Watergate Hotel which is found in Addis Ababa, is going to be reopened as Olympia. Tulip Inn Hotel, a subsidiary of Louvre Hotels Group and which is a four star brand name hotel, concluded its first deal in Africa to open Olympia Hotel in Addis. According to Kumneger Teketel, founder and CEO of Ozzie, which brings different brand name hotels to Ethiopia, there are thirty brand name hotels in Addis Ababa.
Domestic Ethiopian Petroleum vendor Yetebaberut Beherawi Petroleum announced profits lower than what it had earned in the previous fiscal year.
The petroleum company reported 5.5 million birr in net profit for the last financial year at the annual General Assembly of Shareholders held at the Hilton Hotel. The profit it reported was 12.5 million birr lower than the 18.7 million birr it had declared for the year before.
YBP retailed 262.1 million liters of petrol and 1.72 million liters of oil from which it collected 4.5 billion birr. The total sales of the company showed an increase of 31 percent (1.5 billion birr) from its performance in the previous year.A new insurance company, Lucy, launched operations in the Ethiopian Insurance sector last week after receiving license to operate from the National Bank at the beginning of the last month.
Lucy Insurance was founded by 13 business people to become the 16th insurance company in the country said Alemseged Abraham, chief Executive of the company.
The Share Company collected 8.03 million birr in paid up capital from 39 shareholders and held its first annual General Meeting last March.
Lufthansa, the German-based airliner is to enhance its partnership with Ethiopian in 2013, according to a press briefing held in Addis Ababa on June 10, 2013.
Lufthansa is aiming to enhance its stake by five percent in 2013 from the previous year, Carsten Schaeffer, Lufthansa's vice-president for sales and services, South-East Europe, Middle East and Africa said.
In 2012, more than 80,000 passengers were served through the partnership between Lufthansa and Ethiopian, however, Carsten declined to reveal the revenue collected from the services. He told The Reporter, an Ethiopian Weekly, “We don’t want to talk about details of numbers, it is promising and we are happy to invest further.M-BIRR, one of Ethiopia’s mobile banking service provider, has partnered up with Total Ethiopia in order to enhance payment for fuel, lubricants as well as goods purchase.
