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Bill Gates speaks on competition from Firefox

Microsoft co-founder and chairman Bill Gates sat down with Peter Jennings to discuss the future of the technology industry. Gates talked at length about Microsoft's effort to upgrade security in the computer industry, his foundation's charitable work, and his goals for the company.

This interview follows Bill Gates announcement that Microsoft will be releasing their newest version of Internet Explorer this summer. The new version, called IE 7, will add new levels of security to Windows XP SP2 while maintaining the level of extensibility and compatibility customers have come to expect from IE.

JENNINGS: I read an article coming up here on Firefox (Web browser) and its perceived ability to do this better than you. Is that fair?
GATES: Well, there's competition in every place that we're in. The browser space that we are in we have about 90 percent. Sure Firefox has come along and the press love the idea of that. Our commitment is to keep our browser that competes with Firefox to be the best browser best in security, best in features. In fact, we just announced that we'll have a new version of the browser so we're innovating very rapidly there and its our commitment to have the best.

JENNINGS: Are you going to have to push your browser faster because of competition?
GATES: Well, competition is always a fantastic thing, and the computer industry?

JENNINGS: I knew you were going to say that (laughs).
GATES: (smiles) ... is intensely competitive. Whether it's Google or Apple or free software, we've got some fantastic competitors and it keeps us on our toes.