Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Ryan Cohen Rejects GameStop Pay Package, Prepares New eBay Acquisition Plan 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
KPMG Australia Chairman and Senior Partners Exit Amid Escalating Whistleblower Scandal 
South Korea’s KOSPI Rebounds as Samsung and SK Hynix Lead Tech Stock Recovery 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
WiseTech Global Denies Knowledge of Investigation Into Founder Richard White 
Trump Orders DOJ Investigation Into Exxon, Chevron Over High Gas Prices 
U.S.-Iran Diplomacy Helps Drive Gasoline Prices Down 15% From May Highs 
Tesla and NatPower Partner on $5 Billion Battery Storage Expansion in Europe 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Anthropic AI Model Uncovers Vulnerabilities in Classified U.S. Government Systems During Security Test 
Meta Reportedly Developing ‘Arena’ Prediction Market App to Rival Polymarket and Kalshi 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Trip.com Shares Tumble After Q1 Profit Drops and Weak Revenue Growth Outlook 
LG Electronics will now sell Apple’s iPhones starting next month, and the units are going to be on display at the company’s retail store outlets. This move follows after it officially withdraws from the smartphone business this month.
According to Pulse News, LG Electronics will proceed with its plans to start selling iPhones after striking a deal with smaller mobile phone retailers in South Korea. The deal was made as the retailers have been opposing the company’s decision to sell the American brand of phones.
On Wednesday, July 28, the Korea Commission for Corporate Partnership or KCCP said that Hiplaza, the operator of LG Best Shop outlets, along with the Korea Mobile Distributors Association, have inked a mutual growth deal related to LG Electronics’ proposal to offer Apple’s devices for sale in its existing stores.
Prior to the agreement, the group of local mobile phone retailers voiced out strong opposition to the company’s intent to sell iPhones at its 400 retail shops in South Korea. The mobile industry in the country explained that the move is a breach of the win-win agreement that was signed by small and major smartphone retailers in 2018.
Back then, LG was said to have pledged to only sell its own mobile phone units in its retail outlets. Now in the new agreement, The Korea Herald reported that the KCCP confirmed Hi-plaza agreed to carry iPhones but only in less than half of the 400 LG Best Shop outlets. In the future, if LG Elec wants to expand its sales through the addition of more stores to sell the Apple devices, the company will have to consult with the small retailers again.
“Under the new agreement, we will make efforts to promote sound growth of the local mobile device market and enhance customer satisfaction,” Hi-plaza CEO Kim Jong Yong said.
Finally, LG Electronics also vowed to develop and work on different mutual growth programs to help bolster the competitiveness of small and mid-sized businesses. The company will begin training employees for selling iPhones, and once this is completed, the official sale will start around mid-August.
