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EconomyRobert E. Hall of Stanford University and Michael Woodford of Columbia University have won this year’s Nobel-memorial prize in economics. The Royal Swedish Academy of Sciences honoured them “for microeconomic foundations of macroeconomic stabilisation.” In plain words: they showed governments and central banks how to calm an economy that is overheating or sliding into recession.
Banking & FinanceOromia Bank has officially launched three tiers of international Visa payment cards, expanding its services to customers seeking to make payments abroad and conduct international online transactions. The cards, unveiled at Skylight Hotel, include the Oro Visa Classic, Oro Visa Gold, and Oro Visa Platinum. The bank introduced the services in partnership with Visa, a
Banking & FinanceAwash Bank has launched five new card services in partnership with Mastercard, expanding its domestic and international payment offerings following Ethiopia’s foreign currency reforms. The launch ceremony was held today at Elilly International Hotel in Addis Ababa, attended by Awash Bank officials and Mastercard representatives. Speaking at the event, Awash Bank CEO Tsehay Shiferaw said
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Capital MarketAbay Bank reported a profit before tax of Birr 6.22 billion for the financial year ended June 30, 2026, up 47.6% from Birr 4.22 billion a year earlier, according to audited financial statements reported by Ethiopian Business Review. The bank’s net profit after tax reached Birr 4.55 billion after an income tax charge of Birr
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EconomyThe African Union has launched the Africa Credit Rating Agency (AfCRA), a new institution intended to provide alternative assessments of credit risk across the continent and improve African countries’ access to international capital markets. The agency was launched on Wednesday in Port Louis, Mauritius, where it will be headquartered. African leaders endorsed its creation in
LeadershipTemesgen Tiruneh will continue as Deputy Prime Minister after the House of Peoples’ Representatives approved Prime Minister Abiy Ahmed’s new Council of Ministers on. The cabinet runs 22 federal ministries, four of them rebranded or reorganised under the new executive structure. The line-up reshapes the government’s economic team. Fitsum Assefa moves to the Ministry of
Capital MarketKenya’s Capital Markets Authority (CMA) has approved several licensed intermediaries to facilitate Kenyan investors’ participation in the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals (DPRP) in Nigeria. The CMA said the move follows its earlier communication on approval by Nigeria’s Securities and Exchange Commission for Kenya’s Global Depository Receipt (GDR) investors to
Banking & FinanceThe National Bank of Ethiopia (NBE) will supply $840 million to commercial banks through foreign exchange auctions in the second quarter of the 2026/27 fiscal year, a 68% increase over its regular first-quarter allocation. In a statement issued on Tuesday, the central bank said it will hold six bi-weekly auctions of $140 million each, starting
Banking & FinanceZemen Bank reported a 15% increase in profit after tax to ETB 6.75 billion for the 2025/26 financial year, according to a statement shared by Board Chairman Ermias Eshetu. The bank’s profit before tax reached ETB 9.3 billion, up 13% from the previous year. Zemen Bank said the quality of its earnings improved as foreign
BusinessThe International Coffee Organization (ICO) has launched the Coffee Market Intelligence Platform, an interactive data tool that brings global coffee prices, trade flows, production and consumption statistics together in one place. Free dashboards are open to the public. The platform was unveiled during the 142nd Session of the International Coffee Council in Geneva, Switzerland. It
LeadershipEthiopia’s House of Peoples’ Representatives has re-elected Abiy Ahmed as Prime Minister for a new five-year term, following the ruling Prosperity Party’s decisive victory in the country’s June 1 general election. Abiy was sworn in before lawmakers during the opening of the seventh parliamentary term. The Prosperity Party won 438 of the 501 contested seats
LeadershipEthiopia’s House of Peoples’ Representatives has elected Ahmed Shide, the country’s long-serving Minister of Finance, as its Speaker, according to the information provided. The election took place during the first session of the seventh parliamentary term, following the country’s seventh general election held on June 1, 2026. The ruling Prosperity Party nominated Ahmed for the
