It looks like another win by Amazon against so-called "agency" pricing model employed by Apple's iBookstore and other digital bookstores. Following the lead of a US court, the European Union (EU) Thursday announced that the iPhone maker along with four publishers will relent after all.
Specifically, Apple and publishers reportedly have agreed to lower e-book prices on competing stores, including the Kindle store operated by Seattle-based Amazon. Apple, along with Simon & Schuster, HarperCollins, Hachette, and Macmillan, signed the agreement because it wanted to avoid fines that could have topped an astounding $15 billion.
As part of the settlement, Apple's so-called "most-favored nation" clause - that barred publishers from offering lower prices on competing stores - gets suspended for five years...