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Now it's time for World Business Report. | :00:00. | :00:17. | |
No more life in the fast lane for your web search? | :00:18. | :00:21. | |
Check your internet speed today, as many major websites are on a go | :00:22. | :00:24. | |
slow in protest at US plans to scrap net neutrality rules. | :00:25. | :00:31. | |
The boss of US bank JP Morgan Chase warns that what happens to banking | :00:32. | :00:35. | |
jobs in London after Brexit is no longer in the hands of the UK | :00:36. | :00:39. | |
In a minute, Rico will tell us about an interesting deal | :00:40. | :00:49. | |
But first: Get ready to take a deep breath when you go online today | :00:50. | :00:55. | |
because some of the most popular websites will be running slowly. | :00:56. | :00:58. | |
Companies like Facebook, Netflix, and Amazon are taking part | :00:59. | :01:00. | |
in a protest against changes being made to US rules | :01:01. | :01:03. | |
Our North America technology correspondent Dave Lee explains. | :01:04. | :01:16. | |
Right now all Internet traffic is treated the same, no matter it has | :01:17. | :01:22. | |
come from, where it is going, what it is doing, that is something we | :01:23. | :01:27. | |
call net neutrality. Without it campaigners worry Internet service | :01:28. | :01:31. | |
providers will be able to intentionally slow down your | :01:32. | :01:33. | |
Internet connection and less you pay more for things like video | :01:34. | :01:37. | |
streaming. Or they warned that there could be some kind of Internet fast | :01:38. | :01:41. | |
lane where big rich companies could pay to make sure their sites load | :01:42. | :01:47. | |
quickly but other smaller sites will be stuck in a slow lane instead. | :01:48. | :01:51. | |
Throughout Wednesday major Internet companies will be simulating what it | :01:52. | :01:54. | |
would be like a slow down their websites in the hopes that Americans | :01:55. | :01:58. | |
will get in touch with their politicians to pressure them into | :01:59. | :02:02. | |
supporting net neutrality. Over 70,000 websites will be pushing | :02:03. | :02:07. | |
people toward the FCC to make sure people are hurt, and pushing voices | :02:08. | :02:11. | |
to the members of Congress. What we want them to hear is net neutrality | :02:12. | :02:16. | |
is wildly popular, which it is, and we want them to stop trying to | :02:17. | :02:19. | |
murder it. Net neutrality some powerful opponents. That includes | :02:20. | :02:26. | |
companies like Verizon, AT, IBM, Cisco, Nokia and crucially the head | :02:27. | :02:30. | |
of the US Federal Communications Commission has also spoken out | :02:31. | :02:34. | |
against net neutrality. Those who are against it say it adds | :02:35. | :02:39. | |
unnecessary new regulation to the Internet. They say net neutrality | :02:40. | :02:42. | |
makes it harder for Internet service providers to make back the money | :02:43. | :02:46. | |
they invested in building the infrastructure that gives people | :02:47. | :02:50. | |
high-speed Internet. Politicians, companies and the US public have | :02:51. | :02:54. | |
until August 16 to make their views on the issue is clear. Then the | :02:55. | :02:58. | |
Federal Communications Commission will make its final decision before | :02:59. | :02:59. | |
the end of this year. With me is Mike Weston, | :03:00. | :03:01. | |
Founder of Radiate B2B. Thank you very much for coming in. | :03:02. | :03:12. | |
Just explain why the US can indicate as regulator is talking about | :03:13. | :03:17. | |
rolling back these rules. It is a really good question. It is | :03:18. | :03:20. | |
difficult to be very clear at about the exact motivation. What we know | :03:21. | :03:25. | |
is that the head of the FCC, recently taken over, was a corporate | :03:26. | :03:30. | |
lawyer for horizon. His interests are tied closely with those of the | :03:31. | :03:36. | |
ISPs in the US. There is the line that for the ISPs, service | :03:37. | :03:42. | |
providers, if they can charge for certain access, or for content to be | :03:43. | :03:46. | |
provided quickly, that will allow them to invest in infrastructure | :03:47. | :03:49. | |
which should benefit all consumers. That is one of the argument. | :03:50. | :03:57. | |
Exactly, yes. And who knows how much real need there is for that to | :03:58. | :04:02. | |
happen? There is a view that the legislation put in place in 2015, | :04:03. | :04:07. | |
just two years ago under Obama, was something which was welcomed at the | :04:08. | :04:11. | |
time by the Internet community. And there seems to be... They want to | :04:12. | :04:17. | |
roll back the unnecessary regulation, perhaps, but something | :04:18. | :04:20. | |
needs to be in place. We have large popular websites like Facebook on a | :04:21. | :04:26. | |
go slow. Why do they want net neutrality to stay? They are worried | :04:27. | :04:33. | |
about charges from the ISPs that could interfere with the free flow | :04:34. | :04:36. | |
of information on the Internet. And the argument is about how much you | :04:37. | :04:40. | |
want free Internet that is not affected by the ISPs charging | :04:41. | :04:46. | |
according to not just revenue but also the other interest, because it | :04:47. | :04:53. | |
is not quite as simple as, you know, ISP Verizon, that they might have | :04:54. | :04:56. | |
interest in keeping content from certain providers that are part of | :04:57. | :05:00. | |
their organisation or their network of partners. Getting priority of | :05:01. | :05:05. | |
traffic. It looks like there are these options, net neutrality at the | :05:06. | :05:09. | |
moment, where everyone gets the same access without charges, or roll it | :05:10. | :05:14. | |
back and websites have to pay to get content downloaded quickly. Is there | :05:15. | :05:19. | |
a third option? Well, this is about how that regulation takes place. And | :05:20. | :05:24. | |
what's happened is the ISPs have been given what's described as a | :05:25. | :05:30. | |
Type II rating which puts them on a monopolies utilities tight approach. | :05:31. | :05:35. | |
That is not the only way the regulation can come in. It seems to | :05:36. | :05:40. | |
have been a clean way of doing it. Since 2015 it is considered that net | :05:41. | :05:44. | |
neutrality has worked very well. Quite what will they hope to achieve | :05:45. | :05:49. | |
by rolling that back? Unless it is to provide unfettered chance to | :05:50. | :05:54. | |
charge access on the part of the ISPs, it is hard to understand what | :05:55. | :05:58. | |
other motivation could be there. OK, thank you very much for your time. | :05:59. | :06:00. | |
A few weeks ago we reported that Sony had started pressing | :06:01. | :06:03. | |
And now we have some news about a deal they have made | :06:04. | :06:07. | |
Rico Hizon is in our Asia Business Hub in Singapore. | :06:08. | :06:12. | |
Rico, tell us more. Well, Sony music has just struck a licensing deal | :06:13. | :06:24. | |
with streaming service Spotify after months of tough negotiations. Sony | :06:25. | :06:28. | |
is the record label behind acts such as Beyonce and Adele, so the Spotify | :06:29. | :06:35. | |
agreement follows similar deals this year with universal music, the | :06:36. | :06:39. | |
largest music company in Berlin, which represents more than 20,000 | :06:40. | :06:45. | |
independent labels, and this licensing arrangement with Sony just | :06:46. | :06:51. | |
cleared another critical hurdle. Have I in its path to list on the | :06:52. | :06:55. | |
stock exchange. As part of the arrangement, Sony agreed to strip | :06:56. | :07:02. | |
the Spotify arrangements to Spotify paying customers for two weeks, | :07:03. | :07:07. | |
which allows Spotify, which has never had a profit, to cut down the | :07:08. | :07:12. | |
largest expense, royalty payments to the music industry. So this | :07:13. | :07:17. | |
basically complete the package for Spotify to eventually go public and | :07:18. | :07:21. | |
list on the stock exchange. We look forward to it. Thank you very much | :07:22. | :07:23. | |
for that. The head of US bank JP Morgan - | :07:24. | :07:23. | |
one of the City of London's biggest employers - has told the BBC that | :07:24. | :07:27. | |
Brexit could easily mean thousands of his employees lose | :07:28. | :07:30. | |
their jobs in London. Jamie Dimon said there was no | :07:31. | :07:33. | |
question that Europe has more cards His words come as the new French | :07:34. | :07:36. | |
government makes a pitch for bankers to relocate to Paris | :07:37. | :07:41. | |
after the UK leaves the EU, as our business editor | :07:42. | :07:43. | |
Simon Jack reports. Wish you were here - the PM of | :07:44. | :07:53. | |
France rolled out his own red, white and blue carpet to the UK's finance | :07:54. | :07:57. | |
industry. You have a message for London? A message for London? Come | :07:58. | :08:05. | |
to Paris. Here in the financial district there is a smell of blood | :08:06. | :08:10. | |
in the water. There is a sense of the UK financial services industry | :08:11. | :08:13. | |
was wounded by Brexit and Paris is being the most aggressive European | :08:14. | :08:17. | |
capital of those trying to nibble away at London's dominant position | :08:18. | :08:22. | |
in global finance. France is bending over backwards to attract an | :08:23. | :08:27. | |
industry its former president once described as the enemy. Personal and | :08:28. | :08:32. | |
corporate tax cuts, lose employment laws and international schools were | :08:33. | :08:38. | |
all in the Paris brochure. It is a list aimed squarely at international | :08:39. | :08:42. | |
bankers like Jamie Dimon, chief executive of JP Morgan, who employs | :08:43. | :08:48. | |
16,000 in the UK. He has warned hundreds may go before Brexit and | :08:49. | :08:52. | |
today warned it could be just the beginning. We are at the negotiating | :08:53. | :08:55. | |
table. You realise sometimes the other person has more cards. No | :08:56. | :09:00. | |
question, Europe has more cards. You once said 4000 jobs. You said that | :09:01. | :09:05. | |
it might well be true. Yes, for sure. It could be 4000 jobs? Easily. | :09:06. | :09:11. | |
I am hoping it will be just a couple of hundred. We hope it is none. Yes, | :09:12. | :09:15. | |
the negotiating will determine how many. In London, giving evidence to | :09:16. | :09:20. | |
the House of Lords, David Davis said the banks' need for quick answers | :09:21. | :09:24. | |
was used as leverage by EU negotiators. Another American banks | :09:25. | :09:32. | |
have said, we will go to Paris or Frankfurt, even better luck to them. | :09:33. | :09:37. | |
And they encourage the other side to hold back. There is no holding back | :09:38. | :09:42. | |
the man of the moment, though, the new president Emmanuel Macron has an | :09:43. | :09:48. | |
approach resonating with businesses both big and small, like the ones in | :09:49. | :09:52. | |
this technology campus. We have a lot of start-ups telling us things | :09:53. | :09:56. | |
like Brexit or Donald Trump are factors into why they are looking at | :09:57. | :10:01. | |
coming and working here, and obviously there is a huge Macron | :10:02. | :10:05. | |
effect as well with the President, I think for once we have a | :10:06. | :10:08. | |
pro-business image. The French government is hoping that will make | :10:09. | :10:12. | |
banks consider Paris less a tourist attraction and more like a permanent | :10:13. | :10:13. | |
home. That is it from World Business | :10:14. | :10:24. | |
Report. You can get in touch with me and the team on | :10:25. | :10:25. |