June 11: A leader never shows despair. He instils confidence in his troops. He leads them forward, even into the mouth of death.

On this day, 11 Jun...

 1644 - Florentine scientist, Evangelista Torricelli described in a letter to Michelangelo, the invention of the barometer, or "Torricellian tube”.

1742 - Benjamin Franklin invented the Franklin stove. The wood fuel burns on an iron surface over a cold air duct which heats air which then passes through baffles in the back wall. The heated air is released through vents on each side of the stove. Rather than patent it, he chose to write about it in a book so that others could freely copy his design. 

1866 - The Agra High Court (now the Allahabad High Court) is established. 

1889 - A folding chair was patented by black American inventors John E. Purdy and James R. Sadgwar of Washington.

1892 - The Limelight Department, one of the world's first film studios, is officially established in Melbourne, Australia.

1928 - The world's first rocket-propelled aircraft flight was made over the Rhon Mountains, Germany. It was a tailless glider with two solid-fuel rockets, pioneered and developed by Alexander Martin Lippisch.

1946 - Viceroy interviewed Gandhi Ji, and mooted proposal of Coalition Government at Centre.

1975 - Harvard professor Michael McElroy and other scientists concerned about atmospheric ozone depletion proclaim their support for banning chlorofluorocarbons as a propellant in spray cans. (The U.S. government implemented the prohibition three years later.)

1976 - Indira Gandhi and Brezhnev sign the Moscow Declaration of Friendship and Cooperation.

1990 - US Supreme Court says law prohibiting desecration of US flag unconstitutional.

1997 - Jaspal Rana and J. Abhijit in the men's section and Nisha Millet in the women's section adjudged best sportspersons of the National Games.

1998 - Scientists deciphered the last of the genetic material of bacterium that causes tuberculosis.

1999 - India provided incontrovertible tape evidence of Pakistan's involvement in the Kargil sector. The Indian army killed 23 intruders in the Batalik and Dras sectors but lost 15 of its men.

2011 - In Rome, Italy, over 500,000 people demonstrate, demanding same-sex rights.

2012 - The Nobel Prize is reduced by 20% to prevent any future undermining of capital.

Born

1947 - Laloo Prasad Yadav, politician.

RIP

1983 - Ghanshyam Das Birla, great freedom fighter, social reformer, pioneer of Indian business industry, and nationalist.

2000 - Rajesh Pilot, Congress (I) leader, and former Union Minister, died in a road accident in his home constituency, Dausa.

Titbits

1939 - King & Queen of England taste 1st "hot dogs" at FD Roosevelt's party. 

You may have known...

Before the invention of the eraser, pieces of bread were used to remove pencil marks.

Business News

• NCLT Bars Jignesh Shah, Nine Others involved in the NSEL Scam, from being Directors in Companies.

• NSE, the Country’s Largest Stock Exchange, has filed papers with market regulator SEBI to launch a Commodity Exchange on October 1.

• Finance Ministry may transfer 5 Sick CPSE shares to the Special National Investment Fund (SNIF) to meet SEBI's Minimum 25 Per Cent Public Shareholding.

• Centre has rejected NBFCs’ request to defer Ind AS implementation by one year as has been done for banks. Confirming this decision, a Government official said that NBFCs will have to implement Ind AS from April 1 this year.

• SCO Summit 2018: China Allows India to Export Non-Basmati Rice. Two Nations Sign Protocol, under which Indian rice exported to China will have to meet importing country's quarantine rules and must be free of six identified pests.

• As a Multi-Agency Probe Continues in India into Alleged Lapses Involving ICICI Bank’s chief Chanda Kochhar and her Family Members, the matter has also come under the scanner of the U.S. Markets Regulator, the Securities and Exchange Commission (SEC), which seeks more details from SEBI, as bank is Listed on the American Stock Exchanges too.

• Indian Valuation Standards of ICAI effective for Valuation Reports issued on or after 1st July 2018. These will be applicable for all Valuation Engagements on Mandatory Basis under the Companies Act 2013 whereas, under other Statutes like Income Tax, SEBI, FEMA etc, it will be on Recommendatory Basis.