The Commercial Bank of Ethiopia (CBE) will in the coming weeks announce a record 4.2 billion birr profit for the just-ended Ethiopian fiscal year. The bank has bagged 4.2 billion birr in gross profit, the amount surpassing that of the previous year by a staggering 50 percent, according to a higher official of the bank who opted to remain anonymous because the bank’s performance statement is yet unofficial. The bank had grossed 2.8 billion birr during the previous Ethiopian fiscal year while it had made 43.5 billion the year before.

As the race for Kenyan companies to capture the growing pan African market opportunities hots up, Seven Seas Technologies (SST) a leading local integrated information technology services provider has moved to open a fully-fledged office in Addis Ababa, Ethiopia.
The pioneering move by a local IT solutions provider will now see SST investing more than Sh90 Million in its move to register a strong market presence within the horn of Africa region.

Ethiopia on Thursday softened its stand over a dispute with Kenya over a list of products that would be covered under a special trade regime of the Common Market for Eastern and Southern Africa (COMESA). “We are prepared to listen to what Kenya has in mind over the list of products and we are hopeful to reach an agreement,” Fikru Tadesse, Ethiopia’s head of delegation said on the sidelines of the two-day talks mediated by the COMESA secretariat.

Abyssinia Restaurant spices up Santa Rosa: "Exotic" is a word not often used to describe Santa Rosa, but the Ethiopian cuisine at Abyssinia Restaurant transports diners from a nondescript stretch of Fourth Street to the spice markets of the East African highlands. Inside, the green, yellow and red striped curtains hand-woven in Ethiopia echo the colors of the national flag, and goatskin paintings of Emperor Haile Selassie and colorful basketry decorate the walls of this family-run business.

New York (Tadias) – Bethlehem Tilahun Alemu, founder and managing director of the footwear brand SoleRebels and one of the World Economic Forum’s Young Global Leaders for 2011, has been named Outstanding Businesswoman at this year’s African Business Awards, becoming the first Ethiopian to receive the accolade.

Event Themes and Discussion Topics: The theme of the conference is “The Future of Inclusive Finance in Africa.” Inclusive finance is the notion that customers from all income levels should have access to quality financial services at affordable prices. Topics that will be addressed at the conference include: innovations in product and delivery systems, social performance and impact, the role of information technology in improving access to finance to poor people, financial literacy, consumer protection and improving youth employment through access to finance.

The Ethiopian government has lifted price caps imposed in January to control the ever-rising cost of staple food items, including bread, cooking oil, and meat. The country has witnessed spiralling prices of food this year, like many other African countries.
Government’s lifting of the price controls has caused collapse of the meat market. Many people believe that the government’s efforts to control the rising prices of basic commodities, such as sugar and oil, by imposing price caps has backfired, causing more turmoil.

M-Birr Limited, an Irish company, is set to provide mobile banking technology to financial institutions in Ethiopia via its subsidiary here, M-Birr ICT services Plc. M-Birr will provide the mobile banking technology to M-Birr ICT Services Plc., which would in turn provide the mobile banking service to financial institutions operating in Ethiopia, Thierry Artaud, M-Birr Limited COO and General Manager of M-Birr ICT services Plc. told The Reporter.

The Export-Import Bank of India (Exim Bank) has entered into an agreement with Ethiopia for extending a USD 91 million line of credit to finance exports and consultancy services for development of the sugar industry in the East African nation.

The Line of Credit (LoC) is effective from May 21 this year and the date of execution of the agreement is February 18, the Reserve Bank said in a statement.

A Chinese company based in Hong Kong, whose name authorities have not disclosed, agreed to pay over 200 million dollars to the Ethiopian government last week for concessions on Calub Gas Reserve, located in Somali Regional State, sources disclosed to Fortune. The Ministry of Mines (MoM) floated an international tender in March, 2011, inviting petroleum companies interested in developing the Calub Gas Reserve, which was first discovered during the reign of Emperor Haile Selassie.

Ethiopian and British governments are set to sign a deal that will prevent double taxation on the investment, trade and tourism forum due to be held on Thursday between the two countries, a senior diplomat disclosed to The Reporter.

More than 120 jewellers and designer-makers will be showcasing their latest collections at the Treasure Contemporary Jewellery Exhibition to be staged 9 – 12 June at Victoria House in Bloomsbury, Central London.

From fine high-end, luxury jewellery to statement pieces made from surprising materials,

Ethiopia’s economic expansion may slow next fiscal year amid rising inflation, restrictions on private-bank lending and a “difficult” business environment, the International Monetary Fund said.

The growth rate may slow to 6 percent in the fiscal year to July 7, 2012, from 7.5 percent this year, the Washington-based lender said in an e-mailed statement today. The IMF’s estimate for 2010-11 growth is below the government’s projection of 11.4 percent for the period.

The Graphic Communication Group, one of the three divisions of Kodak, is eying the Ethiopian print service market, though it has no dealer in Ethiopia for digital graphic print solutions yet. The commercial launch accompanied by the presentation was staged at Hilton Addis Ababa last Wednesday. The presentation highlighted players in the print service of the country Kodak’s cutting-edge print technology.

“After researching the Ethiopian print market, it became clear that many print service providers are making do with older equipment- the majority are using CTF, with very few operating with CTP (computer-to-plate) and digital technology.

With an average GDP growth of 11% during the 2005-09 period, Ethiopia is Africa’s fastest-growing non-oil economy. It is projected to grow at double digits in coming years, and the country needs to add power capacity at a commensurate pace if it has to realise its growth potential. That offers many business opportunities for Indian power sector companies.

According to estimates, Ethiopia has the potential to generate 45,000 MW from hydro resources alone. Ethiopia is the source of eight river basins. The Nile, the longest river in the world, gets about 85% of its waters from the Blue Nile which originates from Ethiopia.