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Customs Commission suspends 15 couriers

The Ethiopian Customs Commission has suspended 15 courier operators for failing to operate under a legally authorized warehouse to process such imports, The Reporter has learnt.

Five state enterprises bag 790 mln birr profit

Five state-owned enterprises under the supervision of the Public Enterprises Holding and Administration Agency, have earned a combined profit of 792 million birr in the last fiscal year, the agency announced this week.

Haile poised to build a 1 bln birr resort in Gorgora

Haile Hotels and Resorts, the hotel chain owned by the athletics legend, Haile Gebreselassie, disclosed its plan to develop a world class resort in the lakeshore of Tana, Gorgora locality at a cost of more than one billion birr, it was learnt.

CBE performance irks president

The Commercial Bank of Ethiopia (CBE) registered a net profit of 14 billion birr, achieving only 64 percent of its plan for the fiscal year 2019/2020. In a lamentation letter addressed to the staff, the President of the Bank, Abie Sano, stated that he has never reported such a result in his career as a banker and he lacks words to describe it.

Local Oil Company hit by hard currency shortage

Yetebaberut Beherawi Petroleum S.C., a local oil company founded predominantly by oil transporter companies more than 15 years ago, expressed its frustrations over the lack of access to hard currency needed to import oil products in to the country, making it difficult to operate its main line of business in the past two years, and threatening its existence, The Reporter has learnt.

African airlines to lose USD two bln

The International Air Transport Association (IATA) on Wednesday announced that as a consequence of the COVID-19 pandemic and associated restrictions, African airlines are forecast to lose USD two billion in 2020.