Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Thailand Inflation Remains Negative for 10th Straight Month in January 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Instagram Outage Disrupts Thousands of U.S. Users 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Google is reducing its service fees in its Google Play app store, and the company made the announcement on Thursday, Oct. 21. The tech headquartered in Mountain View, California, made a move after facing criticisms and pressure from the regulators and other lawmakers.
It was reported that Apple Inc. that was also being bashed for the high fees on its App Store, already slashed its fees before Google did. Both firms were also previously summoned to the Senate to explain more about the issue, and regulators advised them to make their app stores more accessible to developers by revising their policies related to fees.
According to CNBC, Google decided to cut its Google Play Store's service fee for subscriptions by half. This means that from 30% it will be dropped to just 15% from day one.
Under the current scheme, developers are required to pay a 30% cut on subscriptions for the first 12 months before the commission is dropped to 15%. The company shared that 99% of developers who are using its app store are likely to qualify for the reduced service fee. What's more, Google is also launching a new scheme that will allow music streaming services, e-books, and other apps that pay for content to enjoy access fees of as low as 10%.
"The creativity and innovation from developers around the world spurred amazing new app experiences we could have never imagined when we first introduced Android. As the ecosystem evolved, a wider range of business models emerged to support these different types of apps," Google's vice president of product management, Sameer Samat, said in a blog post.
He added, "We've made important changes along the way, including moving beyond a 'one size fits all' service fee model to ensure all types of businesses can be successful. Instead of a single service fee, we now have multiple programs designed to support and encourage our diverse app ecosystem."
Finally, Reuters reported that the new fee payment scheme for developers and users of Google's Play Store will kick in from January 2022. The update is expected to encourage developers to shift from a one-time payment option to subscriptions.
