41.72 million birr profit after tax in the 2012/13 fiscal year, Fortune reported citing the Company’s annual report.

Nile Insurance's profit after tax for FY2012/12 was up 24.85 percent, from 33.4 million birr a year earlier. Nile also recorded earnings per share of 445 birr.

Ethiopian Airlines has signed a 10-year OnPoint solution agreement with GE for maintenance, repair and overhaul of its GE90 engines.

Under this agreement, GE will maintain Ethiopian’s GE90 engines that power its 16 B777 aircraft, which comprises of six B777-200LR, six B777F, and four B777-300ER. Tewolde GebreMariam, CEO, Ethiopian Airlines said, "We are pleased to have reached an agreement on the maintenance of our GE90 engines.

The Ethiopian Ministry of Agriculture (MoA) says it is on track to achieve its target to harvest 277 million quintals of main crops for this harvest season, Ethiopian Radio and Television Agency reported.

MoA Minister, Tefera Deribew made the announcement on Thursday citing a pre-harvest assessment.

Ethiopia's inflation rate jumped to 8.5 percent in October from 6.9 percent a month earlier, driven primarily by higher food prices, Reuters reported, citing data from the Ethiopia's Central Statistical Agency.

Ethiopian Aviation Academy graduated 39 pilots and 45 Aviation Technicians at a ceremony held at Ethiopian Airlines headquarters on Tuesday, November 12, 2013.

Among the 39 Pilot graduates, 20 are the second batch of MPL trainees. This batch of graduates comprise of cadets from Yemen and South Sudan.

The Ethiopian Electric Power Corporation (EEPCo) awarded a solar power project to U.S., based companies Global Trade and Development Consulting and Energy Ventures last week, Capital reported.

Alemayehu Tegenu, Minister of Water, Irrigation and Energy, told Capital that the project will be launched before the end of the Growth and Transformation Plan (GTP) period in the coming fiscal year.

Wegagen Bank reported a 449.6 million birr profit before tax in the 2012/13 fiscal year, Capital reported.The bank's net profit after tax stood at 340 million birr, a 1.3 percent growth over the previous fiscal year.

According to the bank’s statement released at its general assembly meeting on November 5, the total deposit mobilization has reached 7.5 billion birr, and total assets of the bank stood at 10.3 billion birr.

The Ethiopian Roads Authority (ERA) announced the launch of the 20km Harar-Jijiga road construction project, Fortune reported.

The project, awarded to Gemshu Beyene Construction PLC – a grade one contractor local contract for 360 million Ethiopian birr, launched on Tuesday, November 5, 2013. Core Consulting Engineers PLC is consulting the Ethiopian Roads Authority (ERA) on the project.

Construction works of the Addis-Adama expressway has reached 82 percent and will be fully completed in April 2014, Fortune reported.

The expressway is designed to relieve the heavy traffic congestion in the route. After the opening of the expressway, travel time between the two cities will only take 40 minutes from the current two hours.

The Ethiopian Civil Aviation Authority (ECAA) and the Nigerian Federal Ministry of Aviation signed a memorandum of understanding (MoU) to increase the number of flights between the two countries, Fortune reported.

The MoU which was signed on November 6, 2013, outlines an increase of weekly flights from Ethiopia to Nigeria, from the current 18 to 31.