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Nyala Insurance registered 10,000 vehicles for mandatory third party insurance policies. The insurer has equipped one of its branches to facilitate third party insurance coverage.   

The insurance company has trained personnel to handle third party registration process at additional cost said Eyob Meherette CEO of Nyala Insurance. The Insurers specialized set up is to be found at its Africa Avenue Branch and is expected to speed up the registration process he explained.

The Bank of Abyssinia, Ethiopia announced 178.44 million birr in net profit, in the last fiscal year. The bank’s performance for the previous fiscal year was 140.581 million birr.  

The bank registered a record income of 618 million birr showing a 149 million birr increase as well as raising its total assets to a high of 7.28 billion birr recording a 16% growth according to Addisu Habba President of Abyssinia Bank.

The Ethiopian Sugar Corporation is to import 300,000 quintals of sugar beginning in February. It is estimated that sugar imports, mainly from Brazil and India, will cost Ethiopia 555 million birr including warehouse rental and transportation.

The sugar will be imported at a cost of 1,850 birr for the quintal and is expected to retail for 1,264.40 per quintal on the Ethiopian market supported by government subsides.  The sugar will be sold by consumers’ cooperative unions and the Merchandise Wholesale and Import Trade Enterprise.

The prices of unwashed Arabica coffee from Ethiopia are reported to have decreased by an estimated 6.9% on the Ethiopian Commodity Exchange last week.

The fall in prices occurred as the volume of washed and unwashed coffee traded on the exchange increased from 2295 metric ton to 2529 metric tons said an email statement from the exchange on Dec 9th.

Tigray Resources announced results from initial diamond drill from the first phase drill program at the Terakimti copper-gold-silver-zinc prospect in northern Ethiopia.

Drilling in the southern part of the Terakimti target area has discovered thick zones of steeply south-dipping massive sulfide mineralization over a 250-metre strike length, with an interpreted plunge to the mineralized system of 35 to 40 degrees to the ENE.

Ethiopian Potash announced results for the first six holes assayed in the Southwest Corner of its Danakil Potash Project, Ethiopia.

The high grade sylvite assays obtained from holes located on the basis of ready access preceding the construction of drill roads is encouraging said Mr Wahl, President and CEO of Ethiopian Potash.

Ethiopian Potash has completed 19 holes which have all been logged, sampled and shipped to Saskatchewan Research Council for analysis explained Wahl.

SoleRebels, Ethiopia won 50,000 US dollars as one of the finalists at the Africa Award for Entrepreneurship. Bethlehem Tilahun Alemu, Founder and Managing Director of soleRebels accepted the award on behalf of the company at the event held in Nairobi.

“I am elated by this award. It is recognition that soleRebels is at the forefront of a new business paradigm on the continent, one where African driven businesses and brands are elevating Africa’s global competitiveness by winning in the global marketplace” said Bethlehem.

Zemen Bank, Ethiopia is acquiring land in the Sengatera area to build its head quarters. The Bank has completed 99% of the process associated with acquiring the land according to Ermias Eshetu, Deputy Marketing President.

The bank’s headquarter building is expected to be the tallest in an important part of the financial district in Addis Ababa. The Zemen Bank headquarters will be erected in front of Addis Ababa University School of Commerce according to the announcement made by the bank at the official launch of the construction design last Thursday. 

Abyssinian Flight School, Ethiopia is to merge with a US company internationally recognized in the sector according to Solomon Gizaw, managing director of the Ethiopian Flight School. An initial investment capital of 10-20 million US dollars is proposed.

The venture will become operational with the construction of dormitories and the set up of high technology simulators said Solomon.