Three Kerala companies have more gold than Sweden, Singapore, Australia!

December 14, 2014

Kerala companiesKochi, Dec 14: Three gold loan companies in Kerala have more precious metal in their vaults than the gold reserves of some of the richest nations. Muthoot Finance, Manappuram Financeand Muthoot Fincorp jointly hold nearly 200 tonnes of gold jewellery, which is higher than the gold reserves of Singapore, Sweden or Australia.

India accounts for approximately 30% of the global demand for gold, a true-and-tested source of insurance for millions of families that have little access to other forms of social security. What is true for India is even more so for Kerala, where 2 lakh people are employed in the gold industry. The metal's fungibility makes it an ideal collateral for over-the-counter loans.

Muthoot Finance holds 116 tonnes of gold as security for its loans, Manappuram Finance has 40 tonnes and Muthoot Fincorp, 39 tonnes. The trio's combined holdings are 195 tonnes. To put things in global perspective, Singapore's gold reserves are 127 tonnes, Sweden's 126 tonnes, South Africa's 125 tonnes and Mexico's 123 tonnes.

Muthoot Finance, the largest of Kerala's gold loan companies, holds more yellow metal in its vaults than the reserves of Greece (112.4 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes).

India, according to the World Gold Council, has the 11th largest gold reserves, with 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,384 and 2,814 tonnes, respectively).

"Historically, Malayalis have excelled in financial services as an ethnic group. The size of these companies reflects their innovative skills. Gold loan business also reflects Malayalis' hunger for gold and the strong dowry system which feeds gold and gold loans," said CJ George, founder and managing director of stock broking firm Geojit BNP Paribas.

It was even better a couple of years ago. Muthoot Fincorp, which has a gold loan portfolio of Rs 8,550 crore, then had 41 tonnes of gold in its vaults. "Then, two things happened ” gold prices declined and banks became aggressive in gold loans. As gold prices declined, our business also came down slightly, reflecting on our gold holdings," said Thomas John Muthoot, chairman and managing director of Muthoot Fincorp.

Muthoot Finance is the largest gold loan NBFC with a reach of over 4,265 branches across 21 states and four Union territories. Its gold loan portfolio is Rs 21,800 crore. Manappuram Finance has 3,200 branches nationwide and 20,000 employees, with a gold loan portfolio of Rs 9,000 crore.

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News Network
March 14,2020

Belagavi, Mar 14: After the first COVID-19 related death reported in the state, less number of people are travelling in North West Karnataka Road Transport Corporation (NWKRTC) buses, official sources said here.

There were less number of travellers on Saturday as compared to any other day.

According to sources, many passengers cancelled their reservations to major cities like Bengaluru, Pune, Mumbai, Goa and Kalaburagi too.

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News Network
July 28,2020

Hounde, Jul 28: Coronavirus and its restrictions are pushing already hungry communities over the edge, killing an estimated 10,000 more young children a month as meager farms are cut off from markets and villages are isolated from food and medical aid, the United Nations warned Monday.

In the call to action shared with The Associated Press ahead of publication, four UN agencies warned that growing malnutrition would have long-term consequences, transforming individual tragedies into a generational catastrophe.

Hunger is already stalking Haboue Solange Boue, an infant from Burkina Faso who lost half her former body weight of 5.5 pounds (2.5 kilograms) in just a month. Coronavirus restrictions closed the markets, and her family sold fewer vegetables. Her mother was too malnourished to nurse.

“My child,” Danssanin Lanizou whispered, choking back tears as she unwrapped a blanket to reveal her baby's protruding ribs.

More than 550,000 additional children each month are being struck by what is called wasting, according to the UN — malnutrition that manifests in spindly limbs and distended bellies. Over a year, that's up 6.7 million from last year's total of 47 million. Wasting and stunting can permanently damage children physically and mentally.

“The food security effects of the COVID crisis are going to reflect many years from now,” said Dr. Francesco Branca, the WHO head of nutrition. “There is going to be a societal effect.”

From Latin America to South Asia to sub-Saharan Africa, more poor families than ever are staring down a future without enough food.

In April, World Food Program head David Beasley warned that the coronavirus economy would cause global famines “of biblical proportions” this year. There are different stages of what is known as food insecurity; famine is officially declared when, along with other measures, 30% of the population suffers from wasting.

The World Food Program estimated in February that one Venezuelan in three was already going hungry, as inflation rendered salaries nearly worthless and forced millions to flee abroad. Then the virus arrived.

“Every day we receive a malnourished child,” said Dr. Francisco Nieto, who works in a hospital in the border state of Tachira.

In May, Nieto recalled, after two months of quarantine, 18-month-old twins arrived with bodies bloated from malnutrition. The children's mother was jobless and living with her own mother. She told the doctor she fed them only a simple drink made with boiled bananas.

“Not even a cracker? Some chicken?” he asked.

“Nothing,” the children's grandmother responded. By the time the doctor saw them, it was too late: One boy died eight days later.

The leaders of four international agencies — the World Health Organization, UNICEF, the World Food Program and the Food and Agriculture Organization — have called for at least dollar 2.4 billion immediately to address global hunger.

But even more than lack of money, restrictions on movement have prevented families from seeking treatment, said Victor Aguayo, the head of UNICEF's nutrition program.

“By having schools closed, by having primary health care services disrupted, by having nutritional programs dysfunctional, we are also creating harm,” Aguayo said. He cited as an example the near-global suspension of Vitamin A supplements, which are a crucial way to bolster developing immune systems.

In Afghanistan, movement restrictions prevent families from bringing their malnourished children to hospitals for food and aid just when they need it most. The Indira Gandhi hospital in the capital, Kabul, has seen only three or four malnourished children, said specialist Nematullah Amiri. Last year, there were 10 times as many.

Because the children don't come in, there's no way to know for certain the scale of the problem, but a recent study by Johns Hopkins University indicated an additional 13,000 Afghans younger than 5 could die.

Afghanistan is now in a red zone of hunger, with severe childhood malnutrition spiking from 690,000 in January to 780,000 — a 13% increase, according to UNICEF.

In Yemen, restrictions on movement have blocked aid distribution, along with the stalling of salaries and price hikes. The Arab world's poorest country is suffering further from a fall in remittances and a drop in funding from humanitarian agencies.

Yemen is now on the brink of famine, according to the Famine Early Warning Systems Network, which uses surveys, satellite data and weather mapping to pinpoint places most in need.

Some of the worst hunger still occurs in sub-Saharan Africa. In Sudan, 9.6 million people live from one meal to the next — a 65% increase from the same time last year.

Lockdowns across Sudanese provinces, as around the world, have dried up work and incomes for millions. With inflation hitting 136%, prices for basic goods have more than tripled.

“It has never been easy but now we are starving, eating grass, weeds, just plants from the earth,” said Ibrahim Youssef, director of the Kalma camp for internally displaced people in war-ravaged south Darfur.

Adam Haroun, an official in the Krinding camp in west Darfur, recorded nine deaths linked with malnutrition, otherwise a rare occurrence, over the past two months — five newborns and four older adults, he said.

Before the pandemic and lockdown, the Abdullah family ate three meals a day, sometimes with bread, or they'd add butter to porridge. Now they are down to just one meal of “millet porridge” — water mixed with grain. Zakaria Yehia Abdullah, a farmer now at Krinding, said the hunger is showing “in my children's faces.”

“I don't have the basics I need to survive,” said the 67-year-old, who who hasn't worked the fields since April. “That means the 10 people counting on me can't survive either.”

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News Network
July 18,2020

Bengaluru, Jul 18: Veteran actor Hulivana Gangadharaiah has passed away due to novel Coronavirus at the age of 70 on Friday night at a private hospital. He has acted in films, plays and serials as well.

He was acting in the romantic serial Premaloka which has Vijay Suriya and Ankitha Navya Gowda in lead roles.

According to reports, after he showed the symptoms of having Coronavirus, he got self-isolated at his farm house. When his health condition deteriorated, he was admitted to the hospital. Gangadhariah has acted in over 100 films, 150 plays and many serials lived his life in a simple way.

Condoling the death of Gangadharaiah, T N Seetharam on his Facebook page posted, “The death of a friend and a wonderful actor Hulivana Gangandharaiah is painful. In Aaspota play, the role of a driver he played brought immense popularity ro the play. When George Fernandes watched the play he appreciated his character. In the serial Muktha Muktha, he played the role of a politician Rajanandaswamy with ease which was aired for over three years brought us closer. In the modern theatre, Nagesh whom I consider as Guru used to cast Gangadharaiah in each play he directed which reflected the kind of faith he had in him. After a few years, he got involved in agriculture so I did not had much contact with him. It’s been nearly eight years I last met him. It is very sad that we have lost him.”

Lead actor of the serial Premaloka, Vijay Suriya has also mourned the death of Hulivana Gangadharaiah who was seen in a pivotal role in the serial.

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