Items tagged with: deal
#ait #breakingnews #brexit #deal #évité #félicite #fmi #lue #news #que
Brexit : le FMI se félicite que l'UE ait évité le no deal. Christine Lagarde la présidente du Fonds monétaire international approuve la décision de reporter le Brexit au 31 octobre.
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A version of this article first appeared in the Harvard Business Review VC’s have just changed the ~50-year old social contract with startup employees. In doing so they may have removed one o…
Article word count: 2448
HN Discussion: https://news.ycombinator.com/item?id=19624164
Posted by furkansahin (karma: 236)
Post stats: Points: 149 - Comments: 100 - 2019-04-10T13:01:43Z
#HackerNews #bad #deal #gone #good #has #options #startup #stock #why
Posted on April 10, 2019 by steveblank
A version of this article first appeared in the Harvard Business Review
VC’s have just changed the ~50-year old social contract with startup employees. In doing so they may have removed one of the key incentives that made startups different from working in a large company.
For most startup employee’s startup stock options are now a bad deal.
Why Startups Offer Stock Options
In tech startups stock options were here almost from the beginning, first offered to the founders in 1957 at Fairchild Semiconductor, the first chip startup in Silicon Valley. As Venture Capital emerged as an industry in the mid 1970’s, investors in venture-funded startups began to give stock options to all their employees. On its surface this was a pretty radical idea. The investors were giving away part of their ownership of the company — not just to the founders, but to all employees. Why would they do that?
Stock options for all employees of startups served several purposes:
* Because startups didn’t have much cash and couldn’t compete with large companies in salary offers, stock options dangled in front of a potential employee were like offering a lottery ticket in exchange for a lower salary. Startup employees calculated that a) their hard work could change the odds and b) someday the stock options they were vesting might make them into millionaires. * Investors bet that by offering prospective hires a stake in the company’s future growth- with a visible time horizon of a payoff – employees would act more like owners and work harder– and that would align employee interests with the investor interests. And the bet worked. It drove the relentless “do whatever it takes” culture of 20^th century Silicon Valley. We slept under the tables, and pulled all-nighters to get to first customer ship, man the booths at trade shows or ship products to make quarterly revenue – all because it was “our” company. * While founders had more stock than the other employees, they had the same type of stock options as the rest of the employees, and they only made money when everyone else did (though a lot more of it.) Back then, when Angel/Seed investing didn’t exist, to get the company started, founders put a lot more on the line – going without a salary, mortgaging their homes etc. This “we’re all in it together” kept founders and employees aligned on incentives.
The mechanics of a stock option was a simple idea – you received an option (an offer) to buy a part of the company via common stock options (called ISOs or NSOs) at a low price (the “strike price”.) If the company was successful, you could sell it at a much higher price when the company went public (when its shares were listed on a stock exchange and could be freely traded) or was acquired.
You didn’t get to own your stock options all at once. The stock trickled out over four years, as you would “vest” 1/48^th of the option each month. And just to make sure you were in the company for at least a year, with most stock option plans, unless you stayed an entire year, you wouldn’t vest any stock.
Not everyone got the same amount of stock. The founders got most of the common stock. Early employees got a smaller percentage, and later employees received even a smaller piece – fractions of a percent – versus the double digits the founders owned.
In the 20^th century, the best companies IPO’d in 6-8 years from startup (and in the Dot-Com bubble of 1996-1999 that could be as short as 2-3 years.) Of the four startups I was in that went public, it took as long as six years and as short as three.
One other thing to note is that all employees – founders, early employees and later ones – all had the same vesting deal – four years – and no one made money on stock options until a “liquidity event” (a fancy word to mean when the company went public or got sold.) The rationale was that since there was no way for investors to make money until then, neither should anyone else. Everyone—investors, founders and startup employees—was, so to speak, in the same boat.
Startup Compensation Changes with Growth Capital – 12 Years to an IPO
Much has changed about the economics of startups in the two decades. And Mark Suster of Upfront Capital has a great post that summarizes these changes.
The first big idea is that unlike in the 20^th century when there were two phases of funding startups–Seed capital and Venture capital–today there is a new, third phase. It’s called Growth capital.
Instead of a startup going public six to eight years after it was founded to raise capital to grow the company, today companies can do $50M+ funding rounds, deferring the need for an Initial Public Offering to 10 or more years after a company is founded.
Suster points out that the longer the company stays private, the more valuable it becomes. And if during this time VC’s can hold onto their pro-rata (fancy word for what percentage of the startup they own), they can make a ton more money.
The premise of Growth capital is that if that by staying private longer, all the growth upside that went to the public markets (Wall Street) could instead be made by the private investors (the VC’s and Growth Investors.)
The three examples Suster uses – Salesforce, Google and Amazon – show how much more valuable the companies were after their IPOs. Before these three went public, they weren’t unicorns – that is their market cap was less than a billion dollars. Before these three went public, they weren’t unicorns – that is, their market cap was less than $ 1 billion. Twelve years later, Salesforce’s market cap was $18 billion, Google’s was $162 billion, and Amazon’s was $17 billion.To Suster’s point, it isn’t that startups today can’t raise money by going public, it’s that their investors can make more money by keeping them private and going public later – now 10-12 years. And currently there is an influx of capital to do that.
The emergence of Growth capital, and pushing an IPO out a decade or more, has led to a dramatic shift in the balance of power between founders and investors. For three decades, from the mid-1970s to the early 2000s, the rules of the game were that a company must become profitable and hire a professional CEO before an IPO.
That made sense. Twentieth-century companies, competing in slower-moving markets, could thrive for long periods on a single innovation. If the VCs threw out the founder, the professional CEO who stepped in could grow a company without creating something new. In that environment, replacing a founder was the rational decision. But 21st century companies face compressed technology cycles, which create the need for continuous innovation over a longer period of time. Who leads that process best? Often it is founders, whose creativity, comfort with disorder, and risk-taking are more valuable at a time when companies need to retain a startup culture even as they grow large.
With the observation that founders added value during the long runup in the growth stage, VCs began to cede compensation and board control to founders. (See the HBR story here.)
Startup Stock Options – Why A Good Deal Has Gone Bad
While founders in the 20^th century had more stock than the rest of their employees, they had the same type of stock options. Today, that’s not true. Rather, when a startup first forms, the founders grant themselves Restricted Stock Awards (RSA) instead of common stock options. Essentially the company sells them the stock at zero cost, and they reverse vest.
In the 20^th century founders were taking a real risk on salary, betting their mortgage and future. Today that’s less true. Founders take a lot less risk, raise multimillion-dollar seed rounds and have the ability to cash out way before a liquidity event.
Early employees take an equal risk that the company will crater, and they often work equally as hard. However, today founders own 30-50 times more than a startup’s early employees. (What has happened in founder compensation and board control has mirrored the growth in corporate CEO compensation. In the last 50 years, corporate CEO pay went from 20 times an average employee to over 300 times their compensation.)
On top of the founder/early employee stock disparity, the VC’s have moved the liquidity goal posts but haven’t moved the vesting goal posts for non-founders. Consider that the median tenure in a startup is 2 years. By year three, 50% of the employees will be gone. If you’re an early employee, today the company may not go public until eight years after you vest.
So why should non-founding employees of startups care? You’ll still own your stock, and you can leave and join another startup. There are four problems:
* First, as the company raises more money, the value of your initial stock option grant gets diluted by the new money in. (VC’s typically have pro-rata rights to keep their percentage of ownership intact, but employees don’t.) So while the VCs gain the upside from keeping a startup private, employees get the downside. * Second, when IPO’s no longer happen within the near time horizon of an employee’s tenure, the original rationale of stock options – offering prospective hires a stake in the company’s future growth with a visible time horizon of a payoff for their hard work – has disappeared. Now there’s little financial reason to stay longer than the initial grant vesting. * Third, as the fair market value of the stock rises (to what the growth investors are paying), the high exercise price isn’t attractive for hiring new employees especially if they are concerned about having to leave and pay the high exercise price in order to keep the shares. * And finally, in many high valued startups where there are hungry investors, the founders get to sell parts of their vested shares at each round of funding. (At times this opportunity is offered to all employees in a “secondary” offering.) A “secondary” usually (though not always) happens when the startup has achieved significant revenue or traction and is seen as a “leader” in their market space, on the way to an IPO or a major sale
The End of the High-Commitment/High-Performance Work System?
In the academic literature, the work environment of a startup is called a high-commitment/ high-performance work system. This is a bundle of Human Resources startup practices that include hiring, self-managing teams, rapid and decentralized decision-making, on-boarding, flexible work assignments, communication, and stock options. And there is evidence that stock options increase the success of startups.
Successful startups need highly committed employees who believe in the goals and values of the company. In exchange for sharing in the potential upside—and being valued as a critical part of the team, they’re willing to rise to the expectation of putting work and the company in front of everything else. But this level of commitment depends on whether employees perceive these practices to be fair, both in terms of the process and the outcomes.
VCs have intentionally changed the ~50-year-old social contract with startup employees. At the same time, they may have removed one of the key incentives that made startups different from working in a large company.
While unique technology or market insight is one component of a successful startup everyone agrees that attracting and retaining A+ talent differentiates the winners from the losers. In trying to keep companies private longer, but not pass any of that new value to the employees, the VC’s may have killed the golden goose.
What Should Employees Do?
In the past the founders and employees were aligned with the same type of common stock grant, and it was the VCs who got preferential stock treatment. Today, if you’re an employee you’re now are at the bottom of the stock preference pile. The founders have preferential stock treatment and the VC have preferred stock. And you’re working just as hard. Add to that all the other known negatives of a startups– no work-life balance, insane hours, inexperienced management, risk of going out of business, etc.
That said, joining a startup still has a lot of benefits for employees who are looking to work with high performance teams with little structure. Your impact likely be felt. Constant learning opportunities, responsibility and advancement are there for those who take it.
If you’re one of the early senior hires, there’s no downside of asking for the same Restricted Stock Agreements (RSAs) as the founders. And if you’re joining a larger startup, you may want to consider those who are offering restricted stock units (RSUs) rather than common stock.
What Should Investors Do?
One possibility is to replace early employee (first ~10 employees) stock options with the same Restricted Stock Agreements (RSAs) as the founders.
For later employees make sure the company offers “refresh” option grants to longer-tenured employees. Better yet, offer restricted stock units (RSUs). Restricted Stock Units are a company’s promise to give you shares of the company’s stock. Unlike a stock option, which always has a strike (purchase) price higher than $0, an RSU is an option with a $0 purchase price. The lower the strike price, the less you have to pay to own a share of company stock. Like stock options, RSU’s vest.
But to keep employees engaged, they ought to be allowed buy their vested RSU stock and sell it every time the company raises a new round of funding.
* Venture Capital structures were set up for a world in which successful companies exited in 6-8 years and didn’t raise too much capital * Venture capital growth funds are now giving startups the cash they would have received at an IPO * “Growth Capital” moved the need for an IPO out another five years * This allows VCs to capture the increase in market cap in the company * It may have removed the incentive for non-founders to want to work in a startup versus a large company * As stock options with four-year vesting are no longer a good deal * Investors and Founders have changed the model to their advantage, but no has changed the model for early employees * VCs need to consider a new stock incentive model – RSA’s for the first key hires and then RSU’s – Restricted Stock Units for everyone else * Large companies now have an opportunity to attract some of the talent that previously went elsewhere
Filed under: Venture Capital |
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#breakingnews #brexit #deal #lombre #news #plane #quot
Après le nouveau rejet d’un texte par les députés britanniques, Donald Tusk, président du Conseil européen, a appelé les 27 à se réunir pour un sommet extraordinaire le 10 avril, à deux jours de la nouvelle date du Brexit.
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HN Discussion: https://news.ycombinator.com/item?id=19479735
Posted by heshamg (karma: 310)
Post stats: Points: 100 - Comments: 42 - 2019-03-25T01:34:04Z
#HackerNews #31b #buy #careem #deal #seal #this #uber #week
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#breakingnews #brexit #cas #circuler #deal #eurostar #france #les #news #pourront #quot
La filiale française d'Eurostar a obtenu une licence ferroviaire permettant de circuler en France même en cas de Brexit sans accord. Mais cette licence n'ouvre pas le droit à l'accès à l'infrastructure ferroviaire des autres pays de l'UE.
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#breakingnews #cas #deal #londres #news #peaufine #quot #stratégie #tarifaire
Les droits de douane seront supprimés sur 87% des importations en provenance de l'Union européenne, mais ils seront maintenus ou réduits sur les secteurs sensibles, dont l'automobile ou les produits animaliers.
posted by pod_feeder
Theresa May's Brexit deal is defeated in the Commons by 149 votes, with 17 days to go until the UK leaves the EU.
Article word count: 1072
HN Discussion: https://news.ycombinator.com/item?id=19371991
Posted by late (karma: 57)
Post stats: Points: 77 - Comments: 169 - 2019-03-12T19:27:05Z
#HackerNews #149 #brexit #deal #mays #mps #reject #theresa #votes
Media playback is unsupported on your device
Media captionMay: I profoundly regret MPsʼ decision
Theresa Mayʼs EU withdrawal deal has been rejected by MPs by an overwhelming majority for a second time, with just 17 days to go to Brexit.
MPs voted down the prime ministerʼs deal by 149 - a smaller margin than when they rejected it in January.
Mrs May said MPs will now get a vote on whether the UK should leave the EU without a deal and, if that fails, on whether Brexit should be delayed.
She said Tory MPs will get a free vote on a no-deal Brexit.
That means they can vote with their conscience rather than following the orders of party managers - an unusual move for a vote on a major policy, with Labour saying it showed she had "given up any pretence of leading the country".
The PM had made a last minute plea to MPs to back her deal after she had secured legal assurances on the Irish backstop from the EU.
But although she managed to convince about 40 Tory MPs to change their mind, it was not nearly enough to overturn the historic 230 vote defeat she suffered in January, throwing her Brexit strategy into fresh disarray.
Please upgrade your browser to view this interactive
In a statement after the defeat, Mrs May said: "I continue to believe that by far the best outcome is the UK leaves the European Union in an orderly fashion with a deal.
"And that the deal we have negotiated is the best and indeed only deal available."
Setting out the next steps, she said MPs will vote on Wednesday on whether the UK should leave the EU without a deal or not.
If they vote against a no-deal Brexit, they will vote the following day on whether Article 50 - the legal mechanism taking the UK out of the EU on 29 March - should be extended.
Mrs May said MPs would have to decide whether they want to delay Brexit, hold another referendum, or whether they "want to leave with a deal but not this deal".
She said that the choices facing the UK were "unenviable", but because of the rejection of her deal, "they are choices that must be faced".
Mrs May also told MPs the government would announce details of how the UK will manage its border with Ireland in the event of a no-deal Brexit on Wednesday.
Mrs May said leaving without a deal remained the UKʼs default position but Downing Street said she will tell MPs whether she will vote for no-deal when she opens Wednesdayʼs Commons debate on it.
The prime minister did not discuss resigning after her latest defeat because a government led by her had recently won a confidence vote in the Commons, added the PMʼs spokesman.
She has no plans to return to Brussels to ask for more concessions because, as she told MPs, she still thinks her deal is the best and only one on offer, he added.
Cabinet divided on next move
What isnʼt clear is how the prime minister actually intends to dig herself out of this dreadful political hole.
Some of her colleagues around the Cabinet table think it shows she has to tack to a closer deal with the EU.
Some of them believe itʼs time now to go hell-for-leather to leave without an overarching deal but move to make as much preparation as possible, and fast.
Other ministers believe genuinely, still with around two weeks to go, and an EU summit next week, there is still time to try to manoeuvre her deal through - somehow.
Read more from Laura
Labour leader Jeremy Corbyn said the prime minister should now call a general election.
"The government has been defeated again by an enormous majority and it must accept its deal is clearly dead and does not have the support of this House," he told MPs.
He said a no-deal Brexit had to be "taken off the table" - and Labour would continue to push its alternative Brexit proposals. He did not mention the partyʼs commitment to back another referendum.
Jacob Rees-Mogg, chairman of the European Research Group of Brexiteer MPs, said "the problem with the deal was that it didnʼt deliver on the commitment to leave the EU cleanly and that the backstop would have kept us in the customs union and de facto in the single market".
Media playback is unsupported on your device
Media captionChris Mason: "A huge defeat for the tweaked Brexit deal"
The Tory MP, who voted against Mrs Mayʼs deal, told BBC News: "The moral authority of 17.4 million people who voted to leave means that very few people are actually standing up and saying they want to reverse Brexit. Theyʼre calling for a second referendum, theyʼre calling for delay.
"But actually very few politicians are brave enough to go out and say they want to overturn the referendum result."
Leading Conservative Remainer Dominic Grieve, who backs another referendum, said Mrs Mayʼs deal was now "finished".
The Tory MP, who voted against the prime ministerʼs plan, said he was confident the majority of MPs would now vote against a no-deal Brexit - and he hoped they would then vote to ask for an extension to Article 50.
Media playback is unsupported on your device
Media captionCorbyn: PMʼs Brexit plan "is dead"
The EUʼs chief Brexit negotiator Michel Barnier said in a tweet: "The EU has done everything it can to help get the Withdrawal Agreement over the line. The impasse can only be solved in the UK. Our ʼno-dealʼ preparations are now more important than ever before."
A spokesman for European Council president Donald Tusk echoed that message, saying it was "difficult to see what more we can do".
"With only 17 days left to 29 March, todayʼs vote has significantly increased the likelihood of a no-deal Brexit," added the spokesman.
The EU would consider an extension to Brexit if the UK asked for one, he added, but the 27 other EU member states would expect "a credible justification" for it.
Media playback is unsupported on your device
Media captionMPs voted by 391 to 242 against Theresa Mayʼs Brexit plan
The PMʼs deal was defeated by 391 to 242.
Some 75 Conservative MPs voted against it, compared with 118 who voted against it in January.
The Democratic Unionist Partyʼs 10 MPs also voted against the deal, as did the Labour Party, SNP and other opposition parties.
Three Labour MPs - Kevin Barron, Caroline Flint and John Mann - voted for the prime ministerʼs deal.
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2/24/06 From The Lord, Our God and Savior
The Word of The Lord Spoken to Timothy
For All Those Who Have Ears to Hear
Harken to My #Word, O #house of #Jacob, #listen to My #voice, all you captives of #Israel, and let all in the isles receive #understanding, for the #mouth of The Living God has spoken. Indeed let every #tribe, #tongue, #people and #nation #hear the Word of The Lord. From those who dwell in the desolate lands, to all those who abide in the fenced #cities, to all those who spread forth across the #land, even unto the ends of the #earth, hear the #voice of The Living God...
For thus says The Lord: Come out and #humble yourselves, O peoples of the earth! #Repent of your #evil deeds, turn aside from all this iniquity and return to Me! For you have forsaken Me! Days without end you deny My name and #shake your #fists at #Heaven, as you reject The #Salvation of God; behold, you #spit upon The Name and desecrate My Word, without ceasing! Therefore harken to My voice, says The Lord, for I am come! And behold, #judgment shall blaze before Me and great #desolation after!...
Woe to all who forget God and parade their whoredoms openly in the streets! You shall by no means #escape the Day of #Wrath when it comes! For I shall #deal with you swiftly, even recompense in #full, according to the example!
Woe to every #high #mountain! Woe to every uplifted #hill! Woe to all high places, to everything high and lofty! WOE TO ALL WHO SEEK TO EXALT THEMSELVES ABOVE THE MOST HIGH!
Woe to the #giants of this #world and to the #mighty #oppressor! Woe to all who #step on the #fingers of the #poor and steal from the #needy! Woe to all who #conspire together in #secret, to do My people harm!
And woe, even three times woe, to all who harm the little ones and those not yet #born from the #womb! WOE TO ALL WHO #MURDER THE #INNOCENT, AND TO ALL WHO #STAND IN #AGREEMENT! A double #portion of wrath is reserved for you!
For I tell you the #truth, not one #spring of #water #flows in #purity, not one piece of #bread is offered freely or without leaven. All is #corrupt, #dead men's #bones in a wasteland of iniquity and sin. Every table is covered with flies, a feast of abominations is always before their #eyes, leaving them void and desolate. For none harken, nor does one truly give heed, for all #cry aloud, saying, “#Cast these #shackles from us! Let us alone, for we go our own way! Our #knowledge transcends Heaven, our #egos reign!” Thus they have made their #covenant with death, and with the #grave they are in #agreement.
Therefore take up a #lamentation on the
Desolate heights, for The Lord has rejected
And forsaken the #generation of His wrath!...
Yea, cry out to The Lord in #sincerity and in truth,
With deep #remorse over all you have done,
And I may yet have #mercy upon you.
Cry out to The Lord your God, for there is no other, #fall down at the #feet of your Savior, for there is but One, and #confess, saying, “We have done an evil thing, we have committed great iniquity throughout the #land! We are desolate, #starving and in #bitter #thirst! Heal us, O Lord! For we have eaten up all the bread, broken every #staff, and defecated in the #pools of #living #water from which we were to #drink! Surely we are #wretched, #miserable, #poor, #blind, #deaf and #naked!... #Save us, O Lord!”
Therefore thus says The Lord God, to those #near and to those who remain afar off: #Beloved ones, I have #saved you already, having sent The #Lamb of God slain from the #foundation of the #world. He was come into the world, and you would not receive Him... #Blessed are those who have received Him; #Grace covers them. Behold, He is coming again, and He have I poured out on every #nation, yet you are offended in Him... Blessed are the #thirsty who have #drunk deeply from His #cup; they are filled with His #glory. Behold, He shall call out, He shall surely #gather, yet you will neither see nor hear Him... Blessed are those who have #eyes to #see and #ears to #hear, for they shall surely be gone from this place.
Yet now the #time has come for this generation to #drink from another cup; behold, they shall #taste of it to the fullest! For it is the chalice of My reckoning, and it shall consume them! Thus as I punished My #enemies in all times #past, so also shall I #stretch out My #hand against this most wicked generation. For I am The Lord, and I do not #change.
Even so, blessed are all those who #call on the #name
Of The Lord in that day, for as it is written:
It shall come to #pass that whoever calls
On the name of The Lord shall be saved...
For in Mount #Zion and in #Jerusalem,
There shall be #deliverance among the
#Remnant whom The Lord shall call.
↑ Also read: "I AM COME"
↑ 2 Peter 2:6, Jude 1:7
#prophecy #prophet #Jesus #Yeshua #Christ #Messiah #God #church #bible #scripture #christian #christianity #JesusChrist #HolySpirit #Savior #Saviour #Lord
#brexit #britian #british #british labour party #british parliament #deadline #deal #european union #extend #jerome corbyn #labour party l #may #minister #no deal brexit #oan newsroom #offers #parliament #prime #prime minister theresa may #rejects #theresa may
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#calls #china #chinese #deal #democracy #europe #european #european countries #european union #germany #guaido #huawei #interim pres. juan guaido #iran #iran nuclear deal #iranian regime #islamic #islamic terrorist groups #juan #juan guaido #leave #mike #mike pence #munich #munich germany #munich security conference #nuclear #nuclear deal #oan newsroom #pence #president #speech #support #terrorism #the united states of america #the vice president mike pence #united states #united states of america #venezuela #vice president #vice president mike pence #world leaders
#andy biggs #border #border security #border security deal #border wall #congressmen #deal #department of agriculture #department of homeland security #department of justice #department of transportation. #gop #illegal immigration #immigration #jim jordan #letter #mark meadows #matt gaetz #oan newsroom #obama-era #president #president trump #security #send #sign #urging
#ahead #alexandria ocasio-cortez #continues #david perdue #deal #gop #green #green new deal #medicare for all #mitch mcconnell #new #oan newsroom #potential #republican party #ronna mcdaniel #senate #senate majority leader mitch mcconnell #slam #vote
The European Union's effort to rewrite two-decade old copyright rules to ta...
Article word count: 546
HN Discussion: https://news.ycombinator.com/item?id=19124071
Posted by thg (karma: 1613)
Post stats: Points: 60 - Comments: 60 - 2019-02-09T19:25:25Z
#HackerNews #agree #copyright #countries #deal #next #reforms #sight #week
BRUSSELS (Reuters) - The European Union’s effort to rewrite two-decade old copyright rules to take into account online platforms such as Alphabet Inc’s Google moved a step forward on Friday when a majority of member countries agreed on a common position for talks with lawmakers next week.
FILE PHOTO: European Union flags are seen outside the EU Commission headquarters in Brussels, Belgium November 14, 2018. REUTERS/Francois Lenoir/File Photo
Negotiations stalled last month after EU countries failed to bridge their differences, among them whether small companies should be subjected to the rules, which critics blamed on lobbying by Google and others.
Italy, Poland, the Netherlands, Sweden, Finland, Luxembourg, Malta and Slovakia did not agree to the draft, however.
The EU now has to reconcile its stance with that of the European Commission and the European Parliament.
The Commission, which opened debate on the issue two years ago, has said the revamp will protect Europe’s cultural heritage and level the playing field between big online companies and publishers, broadcasters and artists.
EU digital chief Andrus Ansip said he hoped they could reach a deal at talks next Tuesday and Wednesday.
“Glad to see EU countries once again finding a common voice on copyright reform ... I hope for a final agreement next week. Europeans deserve copyright rules fit for digital age: it is good for creators, platforms and for regular internet users,” Ansip said on Twitter.
Lobbying groups the European Magazine Media Association, the European Newspaper Publishers’ Association, the European Publishers Council and News Media Europe welcomed the agreement but said more should be done to protect their rights.
“It would still lead to substantial legal uncertainty for press publishers as it does not protect with sufficient clarity the use of press content by news aggregators and search engines, which is the whole purpose of a right,” they said in a joint statement.
Article 11 of the proposal, which would force companies like Google and Microsoft Corp to pay publishers for displaying news snippets, and Article 13, which requires online platforms such as YouTube and Instagram to install filters to prevent users from uploading copyrighted materials, have been the most controversial.
EU lawmaker Julia Reda from the Pirate Party criticized a compromise reached by France and Germany on small companies and called on Europeans to pressure lawmakers to reject the deal.
“That French-German deal is actually more extreme than previous versions, requiring all platforms older than three years to automatically censor all their users’ uploads, and putting unreasonable burdens even on the newest companies,” she said.
EU countries also reached a joint position for next week’s negotiations with EU lawmakers and the Commission on rules known as the platform-to-business (P2B) law aimed at curbing the powers of companies such as Google and Apple Inc.
Unveiled by the Commission in April last year, the proposed legislation seeks to prevent unfair business practices by app stores, search engines, e-commerce sites and hotel booking websites in a bid to ensure a level playing field between the tech companies and traditional businesses.
Amazon Marketplace, eBay, Apple App Store, Google Play, Facebook Marketplace, Booking.com and Leboncoin.fr are among the companies that would be affected by the proposal.
Reporting by Foo Yun Chee; editing by Grant McCool and Rosalba OʼBrien
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Judging from both pictures and the body language, the relationship between the #UK and the #EU has severely been damaged by the political hassle in the UK and the "again and again returning for more favours". It will probably take a political shift in the UK before we can even think about beginning to mend the relationship. It is clear from the body language that the EU and the UK are a long way from calling each other friends.
This is bad, because the EU and the UK will have to negotiate trade deals after #Brexit. If relations are bad, negotiating treaties will be difficult and solely based on economic interests. There probably is little motivation on both sides to consider each other's needs, hence every compromise will be more of a battle, just like what we have seen the past two years.
If there is a lack of willingness to compromise, negotiations will drag on forever.
Who was that, that said negotiating a deal would be easy?
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Greek parliament to vote this week to ratify proposed new name of its neighbour, the Republic of North Macedonia.