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News in Short

News in Short - 10-December-2019

SBI cuts lending rate

Date: 10 December 2019 Tags: Banking Schemes & Policies
  • SBI has announced a cut in MCLR rate or marginal cost of funds-based lending rate by 10 bps across all tenors, effective from December 10th.
  • With this cut, home, car and other retail loans of SBI linked to MCLR will get cheaper.
  • After the latest cut, SBI's one-year MCLR comes down to 7.90% per annum from 8.00% per annum.
  • This is the eighth consecutive cut in MCLR by SBI this fiscal. MCLR rates are based on the bank's own cost of funds.

Arms sales increases by 5% globally

Date: 10 December 2019 Tags: Reports & Indices
  • Arms sales rose by nearly five percent worldwide in 2018 in the global market, according to a new report published by the Stockholm International Peace Research Institute (SIPRI).
  • US manufacturers alone accounted for 59 percent of the market, or a turnover of $246 billion, up 7.2 percent on the previous year.
  • Russia was second in the rankings for arms production, with 8.6 percent of the market, just ahead of the United Kingdom on 8.4 percent and France on 5.5 percent.

Volcanic eruption on White Island

Date: 10 December 2019 Tags: Disaster & Disaster Management
  • A volcano has erupted on white island, a popular tourist destination near New Zealand.
  • It is estimated that about 20 tourists are trapped on the island.
  • White Island is situated about 50 kilometers (30 miles) offshore from mainland New Zealand.
  • The island is also known by the indigenous Maori name Whakaari.

Sanna Marin elected Finland’s Prime Minister

Date: 10 December 2019 Tags: Appointments & Resignations
  • Finland's ruling Social Democratic Party council voted to name Sanna Marinto take over the government's top post from incumbent Antti Rinne.
  • Marin, a 34-year-old transport minister and lawmaker will become Finland's youngest prime minister ever and its third female government leader.
  • Marin has been the party's vice chairwoman, a lawmaker since 2015.
  • The new government will still have a comfortable majority of 117 seats at the 200-seat Eduskunta, or Parliament.