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Harbinger Capital announced plans to build a new high-speed 4G network to challenge the major carriers. The firm said its new venture will be called LightSquared and that the company will be spending $7billion to roll out 4G service in the first markets by mid 2011 and reach 92% of U.S population by 2015 with the help of 40,000 base stations. The new networks $G technolo0gy will be called Long-term Evolution, or LTE. LightSquared is also looking to partner with wireless carriers.