Connect with us

Business

In five charts: How UAE’s exit could affect Opec’s influence over the oil price

Published

on

In five charts: How UAE’s exit could affect Opec’s influence over the oil price
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

New building standard makes fire safety advisory, raises height threshold to 24m – The Times of India

Published

on

New building standard makes fire safety advisory, raises height threshold to 24m – The Times of India


New Delhi: Residential buildings under 24 metres in height — a category that includes a large number multi-storey homes, such as the ill-fated one in Delhi’s Vivek Vihar — will fall outside the scope of “fire and life safety” provisions under the newly notified National Building Construction Standards (NBCS), which replaced the National Building Code (NBC) last week.NBCS fire and public safety norms, which are only “advisory” in nature, are applicable for buildings beyond 24 metres, against the earlier norm of 15 meters. Though the Deregulation Cell of Cabinet Secretariat had directed Bureau of Indian Standards (BIS) to keep fire and life safety out of NBCS, it was included due to pushback from technical experts.These provisions prescribe norms on how a building should be designed, equipped and managed to prevent fires and protect occupants if one occurs. This includes means of escape, and fire detection and alarm systems.The NBCS document said that “fire and life safety” is only for guidance and referral for state govt and local authority in respect of fire safety in buildings considering that “fire services is a state subject and a municipal function” as per the Constitution.“Provisions in NBCS have been updated considering the changes that have happened over the years. We have prescribed what states and municipalities can follow. It’s the responsibility of states and local authorities to ensure safety of structures and citizens,” said former Delhi Fire Service chief S K Dheri, who heads the fire safety committee at BIS.TOI has learnt that one of the key reasons for replacing NBC with NBCS was the confusion created by the term “Code.” Though NBC was voluntary, its title suggested legal enforceability, leading to disputes and litigation, and courts hauling up builders and govt entities for not following the code’s provisions.The document mentions that the nature of standards and codes has changed from a prescriptive regime, under which states and local authorities required hand holding, to a “more performance-oriented outlook, giving ample scope for innovation and decision-making”.However, experts involved in preparation of both NBC and current NBCS have raised concerns, pointing to inadequate institutional capacity of many municipal bodies to formulate detailed norms.Ajit Kumar SM, a committee member and president of Karnataka Professional Civil Engineers Act Steering Consortium, cautioned that increased state-level variation could result in inconsistent safety standards. He highlighted concerns about rising liability for professionals without adequate regulatory protection, potentially compromising public safety and professional integrity.



Source link

Continue Reading

Business

Private credit risks may trigger wider crunch; Fed’s Michael Barr warns of ‘psychological contagion’ – The Times of India

Published

on

Private credit risks may trigger wider crunch; Fed’s Michael Barr warns of ‘psychological contagion’ – The Times of India


US Federal Reserve Governor Michael Barr has warned that stress in the fast-growing private credit market could trigger “psychological contagion” and spill into the broader financial system, Reuters reported citing an interview with Bloomberg News.Barr said direct links between banks and private credit firms do not currently appear “super worrisome”, but other areas such as insurance sector exposure to private lenders remain a concern.“People might look at private credit, and instead of saying, ‘This is an idiosyncratic problem, these were high-risk loans, the rest of the corporate sector is different,’ they might say, ‘Wow, there seem to be cracks in our corporate sector. Maybe over here in the corporate bond market, there are also cracks,” Barr said.He added that “then you could have a credit pullback, and that could lead to more financial strain.”Private credit firms have come under pressure during the recent market downturn, with some investors stepping back amid concerns over valuations and lending standards following several high-profile bankruptcies.The comments come as regulators increasingly monitor the rapid expansion of private lending markets, which have grown as an alternative source of financing outside traditional banking channels.Federal Reserve Chair Jerome Powell had said in March that policymakers were watching developments in the private credit sector for signs of stress, but did not currently see risks large enough to threaten the wider financial system.



Source link

Continue Reading

Business

Pakistan faces economic strain; oil surge drives inflation toward 11% – The Times of India

Published

on

Pakistan faces economic strain; oil surge drives inflation toward 11% – The Times of India


Pakistan’s struggling economy is likely to remain under sustained pressure, with double-digit inflation expected to persist if global oil prices continue to surge amid the ongoing Middle East crisis, according to a report by Dawn.Topline Securities Ltd, in its latest “Pakistan Strategy” report released Saturday, provided a grim assessment of the impact of rising energy costs and regional instability on the country’s economy and stock market. The brokerage described the situation as “prolonged and evolving,” warning that any improvement depends on an immediate and peaceful resolution to the conflict.The report, asx cited by ANI, said that under current conditions, inflation could average between 9 and 10 per cent over the next year, with fourth-quarter FY26 figures expected to exceed 11 per cent. These projections are based on oil prices at $100 per barrel, with every $10 increase adding around 50 basis points to inflation. If oil rises to $120 per barrel, annual inflation could reach 11 per cent, potentially forcing the State Bank of Pakistan into further aggressive interest rate hikes.The rising inflationary pressure is expected to slow economic growth. Topline Securities has cut its GDP forecast for FY27 to between 2.5 and 3.0 per cent from an earlier estimate of 4.0 per cent. Growth for FY26 is projected at 3.5 to 4.0 per cent, but the industrial sector remains vulnerable, with growth possibly dropping to just 1 per cent from nearly 4 per cent.According to Dawn, the current account deficit for FY27 could exceed $8 billion if the government fails to maintain strict import controls, worsening pressure on foreign exchange reserves. The fiscal deficit for FY26 is expected to range between 4.0 and 4.5 per cent of GDP, exceeding targets set by the International Monetary Fund.The Pakistan Stock Exchange has been among the worst-performing markets globally, reflecting the country’s heavy reliance on imported energy. Petroleum imports are projected to reach $15 billion in FY26, while Pakistan imports around 85 per cent of its energy needs. This dependence contributed to a 15 per cent decline in the market during the first quarter of the year.The economic outlook is further affected by a projected 3.5 per cent decline in remittances, with inflows from the Gulf Cooperation Council region expected to fall by 10 per cent. Exports are also forecast to decline by 4 per cent.On the currency front, the Pakistani rupee is expected to weaken to 298 against the US dollar by FY27. Persistent conflict could push depreciation beyond historical averages, increasing pressure on supply and demand.Dawn noted that while domestic exploration firms may eventually increase production to reduce reliance on liquefied natural gas imports, the near-term outlook remains marked by high interest rates, rising urea prices, and a growing dependence on emergency administrative measures to prevent a deeper economic crisis.



Source link

Continue Reading

Trending