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Local News

Drivers indicted on export theft

By Yohannes Anberbir
The Federal High Court passed some stiff imprisonment penalties on five drivers who have been found guilty of stealing Djibouti-bound textile meant for export. The thieves face up to 25 years of imprisonment and have been fined up to 20,000 birr.

Power export to Sudan starts in October

By Groum Abate
The Ethiopian Electric and Power Corporation (EEPCo) is to export electricity to Sudan starting from October 2010.

State-owned financial institutions’ sick loans equal profits

By Yohannes Anberbir
The four state-owned financial institutions have closed the recently ended 2009/2010 fiscal year with Non Performing Loans (NPL) of 3.1 billion birr, this is equal to their total profit before tax.

Ban on outdated cars to be effective

By Muluken Yewondwossen
A new directive to ban the import of outdated second hand cars is to be ratified shortly after the Ethiopian New Year.

Islamic Banks to enter financial sector

By Kirubel Tadesse
Finally responding to a strong public demand, the National Bank of Ethiopia (NBE) is about to approve a directive that paves the way for the establishment of Islamic banks.

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