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Recent MACD Bullish Crosses

Recent MACD Bullish Crosses

4.59k followers30 symbols Watchlist by Yahoo Finance

Follow this list to discover and track stocks that have set MACD bullish crosses within the last week. A bullish crossover occurs when the MACD turns up and crosses above the signal line. Our algorithms use 12,26,9 as MACD parameters. This list is generated daily and ranked based on market cap. This list is generated daily, ranked based on market cap and limited to the top 30 stocks that meet the criteria.

30 symbols

  • Wells Fargo to pay $3 billion to U.S., admits pressuring workers in fake-accounts scandal
    Reuters

    Wells Fargo to pay $3 billion to U.S., admits pressuring workers in fake-accounts scandal

    Wells Fargo & Co will pay $3 billion (2.3 billion pounds) to resolve criminal and civil probes into fraudulent sales practices and admitted to pressuring employees in a fake-accounts scandal, U.S. officials said on Friday, wrapping up one of the last major investigations looming over the bank. Wells Fargo will pay the penalties to the U.S. Justice Department and Securities and Exchange Commission and enter into a three-year deferred prosecution agreement during which the San Francisco-based bank will continue to cooperate with any ongoing government investigations, Justice Department officials said. In a statement, Charles Scharf, Wells Fargo's new chief executive, described the past conduct as "reprehensible." Wells Fargo is the fourth-largest U.S. lender.

  • Wells Fargo Pays $3 Billion, Avoids Prosecution Over Abuses
    Bloomberg

    Wells Fargo Pays $3 Billion, Avoids Prosecution Over Abuses

    (Bloomberg) -- Wells Fargo & Co. will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.The deferred-prosecution agreement with the Department of Justice spares the company a potential conviction that can create serious complications for banks, if it cooperates with continuing probes and abides by other conditions for three years. The accord also resolves a complaint by the Securities and Exchange Commission.Investigators found Wells Fargo’s overly aggressive sales targets led thousands of employees to open millions of bogus accounts for customers or foist other products on them from 2002 to 2016, often by creating false records or misappropriating their identities, the Justice Department said Friday. That generated millions of dollars in fees and interest and in some cases damaged customers’ credit ratings.“Our settlement with Wells Fargo, and the $3 billion criminal monetary penalty imposed on the bank, go far beyond ‘the cost of doing business,’” U.S. Attorney Andrew Murray for the Western District of North Carolina said in a statement. “They are appropriate given the staggering size, scope and duration of Wells Fargo’s illicit conduct.”The settlement is the bank’s largest yet from a series of scandals that claimed two chief executive officers. But for shareholders it’s in line with the more-than $3 billion the bank set aside for legal matters in the latter half of 2019 as negotiations progressed. It marks another step in efforts by CEO Charlie Scharf, who took over in October, to turn around the San Francisco-based lender as he conducts a review of all operations.“The conduct at the core of today’s settlements -- and the past culture that gave rise to it -- are reprehensible and wholly inconsistent with the values on which Wells Fargo was built,” Scharf said in a statement Friday, outlining steps the bank has taken to reform over the past three years.Still, it’s hardly the end of the legal woes. The firm remains under a growth cap imposed by the Federal Reserve. Last month the Office of the Comptroller of the Currency announced civil charges against eight former senior executives, some of whom settled. Probes into allegations at other businesses are continuing.And on Friday, House Financial Services Committee Chairwoman Maxine Waters announced she plans to hold three hearings on Wells Fargo next month. No witnesses were announced by the California Democrat, but the titles of the hearings suggest that the panel might seek testimony from Wells Fargo’s current or past CEOs and board members.Scandals in Wells Fargo’s consumer operations erupted in 2016 with the revelation that employees may have opened millions of fake accounts to meet sales goals. The company’s expenses surged as new details emerged and as additional lapses and wrongdoing surfaced across business lines including mortgages and auto lending.The company’s stock has suffered ever since, closing on Friday just below the level it was at when the problems emerged more than three years ago. The shares climbed more than 1% in extended trading after the accord was announced.While the sales abuses have been described repeatedly in earlier probes, Friday’s settlement provides yet more details on the high-pressure environment that led legions of low-level employees to break the law -- often costing them their jobs when they were caught by the firm’s internal controls. Many inside the bank referred to abusive sales practices as “gaming,” according to prosecutors.That often included misappropriating customers’ identities to open checking and savings accounts, issue debit or credit cards, or enroll people in bill-pay or remittance services, prosecutors said. Employees sometimes forged client signatures, created PIN numbers to activate cards and moved money to simulate account funding. Some staff even altered contact information to prevent customers of learning about their unauthorized accounts or receiving satisfaction surveys.Senior managers were aware of the issues as early as 2002, with one internal investigator describing it as a “growing plague” two years later, and another remarking that it was “spiraling out of control,” investigators found. Yet senior leaders in the community banking division refused to alter their sales model or ratchet down unrealistic targets. They later minimized the problems to higher-ups and the board, blaming them on rogue employees, prosecutors said.The deal includes a $500 million payment to the SEC, which granted the bank a waiver to continue private placements of securities to accredited investors such as hedge funds. The settlement doesn’t resolve any criminal or civil liability for individuals, according to a senior Justice Department official.“This resolution is with respect to the bank only,” U.S. Attorney Nick Hanna told journalists in Los Angeles. “The investigation is ongoing.”The Justice Department said it considered Wells Fargo’s cooperation and prior settlements when deferring prosecution. The bank previously paid more than $1 billion to federal regulators for consumer mistreatment, $575 million to 50 states and the District of Columbia and $480 million for an investor class-action lawsuit.(Updates to add CEO’s statement, congressional hearings and additional details on terms from the sixth paragraph)\--With assistance from Edvard Pettersson and Steve Dickson.To contact the reporters on this story: Hannah Levitt in New York at hlevitt@bloomberg.net;Tom Schoenberg in Washington at tschoenberg@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, ;Jeffrey D Grocott at jgrocott2@bloomberg.net, David Scheer, Joe SchneiderFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Gold’s ‘Cold Blooded’ Gain Shows Virus-Induced Rush Into Havens
    Bloomberg

    Gold’s ‘Cold Blooded’ Gain Shows Virus-Induced Rush Into Havens

    (Bloomberg) -- Investors are rushing to the safety of gold amid a selloff in U.S. stocks on mounting concerns the coronavirus outbreak will derail global growth.Gold jumped as much as 2%, extending its climb to a seven-year high, as the S&P 500 Index headed for its first weekly loss since January. In a sign that the virus is starting to dent the world’s largest economy, business activity in the U.S. shrank in February for the first time since 2013 with the pandemic disrupting supply chains.“The persistent, cold-blooded and measured shift in gold higher, despite the U.S. dollar, is telling,” Nicky Shiels, a metals strategist at Bank of Nova Scotia, said in emailed message. “The breakout is warranted and has legs.”Gold futures for April delivery rose 1.7% to settle at $1,648.80 an ounce at 1:30 p.m. on the Comex in New York, the highest closing price for a most-active contract since mid-February 2013. The metal notched a 3.9% gain this week, the biggest increase since June. The rush to haven assets also sent Treasury yields tumbling.“Gold is in the midst of its perfect storm,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S.Prices of bullion in euros and Australian and Canadian dollars climbed to records. Holdings in gold-backed exchange traded funds climbed for 22 straight sessions through Thursday, the longest ever run, according to data compiled by Bloomberg. And the amount of call options traded in a single day spiked to the highest ever in records dating to 1996, according to preliminary data.This stretch of inflows “certainly gives an indication about concerns around the global economy,” Andrew Jamieson, global head of ETF product at Citigroup Inc. in London, said in an interview with Bloomberg TV.The outbreak has worsened outside of China, with cases in South Korea climbing past 200, while tallies for Singapore and Japan topped 85. A jump in coronavirus cases in Iran is also raising concern. Chinese authorities adjusted the number of cases for the third time this month, raising more questions over the reliability of the data.In more than half of the world’s 20 biggest economies, analysts now expect looser budgets this year — in other words, bigger deficits or smaller surpluses — than they did six months ago, according to a Bloomberg survey of economist forecasts.The Commonwealth Bank of Australia expects the Federal Reserve to ease twice in the second half of the year as the virus threatens the global economy.Still, lower U.S. yields and weaker equities could push gold prices further toward $1,750 an ounce even if the coronavirus is contained during the first quarter, according to Goldman Sachs Group Inc.If the outbreak stretches beyond that, “we see substantially more upside from here -- toward $1,850 an ounce, depending on the magnitude of the global monetary policy response,” the bank said in a note Friday.Silver futures also climbed on the Comex. On the New York Mercantile Exchange, palladium futures rose while platinum futures declined.\--With assistance from Yvonne Yue Li, Elena Mazneva and Ranjeetha Pakiam.To contact the reporters on this story: Luzi Ann Javier in New York at ljavier@bloomberg.net;Justina Vasquez in New York at jvasquez57@bloomberg.netTo contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Luzi Ann Javier, Joe RichterFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • HP Adopts Shareholder Rights Plan to Slow Xerox Takeover Bid
    Bloomberg

    HP Adopts Shareholder Rights Plan to Slow Xerox Takeover Bid

    (Bloomberg) -- HP Inc., fighting off a hostile acquisition bid by Xerox Holdings Corp., adopted a shareholder rights plan that would make the takeover more difficult to carry out.If a person or group acquires 20% or more of HP’s stock, the plan would let other shareholders boost their voting power and dividends, HP said in a statement.The plan “guards against coercive tactics to gain control without paying all shareholders an appropriate premium for that control,” the company said. The program wouldn’t block a merger or takeover, but would “encourage Xerox (or anyone else seeking to acquire the company) to negotiate with the board,” according to Thursday’s statement by the Palo Alto, California-based computer maker.Xerox has said it will launch a tender offer “on or around March 2” for HP shares valued at $24 in cash and stock. For each HP share, a holder would get $18.40 in cash and 0.149 Xerox shares. The offer won’t be subject to any conditions related to financing or due diligence, Xerox said.“The HP board clearly adopted a poison pill because our offer is receiving overwhelming support from their shareholders,” Xerox said Friday in a statement. “Despite the HP board’s intention to deny shareholders the chance to choose for themselves, we will press ahead with our previously announced tender offer and electing our slate of highly qualified director candidates.”Norwalk, Connecticut-based Xerox already had started a proxy fight, last week nominating 11 candidates for HP’s board to help close the deal.Activist investor Carl Icahn, who is Xerox’s largest shareholder, is pushing for the combination, which Xerox contends would unlock about $2 billion in synergies and revive both hardware giants in an era of software ascendancy.While Icahn owns almost 11% of Xerox, he is also HP’s fifth-largest investor, with a 4.3% stake. Xerox’s Chief Executive Officer John Visentin should run the combined company, Icahn has said.HP has promised a full response to Xerox’s offer on Feb. 24 when it reports earnings and exits a quiet period.“As we have previously said, we are very concerned about Xerox’s aggressive and rushed tactics, and any process that is not based on full information is a threat to our shareholders,” Chip Bergh, HP’s chairman, said in the statement.The shareholder rights plan “works by imposing a significant penalty upon any person or group that acquires 20% or more of the outstanding shares of HP common stock without the approval of the Board,” HP said in a filing.Xerox, the smaller of the two companies with a market value of $7.84 billion, fell 1.4% to $36.28 at 12:51 p.m. Friday in New York trading. HP was little changed at $22.61, valuing the company at about $33 billion.(Updates with Xerox statement in fifth paragraph)\--With assistance from Scott Deveau and Matthew Monks.To contact the reporter on this story: Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack, Michael HythaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Kinder Morgan (KMI) Up 2.2% Since Last Earnings Report: Can It Continue?
    Zacks

    Kinder Morgan (KMI) Up 2.2% Since Last Earnings Report: Can It Continue?

    Kinder Morgan (KMI) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Xerox to press ahead despite HP's poison pill plan against takeover offer
    Reuters

    Xerox to press ahead despite HP's poison pill plan against takeover offer

    "Despite the HP board's intention to deny shareholders the chance to choose for themselves, we will press ahead with our previously announced tender offer and electing our slate of highly qualified director candidates," Xerox said. HP on Thursday said the implementation of the stockholder rights plan, which has a one-year expiration period, aims to stop investors from amassing more than 20% stake in the company. Xerox said in January it plans to nominate 11 independent candidates to HP's board.

  • ONEOK (OKE) to Post Q4 Earnings: Is a Beat in the Cards?
    Zacks

    ONEOK (OKE) to Post Q4 Earnings: Is a Beat in the Cards?

    Benefits from the completed Demicks Lake I natural gas processing plant are likely to get reflected in ONEOK's (OKE) fourth-quarter 2019 performance.

  • Wells Fargo Nears Deal With Authorities Over Sales Scandal
    Zacks

    Wells Fargo Nears Deal With Authorities Over Sales Scandal

    Though the settlement of fake account litigation will help Wells Fargo (WFC) overcome a major hurdle, several other ongoing probes will continue to weigh on its financials.

  • Nissan, Honda delay restart of some China plants due to coronavirus
    Reuters

    Nissan, Honda delay restart of some China plants due to coronavirus

    Japanese automakers delayed on Friday the restart of plants in China near the epicentre of a coronavirus outbreak, complying with authorities' directives, but raising the risk of further supply disruptions that could hit global car production. Nissan Motor Co said it would keep its plants in Xianyang in the central province of Hubei, and Zhengzhou in the neighbouring province of Henan, shuttered after Monday, when it had planned to resume operations, but did not set a new date. Honda Motor Co said operations at its plants in Wuhan, Hubei's provincial capital in which the outbreak began, would remain suspended until March 11.

  • Honda delays plans to restart operations at Wuhan plant to March 11
    Reuters

    Honda delays plans to restart operations at Wuhan plant to March 11

    Honda Motor Co on Friday said it would push back plans to resume operations at its vehicle plant in Wuhan, the epicentre of the coronavirus outbreak in China, after government authorities asked firms to keep workers away through March 11. In a statement, the Japanese automaker said that it planned to restart operations at the plant on March 11, and would resume production sometime during that week. Some operations at other plants in China had resumed this week, Honda said.

  • Wells Fargo Nears About $3 Billion Deal to End Federal Probes
    Bloomberg

    Wells Fargo Nears About $3 Billion Deal to End Federal Probes

    (Bloomberg) -- Wells Fargo & Co. is poised to pay roughly $3 billion to settle federal investigations into a range of consumer abuses that were rampant at the bank for years, according to a person with direct knowledge of the matter.The Department of Justice and Securities and Exchange Commission may announce penalties as early as Friday, the person said, asking not to be identified because talks are confidential. The company isn’t expected to plead guilty to a crime, the person said.Spokespeople for the company and Justice Department declined to comment. A spokeswoman for the SEC didn’t immediately respond to a message seeking comment.The long-anticipated settlement would mark the largest yet from a series of scandals that claimed two chief executive officers and fueled billions of dollars in operating losses tied to legal costs. The San Francisco-based bank already set aside more than $3 billion for legal matters in the latter half of 2019. The New York Times reported earlier Thursday that a settlement may be imminent.The accords are another step in efforts by CEO Charlie Scharf, who took over in October, to turn around the lender as he conducts a review of all operations. Still, the firm remains under a growth cap imposed by the Federal Reserve. And last month the Office of the Comptroller of the Currency announced civil charges against eight former senior executives, some of whom settled.The scandals erupted in 2016, when the bank conceded that employees may have opened millions of fake accounts to meet sales goals. The company’s expenses surged as additional lapses and wrongdoing surfaced across business lines including mortgages and auto lending.They’ve long taken a toll on Wells Fargo’s reputation and stock. The shares are down 12% this year, putting the price below where it was when regulators first described the abuses more than three years ago.Among other settlements, Wells Fargo has already paid more than $1 billion to federal regulators for consumer mistreatment, $575 million to 50 states and the District of Columbia and $480 million for an investor class-action lawsuit.(Updates with stock performance in penultimate paragraph)\--With assistance from Tom Schoenberg.To contact the reporter on this story: Hannah Levitt in New York at hlevitt@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, David ScheerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • HP adopts poison pill after Xerox's buyout attempts
    Reuters

    HP adopts poison pill after Xerox's buyout attempts

    Xerox recently raised its offer earlier this month by $2 to $24 per share, following several rejections of its previous buyout offers by the PC maker. The implementation of the stockholder rights plan, which has a one-year expiration period, aims to stop investors from amassing more than 20% stake in the company. "The rights will not prevent a combination of HP with another business, but should encourage Xerox (or anyone else seeking to acquire the Company) to negotiate with the Board prior to attempting to impose some combination that is not in the best interests of the HP shareholders," HP said in its statement.

  • Wells Fargo close to settlements with DOJ, SEC over sales scandal - NYT
    Reuters

    Wells Fargo close to settlements with DOJ, SEC over sales scandal - NYT

    Last month, U.S. regulator said it had banned former Chief Executive John Stumpf from the banking industry and charged him and seven other former executives combined more than $58 million in civil penalties for their roles in the bank's multi-year sales practices scandal. The fourth largest U.S. lender has paid out more than $4 billion in fines and penalties since the 2016 revelation that the bank's sales practices encouraged employees to open potentially millions of unauthorized bank accounts to hit lofty sales targets.

  • Icahn Suggested HP Buy Xerox With Offer About to Go Public
    Bloomberg

    Icahn Suggested HP Buy Xerox With Offer About to Go Public

    (Bloomberg) -- Xerox Holdings Corp.’s largest shareholder made a suggestion as the printer maker was preparing to go public with its takeover offer for HP Inc. in November: buy us instead.Activist investor Carl Icahn raised the idea of HP acquiring Xerox for $45 a share in a phone call with HP Chief Executive Officer Enrique Lores in November, according to people familiar with the matter. HP executives viewed the proposal as over-valuing Xerox and decided not to pursue it, said the people, who asked to not be identified because the matter isn’t public.Icahn, who owns about 11% of Xerox and 4.3% of HP, continues to push publicly for a tie-up.Icahn on Thursday said he recalled the conversation with Lores in November but didn’t want sell his Xerox stake.“I certainly did not offer my stock in Xerox in that discussion or, for that matter, in any discussion,” he said in an interview. “Frankly, I am getting tired of anonymous statements that keep popping up alleging that my stock in Xerox is for sale, which couldn’t be further from the truth, because I believe so strongly in the synergies that exist in a combination between Xerox and HP and I certainly want to own a piece of those synergies.”Icahn said, as a large shareholder in both companies, he was fully supportive of Xerox’s offer for HP and Xerox’s Chief Executive Officer John Visentin, who he said should run the combined company.Peace, War“I do believe peace is better than war and therefore I would support a consensual deal if the boards presented an acceptable one to shareholders,” he said. “The make-up of the board or who is chairman is not nearly as important as who the management team of the company is. In this case, to garner the great synergies that exist, it is of paramount importance that John Visentin and his team are the surviving management of the combined company.”He said he wouldn’t support a consensual deal if that was not the case.Representatives Xerox and HP didn’t immediately respond to a request for comment.Rights PlanHP on Thursday adopted a shareholder rights plan that would make Xerox’s takeover more difficult to carry out.The move came ahead of a crucial week for the takeover tussle, when HP is preparing to outline a plan for self-improvement in response to Xerox’s $34 billion takeover campaign.HP is preparing to announce that it will take on new debt to release billions of dollars to shareholders by acquiring its own shares and paying out special dividends, the people said. The exact size and timing of the buybacks and dividends aren’t clear.The move follows criticism from HP that Xerox’s proposal depends on it leveraging the larger company’s balance sheet to fund a takeover. Xerox’s $24 a share offer would be funded largely by new debt.With borrowings of $5.1 billion, HP had a total debt-to-earnings ratio of 1.1 times for the 12 months ending Oct. 31, according to data compiled by Bloomberg.Cost-Saving PushHP’s plans will also include a detailed cost-saving push, the people said.The measures are aimed at addressing shareholders ahead of a vote later this year where Xerox is trying to replace the board. One of the people said that the decision to return capital to shareholders was the result of conversations with some of HP’s largest investors who had expressed a desire for the company to use its balance sheet more aggressively.HP intends to disclose the details of its plan on Feb. 24 when it reports earnings, the people said. The company had said it planned to respond to Xerox’s planned tender offer on that date.HP rose about 1% to close at $22.64 on Thursday, giving the company a market value of about $32.9 billion. Xerox was little changed at $36.78, giving it a market value of about $8 billion.\--With assistance from Nico Grant and Michael Hytha.To contact the reporters on this story: Ed Hammond in New York at ehammond12@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Matthew Monks, Liana BakerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • How to Maximize Your Retirement Portfolio with These Top-Ranked Dividend Stocks - February 20, 2020
    Zacks

    How to Maximize Your Retirement Portfolio with These Top-Ranked Dividend Stocks - February 20, 2020

    The traditional approaches to retirement planning are longer covering all expenses in nest egg years. So what can retirees do? Thankfully, there are alternative investments that provide steady, higher-rate income streams to replace dwindling bond yields.

  • Company News for Feb 20, 2020
    Zacks

    Company News for Feb 20, 2020

    Companies In The News Are: GRMN, ADI,GPC, DVN.

  • The Zacks Analyst Blog Highlights: Microsoft, Applied Materials, SAP SE, Lam Research and Tencent
    Zacks

    The Zacks Analyst Blog Highlights: Microsoft, Applied Materials, SAP SE, Lam Research and Tencent

    The Zacks Analyst Blog Highlights: Microsoft, Applied Materials, SAP SE, Lam Research and Tencent

  • Surging Earnings Estimates Signal Good News for Vertex Pharmaceuticals (VRTX)
    Zacks

    Surging Earnings Estimates Signal Good News for Vertex Pharmaceuticals (VRTX)

    Vertex Pharmaceuticals (VRTX) is seeing positive earnings estimate revisions, suggesting that it could be a solid choice for investors.

  • Safaricom Likely to Borrow to Fund Ethiopia Telecom Bid
    Bloomberg

    Safaricom Likely to Borrow to Fund Ethiopia Telecom Bid

    (Bloomberg) -- Safaricom Plc., weighing an offer for Ethiopia’s telecom business later this year, plans to take on debt to fund a joint bid by a consortium including parent Vodacom Group Ltd. and two other entities.“We do know the investment to build the network in Ethiopia will be big,” Safaricom’s interim Chief Executive Officer Michael Joseph said in an interview at the company’s Nairobi headquarters. “So all of us will have to borrow to invest. The composition of the consortium will be on your willingness and your capability of taking on debt and your willingness to take a risk.”The privatization of Ethiopian Telecommunications Corp. and issuance of two spectrum licenses has been delayed by elections that were pushed to August from May, according to Joseph. The government of Prime Minister Abiy Ahmed hasn’t yet provided guidance on the bidding process, including any limits on foreign ownership, he said.East Africa’s biggest company had total borrowings of 4 billion shillings ($39.5 million) in 2019, and 36.3 billion shillings in undrawn bank facilities, according to its annual report. Revenue has been rising every year since 2003, when the company became profitable, according to data compiled by Bloomberg.“Leverage makes sense for Safaricom considering their balance sheet size, so the cost of borrowing will be low,” Silha Rasugu, an analyst at EFG Hermes, said in response to emailed questions. “It also allows them to maintain dividend payout through the high capex cycle as they build a network in Ethiopia.”Safaricom shares closed unchanged at 29.95 shillings after a seven-day losing streak on the Nairobi Securities Exchange.Unlike Kenya, where Safaricom’s business became profitable within 3 1/2 years, Joseph said Ethiopia is “probably a 10-year journey.”Regulatory ChangeOpening up the telecommunications industry is part of a raft of reforms to liberalize Ethiopia’s economy as Abiy looks to increase foreign-capital inflows. Other carriers, including Orange SA and MTN Group Ltd., have expressed interest in expanding in the nation of more than 100 million people, which has a relatively low level of data penetration and internet access.In December, Ethiopia’s investment-promotion agency released proposed regulations that would reserve banking and micro-finance for local investors, which would prevent Safaricom from providing such services via its M-Pesa payments platform.“We cannot go in there as Safaricom and provide mobile-money services if we have to give it all away to somebody else just under some sort of technical support,” Joseph said. “We will if we have to, but in the end we want to have a license to provide those services, so the regulations will have to change.”(Updates with analyst comment from fifth paragraph)To contact the reporter on this story: Bella Genga in Nairobi at bgenga2@bloomberg.netTo contact the editors responsible for this story: David Malingha at dmalingha@bloomberg.net, Helen NyamburaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Oilprice.com

    The Permian Pipeline Even Environmentalists Should Support

    The Permian Highway, a gas pipeline, It will reduce flaring in one of the United States’ biggest oil-producing regions where companies focus on the oil and have little interest in the gas

  • PSEG (PEG) Reports Next Week: Wall Street Expects Earnings Growth
    Zacks

    PSEG (PEG) Reports Next Week: Wall Street Expects Earnings Growth

    PSEG (PEG) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Analysts Estimate Carvana Co. (CVNA) to Report a Decline in Earnings: What to Look Out for
    Zacks

    Analysts Estimate Carvana Co. (CVNA) to Report a Decline in Earnings: What to Look Out for

    Carvana Co. (CVNA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

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