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The Cooperative Bank of Oromia, Ethiopia announced that it has recorded a 139.8 million in gross profit in the last fiscal year.

This profit recorded is 105 percent more than the 71.5 million birr it earned in the previous financial year as announced at the Regular General Assembly the bank.

The bank was able to net 102 million birr and Earnings per Share grew by 55 percent from 29 birr to 45 birr for every 100 birr invested from what was recorded in the last fiscal year. CBO has announced a dividend payment of 33.6 percent for the reporting period. The bank retained 25.5 million birr as a legal reserve.

Selam farmers' Cooperatives Union in Tach Armacheho Woreda of North Gondar Zone, Amhara State said it has earned over USD 1.1 million from export of sesame in the current Ethiopian Fiscal Year.

Speaking at the Union's annual general assembly over the weekend, Union Board Chairperson Hagos Asfaw said that the cooperative union manged to export over 6000 quintals sesame to China. He said the regional government provided 30 million Ethiopian Birr loan to the Union for purchasing sesame. Hagos also said activities are underway to establish a sesame processing plant through support of the government and NGOs.

(In paragraph 1, corrects Microsoft intends to open application factory not manufacturing plant)

Microsoft, American multinational software corporation, through its African Initiative Program has started setting up application factories across Africa. Ethiopia is also one of the countries where Microsoft is planning to set up application factory for developers through which they can create Windows applications for the Windows 8 or Windows Phone platform.

During the 11th Innovation Africa Digital Summit held the past week in Ethiopia which saw the attendance of some 500 participants form the information communication technology industry, Microsoft has also presented its Africa initiative programs.

(In paragraph 1, corrects German Development Bank (KfW), not GIZ is partnering with the MoUDC)

The Ethiopian Ministry of Urban Development & Construction (MoUDC) and the German Development Bank (KfW) announced a business plan competition focusing on solving urban problems, Fortune reported.

The registration of applicants for the first round will be conducted from October 11, 2013 to November 10, 2013.

The government of Ethiopia lifted the price cap on cotton on 15 August 2011 following the decline of prices in the international market.

For three months from November 2010, the price of a kilogramme of cotton was fixed at 42.78 Br a kilo. At the same time, the government had also banned exporting cotton when demand by local textile factories increased and prices in the international market soared.