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5G: how the airwaves became a 'cash cow'

By Nic Fildes
Financial Times·
11 mins to read

How do you put a price on a telecoms spectrum licence? Chinese operators have picked them up for free — part of Beijing's attempt to have a national rollout of 5G.

Yet in parts of Europe recent auctions have been so expensive that at least one company has had to cut shareholder dividends. In the US — where President Donald Trump has declared that "the race to 5G is a race that America must win" — spectrum licences are being

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