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 31,2020

Patna, Mar 31: In arguably the first of its kind incident in the country, a young man in Bihar was beaten to death precisely because he had informed the district control room about two corona suspects who had arrived here in the State from Mumbai.

The incident took place in Sitamarhi in North Bihar where a 20-year-old youth Bablu Kumar was allegedly killed by Sudhir Mahto and Munna Mahto.

The two Mahtos had arrived from Mumbai to Sitamarhi around ten days back. Bablu, in the meantime, informed the district control room about the arrival of two persons from a State where a large number of people were afflicted with coronavirus.

A team of doctors on March 24 reached Runnisaidpur in Sitamarhi to examine the two suspects. Three days later, these two persons from Maharashtra tested negative.

But the incident (of informing control room and subsequent medial test) created such enmity between the family of Mahtos and Babloo that on Sunday when they found the 20-year-old young man sitting alone, they thrashed him so mercilessly that he died on the spot.

Shocked and grief-struck, Babloo’s father Vinod Singh eventually lodged an FIR with the police and named Sudhir Mahto, Munna Mahto, and their family members as accused in the killing of his son.

The police on Monday raided the place and arrested the Mahtos.

But then, this is not an isolated case of violence. In another incident that took place in Bihar’s Jehanabad district, a BDO Ajay Kumar and a police officer Chandrashekhar Kumar were attacked by fellow villagers when the officials reached there to quarantine those migrants who had reached there from Delhi. So angry were the villagers with the officials’ move to isolate the migrants that they smashed the window-panes of the government vehicles and attacked the officials.

The officials had to beat a hasty retreat. But they soon returned with additional police team which used brutal force and took local leaders into custody before restoring normalcy in the area.

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News Network
April 2,2020

The current physical distancing guidelines provided by the World Health Organisation (WHO) and by the US Centers for Disease Control and Prevention (CDC) may not be adequate to curb the coronavirus spread, according to a research which says the gas cloud from a cough or sneeze may help virus particles travel up to 8 metres. The research, published in the Journal of the American Medical Association, noted that the the current guidelines issued by the WHO and CDC are based on outdated models from the 1930s of how gas clouds from a cough, sneeze, or exhalation spread.

Study author, MIT associate professor Lydia Bourouiba, warned that droplets of all sizes can travel 23 to 27 feet, or 7-8 metres, carrying the pathogen.

According to Bourouiba, the current guidelines are based on "arbitrary" assumptions of droplet size, "overly simplified", and "may limit the effectiveness of the proposed interventions" against the deadly pandemic.

 She explained that the old guidelines assume droplets to be one of two categories, small or large, taking short-range semi-ballistic trajectories when a person exhales, coughs, or sneezes.

However based on more recent discoveries, the MIT scientist said, sneezes and coughs are made of a puff cloud that carries ambient air, transporting within it clusters of droplets of a wide range of sizes.

Bourouiba warned that this puff cloud, with ambient air entrapped in it, can offer the droplets moisture and warmth that can prevent it from evaporation in the outer environment.

"The locally moist and warm atmosphere within the turbulent gas cloud allows the contained droplets to evade evaporation for much longer than occurs with isolated droplets," she said.

"Under these conditions, the lifetime of a droplet could be considerably extended by a factor of up to 1000, from a fraction of a second to minutes," the researcher explained in the study.

The MIT scientist, who has researched the dynamics of coughs and sneezes for years, added that these droplets settle along the trajectory of a cough or sneeze contaminating surfaces, with their residues staying suspended in the air for hours.

"Even when maximum containment policies were enforced, the rapid international spread of COVID-19 suggests that using arbitrary droplet size cutoffs may not accurately reflect what actually occurs with respiratory emissions, possibly contributing to the ineffectiveness of some procedures used to limit the spread of respiratory disease," Bourouiba wrote in the study

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News Network
May 30,2020

Bengaluru, May 30: Bengaluru City civic body Bruhat Bengaluru Mahanagara Palike (BBMP) has slapped a fine of Rs 50,000 on the food delivery startup Swiggy for irresponsible disposal of waste, an official said on Friday.

"Thinking of food is great - Swiggy. Hope you also think of segregating waste and disposing of it responsibly," tweeted BBMP Solid Waste Management Special Commissioner D. Randeep.

Randeep said a penalty of Rs 50,000 was imposed on Swiggy Kitchen at Katriguppe in the city for the violation.

"The incident with respect to waste segregation has been brought to our notice and happened at one of our kitchens in Bengaluru," confirmed a Swiggy spokesperson to IANS without revealing the exact details.

He said the startup is aware of its civic responsibility and has stringent processes to ensure high standards of compliance.

"While we investigate and rectify the root cause of the matter, we are reinforcing necessary awareness on the best practices to be followed amongst our teams and partner network to ensure complete compliance with waste management," the spokesperson added.

Swiggy has been penalised earlier as well for its irresponsible disposal of waste.

Recently, the BBMP’s solid waste management department has also fined an apartment complex Rs 15,000 for not segregating waste into dry, wet and reject categories.

Waste disposal norms for apartments

"Segregation of waste is mandatory in apartments. Onus of enforcing segregation rules lies on the (apartment) association and waste should be segregated as dry, wet and reject," said Randeep.

InClover Grand Apartments at Baiyappanhalli was penalised for the offence of improper waste disposal. Similarly, BBMP marshals also caught and fined some people openly discarding waste in public spaces.

"Dear citizens, please change your old habits. Our marshals are watching and will fine those who throw garbage in public spaces," BBMP Special Commissioner Randeep said.

He shared the photographs of two scooter-borne individuals being caught in the act and penalised at Kuvempunagar in Bengaluru.

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