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Apple, Google fight to keep control of their app stores; and Credit Suisse’s Mozambique mess
29 October 2021 00:00
Both Apple and Google are grappling with mounting antitrust concerns over the way they manage their app stores. In a stunning development, Google has agreed to slash its Play Store commission fee from 30 percent to 15 percent — ending the set-in-stone cut that has become synonymous with doing business with app stores. Meanwhile, Apple is hoping to reach a settlement with small developers, in what is shaping up as a do-or-die struggle for the Big Tech company as it attempts to retain unfettered control of its App Store. Also on today’s podcast: the monster penalty imposed on Credit Suisse over financial-crime failings. The “tuna bonds” affair isn’t so much about the eye-watering $475 million fine as it is about how far the long arm of US justice can reach.
Google announced that it will reduce its up-front commission fee for digital subscriptions on its Play Store.
Apple hopes to shore up its control of the App Store by convincing a California federal judge to sign off on a contentious settlement.
Credit Suisse’s $475 million hit for serious financial-crime failings warns banks of the risks in doing business in parts of the world dogged by corruption.