?JUST about every phone company in the world has come through here,? says Alexander Arena, the finance chief of PCCW, Hong Kong's incumbent telecoms company. And no wonder. For PCCW has, in the past couple of years, done something that fixed-line telecoms firms across the world hope to do in the near future. It launched a television service over broadband phone lines, called Now Broadband TV, that has been a huge commercial success. It could soon dethrone the local cable-TV firm as the dominant provider of pay-TV services. It is also the largest television-over-broadband deployment in the world. As they worry about the encroachment of new competitors on to their turf and search for new sources of revenue, telecoms operators the world over hope to follow Now's example.