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Today in History (August 12th, 1877)
On August 12, 1877, American inventor Thomas Alva Edison made one of his most original discoveries: the phonograph. His early recordings were created by embossing indentations into a sheet of tinfoil with a vibrating stylus.
Summary of Today’s News
Hindenburg report on SEBI chief raises political storm.
Rahul Gandhi, Leader of the Opposition, called for a Joint Parliamentary Committee (JPC) inquiry into allegations against SEBI Chairperson Madhabi Puri Buch, as mentioned in a new Hindenburg report. The BJP dismissed these claims, asserting that global forces aided by the Congress “dynasty” were trying to hinder India’s progress. Both Buch and the Adani Group denied the allegations, labelling them as baseless and recycled. SEBI urged investors to stay calm and exercise due diligence.
What is the Google ‘monopoly’ antitrust case and how does it affect consumers?
On August 5, 2024, Google lost an antitrust case brought by the U.S. DOJ, which accused it of monopolistic practices in search and advertising. U.S. District Judge Amit Mehta ruled that Google’s dominance in search services and text ads violated Section 2 of the Sherman Act, achieved through exclusive distribution deals costing over $26 billion in 2021. Although the court criticized Google for document preservation issues, it did not find monopoly power in search advertising. Google plans to appeal, and the DOJ is collaborating with the FTC on further antitrust investigations.
Khaps in Haryana seek justice for Vinesh Phogat, demand Bharat Ratna.
Several khaps in Haryana have rallied in support of wrestler Vinesh Phogat, who was disqualified from the Paris Olympics on August 7 for being 100 grams overweight. At the ‘Sarv Khap Mahapanchayat’ in Charkhi Dadri, they demanded her award of the Bharat Ratna, a Supreme Court inquiry into the disqualification, and urged her to reconsider retiring from wrestling. The khaps also called for facilities typically given to Olympic gold medalists and offered political support. The Court of Arbitration for Sport is expected to rule on her appeal on August 13.
Bangladesh govt. vows to end attacks on minority groups.
Following the resignation of Premier Sheikh Hasina, Bangladesh’s interim government, led by Nobel laureate Muhammad Yunus, is addressing attacks on Hindus and other minorities. Reports of violence against Hindu homes, temples, and businesses have surged, given their support for Hasina’s Awami League party. The interim Cabinet has expressed concern, pledging to engage with affected groups and support families of deceased protesters. Additionally, Syed Refaat Ahmed has been appointed Chief Justice, replacing Obaidul Hassan, who resigned under protest.
