A look at the global business stories.
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This is Business Live from BBC News with Ben Bland and Rachel Horne.
Hundreds of top websites stage a protest over plans to scrap net
Live from London, that's our top story on Wednesday 12th July.
The changes would mean internet providers don't have to treat
all our data equally, so what could America's changes mean
Also in the programme: Calling Spotify's tune.
The music streaming service signs a big deal to access Sony's music
The markets are modestly higher across the main European indices. We
will look at a sharp and at Wall Street on the day when the Federal
Reserve chair is due to give testimony to congress.
And from the up-start start-up to the boardroom.
We meet Sophie Eden, the recruitment entrepreneur whose
matching top tech talent with established names.
And, as another new startup launches an online store selling unbranded
consumer basics all for $3, we want to know, when it comes
to your peanut butter or hand soap what's more important,
Your tweets are already coming in. Keep them coming.
Get ready to take a deep breath when you go online today
because some of the most popular websites will be running slowly.
Companies like Facebook, Netflix, and Amazon are taking part
in a protest against changes being made to US rules
If your internet provider is the road and the cars
are content, then "net neutrality" stops the internet provider setting
up a fast lane for those prepared to pay to get there quicker.
Such a fast lane means the companies that can afford to use
it can get their content, for example data heavy videos,
Giving them an advantage over their competitors.
The companies and activists behind today's action argue treating
all internet traffic equally is a matter of fairness,
limits censorship and ensures smaller companies are not
disadvantaged simply because they have less money.
Since President Trump took office the US Federal Communications
Commission has voted to overturn "net neutrality" rules.
It's new chair says doing so will encourage internet providers
This is a contentious issue across the world.
The countries in blue currently make sure all data is treated equally.
Richard Kramer is the Founder and Managing Partner
of Arete Research, which looks at technology shares for investors.
Then mentioned the go slow that many of those big-name websites will be
putting in today. Is that something users around the world will
experience? It is something users will see globally if for no other
reason than the companies participating well wanted to be
global issue. What is the issue? It is about money and the restrictions
that the FCC rules will place on carriers in the US required to give
equal access the different content. You have the largest cable company,
$200 billion companies collectively of sales, $70 billion of cash flow,
investing $25 billion a year, so the notion this is deterring investment
is fanciful. You have Google, Amazon and Netflix championing the rights
of small businesses or smaller sites which might be disadvantaged in the
name of free speech. The huge commercial enterprises who want to
make sure they do not bear the cost of reaching the last mile to the
consumer. Who should bear the cost? The consumer bears the cost in
paying for their broadband and most consumers would believe that the
provider should not tell them what they can consume in terms of
content. In other plans you can have faster speeds, so there are ways to
differentiate broadband services. Which content is provided is very
contentious because it allows a company like a TNT, trying to take
over Time Warner which owns HBO, to say they charge more for competitors
of HBO's competitors than for their own services. It applies in other
aspects of life. If you are prepared to pay more you can get a faster
service, for example a toll road, there is one in the UK companies
that can afford to use it their goods will get places faster, it
gives them competitive advantage, is that not part of business? It says
that I am going to decide which brand of car can ride on the road.
But if they are willing to pay they can get on? From the content
provider's point of view this would pass on the raise to consumers and
chill the access of free speech. You would place on the hands of the
provider is the power to decide which takes of content got through
or to set the rules. In the case of the US broadband services about
twice as expensive in the UK. It is a very contentious issue in terms of
how the consumer ends up paying for the services. Thank you.
Let's take a look at some of the other stories making the news.
The US Department of Homeland Security says that it may
soon lift the ban preventing passengers from taking
A spokesman said that airlines flying from the four affecting
Middle Eastern airports would need to demonstrate enhanced
security measures before the restrictions were lifted.
Takata is recalling nearly three million more airbags
Faulty devices have been linked to 17 deaths and more
What amounts to the biggest automotive recall in history.
The sale of broadcast rights helped Premier League football clubs rake
in $4.6 billion in the 2015 to 2016 season, this according
TV rights accounted for more than half of all the income
generated by top flight English football teams.
The report said that a new domestic TV deal means overall revenues
The music streaming service Spotify has signed a big deal
It's being seen as crucial to the Swedish firm's plans to sell
Monica Miller is in Singapore - what have they agreed?
These Swedish music streaming services on its way to becoming
going public. It covers Beyonce and Adele and has agreed to reduce
royalty payments if sport of Phi restricts new albums to two weeks.
It is on the back of a deal which represents more than 20,000
independent labels. The online service has yet to turn a profit but
that will allow them to cut down on its biggest expense, royalty
payments to the music industry. It is in a much bigger position
financially to leave the groundwork for a deal by the end of the year.
It was recently valued at $13 billion. Thank you.
A mixed picture for Asian shares on Wednesday.
Tokyo's Nikkei closed lower - Japanese exporters took a hit
as the dollar weakened against the yen.
A relatively stronger yen makes their products more
A big factor that could affect the dollar later is the testimony
by Federal Reserve Chair Janet Yellen.
She'll appear before Congress to update them on the state
Investors will watch closely for clues about future
On this side of the Atlantic, comments by the Deputy Governor
of the Bank of England saying he's not ready to raise interest rates
caused sterling to fall - hitting a two week low
against the dollar and eight month low against the euro.
Analysts will be watching for the latest employment
data from the UK due in a couple of hours.
That's how the equity markets look in Europe.
And Michelle Fleury has the details about what's ahead
Janet Yellen goes to Capitol Hill and investors want to know what she
will say about interest rate policy. It is two days of testimony on
Wednesday during her semi annual appearance before congress. She is
likely to face questions about the economy, the path of interest rates
and when the central bank plans to wind down its balance sheet.
Regulatory issues are likely to come up. She has defended rules post on
the big banks after the 2008 financial crisis. Republican critics
argue the limit economic growth. This could be her final appearance
before congress. Her four year term ended in February and Donald Trump
has not indicated whether he plans to nominate her for a second term.
Richard Dunbar is the Investment Director
Sterling has hit a two mike legal against the dollar and eight month
low against the euro. An interesting year. This time last year we were
talking about European politics and the risk to the euro but it has been
one of the best currencies in the world, up almost 15% against the
dollar over the past year. We thought sterling was likely to be
weak but it has been pretty strong against the dollar but weak against
the euro. The movement on sterling, just how sensitive investors are to
any clues about interest rate rises and the directions the central banks
are taking, Stirling responding to comments by the deputy governor.
Yes. From the central banks the message has been about getting
interest rates up. That resulted in sterling rising but recent comments
have countered that view. There is a feeling that the place of money is
too low and they want to get that up. Janet Yellen is going to be
speaking about what she believes is in store for the US economy. What do
you expect her to see an do you expect much market reaction? The US
economy is in pretty good health and has been managed pretty well by
Janet Yellen and her team. She would like to get interest rates up a
little but the problem is there is no inflation and that is her target.
That is difficult. She feels the prize money is too low and it is
causing perhaps irrational exuberance behaviour in markets and
she would like to counter that. We so that when some shares were
offered is. We talked about it yesterday. Falling below the initial
offer price and the form that helped launch the shares has downgraded
them below what it launched out. Investment bankers changing their
view on things is perhaps not new but the scrutiny of the public
markets on some of these what looked to me very expensive new issues on
what is definitely per governments around how they are run, that
scrutiny is causing problems and I expect we will see that continue
with others in the pipeline. You will be back to discuss the papers.
We get the inside track on the technology world.
The Competition and Markets Authority has announced that Tesco's
bid for Booker will be investigated further.
The regulator says it has concerns about the impact the ?3.7 billion
deal could have on small local stores.
Katie Prescott is in our business newsroom.
This goes back to the ?3.7 million deal between Tesco and Book of the
wholesaler which owns convenience stores Budgens, Premier and Londis.
It was seen as a bit of up perfect marriage when it was first announced
in the competition and markets laboratory seemed to agree because
they jumped on it. They had an initial look into what was going on
and they were concerned there might indeed be competition issues. This
morning they have said they have found 350 local areas where they
think that showers and shops might be affected so they are selling it
for a second look. What happens next? It will be looked at by
another panel within the CMA who will look at the impact on shoppers
than some of the shops that poker supplies. They have 24 weeks to do
so so we should get a report into their findings by Christmas. Looking
at the Tesco share price it is only down slightly, about 0.5%, though
investors do not seem that bothered. Thank you. He thinks it is difficult
for given that, he's not yet ready to raise interest rates. That has
had a knock-on effect on the markets. We have already seen
sterling suffering somewhat, having a bit of a fall, falling to an
eight-month low against the euro. As Richard Dunbar was explaining, that
is something that is quite interesting, if you look at how the
euro was done over the past year, it has become a lot stronger. A picture
of Mr Broadbent looking very relaxed, taking a relaxed attitude
towards interest rates. You're watching Business Live -
our top story... Some of the world's biggest internet
companies are taking part in a protest against proposed
changes to US rules on the equal treatment of internet traffic,
or what's known as net neutrality. A quick look at how
markets are faring.... The markets in Europe have been open
for about 45 minutes. You can see they are all up there in the green.
Markets around the world all waiting to hear from Janet Yellin, the chair
of the Federal reserve of the US. She is due to be speaking in the
afternoon. Any more tightening of monetary policy will see some sort
of impact on market trade. Let's get the Inside Track
on what it takes to attract the brightest minds in the highly
competitive tech industry. Gordon Eden is a London-based
recruitment firm, which was It works with some of the world's
biggest companies, including HSBC, The company is in hot demand,
and not just from clients. It's already rejected
five takeover approaches We're joined by Sophie Eden,
co-founder of Gordon Eden. Good to have you with us, welcomed
the Business Live. So you look for young, savvy tech start-up people,
and match them to more established companies. What gave you that idea?
We set up Gordon Eden three and a half years ago, and we felt at the
time there was no search firm that truly operated across post of those
industries, in terms of the start-up space and the traditional corporate
's. We felt that traditional corporate is needed to innovate,
protect themselves from future disruption, and we were looking to
the start-up community to find some of that talent in order to do that,
and on the flip side start-ups were being funded, and they needed people
from the corporate world, in order to help them to scale and achieve
their business goals. So we set up the business in order to connect
those two worlds together, and the other thing is as well, because a
lot of businesses kind of ignore a lot of that start-up community,
because believe they can't pay the traditional search fees, you kind of
lose access to that talent pool. Recruitment businesses? Absolutely.
So you are trying to match high-flying tech minds, perhaps
younger than these companies might naturally recruit, the very
established, perhaps more traditional firms. Is there a
reluctance by some of the people you are trying to recruit a go into the
traditional firms, because they might find it perhaps more exciting
or edgy to work for a start-up, a smaller company where they feel they
have more influence and can move more quickly? A few years ago there
was much more of a them and us culture and they was a bit more push
back, but there is much more movement between the two worlds now.
A tech mind, as you say, is also very excited by the opportunity to
scale something, to have such a wide audience, to have the funds to do
that as well, because sometimes it can be frustrating operating on a
shoestring budget. So to be to do that in a big corporate with a big
branding scale is very exciting and a different challenge. Corporates
are much more open to having these mines in the businesses because they
need to adapt and they know that. You have only been running for three
and a half years, five takeover bids. How does that feel? It feels
great, very exciting. I think particularly in the current climate
we really believe in what we are doing and we really believe that
there is a huge opportunity, and it is very exciting to be working with
businesses that feel that too. That is energising and exciting. There's
a huge amount of change going on, a lot of investment going into these
businesses, and so for us at Gordon businesses, and so for us at Gordon
Eden it is about doing what we are doing and keeping doing it and
supporting these businesses grow. Reading a little bit about some of
the work you have done with some of the bigger brands, there was one
panel where you were recruiting and you had Mark Zuckerberg on the
panel, where you sitting alongside him? We weren't in the interview
ourselves, but it is high stakes, we are looking for needles in
haystacks, so we pride ourselves on being able to do that, again based
on the access to a talent for that we don't believe others have. So if
someone is watching and they think they might fit the bill, what is the
key thing you are looking for, that would make someone stand out? It is
an attitude and an approach, more than anything. It is being able to
work in lots of different environments, and is changing and
moving environments. Since 2001, three .5 million new jobs have been
created down the new technology, so it is constantly evolving and
changing, and that is why so many young successful people who have
been able to do well in both those arenas. You are doing this in
London, are there any other companies doing this worldwide, or
are you thinking about punching out globally? 30% of our business is in
the US. We stay true to what we're good at but we also have experience
of placing people in parts of Europe and also Australia, and we move
people across. A lot of our searches are global, in terms of the
candidate pulls we're looking at. Do people get an e-mail out of the
blue, a phone call? We spend a huge amount of time networking, I have
over ten years experience, my business partner has 20, we spend
all our day meeting people and networking. It is not just a case of
sending an e-mail or picking up the phone, because these people get
approached probably about 30 times a day, so having access to those
networks is critical, as well as keeping a fresh approach. Thank you
very much. The head of US bank JP Morgan,
one of the City of London's biggest employers, has told the BBC that
Brexit could easily mean many of his 16,000 UK employees
lose their jobs in London. Jamie Dimon was speaking
to our business editor Simon Jack Simon Jack in Paris,
as the new French government made another pitch for bankers
to relocate to Paris after the UK In the negotiating table you
sometimes relies the other person has more cards, and there is no
question that Europe has more cards to play. You one say 4000 jobs, new
say that it may well be true? Sure, easily. Even more? I am hoping it is
just a few hundred. We hope it is none, but yes, we are negotiating
with Germany how many. You have seen countries arguing for example, we
want our data centres in the country, and that will become part
of the trade negotiation, and yet we don't know the outcome.
What other business stories has the media been
Richard Dunbar, Investment Director at Aberdeen Asset
Richard Dunbar, Investment Director at Aberdeen Asset Management,
We will start with that Twitter question, this company, brand lust,
introduces $3, selling everything the $3, basic consumer condiments,
peanut butter and Mermoz, and they say that people Trevor Pryce over
brand. -- and mayonnaise. -- people don't for price over brand. People
said it spends how ethical the products are. One says taste and
quality as the deciding factor. This one says it depends on what type of
goods, but mostly it's the price that affects my choice. Richard,
what affects your choice? I don't believe that it is just the price,
my daughter and her generation, even our generation, I think brands are
still pretty popular. I can see a place of this in the market. What is
interesting is that it's brand is that it is brand less. I think that
story will not last long, I suspect people like proper brands, and
something they can get their teeth into and feel they have got
something of value and looks good. We are saying earlier about the
brand-new have had in your family household from when you were growing
up can affect you. I remember thinking, what washing powder do I
buy, and I have used the same one of since. The company say that
millennials are not interested in the brands of their parents or
perhaps not even interested in brands, but identify that. They are
interested in their own brands and companies -- but I don't buy that.
New York Times, a baker 's crusade rescuing the famed French blue
lingerie. This is interesting, perhaps that surely all of us have
been in France can spent two weeks in France and enjoy the bread and a
copy in the sunshine. But the problem is we are there for two
weeks and then we go away, and the trends that affect bread sales
globally are the same as in France. People go to supermarkets, more
healthy eating and there is not the demand was. But that the lingerie in
every town, and there is a real focus and -- that boulangerie. It is
very much part and parcel of the experience, but not just bus when we
dip in and disappear but it is people's livelihoods. These are
traditionally very small, what they call mum and pop businesses, who
would struggle to survive unless they have that regular custom. Thank
you very much. There will be more business news
throughout the day on the BBC Live web page and on World Business
Report. Hello, good morning. A lot of cloud
to start the day, with heavy, persistent rain across southern and
south-eastern parts of England, the conditions