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Indian telcos Vodafone Idea and Airtel post $10.3 billion in combined quarterly losses

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It’s not a good day for two of the top three telecom operators in India. Vodafone Idea, India’s second-largest telecom operator by subscriber count, said its consolidated loss had widened to $7.14 billion in the quarter that ended in September in what is the largest-ever quarterly loss witnessed in the nation on Thursday.

The announcement followed a similar outcry from India’s third-largest telecom operator. Bharti Airtel posted a consolidated net loss of 230.4 billion Indian rupees ($3.23 billion) after the telco took charge of a one-time $4.3 billion potential outstanding payment to the government related to a court dispute surrounding 14-year-old adjusted gross revenue.

Vodafone Idea said its $7.14 billion loss also provides for 256.8 billion Indian rupees ($3.6 billion) in outstanding payments surrounding the aforementioned court case.

In the filing, the Indian unit of British giant Vodafone Group and billionaire Kumar Mangalam’s Idea Cellular said it will file a review petition to India’s apex court to challenge the federal government’s decision.

In recent weeks, executives of U.K.-headquartered Vodafone, which owns 45% of Vodafone Idea, have said that the group’s telecom business in India could collapse if the government does not offer it any relief. The network’s India unit is already saddled with $14 billion in debt.

Vodafone Idea posted a revenue of 108,440 million Indian rupees ($1.5 billion), down 3.8% since last year. The company’s net loss during the same period last year stood at $687 million. Bharti Airtel’s revenue in the quarter stood at $2.93 billion.

Last month, the Indian Supreme Court ruled that Vodafone Idea and Bharti Airtel and several other operators, including some that are no longer operational, will have to pay to the government within 90 days a combined $13 billion in adjusted gross revenue as spectrum usage charges and license fees.

The Indian government and telecom operators are disputing how gross revenue should be calculated. The government has mandated that license and spectrum fee to be paid by operators as a share of their revenue. Telcos have argued that only core income accrued from use of spectrum should be considered for calculation of adjusted gross revenue.

Bharti Airtel has also requested the government for a waiver. Through a spokesperson, Gopal Vittal, MD and CEO of Bharti Airtel’s India and South Asia business, said, “We continue to engage with the government and are evaluating various options available to us. We are hopeful that the government will take a considerate view in this matter given the fragile state of the industry.”

Mukesh Ambani, Asia’s richest man who runs telecom network Reliance Jio — which has become the largest operator by subscriber count by starting a price war in the country three and a half years ago — has said that he does not share the view of his rival networks. His telecom network owes the least to the government — $1.8 million.

Reliance Communications, run by Mukesh’s brother Anil Ambani, and Aircel, run by tycoon T. Ananda Krishnan, also owe the government money. They have been bankrupt for years.

Read more: https://techcrunch.com/2019/11/14/vodafone-idea-airtel-q3-losses/

Blockchain

Samsung Galaxy Smartphones Will Now Come With a Stellar Addition

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Although Bitcoin received massive attention yesterday while hackers exploited almost every world leader’s Twitter accounts, the asset price refuses to move outside of its comfort zone of approximately $9,200. The altcoin market, though, remains volatile – Chainlink reached a new all-time high yesterday, Tezos next?

Twitter Hack Can’t Shake Bitcoin

All eyes were on the popular social media platform Twitter yesterday’s night UTC. An unknown to this moment, the hackers gained access to the most famous Twitter-verified accounts.

What started within several accounts within the crypto community, including Binance, Changpeng Zhao (CZ), Gemini, and Coinbase, quickly spread towards worldwide most famous figures such as Elon Musk, Bill Gates, Joe Biden, and Barack Obama and his 120 million followers.

The perpetrators asked the millions of followers to send bitcoins to their addresses, and in return, they would send more coins back – double the amount.

Apart from it being a typical “giveaway” scam, such grand-scale exposure for Bitcoin typically results in some quick and painful price movements. Yet, nothing of the kind occurred yesterday.

You Might Also Like:

The asset got rejected at $9,300 before heading south towards its daily low of $9,150 on Bitstamp and is currently trading at $9,200 – a level quite familiar. For nearly a week, BTC’s position continues to range between $9,000 and $9,300.

BTCUSD 5m. Source: TradingView

Nothing happening here. BTCUSD 5m. Source: TradingView

The fears that the missing volatility and the current position of the Bollinger Bands suggesting that BTC may go for a wild move to either side.

In contrast, the three most prominent US stock market indexes marked equal increases of about 1% yesterday. Therefore, Bitcoin is once again showing more signs of decoupling after increased correlation levels since the COVID-19 pandemic.

Altcoins Do Fluctuate

And while Bitcoin is calm, most alternative coins are on a roller-coaster. A valuable example came from Chainlink yesterday as it reached a fresh all-time high (again). LINK’s impressive performance continued strong, and it touched $8,90 on Binance, before retracing to $8.

Interestingly, Chainlink’s native cryptocurrency traded at $3.60 precisely a month ago, meaning that its ROI over the past 30 days was over 130%. Thus, LINK has broken through the top 10 coins by market cap and is currently 8th, according to CoinMarketCap.

Tezos, which dropped to 13th position, is the best performer from the top 20 coins now, with an increase of 9% towards $3.21. Will Tezos do LINK and conquer its very-near ATH at $4?

Other notable gainers include iExec RLC (20%), Reserve Rights (14%), SwissBorg (14%), and Elrond (13%).

Dogecoin, after yesterday’s surge, is retracing heavily today and is down by 15%. Dogecoin, which received a massive popularity boost recently, is also tanking by 6%.

Yet, since the majority of altcoins are in slightly in the green against Bitcoin, they keep decreasing it’s dominance over the market down to 62.2%.

Altcoins Compared To Bitcoin. Source: coin360.com

Altcoins Compared To Bitcoin. Source: coin360.com

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://platoblockchain.net/samsung-galaxy-smartphones-will-now-come-with-a-stellar-addition-2/

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Blockchain

Even Twitter Hack Can’t Move BTC Away From $9200, XTZ and LINK Surge (Price Watch)

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Although Bitcoin received massive attention yesterday while hackers exploited almost every world leader’s Twitter accounts, the asset price refuses to move outside of its comfort zone of approximately $9,200. The altcoin market, though, remains volatile – Chainlink reached a new all-time high yesterday, Tezos next?

Twitter Hack Can’t Shake Bitcoin

All eyes were on the popular social media platform Twitter yesterday’s night UTC. An unknown to this moment, the hackers gained access to the most famous Twitter-verified accounts.

What started within several accounts within the crypto community, including Binance, Changpeng Zhao (CZ), Gemini, and Coinbase, quickly spread towards worldwide most famous figures such as Elon Musk, Bill Gates, Joe Biden, and Barack Obama and his 120 million followers.

The perpetrators asked the millions of followers to send bitcoins to their addresses, and in return, they would send more coins back – double the amount.

Apart from it being a typical “giveaway” scam, such grand-scale exposure for Bitcoin typically results in some quick and painful price movements. Yet, nothing of the kind occurred yesterday.

You Might Also Like:

The asset got rejected at $9,300 before heading south towards its daily low of $9,150 on Bitstamp and is currently trading at $9,200 – a level quite familiar. For nearly a week, BTC’s position continues to range between $9,000 and $9,300.

BTCUSD 5m. Source: TradingView

Nothing happening here. BTCUSD 5m. Source: TradingView

The fears that the missing volatility and the current position of the Bollinger Bands suggesting that BTC may go for a wild move to either side.

In contrast, the three most prominent US stock market indexes marked equal increases of about 1% yesterday. Therefore, Bitcoin is once again showing more signs of decoupling after increased correlation levels since the COVID-19 pandemic.

Altcoins Do Fluctuate

And while Bitcoin is calm, most alternative coins are on a roller-coaster. A valuable example came from Chainlink yesterday as it reached a fresh all-time high (again). LINK’s impressive performance continued strong, and it touched $8,90 on Binance, before retracing to $8.

Interestingly, Chainlink’s native cryptocurrency traded at $3.60 precisely a month ago, meaning that its ROI over the past 30 days was over 130%. Thus, LINK has broken through the top 10 coins by market cap and is currently 8th, according to CoinMarketCap.

Tezos, which dropped to 13th position, is the best performer from the top 20 coins now, with an increase of 9% towards $3.21. Will Tezos do LINK and conquer its very-near ATH at $4?

Other notable gainers include iExec RLC (20%), Reserve Rights (14%), SwissBorg (14%), and Elrond (13%).

Dogecoin, after yesterday’s surge, is retracing heavily today and is down by 15%. Dogecoin, which received a massive popularity boost recently, is also tanking by 6%.

Yet, since the majority of altcoins are in slightly in the green against Bitcoin, they keep decreasing it’s dominance over the market down to 62.2%.

Altcoins Compared To Bitcoin. Source: coin360.com

Altcoins Compared To Bitcoin. Source: coin360.com

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://platoblockchain.net/even-twitter-hack-cant-move-btc-away-from-9200-xtz-and-link-surge-price-watch-2/

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Blockchain

Breaking Down Twitter’s Hack: Blaming Bitcoin, Hidden Messages and Insiders

Avatar

Published

on

Although Bitcoin received massive attention yesterday while hackers exploited almost every world leader’s Twitter accounts, the asset price refuses to move outside of its comfort zone of approximately $9,200. The altcoin market, though, remains volatile – Chainlink reached a new all-time high yesterday, Tezos next?

Twitter Hack Can’t Shake Bitcoin

All eyes were on the popular social media platform Twitter yesterday’s night UTC. An unknown to this moment, the hackers gained access to the most famous Twitter-verified accounts.

What started within several accounts within the crypto community, including Binance, Changpeng Zhao (CZ), Gemini, and Coinbase, quickly spread towards worldwide most famous figures such as Elon Musk, Bill Gates, Joe Biden, and Barack Obama and his 120 million followers.

The perpetrators asked the millions of followers to send bitcoins to their addresses, and in return, they would send more coins back – double the amount.

Apart from it being a typical “giveaway” scam, such grand-scale exposure for Bitcoin typically results in some quick and painful price movements. Yet, nothing of the kind occurred yesterday.

You Might Also Like:

The asset got rejected at $9,300 before heading south towards its daily low of $9,150 on Bitstamp and is currently trading at $9,200 – a level quite familiar. For nearly a week, BTC’s position continues to range between $9,000 and $9,300.

BTCUSD 5m. Source: TradingView

Nothing happening here. BTCUSD 5m. Source: TradingView

The fears that the missing volatility and the current position of the Bollinger Bands suggesting that BTC may go for a wild move to either side.

In contrast, the three most prominent US stock market indexes marked equal increases of about 1% yesterday. Therefore, Bitcoin is once again showing more signs of decoupling after increased correlation levels since the COVID-19 pandemic.

Altcoins Do Fluctuate

And while Bitcoin is calm, most alternative coins are on a roller-coaster. A valuable example came from Chainlink yesterday as it reached a fresh all-time high (again). LINK’s impressive performance continued strong, and it touched $8,90 on Binance, before retracing to $8.

Interestingly, Chainlink’s native cryptocurrency traded at $3.60 precisely a month ago, meaning that its ROI over the past 30 days was over 130%. Thus, LINK has broken through the top 10 coins by market cap and is currently 8th, according to CoinMarketCap.

Tezos, which dropped to 13th position, is the best performer from the top 20 coins now, with an increase of 9% towards $3.21. Will Tezos do LINK and conquer its very-near ATH at $4?

Other notable gainers include iExec RLC (20%), Reserve Rights (14%), SwissBorg (14%), and Elrond (13%).

Dogecoin, after yesterday’s surge, is retracing heavily today and is down by 15%. Dogecoin, which received a massive popularity boost recently, is also tanking by 6%.

Yet, since the majority of altcoins are in slightly in the green against Bitcoin, they keep decreasing it’s dominance over the market down to 62.2%.

Altcoins Compared To Bitcoin. Source: coin360.com

Altcoins Compared To Bitcoin. Source: coin360.com

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://platoblockchain.net/breaking-down-twitters-hack-blaming-bitcoin-hidden-messages-and-insiders/

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