Ethiopia’s state-owned electricity company, Ethiopia Electric Power (EEP), has agreed to pay USD 6.5 million to refund investors in the United States after failing to register bonds it marketed and sold to American residents of Ethiopian descent, the US Securities and Exchange Commission (SEC) said.

Sluggish performance in the direct and indirect tax categories, specifically the value added and corporate profit taxes, is said to have stifled the overall budget performance of the Ethiopia government during the current fiscal year.

The House of People’s Representatives (HPR) on Tuesday approved the Computer Crime Proclamation bill which aims to regulate and protect against cybercrimes and to protect the rights of individuals.

Africa Hall, the permanent headquarters of the United Nations Economic Commission for Africa (UNECA), which was where the predecessor of the African Union (AU)—the Organization of the African Unity (OAU)—was established, is to undergo a major renovation.  

EAG to acquire Tiger's shareholding in EATBI

East Africa Group (EAG) this week announced its intention to acquire Tiger Brands' 51 percent stake in East African Tiger Bands Industries PLC (EATBI), bringing its shareholding in the business to 100 percent.