May 29 : Don't judge each day by the harvest you reap but by the seeds that you plant.

On this day, 29 May...

1883 - Thomas A. Edison received a series of patents for some of his electrical inventions. One patent was for a "Dynamo-Electric Machine", and two for a "Regulator for Dynamo-Electric Machines". Three of the patents covered the "Manufacture of Incandescing Electric Lamps", and one for an "Apparatus for Translating Electric Currents From High to Low Tension,". In addition, a Design Patent No. 13940 was issued for a "Design for Incandescing Electric Lamp."

1885 - Jan Matzeliger gave a public demonstration in Massachusetts, of his newly-invented machine's ability to mass-produce shoes, and replace the tedious hand work previously required to attach the sole to the upper of a shoe. On this day, it is said he produced 75 pairs of women's shoes under factory conditions, many more than was possible by hand workers. His first patent on his shoe-lasting invention was issued on 20 Mar 1883. With investors, his production model was quickly adopted by and revolutionized the shoe industry.

1886 – The pharmacist John Pemberton places his first advertisement for Coca-Cola, which appeared in The Atlanta Journal.

1898 - The heirs of Alfred Nobel sign a "reconciliation agreement" so that lawyers and accountants can execute his will. The will's major bequest was to create the Nobel Prizes, but first, there were disputes to be settled.

1919 - A solar eclipse permitted observation of the bending of starlight passing through the sun's gravitational field, as predicted by Albert Einstein's theory of relativity.  The verification of predictions of Einstein's theory proved during the solar eclipse was a dramatic landmark scientific event.

1932 – World War I veterans begin to assemble in Washington, D.C., in the Bonus Army to request cash bonuses promised to them to be paid in 1945.

1951 - A patent for improved sulfonamide drugs was issued to James W. Clapp and Richard O. Roblin. {Sulfa drugs are members of a group of synthetic antibacterial drugs containing the sulfanilamide molecular structure. Sulfonamides (first observed in 1932) were the first chemical substances that were systematically used to cure and prevent bacterial infections in humans}.

1953 – Edmund Hillary and Sherpa Tenzing Norgay become the first people to reach the summit of Mount Everest, on Tenzing Norgay's (adopted) 39th birthday.

1965 - Indian Everest team sets a world record by climbing the Everest for the fourth time.

1968 - Dara Singh becomes the world wrestling champion.

1982 - Naval Academy at Ezhimala, Kerala, was approved by Union Cabinet.

Born

1903 - Bob Hope, English-American actor, singer, and producer. 

1947 - Air Chief Marshal  Fali Homi Major, former Air Chief.

1954 - Pankaj Kapoor, actor.

RIP

1972 – Prithviraj Kapoor, Pakistani-Indian film actor, and director.

1987 – Chaudhary Charan Singh, former (5th) Prime Minister, leader of farmers and freedom fighter.

You may have known...

India has the world’s smallest prison population.

Business News

• Oil Ministry Gives In-Principle Nod to Launch Petrol, Diesel Futures: Indian Commodity Exchange Ltd (ICEX).

• Binani Cement Lenders Vote in Favour of Ultratech Offer of Rs 7,950 Crore.

• GSTN will not be available on 2nd June 2018 as a Major Disaster Recovery Drill is scheduled for that day. GST System services will not be available during this time.

• Sale of a Going Concern by a business house will not attract GST, as per an order by the Karnataka bench of the Authority for Advance Ruling (AAR).

• Representatives from Apparel Export Promotion Council (AEPC) raised Issues Related to blockage of GST Refunds and Delay in Disbursal of Rebate on State Levies (RoSL) Dues in a meeting with Finance Minister Piyush Goyal and Textiles Minister Smriti Irani on Monday.

• Finance Ministry clarifies that Renting or Leasing of Land by Farmers for Agriculture, Forestry, Fishing or Animal Husbandry is exempt from the GST.

• NSDL Executive CA Sudha Balakrishnan has been appointed the First Ever Chief Financial Officer (CFO) of the Reserve Bank of India (RBI) effective May 15, in the Biggest Organisational Change since Urjit Patel took over as RBI Governor in Sept 2016. She will be the 12th Executive Director of the RBI and will have a three-year term.

• CBIC Notifies New Customs Audit Regulations, 2018 which provides for Rs. 50,000 Fine on Audit Professionals in case of Default.

• RCom Plea Against Insolvency to be heard by NCLAT on May 29 i.e. Today.

• SBI is set to Initiate Bankruptcy Proceedings Against Fugitive Businessman Vijay Mallya in the UK to Mount Additional Legal Pressure on him for the recovery of loans.

• Confederation of All India Traders (CAIT) Files Petition Against Walmart-Flipkart deal in CCI, which it thinks will help Walmart to create an unfair competition and uneven level playing field.

• RBI Brings in Tough New Performance Checks for Companies Seeking to Invest Abroad. Only companies with a Proven Track Record will be Allowed to Invest through Overseas Direct Investment (ODI) Route in Overseas Subsidiaries and Joint Ventures.