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
February 13,2020

New Delhi, Feb 13: Two SpiceJet pilots have been suspended today for an improper landing at Mangalore Airport which damaged three runway edge lights. The incident took place on October 31 last year when the private carrier's Boeing 737 aircraft was returning from Dubai.

The Directorate General of Civil Aviation (DGCA) suspended the licenses of the pilots for four-and-half months from the date of the incident.

DGCA had issued a show cause notice to the Pilot in Command and the First Officer demanding explanation of the "lapses" and found their replies unsatisfactory, the aviation watchdog said in a statement.

Investigation revealed that the touchdown was improper as it deviated to the the left on the runway in turn damaging three runway edge lights.

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coastaldigest.com news network
May 22,2020

Mangaluru, May 22: There will be complete lockdown in Dakshina Kananda from 7 p.m. on Saturday (May 23) to 7 a.m. on Monday (May 25). 

Announcing this today, Deputy commissioner Sindhu B Rupesh clarified that there would be no restrictions on sale of newspapers, vegetables, fish, meat, milk and medicine.

Other shops, hotels and bars will remain closed. Movement of private vehicles also banned during this period.

Under lockdown period, people are instructed to stay indoors and all non-essential activities are restricted. 

Under coronavirus lockdown, people can step out only for essential activities like medical supplies, grocery shopping, and hospital appointments.

Wedding with permission

If marriages have been scheduled already on Sunday, they will be considered as a special case. However, prior permission is must for scheduled weddings, said the deputy commissioner.

Marriages can be permitted by ensuring social distancing, capping the number of guests at 50 and strict compliance with all other guidelines.

No AC, no consumption of liquor and paan, no invitation to people aged above 65 and below 10 and also pregnant women are some of the guidelines to be followed for holding marriages or events.

Containment zones 

In the corona containment zones that have been sealed no one can step out, only home delivery of essential services are allowed. Only movement of medical vehicles will be allowed and no one will be allowed to perform any other activity. No one will be allowed to step out of their home even for essential services. The govt may take legal action if anyone is seen out of their home.

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News Network
February 21,2020

Chikkamgaluru, Feb 21: Wazi Noronha, aka, Vojald, the father of Amulya Leona Noronha, who lives in Koppa taluk of Chickmagalur district has said that he was shocked by his daughter’s pro-Pakistan slogans.

“Let her rot in jail. I don’t mind if police break her bones, I don’t support what she said and I will not approach lawyers for her bail. She has committed a grave mistake,” he said.

Amulya, a 19-year-old student activist, was booked for sedition yesterday after she raised ‘Long Live Pakistan’ slogans at a CAA-NRC rally. A visibly embarrassed Asaduddin Owaisi, AIMIM chief and MP tried to snatch the mic away from her and slammed her. Karnataka Police have registered a case under IPC Section 124A (Offence of sedition) against Amulya.

Mr. Wazi, who owns a two-acre areca plantation and runs a poultry farm, said he would not make any attempts to get her bail. “Let the law take its course. I cannot approve of her statement,” he said.

He said he had cautioned his daughter against getting involved in protests. “I told her to complete studies first and later she could fight for poor people. But what she said yesterday is not acceptable. I don’t know what made her so. I hope a probe would bring out who prompted her to make such statements,” he said.

Mr. Wazi also admitted that he was associated with BJP and had worked for saffronite leaders like Shobha Karandlaje and D N Jeevaraj.

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