Apple Pledges $120M To Fixing Business Practices
South Korea’s Fair Trade Commission has announced that Apple has committed $100 billion Korean won (A$120 million) to fixing its business practices in the country, according to The Korea Herald.
The watchdog was primarily targeting Apple’s unfair agreements with the country’s mobile carriers.
Under this agreement, Apple has pledged to make its procedures related to advertising funds with telecom operators fairer and more transparent. This will involve the tech giant removing a clause that requires mobile carriers to pay for customers’ guaranteed repair costs.
The 100 billion Korean won will be allocated as follows: 40 billion Korean won (A$47 million) will be used to set up an R&D support centre in manufacturing for SMEs; 35 billion Korean won (A$41 million) will go towards education collaborations with social organisations; and the remaining 25 billion Korean won (A$29 million) will provide iPhone users with discounts for repairs and AppleCare services.
This agreement has not yet been finalised. The watchdog is discussing the solution with industry stakeholders, and plans to finalise the plan later this year.