Money inflow: A guest speaks on the mobile phone as he arrives for Iliad’s media conference in Milan. The 5G airwaves auction outcome helps to replenish Italy’s public coffers in a year where investor concerns have centred around the country’s future in the eurozone. — Reuters
MILAN: Italy’s populist government raised €6.55bil (US$7.6bil) in an auction of fifth-generation mobile phone spectrum to help fund its election promises, gouging a chunk out of the industry’s finances before it embarks on costly network upgrades.
The two-week bidding process saw prices of some of the most coveted airwaves soar to records as companies battled for a chance to offer the 5G services, which bring faster download speeds for videos and gaming and will help to facilitate self-driving cars and connect a multitude of devices.
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