MIDROC Ethiopia is to build a cooking oil factory in Ethiopia's capital Addis Ababa worth four billion USD. The cornerstone for the factory has been laid down in the presence of Takele Uma, Deputy Mayor of the city.
The Ethiopian Revenues and Customs Authority issued a new directive which allows manufacturing companies importing raw materials into Ethiopia to be taxed on the basis of their transaction costs. 
The customs authority will conduct a post clearance audit within 15 days to reclaim the balance should there exist discrepancies between the transaction values on the invoices and ERCA’s data.
This directive aims to alleviate delays in production due to the time it takes for raw materials being processed by customs according to Fekadu Bekele, Customs Valuation Directorate.
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.
New private equity firm opened in Ethiopia, Ascent Capital, is set to finance local businesses including newly established businesses. It is the second equity firm in Ethiopia, following SGI.
