South Korea is on the verge of becoming the first country to initiate legislation that would provide consumers with the choice of which app payment provider to use. The Telecommunications Business Act, which is “almost certain” to pass a vote in the assembly, could end the “effective duopoly” of Apple and Google. It would also enable companies like Epic Games to transact directly with users and avoid hefty commissions charged by those two companies. In the U.S., Apple and Google face legislative actions and an Epic Games lawsuit. Read more

TikTok has introduced in-app shopping for the first time in a deal with e-commerce platform Shopify. Previously, users could shop on TikTok only by clicking ads. The move is designed to more seamlessly leverage the influencers aggregated on the meme-friendly video service. Participating Shopify merchants can now trick-out their profiles with shopping tabs that link to products like clothing, makeup and household products featured in TikTok content. Shopify is currently piloting the program with merchants including Kylie Jenner and expects to offer the feature to all e-commerce partners this fall. Read more

Taiwan Semiconductor Manufacturing Co. (TSMC) — the world’s largest contract chipmaker — plans to raise prices on its most advanced chips by about 10 percent and less advanced chips by about 20 percent, to take effect late this year or in early 2022. The price hike is taking place during a global shortage of semiconductors that already impacts auto companies including General Motors and Toyota Motor, an array of consumer electronics, and major tech companies such as Apple, which uses TSMC chips in its smartphones. GM closed three North American factories and Toyota will slow production by 40 percent in September. Read more

Since leaving the European Union, the UK government, which has inherited the EU’s General Data Protection Regulation (GDPR) that went into effect in 2018, is now faced with creating its own privacy laws in order to enact data transfer agreements with other nations. The EU stated that the new UK regulations must feature those that are equivalent to the GDPR. So far, the UK government has said that its privacy rules will be “innovation-friendly” and permit easier data sharing but eliminate the EU’s “box-ticking” requirements. Read more

Facing increased regulatory scrutiny, Apple announced significant changes to its App Store, enabling developers to inform customers about ways to pay outside the App Store and expanding prices they can offer for subscriptions as well as in-app purchases and paid apps. The company settled a class-action lawsuit with software developers and is expecting a judgment in a suit filed by Epic Games over many of the same issues. Apple’s move is the biggest it’s ever made in response to developers alleging anticompetitive behavior. The company separately announced plans to cut its commission rate for publishers on Apple News. Read more