S.Korea parliament committee votes to curb Google, Apple commission dominance

Apple Share Price

S.Korea parliament committee votes to curb Google, Apple commission dominance

Apple Inc (NASDAQ:AAPL) is trading down 0.06% at 149.62

Alphabet (NASDAQ:GOOGL) Inc is trading up 0.87% at 2825.23

A South Korean parliamentary committee voted on Wednesday to recommend amending a law, a key step toward banning Google and Apple from forcibly charging software developers commissions on in-app purchases, the first such curb by a major economy.

Apple Inc (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) Inc’s Google have faced global criticism because they require software developers using their app stores to use proprietary payment systems that charge commissions of up to 30%.

In a statement on Tuesday, Apple said the bill “will put users who purchase digital goods from other sources at risk of fraud, undermine their privacy protections”, hurt user trust in App Store purchases and lead to fewer opportunities for South Korean developers.

Wilson White, senior director of public policy at Google, said “the rushed process hasn’t allowed for enough analysis of the negative impact of this legislation on Korean consumers and app developers”.

Experts said app store operators could assure security in payment systems other than their own by working with developers and other companies.

On technical fronts Apple Inc (NASDAQ:AAPL) RSI stood at 59.77 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Apple Inc (NASDAQ:AAPL) – BUY: 149.62, TARGET: 150.73, STOP LOSS : 149.13

On technical fronts Alphabet (NASDAQ:GOOGL) Inc. RSI stood at 72.01 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Alphabet (NASDAQ:GOOGL) Inc. – BUY: 2825.23, TARGET: 2841.72, STOP LOSS : 2815.76

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