Friday, 19 December 2014
Last updated 2 min ago
Sep 14 2011 | 12:52pm ET
The Federal Communications Commission has a message for Harbinger Capital Management's wireless venture: Not so fast.
The agency yesterday ordered more testing of LightSquared's network, which previous tests have shown interferes with global positioning systems. LightSquared, into which Harbinger has poured a substantial chunk of its assets, has since made a series of changes designed to limit its system's impact.
The FCC decision means that LightSquared may not get final approval to move forward with its plans until the end of this year or early next year. Just this week, the company said it expected that approval to come within a month.
"Additional targeted testing is needed to ensure that any potential commercial terrestrial services offered by LightSquared will not cause harmful interference to GPS operations," the FCC said in a notice. The agency cited concerns that LightSquared would continue to interfere with precision GPS devices, including those used for air-traffic control and hurricane tracking.
For its part, LightSquared said it was "grateful that the FCC acknowledged today the significant improvement achieved by LightSquared's decision to move to new spectrum for the launch of its 4G LTE broadband network."
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.