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Apple Inc. Set a $100 Million Fund to Settle Lawsuit With Developers
In a legal settlement announced by tech giant Apple, the company said it would allow developers to urge customers to pay them outside their iPhone apps.
The company also plans to create a $100 million fund for small developers as part of the settlement, plus it will also release transparency reports on the app review process.
Apple says that the terms of the agreement will help make the App Store an even better business opportunity for developers while maintaining the safe and trusted marketplace that users like.
Additionally, Apple is also clarifying that developers can use communications, such as email, to share more information about payment methods outside of their iOS app, thereby giving more flexibility to developers.
Ultimately, this move will allow the app makers to avoid paying Apple a commission on their sales and may also make developers and regulators who are worried about its control over mobile apps feel at ease.
Palantir Invests $25 Million in Faraday Future
According to an unreported Securities and Exchange Commission (SEC) document filed late last week, data mining company Palantir has invested $25 million in Faraday Future before the electric vehicle company became a publicly-traded company in July.
Additionally, Faraday Future signed a commercial contract to make use of Palantir’s software program, based on one of Palantir’s most recent SEC filings.
However, none of the companies have disclosed how much Faraday Future is paying, although Palantir’s filings suggest that the contract will last between four and six years.
Palantir says its software program is meant to provide a “central functioning system” for businesses that need to manage large amounts of data.
Palantir’s customers includes US Customs and Border Safety, which has used the Palantir software program to keep track of immigrants all through the Trump administration. Various law enforcement departments across the nation, too, have made use of Palantir’s controversial predictive policing software.
U.S. Department of Education Offers to Cancel Student Debt For 115K Borrowers
The U.S. Education Department, under the Biden administration, has offered to cancel $1.1 billion in student loans to another 115,000 borrowers.
Debt relief will be given to those borrowers who attended colleges in the now-closed down for-profit ITT Technical Institute chain.
The loan cancellation is the latest fallout from the downfall of ITT, which at one time was one of the biggest for-profit college chains before it collapsed in 2016 amid inquiry from its accreditation body, state attorney general, and the Consumer Financial Protection Bureau.
The processing of loan discharge will be done by the Education Department in September, and the eligible students will get automatic relief unless they enrolled in another institution within three years of ITT’s closure.
This announcement is the latest in a slew of decisions taken by the Biden administration providing loan relief to a certain group of students in debt including borrowers with severe disabilities.
A Popular Swiss Luxury Hotel to Accept Crypto Payments
The Chedi Andermatt, a five-star hotel located in the Swiss Alps, has announced it will allow guests to pay for their stay in cryptocurrency.
For now, the luxury hotel will accept both Bitcoin and Ethereum and is also considering adding other cryptocurrencies in the future.
To make cryptocurrency payments possible, the hotel is partnering with payment service provider Worldline and Swiss crypto service provider Bitcoin Suisse.
The resort had started to consider cryptocurrency as a payment option about four years ago; however, they waited until it was able to make sure transactions would be secure and price fluctuations could be avoided.
The resort is located in Zug, a town in Switzerland, which is known for its low corporate taxes and houses several crypto and blockchain companies.
In Zug, cryptocurrencies are widely accepted as payment, and for the first time in February, the town officials announced that residents can even pay their taxes in cryptocurrency.
Around the Web
💰 CryptoPunks NFTs Record $900 Million Month Sales: Over the past month, close to $400 million has been spent on CryptoPunks. Moreover, August is shaping up to be a month for non-fungible token (NFT) sales, with almost $900 million total spent.
🚚 KKR to Acquire Ritchies Transport: Ritchies Transport Limited, a leading transport operator in New Zealand, and KKR, a global investment firm, announced the signing of definitive agreements under which KKR will acquire Ritchies at over $347 million (NZD 500 million).