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By admin: April 17, 2024

Appointment of Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah as Prime Minister of Kuwait

Tags: International News

His Highness Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait, issued an Emirati decree to appoint Kuwaiti economist Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah as Prime Minister (PM) of Kuwait.

An Overview of the News

• Sheikh Ahmed replaces former Prime Minister Sheikh Dr. Mohammed Sabah Al Salem Al-Sabah, who resigned following new parliamentary elections in April 2024.

• According to Article 57 of the Kuwaiti Constitution, the current government must submit its resignation before the inauguration of the legislature.

Details about Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah:

• Sheikh Ahmed is a member of the House of Sabah, Kuwait's ruling family.

• He started his career as a financial analyst at the Kuwait Financial Center in 1977.

• In 1978, he joined the Central Bank of Kuwait as a financial researcher.

• Sheikh Ahmed served as Acting Manager of the Department of Banking Supervision at the Central Bank of Kuwait from 1984 to 1985, and Manager from 1985 to 1987.

• From 1987 to 1997, he held the position of Chairman and Managing Director (CMD) at Bergen Bank and later served as Deputy CMD of Al-Ahli Bank of Kuwait from 1997 to 1999.

Sheikh Ahmed's previous ministerial roles:

• Minister of Communications (2005 to 2006)

• Health Minister (2005 to 2007)

• Oil minister

• Minister of Information (2009 to 2011).

Head of the Diwan of His Majesty the Crown Prince:

• Sheikh Ahmed served as H.H. from September 2021 until his appointment as Prime Minister. Served as head of the Crown Prince's Diwan.

About Kuwait

Capital - Kuwait City

Currency - Kuwaiti Dinar (KWD)

BOI partners with IMGC for affordable housing mortgage guarantee

Tags: Economy/Finance

Bank of India (BoI), a public sector bank (PSB) in India, has partnered with India Mortgage Guarantee Corporation (IMGC) to introduce mortgage guarantee-backed home loan products targeting the affordable housing segment.

An Overview of the News

• This collaboration extends to both salaried and self-employed individuals seeking home loans in the affordable housing category.

• The IMGC guarantee serves to reduce the risk of default for the BOI, enabling the bank to extend more favorable loan terms to borrowers.

• This agreement is strategically aimed at promoting financial inclusion and increasing access to home ownership opportunities across India.

• By strengthening the loan delivery mechanism, the partnership helps increase credit flow to the affordable housing sector.

• Leveraging IMGC's expertise in guarantees and BOI's extensive network of over 5,100 branches across the country, the partnership aims to offer home loan products to potential home owners with better flexibility and security.

About IMGC

• IMGC is governed by the 2008 Mortgage Guarantee Company Guidelines of RBI.

• Mahesh Mishra holds the post of Managing Director (MD) and Chief Executive Officer (CEO) in IMGC.

• Established in 2012, IMGC is headquartered in Noida, Uttar Pradesh.

Deposits of senior citizens increased, government received tax of Rs 27,000 crore in FY 2024

Tags: Economy/Finance

Total deposits in senior citizen accounts are expected to increase by 143% to reach Rs 34.367 lakh crore by December 2023, compared to Rs 13.724 lakh crore in 2018.

An Overview of the News

• Fixed deposit accounts of senior citizens increased by 81% to about 7.4 crore in December 2023 from 4.1 crore in 2018.

• An estimated 7.3 crore accounts have balances of more than Rs 15 lakh, which attract 7.5% interest, resulting in a total interest of Rs 2.7 lakh crore in FY24, including Rs 2.57 lakh crore from bank deposits and senior citizens. This includes Rs 13,000 crore from the savings scheme.

• The average amount of fixed deposit account per senior citizen increased by 39% to Rs 4.63 lakh by December 2023 from Rs 3.34 lakh in 2018.

• The government collected around Rs 27,000 crore of tax from senior citizens on interest earned from fixed deposits in FY24, with the TDS limit raised to Rs 50,000.

• Additional incentives, such as interest rate hike of 50 basis points and enhanced deposit insurance cover (increased from Rs 1 lakh to Rs 5 lakh with effect from February 4, 2020), have made bank deposits more attractive for senior citizens.

About SBI

Chairman: Dinesh Kumar Khara

Headquarters: Mumbai, Maharashtra

Established: July 1, 1955

Tagline: "Banker for every Indian"

Delhi's IGIA ranked 10th among world's busiest airports in ACI's 2023 rankings

Tags: INDEX

Airports Council International (ACI) World published its 2023 report on the busiest airports globally, in which Delhi Airport (Indira Gandhi International Airport – IGIA) secured the 10th position.

An Overview of the News

• IGIA handled more than 72.2 million passengers in 2023, experiencing a slight decline from its 9th position in 2022, overtaken by Chicago O'Hare Airport.

• Despite the change in rankings, IGIA displayed a steady year-on-year (Y-o-Y) growth of 20.36% from 2022, highlighting the strong recovery of the Indian aviation sector.

• Its ranking history includes being 9th busiest in 2022, 13th in 2021, and 17th in 2019 before the coronavirus pandemic.

• Hartsfield-Jackson Atlanta International Airport (ATL) in the United States regained the title of the world's busiest airport, accommodating 104.65 million passengers in 2023.

About ACI

• It is a global trade association formed in 1991 to promote cooperation between member airports and aviation bodies such as IATA, ICAO and CANSO.

• Luis Felipe de Oliveira serves as Director General of ACI.

• As of January 2024, ACI has 757 members representing 2109 airports in 191 countries.

• Its headquarters is located in Montreal, Canada.

SANY India launches SKT105E: India's first locally manufactured Electric Mining Truck

Tags: National

Sany India introduces SKT105E, India's first locally manufactured electric mining truck.

An Overview of the News

• Designed specifically for open-cast mining environments, the SKT105E boasts durability and flexibility.

• Its electric propulsion system ensures zero emissions, promoting eco-friendliness and reducing carbon footprint.

• This innovative design not only enhances performance but also makes it a cost-effective and energy-efficient option.

• Manufactured by Sany India, a subsidiary of SANY Heavy Industry Construction Limited, the truck has a payload capacity of approximately 70 tonnes.

SANY Heavy Industry Construction Limited

• It is headquartered in Changsha, Hunan, China.

• It is the world's third largest heavy equipment manufacturer.

• Founded by Liang Wengen, it is the first Chinese company in its industry to be listed in the FT Global 500 and Forbes Global 2000 rankings.

• Sany is recognized globally as a leading provider of concrete machinery.

• It also supplies excavators, cranes, wheel loaders and other heavy equipment.

• The company operates industrial parks in China and manufacturing facilities around the world, including Australia, Brazil, Canada, Germany, India, Indonesia, Kazakhstan, Russia, Ukraine and the United States.

Established: 1989

Founders: Liang Wengen, Tang Ziguo, Mao Zhongwu, Yuan Jinhua