Saturday, 27 December 2014
Last updated 3 days ago
Jan 27 2011 | 11:59am ET
Harbinger Capital Partners' ambitious satellite broadband venture got a big boost yesterday, winning approval for its plan to offer cellular phone service.
The Federal Communications Commission granted a waiver, requested by LightSquared, in November, to allow the venture to use its current wireless licenses to offer terrestrial services, including cell phone service. FCC rules generally require cell phones using those airwaves to support satellite calls.
The regulator granted the venture in spite of concerns, expressed by the U.S. departments of Commerce, Defense, Homeland Security and Transportation, that LightSquared's plans would present "significant interference concerns." LightSquared has pledged to resolve those.
"This is a promising opportunity to promote mobile broadband," the FCC said. "Having an extra player in the mobile broadband field increases competition and provides customers with more choices."
"LightSquared's network will provide a robust, open-access network that will permit reliable and affordable service to customers across the country in every market segment," the company said.
Harbinger has invested some 40% of its assets in the ambitious plan, which is set to begin trials in four cities this year.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.