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Cape Town businesses explore opportunities in Ethiopia

The Mayor of Cape Town, South Africa, Patricia de Lille paid a visit to Addis Ababa this week leading a business delegation composed of 15 business executives pooled from various industries such as textile, construction, Furniture, agriculture, chemical, machineries and the like.

Ethiopian, Airports Enterprise merger on the horizon

The Ethiopian government is on the verge of merging Ethiopian Airlines, the national flag carrier, and Ethiopian Airports Enterprise (EAE), the sole government body responsible for the construction and administration of airports in Ethiopia.

Circular clarifies confusion on using bank statement for tax estimation

Responding to an overdue complaint from the business community over the use of bank statements as a source of information in assessment, levying and collecting of income tax, the tax authority has issued a new circular clarifying how bank statements should be interpreted to avoid overestimation of the taxable income.

Beverage companies in hot water

The Ethiopian Trade Practices and Consumers Protection Authority over the week sued Ambo Mineral Water PLC and the East African Bottling Company for undergoing an illegal merger without its knowledge. The authority demanded that the two companies pay a penalty fee that would make the duo incur a loss amounting to 10 percent of their annual income.

Coffee fetches record revenues

During the concluded Ethiopian Fiscal Year, the coffee export performance has shown substantial rise both in terms of volume and value, fetching USD 880 million; owing much to the volume exported, The Reporter has learnt.

Tiret acquires Kombolcha textile

Seven months after the Office of the Prime Minister awarded the two state-owned textile factories, Bahir Dar and Kombolcha, to Tiret Corporation, the endowment conglomerate has finally settled the 35 percent down payment for the two textile mills by making the payment for the remaining Kombolcha Textile Factory this week.