this is business live from bbc news with ben bland and rachel horne. the great big internet go—slow. hundreds of top websites stage a protest over plans to scrap net neutrality in the united states. 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 for the rest of the world? also in the programme: calling spotify‘s tune. the music streaming service signs a big deal to access sony's music as it keeps on track to float. the markets are modestly higher gci’oss 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, price or brand? just use #bbcbizlive. your tweets are already coming in. keep them coming. hello and welcome to business live. 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 which govern net neutrality. so what is it? imagine cars on a motorway. 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, to consumers first. 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 to invest in infrastructure. this is a contentious issue across the world. the countries in blue currently make sure all data is treated equally.

those in red are thinking about it. those in yellow have no rules. 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 not part of business? it says that i am going to decide which brand of carcan 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 oi’ 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 laptops into the cabin. 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 in the united states. faulty devices have been linked to 17 deaths and more than 180 injuries globally. 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 to analysis from deloitte. 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 continue to grow strongly. the music streaming service spotify has signed a big deal with japanese music giant sony. it's being seen as crucial to the swedish firm's plans to sell its shares on the stock exchange. 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 payments to the music industry. it isina 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 expensive to foreign buyers. a big factor that could affect the dollar later is the testimony by federal reserve chairjanet yellen. she'll appear before congress

to update them on the state of the us economy at 11100 gmt. investors will watch closely for clues about future interest rate rises. 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 on wall street today. 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 herfinal appearance before congress. herfour this could be herfinal appearance before congress. her four year term endedin before congress. her four year term ended in february and donald trump has not indicated whether he plans to nominate herfor a second term. richard dunbar is the investment director at aberdeen asset management. 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 wea k 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 just how sensitive investors are to a ny clu es 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. what have the cma said? 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. laboratory seemed to agree because theyjumped 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 2a weeks to do so so we should get a report into their findings so so we should get a report into theirfindings by so so we should get a report into their findings by christmas. so so we should get a report into theirfindings 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 ofa 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 established in 2014. it works with some of the world's biggest companies, including hsbc, deloitte, facebook and betfair.

the company is in hot demand, and notjust from clients. it's already rejected five takeover approaches from other recruitment firms. we'rejoined 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 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 businesses kind of ignore 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. established, perhaps more traditionalfirms. is there established, perhaps more traditional firms. is there a relu cta nce traditional firms. is there a reluctance by some of the people you are trying to recruit a go into the traditional firms, are trying to recruit a go into the traditionalfirms, because they mightfind it traditionalfirms, 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 movement between the two worlds now. atech mind, 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 & 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 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? key thing you are looking for, that would make someone stand ounm 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 newjobs 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? 3096 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 yea rs 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 notjust 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 bankjp 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 theirjobs in london. jamie dimon was speaking to our business editor simonjack simon jack in paris, as the new french government made another pitch for bankers to relocate to paris after the uk leaves the eu. 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 wa nt 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 taking an interest in? richard dunbar, investment director at aberdeen asset director

at aberdeen asset management, joins us again. 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? that affects my choice. richard, what affects your choice ?|j 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 place of this in the market. what is interesting is that its brand is that it interesting is that its brand is thatitis interesting is that its 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 yourfamily household from when you were growing up 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 beenin 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. every town, and there is a real focus and —— that boulangeriem every town, and there is a real focus and -- that boulangerie. it is very much part and parcel of the experience, but not just very much part and parcel of the experience, but notjust 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. that's it from business live today. there will be more business news throughout the day on the bbc live web page and on world business report. we'll see you again tomorrow. 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 will continue to improve. largely dry with plenty in the way of sunshine developing, especially by the afternoon. the recent radar, you can see where we had that rain, clearing the kent and essex coast. some places have more than 40 millimetres in the past 24 hours. conditions will continue to improve this afternoon with the cloud across southern areas continuing to thin and break to allow that sunshine through, and generally light winds as well. if you are heading out to the afternoon, you can expect dry weather across northern ireland. temperatures heading up to the high teens. across the east coast however, an onshore breeze making things feel a bit fresher, 14 or 15 celsius and a similar story across the east coast of england as well. for central areas, and as we had to wales, plenty in the way of sunshine, dry weather, a fine

summer's afternoon as temperatures climb to the high teens. the southern counties, via too dryer. if you are heading for the men's quarterfinals at wimbledon, much improved conditions, you can swap the umbrella of the sunscreen as it climbs up to 23 celsius, feeling quite pleasant into the evening as well. high—pressure still with us, clear spells developing and turning quite chilly for some sheltered glens. a dry cool start to the day tomorrow, but there will be more in the way of showers developing, especially by the afternoon, and across northern ireland and western parts of scotland, hear some of those showers frequent and heavy at times, but temperatures still climbing up to the high teens, maybe up climbing up to the high teens, maybe up to 24 celsius for the south—east of england. looking ahead to tomorrow night into friday, we can expect some showers as the week with

different approaches from the atlantic. there will be some showers to start the day on friday and it will turn quite breezy as well. for friday, some showers to start but conditions will improve by the afternoon, becoming largely dry and still feeling quite warm. that is your forecast for now. it's four weeks now since the devastating fire which destroyed grenfell tower block in kensington and this programme has discovered that fewer than half the local authority areas with tower blocks wrapped in panels that have failed fire safety tests have started to remove the material. residents have also told us they're asking for new fire exits and sprinkler systems. but where is the money for that going to come from? after g re nfell tower after grenfell tower did not feel safe. i had lots of questions and mine head. i still do not. there is no clarity as to how safe we are. more on that story to come, and in the next few minutes we'll get reaction from residents and politicians. also on the programme.

i want to thank you for coming