Online regulation, Japan deflation and the robot revolution

The daily briefing “FirstFT” from the Financial Times.

The US approved the biggest government intervention in the way the internet is run in almost two decades. The telecoms regulator adopted new “net neutrality” powers to ensure that broadband is treated as a public utility and all traffic is treated equally. (FT)

In the news

A positive start for Asian equities Most Asian stocks were up this morning but emerging market indices slipped after US economic data added weight to the view that the Federal Reserve could raise rates by the summer. Tokyo’s Nikkei 225 added to the 15-year high it reached on Thursday in spite of weak economic data showing that the economy is flirting with deflation again. (FT)

Isis released a video that appeared to show the destruction of rare and ancient artefacts from the Iraqi city of Mosul. This came after the Washington Post identified Jihadi John, the masked figure responsible for some of the most barbaric murders by Isis, as Mohammed Emwazi, a Briton from west London. (FT, WaPo$)

A Gap in earnings Clothes retailer Gap said the dispute at US west coast ports, which has prevented merchandise from leaving ports in California, Oregon and Washington, will cut current-year earnings by about four percentage points. (FT)

Plunging oil prices push idle rigs to 20-year high Oil drillers say the number of scrapped deepwater rigs will hit a two-decade high and the industry slump could last another two years. (FT)

Art arrest A Swiss businessman was arrested on suspicion of manipulating art prices and money laundering. Yves Bouvier runs vast warehouses used to store valuables including art, fine wine and gold. His detention will increase pressure for regulation in the art market. (FT)

It’s a big day for

International Airlines Group The company publishes annual results today. The Irish government rebuffed its attempt to buy Aer Lingus this week, saying it needed more assurances on jobs and growth prospects. Investors will also want an update on its hedging policy in light of lower fuel prices. (FT)

The US Department of Homeland Security Its financing will expire at midnight tonight if Congress fails to reach a deal on a funding bill. The bill removes the link between the department’s funding and measures to block the president’s immigration reforms but John Boehner, the Republican speaker of the House of Representatives, refused to endorse it. (FT)

House of Cards fans The third season of the Netflix series is released today. Netflix and other streaming services have been spending more on producing their own content – a move that has hit traditional broadcaster audiences. (WSJ$, FT)

Food for thought 

Russia bears the pain With the economy heading into recession, conventional wisdom would suggest that Vladimir Putin might face political trouble. But he has overturned such assumptions and the vast majority of the population has rallied around him. (FT)

The robots are coming John Lanchester examines the hyper-capitalist dystopia we are being given. He argues that there is an alternative but the only way a better world is possible is if “the dystopian future of capitalism-plus-robots may prove just too grim to be politically viable.” (LRB)

AI in the arcade Artificial intelligence can now whip humanity’s ass at retro computer games. What’s next? Possibly StarCraft and eventually maybe Call of Duty but a huge distance still remains between AI and a human mind. (New Yorker)

How Kellogg lost its crunch Bloomberg looks at how the cereal maker lost its dominant position as consumers turned to healthier alternatives such as oatmeal and Greek yoghurt. (Bloomberg)

Why would you buy a bond with a negative yield? First you need to understand the relationship between bond prices and yields. The FT explains here.

Video of the day

Shale oil in rural Texas Barney Jopson visits the once sleepy town of Carrizo Springs to hear about the good and the bad the shale industry has brought and how the oil price is threateningit now. (FT)

This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.

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Author: FirstFT is the Financial Times’ editors curated free daily email of the top global stories from the FT and the best of the rest of the web.

Image: An internet cable is seen at a server room. REUTERS/Kacper Pempel.