Thursday, 27 November 2014
Last updated 18 hours ago
Jul 21 2011 | 12:45pm ET
The wireless venture backed by Harbinger Capital Management's interference headaches just became trans-Atlantic.
Heinz Zourek, head of the European Commission's industry department, has warned the U.S. Federal Communications Commission that LightSquared's network could imperil aircraft safety both in Europe and the U.S. Zourek wrote that the European Space Agency, which is planning a satellite-based navigation system, has found that LightSquared could cause "harmful interference" to that system, called Galileo.
Zourek's concerns echo those of several U.S. critics, who say that tests show the LightSquared network would create serious interference problems for air traffic and other global positioning systems.
LightSquared, for its part, offered a new plan last month that it claimed would eliminate 99% of interference problems.
The European complaints are based on LightSquared's old plan, the company said.
"LightSquared is very confident that its solution will resolve any issues about interference," spokesman Chris Stern told Bloomberg News.
Harbinger has invested some 60% of its flagship fund's assets in LightSquared.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...