Price war hurts telecoms firm MCI
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US telecoms company MCI has seen its third quarter loss balloon to $3.4bn (Â£1.8bn) after a price war forced it to reduce the value of its assets.
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By Alastair Jamieson Consumer Affairs Correspondent  PRICE cuts could be on the way for mobile phone customers after the telecoms watchdog ordered more restrictions on call charges and promised to investigate the cost of text messaging.
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Qwest Communications International  Inc. Q.N on Tuesday posted a smaller quarterly loss, and said  it would "keep every door open" after MCI Inc. MCIP.O spurned  its $7.3 billion takeover offer in favor of a lower bid from  Verizon Communications Inc. VZ.N
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MCI reported a $3.4 billion third-quarter loss today, as the company's efforts to recover from bankruptcy were slowed by stiff competition in the long-distance telephone service market.
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MCI, the second-largest US long-distance telephone company, will write down assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines.
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MCI and Qwest Communications International, two of the country&#39;s largest phone companies, reported large losses in the third quarter, driven by a continued decline in revenue and one-time write-offs.
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gardel writes &quot;Voxilla reports that a VoIP price war was declared today. An announcement that AT&amp;T would drop its prices for its CallVantage Service from $34.
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NTT DoCoMo Inc (9437.T) booked a 35  percent gain in quarterly profit as marketing costs dropped,  but falling revenues showed the pain of a price war as Japan's  biggest mobile phone operator lost ground to nimbler rivals.
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Apple Inc's  hefty iPhone  price cut pits it in direct competition with handsets from  Motorola Inc  and Palm Inc , which are  struggling to convince Wall Street they can turn around their  aging brands.
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MCI Inc. board members accepted an offer Sunday night from Verizon Communications Inc. valued at $6.6 billion to $6.8 billion after rejecting a sweetened bid from Qwest Communications, sources close to the negotiations said.
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Qwest Communications International Inc.  on Sunday hiked its takeover offer for MCI Inc.  to about &#36;7.3 billion in cash and stock, sources familiar with the situation said, while rival bidder Verizon Communications Inc.  responded by altering its lower offer.
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Shares in telecoms group Thus drop nearly 25%  as worries about stiff competition force the company to issue a profit warning.
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In a fresh blow to Europe&#39;s antitrust enforcers, a top appeals tribunal said regulators wrongly blocked MCI WorldCom&#39;s aborted bid to buy Sprint Corp in 2000.
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Mobile phone operators face a new attack on their revenue in Europe after the UK telecoms regulator expressed concern about "extremely high" prices paid by consumers and business people for web surfing on their mobiles while abroad.
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MCI Corp. and Qwest Communications International Inc. are reportedly discussing the telephone industry's second big merger in days, though some observers dismiss the potential marriage as so flawed that the talks may be a ploy by MCI to lure another suitor, such as Verizon .
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The investment firm which said it may buy more than half of MCI Inc.&#39;s shares has now sold all of its holdings in the telephone company for a quick profit, raising doubts about whether the courtship was sincere or designed to stoke interest in the stock.
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Investors in mobile phone giant Vodafone were rattled today by speculation the company could be drawn into a 40 billion US dollars (Â£20.8bn) bidding war.