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
July 10,2020

Bengaluru, Jul 10: Karnataka health minister B Sriramulu on Thursday said that the government is planning to increase number of COVID-19 testing labs and technicians in the state.

Speaking to news agency, Sriramulu said, "We have 72 labs where COVID-19 tests are conducted. They are under pressure with increased number of tests. When lab technicians are quarantined, it gets difficult to complete work. So we are considering to increase number of labs and technicians."

Speaking on the community transmission of COVID-19 in Bengaluru, he said, "The experts are already deliberating over the issue of community transmission. According to me the community spread has not taken place yet."

Meanwhile, Cabinet Minister Madhu Swamy said that the government is calling for foreign investment for which Boston Consulting Group (BCG) has been hired by the state government.

Speaking to the reporters after the Cabinet meeting, Swamy said, "We call for foreign investment in Karnataka for which we need an agency who has to coordinate, who has to bring outsiders in Karnataka to invest in the state. For that we have hired a company by name Boston consulting Group(BCG) we will be paying them Rs 1 crore for twelve months."

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News Network
February 2,2020

Thrissur, Feb 2: The Kerala government on Saturday said the condition of the medical student, kept in an isolation ward in Thrissur after testing positive for the novel coronavirus is satisfactory and that three people have been arrested for spreading false information on social media about the disease.

The woman, who tested positive, is a student of Wuhan university and is undergoing treatment at the Thrissur Medical College Hospital.

"The health status of the student who tested positive for coronavirus remains satisfactory.

The hospital authorities have confirmed that the health condition of all symptomatic persons under isolation in hospitals are "stable", a bulletin said.

Health Minister K K Shailaja said Kerala has strengthened surveillance and control measures against the epidemic, which has been declared by WHO as a global emergency,

She told reporters here that three people have been arrested for spreading false information about those who had arrived in the state from coronavirusa affected countries and are under home surveillance.

Six others had forwarded the posts and the cyber cell was probing the matter, Shailaja said.

The minister had earlier warned that strong action would be taken against those putting out false news on the disease.

Police said Sabari was arrested on Friday and released on bail, while two others-- Shafi and Siraj were arrested on Saturday.

Two cases have been registered in two police stations in Thrissur in this connection, they said.

A medical bulletin said that till date, 1793 people who travelled from coronavirus affected countries have been identified and placed under surveillance.

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News Network
February 19,2020

Malappuram (Kerala), Feb 19:  children of a couple in a span of nine years has raised suspicion among police personnel here who have registered a case following a complaint after a three-month-old child of the family died on Tuesday and was buried.

Police exhumed the body, which was buried in the morning, and took it to the district hospital at Tirur for post-mortem.

The infant was the sixth child of the couple, police said.

"A case has been registered (for unnatural death) in the matter to verify the death beyond any suspicion raised by locals since five other children of the couple had died in the past nine years," a senior police official said.

The couple had three boys and three girls of which the third girl child lived till the age of four and the rest died before turning one.

"The post-mortem will take place today itself.We are collecting the medical records of the children who had passed away earlier.

We will identify the cause of death after analysing the records and discuss the matter with forensic doctors," Tirur Deputy Superintendent of Police (DySP) said.

However, relatives claimed that there was nothing suspicious in the death of the children and that doctors have said it was due to some genetic disease.

"The post-mortem of the third child was conducted and the doctors said the death was due to some genetic problems. They said they were helpless," a relative said, adding that the family was ready to face any probe.

According to the locals, the couple had claimed that the children have died due to epilepsy.

Sources said the baby was taken to a hospital but was dead prior to reaching the hospital early this morning.

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