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Berhan International Bank, Ethiopia announced  after tax profits of 21.3 million birr, for the last fiscal year. The bank had registered a loss of 5.6 million birr in its first year of operation.

BIB mobilized 694.4 million birr in the reporting period. Savings and time deposits made up 73.3% of the total deposits while the rest was made up of demand deposits.

The Ethiopian Petroleum Enterprise awarded a 29.5 million US dollar contract to Huyton Inc Company. The contract is for the supply of coal to realize Ethiopia’s plan to use coal as fuel in cement factories.

The contract to be signed next week is for the import of a minimum of 650,000 tons of coal every month beginning from next month, for one year. 

The Addis Ababa, Ethiopia City Roads Authority is to establish a traffic management bureau to solve the traffic light problem in the city. The traffic light problem in the city requires more than maintenance services said Fekade Haile Manager of the AACRA.

The new traffic management bureau is expected to carry out an in depth study of the traffic conditions in the city and the role of traffic lights to propose a solution to the existing problems.

A team from the Ethiopian Revenues and Customs Authority investigated Nile Drilling and Exploration plc for alleged evasion of customs duties on imported items to Ethiopia.

The team seized a water well drilling rig from the company’s garage according to sources. It was alleged that  the rig had not fulfilled mandatory customs formalities.

The water well drilling rig passed Modjo checkpoint and was taken to the Indian company’s garage without passing the Kality Customs clearance point said the sources. This was found to be in contravention of customs procedures which require imported items entering the capital to be cleared by the Kality office before their owners can take legal possession of them.

Ambo Gnemer announced plans to carry out gold exploration in Oromia Regional State, Ethiopia. The company is set to invest in cement manufacturing, vegetable and fruits, animal husbandry and sugar development as well as gold exploration.

Ambo Gnemer will carry out its exploration on 21,000 hectares of land outside of Ambo in Oromia Regional State according to Nigussie Gedefa, Marketing and Project Office Coordinator.

The company has high hopes for the gold exploration site as local miners are actively producing precious minerals in the area where Ambo Gnemer expects to be producing gold said Nigussie.

The city administration of Addis Ababa, Ethiopia, has committed to improve the capital’s information system according to Kefeyalew Azeze, Head of the Addis Ababa City Administration Public Relations Office.

The Addis Ababa administration plans to set up a modern and effective technology based information system he said, speaking at a two-day training held on effective information management given to senior officials.

The flag carrier of Ethiopia, the Ethiopian Airlines, is showing the Logo of star alliance on all its aircraft. Star Alliance will officially welcome Ethiopian airlines in ceremony to held on December 13 in Addis Ababa.

The ceremony is expected to be attended by executives of the Star Alliance and CEOs from the member airlines.

Ethiopian Airlines will be able to access 21,410 daily flights to 189 countries as part of an existing network consisting of 4382 aircraft, 409,152 employees and 652.24 million passengers per annum and 160.3 billion US dollars in sales revenue.

Zemen Bank sold 35 million birr worth of shares in six hours last week. The shares were offered to existing shareholders as per a decision reached at the annual meeting of the bank.

The annual meeting held this past September agreed to increase the capital of the bank by 100 million birr with remaining shares, after shareholders were offered shares in proportion to their existing holdings, to be sold in the month of December.

The bank management had expected to complete the sale of the shares in 30 days according to sources at the bank.

The newly appointed head of Diageo’s African Regional markets, Ekwunife Okoli will oversee the conclusion the transaction for Ethiopian Meta Abo Breweries.

The company may launch other products into the Ethiopian market after finalizing its takeover of Meta Aba said Okoli.

The 4th Ethiopian Poultry Expo and Animal Tech Show was opened yesterday. It is expected that the Expo will play a role in promoting Ethiopia’s livestock resources to the international market according to Gidey Gebre-Medhin Director General of the Ethiopian Meat and Diary Technology Institute.

The Expo will provide all necessary information to investors interested in the sector explained Gidey.