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Eric Schmidt on DOJ's Antitrust Push Against Google
Former Google CEO Eric Schmidt criticized the U.S. Department of Justice's proposal to break up Google’s Chrome browser from its parent company as part of ongoing antitrust litigation. The DOJ claims that Google violated competition laws by monopolizing the search engine market, which could reshape the tech landscape. Schmidt argued that the proposed split would harm consumers, compromise innovation, and fail to understand the integrated nature of modern tech products. He emphasized that customers value the seamless experience between Chrome and Google's ad systems.
Revolut, a 10 year old $45 Billion London Based FinTech Expands into Mortgages, Smart ATMs, and Business Credit Products
Revolut is launching new products to diversify its offerings, including mortgages to help customers secure home loans, smart ATMs starting in Spain in 2025 to provide cash deposits, withdrawals, and other account services, and tailored business credit solutions for SMEs. In addition to the AI assistant, Revolut said they will roll out branded ATMs. These will dispense cash (of course), but also cards — a move that could foster new signups.
In the future, Revolut said it plans to add facial recognition features to its ATMs, which could help you authenticate without the usual card and PIN code protocol. It will be interesting to see how it implements the tech in a way that stays on the right side of European Union data protection rules which require explicit consent for use of biometrics for ID.
Australia Introduces Landmark Social Media Ban for Children Under 16
Australia has become the first country to legislate a ban on children under 16 accessing social media platforms. The law, introduced by Prime Minister Anthony Albanese, places the responsibility on platforms like Instagram, TikTok, and X (formerly Twitter) to prevent underage users from accessing their services. The ban, aimed at addressing the harm caused by social media to young people, is set to take effect 12 months after the legislation is passed, giving platforms time to comply with new regulations.
The government emphasized that the enforcement responsibility would not fall on parents or children. Supporters believe it sets a precedent for safeguarding mental health and online safety, while critics see it as a restrictive and overly blunt approach to a nuanced issue
Nike Fun Facts
No business grows in a straight line, so we decided to dive into Nike’s early days and uncover some fun and fascinating facts from their journey…
Founded in a Car Trunk: Nike began as Blue Ribbon Sports in 1964, founded by University of Oregon track coach Bill Bowerman and his former student Phil Knight. Initially, they sold Japanese running shoes (Onitsuka Tiger, now ASICS) out of the trunk of Knight’s car.
The Iconic Swoosh Cost $35: The famous Nike "Swoosh" logo was created by graphic design student Carolyn Davidson in 1971. She was paid just $35 for her work, although later, she received shares in Nike, which are now worth millions.
Name Inspired by a Dream: The name "Nike" (after the Greek goddess of victory) was suggested by Jeff Johnson, Nike's first official employee. The inspiration came to him in a dream just before the company had to register a new name.
Homemade Innovation: Bowerman, obsessed with improving athletes' performance, famously experimented with a waffle iron to create a new type of sole for running shoes. This led to the creation of the "Waffle Trainer," which became a huge success.
First Retail Store Opened in 1966: Blue Ribbon Sports opened its first store in Santa Monica, California, in 1966. It was run by Jeff Johnson, who not only sold shoes but also offered personalized advice to runners.
"Just Do It" Came Much Later: Nike’s iconic slogan wasn’t introduced until 1988. It was inspired by the last words of a convicted murderer, Gary Gilmore, who said, “Let’s do it” before his execution.