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 12,2020

Mangaluru, Mar 12: Deputy Commissioner Sindhu B Rupesh on Thursday said that the test reports of the 35-year-old passenger from Dubai have shown no signs of either Coronavirus (COVID-19) or H1N1.

In statement issued here Ms Rupesh said that the passenger has now been discharged from the Bantwal hospital. He has been asked to stay at home quarantined for the next 14 days.

The passenger, who had been diagnosed with fever after he arrived at the airport from Dubai on March 8, had left the Government Wenlock Hospital in the early hours of March 9 refusing to undergo tests.

Later, he was traced and admitted to the hospital in Bantwal and his throat swab samples had been sent to Viral Research Diagnostic Laboratory (VRDL) in Hassan Institute of Medical Sciences.

Meanwhile, throat swab samples of six patients were also found negative for COVID-19.

As many asf 49 people were under quarantine in the district of which five have completed the 28-day cycle.

All passengers arriving by international flights and those in contact with them should voluntarily report to the district health team and undergo self-quarantine for 14 days. If there were symptoms of cough, cold and fever, they should undergo tests for COVID-19. If the reports were positive for COVID-19, then they have to stay in the isolation ward of the Government Wenlock Hospital or in the seven select private hospitals for 28 days.

Screening facility at the airport has been strengthened by posting doctors from seven private medical colleges on rotation basis. These doctors would be in addition to the medical officer at the airport. An ambulance has been placed at the airport exclusively to shift people to the hospitals, she added.

The State government has issued a notification on Wednesday authorising Deputy Commissioners to get the affected admitted by force, if necessary.

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coastaldigest.com news network
July 24,2020

Mangaluru, July 24: Karnataka's Dakshina Kannada district reported 8 new Covid-19 deaths in the last two days taking the toll to over 100. The district has recorded 107 Covid-19 deaths till now.

Deputy Commissioner Sindhu B Rupesh on Friday said a 44-year-old man from Mangaluru with the symptoms of respiratory failure, ARDS, AKI MODS hypertension, was admitted to a private hospital on July 19 and died on July 22. His throat swab tested positive for Covid-19 on Friday.

Another 56-year-old man from Mangaluru, who died on July 23, was suffering from urinary tract infection, MODS-septic shock, type II diabetes mellitus, hypothyroidism, systematic hypertension and IHD and had tested positive for Covid-19.

Mangaluru saw two more deaths -- a 75-year-old woman suffering from COPD with type 2 respiratory failure and multi-organ dysfunction syndrome with septic shock and a 65-year-old woman, who was suffering from BP and diabetes and admitted to a private hospital on July 13 and died on July 23.

A 61-year-old woman from Puttur, who was suffering from diabetes mellitus and hypertension and was undergoing treatment at a private hospital, died on July 23.

A 67-year-old man from Bhadravathi in Shivamogga, who was admitted to Wenlock Hospital on July 13 and was suffering from pneumonia and respiratory infection, died on July 23. He too tested positive for Covid-19.

Some of the other deaths were those of -- a 42-year-old man from Bantwal suffering from type 1 respiratory failure, urosepsis and uncontrolled type 2 diabetes and a 67-year-old man from Bhadravathi suffering from acute myocardial infarction, uncontrolled type 2 diabetes and systematic hypertension, Both died at private hospitals on July 23.

180 fresh cases

The Covid-19 graph slightly moved downward with the recording of 180 fresh cases, including four police personnel from Puttur police station. Of the positive cases, 56 are the primary contacts of the infected persons, 68 are suffering from Influenza-Like Illness (ILI) and 10 with the symptoms of Severe Acute Respiratory Infection (SARI).

The contacts of 45 persons who tested positive are being traced. One person with international travel history has also tested positive.

A total of 125 persons recovered and were discharged from hospitals, thus taking the tally of the total discharges to 1987.

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News Network
February 6,2020

Mangalore, Feb 6: The first Rashtriya Lok Adalat of 2020 will get started from Feb 8, A district judge has announced, adding that it is being organised by Karnataka Law Services Authority and Dakshina Kannada Law Services Authority.

Speaking to media on Wednesday evening, Justice Sathyanarayana Acharya Kandlur said, "4,820 cases were resolved through Lok Adalat last year. 618 cases have been registered so far to be decided under the Lok Adalat."

Familial, civil and revenue cases of cheque dishonour, financial extortion, cases related to telephone, electricity, water, land encroachment and acquisition, motor vehicle cases, labour issues and maintenance expenses will be decided in the Lok Adalat.

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