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<ul class="summary-list"><li>Real estate developer Rob Lauer hopes to build a commercial spaceport in Nevada.</li><li>Investors will pledge $10 million toward the project if it's approved.</li></ul>Nevada could be the new frontier for <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/luxury-space-tourism-test-capsule-balloon-2024-2">space tourism</a>.At least, that's what real estate developer Rob Lauer envisions with his plans to build a spaceport near Las Vegas. Lauer, a former US Army military police officer, is the CEO of <a target="_blank" class="editor-rtfLink" href="https://lasvegasspaceport.org/">Las Vegas Spaceport</a>."Ten years from now, tours will be coming here to the Las Vegas Spaceport and boarding a space plane for their journey," he said in a YouTube video for investors. "Perhaps to a hotel in space. Perhaps to the moon. Or even, perhaps, to Mars."Las Vegas Spaceport would be intended for commercial and private space tourism.The company's 240-acre development site is a 15-minute helicopter ride from the Las Vegas Strip, which centers the city's thriving tourism industry.The city recently embraced <a target="_blank" class="" href="https://www.businessinsider.com/f1-las-vegas-grand-prix-race-cost-fans-economic-boost-2023-11">Formula 1</a>, which generated $1.5 billion for the local economy in 2023, according to <a target="_blank" class="" href="https://www.reviewjournal.com/business/tourism/tourists-spent-big-money-in-las-vegas-during-f1-was-it-more-than-super-bowl-58-3031216/">The Las Vegas Review-Journal</a>. A report from <a target="_blank" class="" href="https://www.billboard.com/business/touring/sphere-earnings-revenue-expansion-1235680231/">Billboard</a> said <a target="_blank" class="" href="https://www.businessinsider.com/what-is-who-created-las-vegas-sphere-venetian-concert-arena-photos-inside">the Sphere</a> in Las Vegas earned $170 million in third-quarter revenue.<div type="image" title="The Las Vegas Strip and Bellagio Water Fountain Show in Las Vegas, Nevada." height="3684" width="5488" msid="111903765" hostid="261" sizebytes="1206022"></div>The FAA's website lists 20 spaceport and launch and reentry sites in the United States, including <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/spacex-boca-chica-texas-starbase-bird-habitat-2024-7">SpaceX's Boca Chica facility</a>, but none in Nevada. The list includes FAA-licensed, non-FAA-licensed, and US federal sites.Introducing a spaceport could entice more tourists to spend time in the area, which, according to the Las Vegas Convention and Visitors Authority, saw 40 million visitors in 2023.But the endeavor can be quite costly. The first seat on <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/blue-origin-auction-spacecraft-jeff-bezos-winner-seat-astronaut-2021-6">New Shephard,</a> a spacecraft from Jeff Bezos' Blue Origins, auctioned for $28 million in 2021.<h2 id="d9d6d303-df23-40f5-addc-ce77accc54de">The spaceport would offer educational programs for potential flyers and a STEM program</h2><div type="image" title="Rendering of STEM Academy for Las Vegas Spaceport." height="2053" width="3264" msid="111903768" hostid="261" sizebytes="116224"></div>Space tourism is more popular than ever.<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/spacex-inspiration4-first-space-tourists-return-to-earth-2021-9">SpaceX</a>, Elon Musk's astronautics company, successfully launched its first all-tourist flight to orbit in 2021. Richard Branson's <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/virgin-galactic-02-space-flight-launch-live-updates-2023-8">Virgin Galactic</a> completed its first space tourism mission in 2023.And <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/blue-origin-new-shepard-delay-explainer-2024-5">Blue Origin</a> launched six tourists to the edge of space in May. <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/watch-live-jeff-bezos-blue-origin-space-launch-2021-7">The aerospace company</a> previously sent four commercial astronauts to space in 2021.Although space tourism is gaining traction, especially with billionaires, it's still out of reach for the everyday traveler.Las Vegas Spaceport wants to make traveling to the stars more accessible. The spaceport would offer civilian space flight acclimation training and a post-high school STEM academy where students can access flight simulators.The company also plans to construct a hotel, passenger terminal, rooftop observation deck, and restaurant at the spaceport.As smaller companies like Las Vegas Spaceport look to enter the industry, some travelers are already excited to take flight.A 2023 Pew Research Center survey found that 35% of respondents would be interested in orbiting Earth in a spacecraft.The survey also said 55% of respondents believed people would "routinely travel" as space tourists in the next 50 years.<h2 id="0be733f9-6d40-40f6-bf28-1ffc1a293eb0">But first, Lauer wants to develop an airport</h2>Before erecting rocket pads and passenger hubs, the company is focused on phase one: securing official approval for The Las Vegas Executive Airport.Las Vegas Spaceport scored a win in May when the Clark County Commission "unanimously" approved construction permits for an airstrip, according to the <a target="_blank" class="editor-rtfLink" href="http://phase">Las Vegas Review-Journal</a>.Clark County officials told Business Insider that Las Vegas Spaceport applied for airstrip approval near Nye County."Although the application initially included reference to 'spacecraft' and 'spaceport,' those references were removed from the conditions at the time of approval of the application because the application was only for an airstrip," the statement said. "The County's granting of the application was conditioned upon approval of the FAA for the airstrip."The FAA told BI it received a proposal for an airport from Las Vegas Spaceport."After a thorough review, the FAA determined that the proposed Las Vegas Executive Airport would not affect the safety or efficiency of the surrounding airspace," the statement read.The FAA added that although the review found the airport wouldn't disrupt airspace, it "does not constitute an approval of the single-runway airport."Still, Lauer considered the FAA's review a necessary step toward reaching his ambitions, saying it is a "significant milestone in the journey toward realizing the Las Vegas Spaceport" in a statement to BI."This landmark decision paves the way for the next phase of this ambitious project, which is set to revolutionize space travel and tourism in Southern Nevada," he said.The statement added that the project had secured $10 million in pledges from investors, contingent on the FAA and Clark County approval.The company could start construction on the airport in three months.

A developer is planning a commercial spaceport near Las Vegas that includes a pilot school and STEM academy

The <keyword id="23034745" type="General" weightage="20" keywordseo="SpaceX-Polaris-Dawn-mission" source="keywords">SpaceX Polaris Dawn mission</keyword> featuring the first <keyword id="21529834" type="General" weightage="20" keywordseo="spacewalk" source="keywords">spacewalk</keyword> by <keyword id="22932111" type="General" weightage="20" keywordseo="private-citizens" source="keywords">private citizens</keyword> is now slated for launch this Friday, according to the Federal Aviation Administration (FAA). Spearheaded by billionaire entrepreneur <keyword id="20781701" type="General" weightage="20" keywordseo="Jared-Isaacman" source="keywords">Jared Isaacman</keyword>, the mission aims to achieve a peak altitude of 870 miles (1,400 kilometers) — the highest reached by a crewed mission in over 50 years, since NASA's Apollo program. <div type="Article" hostid="261" msid="112574677" title="I spent over $2,000 to fly United Polaris, a &amp;#39;reimagined&amp;#39; business class. It&amp;#39;s only worth it for trips over 10 hours." mstype="2" mssubtype="0"></div>A key highlight will be the first-ever spacewalk conducted by a crew of four non-professional <keyword id="20038917" type="General" weightage="20" keywordseo="astronauts" source="keywords">astronauts</keyword>, who will be wearing newly designed <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword> extravehicular activity (EVA) suits. These <keyword id="22220287" type="General" weightage="20" keywordseo="EVA-suits" source="keywords">EVA suits</keyword> represent a significant advancement in <keyword id="22170081" type="General" weightage="100" keywordseo="spacesuit" source="keywords">spacesuit</keyword> technology, tailored specifically for the unique challenges of this <keyword id="22302640" type="General" weightage="20" keywordseo="commercial-spacewalk" source="keywords">commercial spacewalk</keyword>. Developed by SpaceX, the suit is an evolution of the one already used by astronauts aboard the Dragon spacecraft, with several key enhancements for safety and functionality during spacewalks: 1. 3D-printed helmet: The suit features a 3D-printed helmet with a single-layer visor made of copper and indium-tin oxide, which provides protection against micrometeoroids and harsh space environments. The helmet also includes a heads-up display, allowing astronauts to monitor suit metrics like oxygen levels and temperature without looking away from their tasks. 2. Fireproof and stretchable fabric: The suit is constructed from fireproof materials that can withstand extreme temperatures. The fabric is also designed to be stretchable, giving astronauts better mobility, which is crucial during the spacewalk. 3. Redundant seals and pressure valves: To ensure the safety of the crew, the suit is equipped with redundant seals and pressure valves. These features help maintain the suit's integrity in case of a minor breach, which is critical during a spacewalk where even a small tear could be life-threatening. 4. Novel rotator joints: The inclusion of rotator joints in the suit allows for greater freedom of movement, particularly in the shoulders and arms. This is vital for astronauts to perform intricate tasks while outside the spacecraft. 5. Advanced boots: The boots of the EVA suit are made from the same heat-retardant material used on the Falcon 9 rocket. This ensures that the astronauts' feet are protected from extreme temperatures, which can vary drastically in space. 6. Suit metrics display: A heads-up display integrated into the helmet provides real-time data on suit health, including oxygen levels and pressure, enabling astronauts to react swiftly in case of anomalies. These suits are not only crucial for the safety and effectiveness of the planned spacewalk during <keyword id="22302639" type="General" weightage="20" keywordseo="polaris-dawn" source="keywords">Polaris Dawn</keyword> but also represent a step forward in the development of gear that will be essential for future missions, potentially including deep-space exploration. <div type="Article" hostid="261" msid="112667750" title="SpaceX is launching 4 people on a risky mission to fly through radiation belts and do the first commercial spacewalk" mstype="2" mssubtype="0"></div>

SpaceX’s Polaris Dawn mission will take off on Friday. Here’s what the crew is going to be wearing

<ul class="summary-list"><li>Baiju Bhatt, the cofounder of trading app Robinhood, has a new space startup.</li><li>Aetherflux aims to launch a constellation of satellites to transmit solar power to Earth using infrared lasers.</li></ul>When Baiju Bhatt co-founded the stock trading app <a target="_blank" class="" href="https://www.businessinsider.com/robinhood-collapse-what-happened-retail-investing-meme-stocks-future-finance-2022-2">Robinhood</a> in 2013 with his college best friend, Vlad Tenev, the aim was to "democratize finance for all."Robinhood's no-fee, gamified approach to investing made capital markets more accessible than ever before, leading to an IPO in 2021.After over a decade at the company, Bhatt stood down as Robinhood's chief creative officer in March to pursue what was described at the time as "other entrepreneurial interests."In October, Bhatt announced he was launching Aetherflux, a Silicon Valley-based space startup.Aetherflux aims to create a constellation of satellites in low Earth orbit (LEO) that will collect solar power and beam it down to receptors on Earth using infrared lasers.Just as <a target="_blank" class="" href="https://www.businessinsider.com/inside-starlink-spacex-satellite-internet-business-constellation-fleet-elon-musk-mars">Elon Musk's Starlink</a> constellation has transformed communications, Bhatt hopes Aetherflux will revolutionize energy, he told Business Insider in an interview.The receptors will be just 10 meters in diameter, Bhatt said, meaning they can be placed virtually anywhere and theoretically provide power to remote locations that would otherwise be too expensive or dangerous to reach."If we succeed, we unlock a renewable energy source for humanity that can be delivered virtually anywhere," he wrote in a <a target="_blank" class="" href="https://www.linkedin.com/pulse/allow-me-re-introduce-myself-baiju-bhatt-nu1ic/?trackingId=xecx1MNjQxGa6fapJvT2fA%3D%3D">LinkedIn post</a> announcing Aetherflux.If it works, far more solar power can be captured in orbit than through the atmosphere at ground level, and there would be no nighttime or weather disruptions to the power source. It would also free up land used for solar farms on Earth.Aetherflux plans to start by powering military operations in remote locations or remote mining operations, Bhatt said.<div type="image" title="A profile of Baiju Bhatt smiling in a black t-shirt in front of a beige background." height="3553" width="5324" msid="114432481" hostid="261" sizebytes="611312"></div>Bhatt hopes that a single receptor will one day be able to capture enough power for a small neighborhood of homes. He added that they'd need around 100 satellites to provide continuous power to one location.The idea of space-based solar power has existed for decades, but theories have generally rested on large constructions being sent into orbit and using microwaves to transmit energy.In January 2023, the California Institute of Technology launched a solar space-power demonstrator satellite into orbit for a yearlong mission to test out a range of potential approaches.Caltech's president, Thomas F. Rosenbaum, <a target="_blank" class="" href="https://www.caltech.edu/about/news/space-solar-power-project-ends-first-in-space-mission-with-successes-and-lessons">said the project</a> had shown them that solar power beamed from space "is still a future prospect" but that it "should be an achievable future."Aetherflux wants to do things differently by using infrared lasers and a modular approach.The science has already been demonstrated; it's just going to be an engineering and economic feat to prove it can be done from space, Bhatt said.To begin with, Aetherflux plans to send a single satellite into orbit by the first quarter of 2026 to demonstrate that solar energy transmission is possible.<h2 id="f76e6857-d783-49d8-94bf-ab950b9759df">The right time to be in space</h2>Though the career jump from finance to the space industry may seem unusual, Bhatt said space has been his "lifelong calling."NASA was a part of Bhatt's childhood. His father moved to the US from India to pursue physics and got a job at NASA's Langley Research Center in the 1990s studying atmospheric sciences.With a bachelor's in physics and a master's in mathematics, both from Stanford, Bhatt thought he'd be a physicist too. So, Robinhood was a "bit of a detour," he told BI.He is still a board member but has stepped back from day-to-day operations.One lesson Bhatt said he learned from running the trading app was how powerful capitalism could be in accelerating innovation."If you can take a problem that's been stagnating and you can create a capitalist system around it where people can make money doing something, you'll see the rate of progress really speed up," he said.<div type="image" title="Baiju Bhatt (right) and Vlad Tenev, founders of the online brokerage Robinhood." height="4160" width="6240" msid="114432476" hostid="261" sizebytes="601100"></div>After meeting with people working on power for DARPA at the beginning of this year and seeing the <a target="_blank" class="" href="https://www.businessinsider.com/why-spacex-starship-launch-five-huge-deal-space-travel-2024-10">timeline Starship is on</a>, Bhatt decided that the best opportunities were now in space.Since 2009, the sum of private investments in space startups has soared from essentially nothing to $327.3 billion, according to the latest "<a target="_blank" href="https://spacecapital.docsend.com/view/9d69zpfz4ddms3ry">Space Investment Quarterly</a>" report published by venture capital and angel-investment firm Space Angels.The industry's value is expected to continue booming. <a target="_blank" class="" href="https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/space-the-1-point-8-trillion-dollar-opportunity-for-global-economic-growth">McKinsey</a> estimates that the global space economy will be worth $1.8 trillion by 2035, accounting for inflation, up from $630 billion in 2023."It's hard to find something more exciting and impactful than space," said Matthew Weinzierl, a professor of the economics of space at Harvard Business School and coauthor of the upcoming book "Space to Grow.""This really is a new frontier, one where technological innovation can create new markets and solve real problems, often in ways we haven't thought of before," he said.Weinzierl said that in the past two decades, the US government has created pathways for commercial players, enabling market forces to take hold."Prices to orbit have dropped, launch availability has soared, and a wave of entrepreneurs are finding new ways to create value," he said.<div type="image" title="SpaceX's Super Heavy booster as it returned to its launch site, with the sun rising in the background." height="1031" width="1920" msid="114432482" hostid="261" sizebytes="52022"></div>With so many more commercially available products, space has <a target="_blank" class="" href="https://www.businessinsider.com/starship-launch-success-elon-musk-vision-cheap-space-travel-closer-2024-3#:~:text=%22With%20Starship%2C%20SpaceX%20is%20poised,in%20an%20email%20on%20Thursday.">never been cheaper</a>.Aetherflux is an example of how companies are using off-the-shelf solutions to speed up development. Its satellites are purchased readymade from satellite bus provider <a target="_blank" href="https://www.businessinsider.com/palmer-luckey-anduril-apex-defense-tech-space-satellite-surveillance-2024-10">Apex</a>, the high-powered lasers it plans to use are commercially available, and it'll be using <a target="_blank" href="https://www.businessinsider.com/spacex-launch">SpaceX</a> as a launch partner for its 2026 mission."The part that we're building is the actual optical design, the control systems, and the power transmission link, as well as the ground station," said Bhatt.<h2 id="5dda5318-030a-431a-91ff-f205b537a068">The future of Aetherflux</h2>When he spoke with BI, Bhatt had just moved into a lab facility in the Bay Area. With a team of 10 employees, he will begin iterating ground tests, developing the system design, and working with regulators.He's self-funding the project "completely," he told BI. As one of Robinhood's cofounders, Bhatt's net worth spiked after its IPO in 2021. He is worth around $1.7 billion, <a target="_blank" class="" href="https://www.forbes.com/profile/baiju-bhatt/">Forbes reports.</a>Although access to space has become more routine and affordable, Weinzierl said there is still a lot of uncertainty around the industry. Some of the ideas and businesses being developed today won't survive, but they'll be "the foundation that tomorrow's entrepreneurs will learn from and build on," he said.A self-proclaimed science nerd, Bhatt named his startup after a 19th-century theory about a pervasive medium called the aether, which physicists believed light traveled through."Einstein came along in 1905 and was basically like, nah, that stuff's all wrong. Light is the same in every reference frame," said Bhatt.So Aetherflux is named after a disproven scientific theory? Yes, Bhatt agreed with amusement. But he's "laser-focused" on the first mission and adamant that Aetherflux won't fall into the same bracket as its namesake."Space is hard," he admitted, "but we're committed to demonstrating this and making it happen."

Robinhood's cofounder has joined the rapidly growing commercial space race, and wants to beam solar power from satellites to earth

PRNewswire—Bengaluru (Karnataka) [India], July 19: <keyword id="1606194" type="General" weightage="100" keywordseo="Aereo" source="Orion">Aereo</keyword>, India's leading <keyword id="22468617" type="General" weightage="20" keywordseo="drone-based-business-intelligence" source="Orion">drone-based business intelligence</keyword> provider, has successfully closed a <keyword id="22468616" type="General" weightage="20" keywordseo="USD-15-million" source="Orion">USD 15 million</keyword> <keyword id="1095983" type="General" weightage="20" keywordseo="Series-B-funding" source="Orion">Series B funding</keyword> round led by 360 ONE Asset. The round saw participation from long-standing investors StartupXseed Ventures and Navam Capital. Aereo delivers <keyword id="20829411" type="General" weightage="20" keywordseo="business-intelligence" source="keywords">business intelligence</keyword> solutions to help manage large capital assets using proprietary drones and an AI-powered data analytics platform. Their sector-specific solutions cater to mining, infrastructure, urban and rural development, land records, and other industries translating into a 400% revenue growth in the last two years and market dominance. Vipul Singh, co-founder and CEO of Aereo, stated, "This funding milestone enables us to expand our <keyword id="22468614" type="General" weightage="20" keywordseo="aerial-intelligence" source="keywords">aerial intelligence</keyword> solutions for capital asset management. With our proprietary drone tech and 360 ONE Asset's partnership, we aim to revolutionise this $10 billion industry and create a global footprint." <keyword id="22468618" type="General" weightage="20" keywordseo="Suhas-Banshiwala" source="Orion">Suhas Banshiwala</keyword>, co-founder and CTO of Aereo, stated, "Our vision is to continuously innovate drone manufacturing and data analytics for the greater good. We are excited about the confidence our customers and shareholders have shown and are gearing up for an orbital shift." Aereo has been recognised by the Asian Infrastructure Investment Bank (AIIB) as one of the top three infra-tech organisations. As a technology partner for Coal India Limited's Digicoal initiative, Aereo provides critical business intelligence for some of the world's largest coal mines for improving productivity, efficiency, safety, and environmental compliance. It has also been empanelled with Tata Steel since 2019, aiding the digitalisation of over 27 critical mines and stockyards. Over the past three years, Aereo has achieved significant milestones, including mapping over 45,000 villages under the SVAMITVA scheme and covering more than 50,000 sq. km of land area for the Digital India Land Record Modernisation Program (DILRMP). The Series B investment serves as a powerful catalyst for Aereo's growth, with a key focus on automation. Their AI-powered drone data analytics platform is set to revolutionise automation and digitisation. With strategic partnerships, R&amp;D, and new product development, Aereo is ready to lead the global <keyword id="22468613" type="General" weightage="20" keywordseo="drone-solutions" source="keywords">drone solutions</keyword> sector. Karan Ahuja, Fund Manager at 360 ONE, remarked, "We're thrilled with the momentum in the <keyword id="22468615" type="General" weightage="20" keywordseo="commercial-drone" source="keywords">commercial drone</keyword> tech sector in India. Our partnership with Aereo reflects our belief in their cutting-edge innovations, and we're excited for their solutions to go global." Ravi Thakur, Co-Founding Partner at StartupXseed, added, "Aereo has been a trailblazer from the start, delivering exceptional solutions and building the drone ecosystem. We're excited to support them in their next major growth phase."

Aereo, India's leading commercial drone solutions startup, secures USD 15 million in Series B funding round

The bad assets or gross <keyword id="19964545" type="General" weightage="20" keywordseo="NPAs" source="keywords">NPAs</keyword> of commercial <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> fell to a 12-year low of 2.8% in March 2024 and may go down further to 2.5% by the end of the current fiscal, said the <keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="269" meta.entityid="RBI">RBI</keyword>'s <keyword id="678734" type="General" weightage="20" keywordseo="Financial-Stability-Report" source="Orion">Financial Stability Report</keyword> (FSR) released on Thursday. <keyword id="19982351" type="General" weightage="20" keywordseo="Scheduled-Commercial-Banks" source="keywords" meta.keywordsubtype="org" meta.entityname="Scheduled Commercial Banks" meta.hostid="269" meta.entityid="Scheduled Commercial Banks">Scheduled Commercial Banks</keyword>' (SCBs) gross <keyword id="6401657" type="General" weightage="20" keywordseo="non-performing-assets" source="Orion">non-performing assets</keyword> (<keyword id="19982350" type="General" weightage="20" keywordseo="GNPA" source="keywords">GNPA</keyword>) ratio fell to 2.8%, and the net non-performing assets (NNPA) ratio to 0.6% at the end of March 2024. "The asset quality of SCBs recorded sustained improvement, and their GNPA ratio moderated to a 12-year low in March 2024. Their NNPA ratio too improved to a record low," said the June FSR. Among bank groups, public sector banks (<keyword id="20012926" type="General" weightage="20" keywordseo="PSBs" source="keywords">PSBs</keyword>) recorded a substantial reduction (76 bps) in their GNPA ratio during H2 2023-24. While the GNPA stock decreased across all bank groups, active and deep provisioning by PSBs and foreign banks (FBs) resulted in an improved provisioning coverage ratio (PCR) in March 2024, the report said. The half-yearly slippage ratio (viz, new NPA accretions as a share of standard advances) decreased across bank groups. Though the amount of write-offs declined during the year, the write-off ratio remained almost at the same level a year ago due to a reduction in GNPA stock, the FSR said. Overall, it added the sustained reduction in the GNPA ratio since March 2020 has been primarily due to a persistent fall in new NPA accretions and increased write-offs. The RBI said macro stress tests are performed to assess the resilience of SCBs' balance sheets to unforeseen shocks emanating from the macroeconomic environment. These tests attempt to assess capital ratios over a one-year horizon under a baseline and two adverse (medium and severe) scenarios. "The GNPA ratio of all SCBs may improve to 2.5% by March 2025 under the baseline scenario," the report said. However, if the macroeconomic environment worsens to a severe stress scenario, the ratio may rise to 3.4%. Under the severe stress scenario, the GNPA ratios of PSBs may increase from 3.7% in March 2024 to 4.1% in March 2025, whereas it may go up from 1.8% to 2.8% for private sector banks and from 1.2% to 1.3% for FBs. The <keyword id="20089808" type="General" weightage="20" keywordseo="financial-stability" source="keywords">Financial Stability</keyword> Report reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on the resilience of the Indian financial system and risks to financial stability. The report further said deposit mobilisation by SCBs gathered pace during 2023-24, with a large portion of new accretions in the form of term deposits. "Interest rates became more attractive as banks stepped up efforts to mobilise funds to match the rapid rise in credit demand. Growth in current account and savings account (CASA) accelerated across all bank groups," the RBI said. According to the report, bank credit accelerated during H2 2023-24 among public sector banks (PSBs) and foreign banks (FBs), whereas it moderated in respect of private sector banks (PVBs). The share of credit to the services sector and personal loans in the aggregate loan portfolio increased. Personal loans accounted for over half of PVBs' <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword>. The expansion in personal loans was broad-based, led by housing loans and followed by other personal loans.

Banks' gross NPAs at 12-yr low, may fall further to 2.5%: RBI report

The pharmaceutical giant <keyword id="19910149" type="General" weightage="20" keywordseo="AstraZeneca" source="keywords" meta.keywordsubtype="org" meta.entityname="AstraZeneca" meta.hostid="261" meta.entityid="AstraZeneca">AstraZeneca</keyword>'s <keyword id="20040659" type="General" weightage="20" keywordseo="COVID-19-vaccine" source="keywords">COVID-19 vaccine</keyword> is being withdrawn worldwide after the company acknowledged for the first time in court documents that it can cause a rare and dangerous side effect, according to a report in the British Newspaper 'The Telegraph'. AstraZeneca has announced that the <keyword id="19959412" type="General" weightage="20" keywordseo="vaccine" source="keywords">vaccine</keyword> was being removed from markets for commercial reasons. It further said that the vaccine was no longer being made or supplied, having been superseded by updated vaccines that fight new variants. The application to withdraw the vaccine was made on March 5 and came into effect on May 7. The vaccine can be no longer used in the European Union following the company's decision to withdraw its "marketing authorisation." Similar applications will be submitted in the UK and other nations in the coming months that have given a go-ahead to the vaccine, known as Vaxzevria. In recent months, Vaxzevria has come under scrutiny over a very rare side effect, which causes blood clots and low blood platelet counts. In court documents, AstraZeneca in the High Court in February admitted that the vaccine "can, in very rare cases, cause <keyword id="20218859" type="General" weightage="20" keywordseo="TTS" source="keywords">TTS</keyword>". TTS which stands for <keyword id="21475609" type="General" weightage="20" keywordseo="Thrombosis-with-Thrombocytopenia-Syndrome" source="keywords">Thrombosis with Thrombocytopenia Syndrome</keyword> has been associated with at least 81 deaths in the UK and hundreds of serious injuries. More than 50 alleged victims and grieving relatives have filed a lawsuit against AstraZeneca in a High Court case. AstraZeneca has insisted that the decision to withdraw the vaccine is not related to the case or admission that it can cause TTS and termed the timing a pure coincidence, according to The Telegraph report. "We are incredibly proud of the role Vaxzevria played in ending the global pandemic. According to independent estimates, over 6.5 million lives were saved in the first year of use alone and over three billion doses were supplied globally. Our efforts have been recognised by governments around the world and are widely regarded as being a critical component of ending the global pandemic," The Telegraph quoted AstraZeneca as saying. In a statement, the pharmaceutical giant said, "As multiple, variant Covid-19 vaccines have since been developed, there is a surplus of available updated vaccines", adding that it has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied, The Telegraph reported. It further announced its decision to initiate the withdrawal of the marketing authorisations for Vaxzevria within Europe. The company said, "We will now work with regulators and our partners to align on a clear path forward to conclude this chapter and significant contribution to the Covid-19 pandemic." Last week, AstraZeneca reiterated its commitment to patient safety while emphasising the vaccine's overall safety profile. An AstraZeneca spokesperson had stated, "Our sympathy goes out to anyone who has lost loved ones or reported health problems. Patient safety is our highest priority, and regulatory authorities have clear and stringent standards to ensure the safe use of all medicines, including vaccines." This comes in the wake of a recent admission by AstraZeneca, the pharmaceutical company, that its <keyword id="19896627" type="General" weightage="20" keywordseo="covid" source="keywords">Covid</keyword> vaccine Covishield and Vaxzevria "can, in very rare cases, cause Thrombosis Thrombocytopenia Syndrome (TTS)." Despite these rare occurrences, the pharmaceutical company maintained that extensive clinical trial data and real-world evidence consistently support the vaccine's safety and efficacy. Regulatory agencies worldwide continue to assert that the benefits of vaccination outweigh the risks of such extremely rare side effects. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a>

AstraZeneca withdraws COVID-19 vaccine worldwide, cites commercial reasons

<ul class="summary-list"><li>Vornado Realty Trust is contemplating turning a prime New York City plot into a giant billboard.</li><li>The plan comes amid a struggling commercial real estate market.</li></ul>New York City-based developer Vornado Realty Trust is considering using a plot of land near Madison Square Garden and the Empire State Building to house a 150-foot tall billboard, among other options.The project is called "The Penn Platform" and was previously reserved for a <a target="_blank" href="https://books.vno.com/books/kpoe/#p=195">56-floor office tower.</a> But the commercial real-estate sector is in serious trouble, and now, Vornado is rethinking that plan.Vornado says the site could be used for a variety of functions. In addition to the massive billboard, that list includes sporting facilities such tennis courts and NCAA-sized basketball courts, or facilities for events such as New York Fashion Week, according to an online <a target="_blank" href="https://www.vnomarketing.com/pennplatform">marketing brochure published by the developer.</a> The news was first reported by <a target="_blank" href="https://www.crainsnewyork.com/real-estate/vornados-penn-platform-include-tennis-courts-fashion-shows-digital-billboard">Crains New York Business</a>."We are currently considering a number of potential interim options for the Hotel Pennsylvania site," a Vornado spokesperson told Business Insider via email, referring to the famous hotel that previously stood on the plot of land. The <a target="_blank" href="https://www.curbed.com/2021/04/so-long-to-the-hotel-pennsylvania.html">Hotel Pennsylvania</a> was built in 1919, closed in 2020, and demolished in 2023."The renderings in the presentation are for conceptual purposes," the spokesperson added.<div type="image" title="Map of NYC The Penn Platform" height="856" width="1334" msid="107747269" hostid="261" sizebytes="62064"></div>Steven Roth, the CEO of Vornado, did not mince words when it comes to the current state of the commercial real estate market."We have a CBD office apocalypse involving the work from home threat and the total blacklisting of office in the capital markets," Roth said in an <a target="_blank" href="https://finance.yahoo.com/news/q4-2023-alexanders-inc-vornado-104134458.html">earnings call</a> on February 13.New York City's commercial real estate market is struggling in the face of continued high interest rates and <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-crash-bank-losses-interest-rates-2024-2023-12">remote work trends</a>. And it's not just NYC. On a national scale, the commercial real estate market is a "slow moving train wreck," market expert Larry McDonald <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-market-debt-property-crash-fed-rate-cuts-2024-1">said</a> in January.New York state lawmakers have asked the site be used to <a target="_blank" href="https://www.crainsnewyork.com/real-estate/ny-rep-tony-simone-says-vornado-should-build-housing-penn-platform">build housing</a>, according to Crain's New York.

NYC's commercial real estate crisis is so bad that a developer is considering turning a prime plot of land into a 150-foot billboard

<ul><li>Bengaluru, Pune, and Kolkata each observed a 7% annual increase in office rental values between H1 2023 and H1 2024. </li><li>Mumbai metropolitan region (MMR) and national capital region (NCR) registered a 5% rise each. </li><li>From constituting 11% of the leasing market in H1 FY2020, coworking spaces constitute a 24% share in H1 FY2024. </li></ul>Office rentals have gone up in top seven cities in 2023 when compared to the previous year. In Chennai, there was a 10% annual surge in the average monthly office rental values, rising from approximately ₹62 per sq. ft. in H1 FY23 to about ₹68 per sq. ft. in H1 FY24. Following closely, Hyderabad experienced an 8% yearly growth, with the average monthly office rental value climbing from ₹61 per sq. ft. in H1 FY 2023 to roughly ₹66 per sq. ft. in H1 FY2024, according to ANAROCK research data. Bengaluru, Pune, and Kolkata each observed a 7% annual increase in office rental values during this period, MMR and NCR registered a 5% rise each. In MMR, the most expensive office market, the monthly average office rental value surged from ₹130 per square foot in the H1 FY 2023 to ₹136 per square foot in H1 FY 2024. Meanwhile, in the NCR, the average office rental value was ₹81 per square foot in H1 FY23, witnessing an increase to ₹85 per square foot in H1 FY 2024. In Bengaluru, the average monthly office rental value stood at ₹90 per sq. ft. in H1 FY2024, a rise from ₹84 per sq. ft. in H1 FY23. Meanwhile, Pune witnessed a shift from ₹74 per sq. ft. in H1 FY23 to ₹79 per sq. ft. in H1 FY24. In Kolkata, the average monthly rental reached ₹58 per sq. ft. compared to ₹54 per sq. ft over the same period. Currently, the city boasts the most economical office rental values among the top 7 cities. Says Prashant Thakur, regional director and head , research, ANAROCK Group, "Research data indicates that Grade A office rental values averaged at ₹83 per sq. ft. per month across the top 7 cities in H1 FY2024, while in the corresponding period in FY23, it was approx. ₹77.5 per sq. ft." “The rising demand and a diminishing supply for Grade A office space in prime locations is leading to a simultaneous increase in office rentals. Both international and Indian corporations are proactively searching for enhanced office spaces to accommodate the growing needs of their expanding businesses,” says Mohit Batra, Regional Director, Realistic Realtors, a real estate firm. Commercial leasing remain tepid During the period mentioned, however, there was a notable lack of momentum in commercial office space activity across the top 7 cities. Both the net absorption of office spaces and the completion of new office developments remained relatively unchanged compared to the corresponding period in the previous year. The increase in new office supply across these cities was minimal, with a mere 5% rise in H1 FY24 in contrast to H1 FY23. Simultaneously, the net absorption of office spaces experienced a slight annual decrease of 1% during this timeframe. “It was widely anticipated that commercial office space demand in India will see a downturn amid layoffs by several large corporations worldwide, and shrinking business volumes," says Thakur. Co-working spaces continue to be in demand In terms of net absorption categorised by sectors, the information technology (IT) and IT-enabled services (ITeS) segment maintained its dominance in leasing activities during the first half of Fiscal Year (H1 FY) 2024. However, there has been a consistent decline in its overall contribution to leasing transactions year after year. In H1 FY2020, the IT/ITeS sector held a 46% share in overall leasing activities, but by H1 FY2024, this share dwindled to a mere 29%. Consequently, there has been an uptick in the share of coworking spaces. From constituting 11% of the leasing market in H1 FY2020, coworking spaces constitute a 24% share in H1 FY2024. This shift indicates a changing preference among corporations of varying scales, who now perceive flexible workspaces as a practical and more cost-efficient alternative for their operations.

Office rentals rise across top 7 cities as new supply remains minimal

<ul class="summary-list"><li>Problems for the US commercial real estate sector seem to be getting worse — and spreading.</li><li>Steeper interest payments, tighter bank lending, and declining asset values have slammed the sector.</li></ul>The tremors rattling US commercial real estate are spreading to other countries and sectors, and threaten to escalate into a financial earthquake as refinancing deadlines loom.Some investors aren't worried about falling through the cracks, though. They think the climate of fear and confusion is serving up prime properties at bargain prices.<h2>What's going on?</h2>There are growing signs that commercial real estate is in serious trouble.Barry Sternlicht, a billionaire real estate investor and <a target="_blank" href="https://www.businessinsider.com/office-crash-property-values-commercial-real-estate-barry-sternlicht-economy-2024-1">Starwood Capital's CEO</a>, recently predicted $1 trillion of losses on office properties alone.More than $900 billion, or 20%-plus of the total debt owed on US commercial and multi-family real estate, will mature this year, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-12/commercial-property-loans-coming-due-in-us-jump-to-929-billion?srnd=premium&amp;embedded-checkout=true">Bloomberg reported</a> this week. Borrowers may have no choice but to refinance at much higher interest rates, or sell their properties at a big discount.Property jitters are being felt in Europe too. The value of bonds for Germany's Pfandbriefbank tumbled this month as investors fretted about its exposure to the embattled industry.Moreover, the European Central Bank has threatened to impose steeper capital requirements on lenders unless they take commercial real estate risks seriously, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-09/ecb-warns-banks-to-grasp-real-estate-risks-or-face-capital-hits?embedded-checkout=true ">sources told Bloomberg</a>.At the same time, some Chinese investors are rushing to sell foreign real estate at discounts of 45% or more, in an effort to free up cash as they weather a worsening property crisis at home.Prospective losses, refinancing woes, international contagion, and panic selling combine to create a bleak outlook for the commercial property sector.<h2>Why's everyone so worried?</h2>Fears were reignited this month after <a target="_blank" href="https://www.businessinsider.com/nycb-regional-bank-fears-commercial-real-estate-turmoil-fears-2024-2">New York Community Bancorp</a> abruptly cut its dividend, set aside some $500 million to cover bad debts, and revealed a surprise quarterly loss that it blamed on just two troubled loans.Investors promptly sent NYCB stock down 60% in five days, and it's still trading at two-decade lows. The lender's scramble to clean up its finances triggered bad memories of last spring's <a target="_blank" href="https://www.businessinsider.com/a-banking-crisis-is-unfolding-worldwide-how-bad-is-it-2023-3">regional-banking fiasco</a> that saw Silicon Valley Bank and two other lenders hit by tidal waves of deposit withdrawals, then seized by the federal government before they collapsed entirely.The catalyst for both the banking and commercial real estate drama is deceptively dry: rising interest rates.But the simple act of making borrowing more expensive can discourage spending, hiring, and investing; drag down the prices of risky assets like stocks by boosting yields from bonds and savings accounts; turn the screw on debt-reliant industries; and slow the <a target="_blank" href="https://www.businessinsider.com/recession-outlook-financial-crisis-economy-federal-reserve-yield-curve-rosenberg-2024-2">economy into recession</a>.In response to surging inflation, the Federal Reserve hiked its benchmark interest rate from virtually zero in early 2022 to more than 5% by the following summer. It <a target="_blank" href="https://www.businessinsider.com/federal-reserve-first-interest-rate-cuts-summer-raphael-bostic-inflation-2024-2">hasn't lowered</a> it since, and other countries' central banks have followed its lead.The combination of higher borrowing costs and the shift to remote working has sapped demand for offices and other commercial property, driving down asset values.Some regional lenders such as <a target="_blank" href="https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained-2023-3">Silicon Valley Bank</a> weren't sufficiently hedged against rate hikes last year, and saw their portfolios of bonds and mortgages slump in value as a result.Stung by those paper losses, fearful of a surge in late payments and loan defaults, and wary of further bank runs, lenders have pulled back from lending for commercial property.The upshot is the sector not only much higher interest payments on its massive debts, but also a credit crunch and declining asset values. Small businesses are also <a target="_blank" href="https://www.businessinsider.com/oleary-regional-banks-commercial-real-estate-small-business-rates-lending-2023-9">feeling the squeeze</a> from steeper borrowing costs and stricter lending standards.On the bright side, <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-inflation">inflation</a> has dropped from a 40-year high of 9.1% in the summer of 2022 to below 4% in recent months, leading the Fed to pencil in a number of rate cuts this year.But many property loans are falling due in the next year or two, raising the question of whether rates will come down fast enough to prevent a disaster.Indeed, some $2.2 trillion in commercial mortgages are set to mature by the end of 2027, data firm Trepp estimates."At some point, that avalanche is going to hit," the firm's chief product officer told The Wall Street Journal.<h2>Wait, some buyers are wading into this market?</h2>Yes they are. <a target="_blank" href="https://www.businessinsider.com/category/warren-buffett">Warren Buffett</a> famously preaches "be greedy when others are fearful" — and some brave souls are taking that advice to heart.Ian Jacobs, a former assistant to the Berkshire Hathaway CEO, plans to buy 3 million square feet of office space in San Francisco and pay about 70% below building costs, <a target="_blank" href="https://www.wsj.com/real-estate/commercial/a-buffett-protege-makes-an-offbeat-bet-buy-san-francisco-real-estate-15dde4ba">The Journal reported</a> this week.He's already lined up $750 million from investors, despite warning them it could take a decade for prices to bounce back, the report said.Jacobs is a member of the Reichmann family, meaning bargain hunting is pretty much a family business. His relatives built a real estate empire by scooping up cheap properties in New York City when it nearly went bankrupt in the 1970s.<div type="image" title="Manhattan skyline in the 1970s" height="2303" width="3418" msid="107753983" hostid="261" sizebytes="378074"></div>Other examples include Ares Management and RXR, two investment firms that are purchasing interests in 3 million square feet of office space, sources told The Journal.In December the Aon Center in downtown Los Angeles sold for about $148 million — considerably less than the $268 million it fetched in 2014, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-12-23/la-s-third-tallest-tower-sells-for-45-below-2014-price">Bloomberg reported</a>.Moreover, "Undercover Billionaire" star and real estate tycoon <a target="_blank" href="https://www.businessinsider.com/cardone-real-estate-market-outlook-office-apartments-house-prices-mortgages-2023-12">Grant Cardone</a> has hailed the ongoing correction as a rare chance for everyday people to buy "trophy real estate" from institutional owners.Of course, commercial property players have a vested interest in trumpeting the industry's troubles as a buying opportunity, given that could revive investor interest and reverse the plunge in their property values.Yet it's likely that some high-quality assets will be caught up in the selloff. Those who buy them when fear is spreading far and wide and indebted developers are in a race against time will ultimately be rewarded for their courage.

Commercial real estate is in big trouble — and the problems may have major financial fallout

<ul class="summary-list"><li>Office-to-residential conversions are up 357% since 2021, according to a report from <a href="https://www.resiclubanalytics.com/p/20-housing-markets-planned-officetoapartment-conversions" target="_blank" rel="noopener">ResiClub</a></li><li>There's $150 billion in office mortgages set to come due in 2024.</li></ul>The pandemic made "work-from-home" a seemingly permanent part of our lives, but the ailing commercial real estate sector is trying to give new meaning to "live-at-work" as an increasing number of offices are converted into homes.Since 2021, the number of office-to-residential conversions has skyrocketed 357%, according to a Monday report from <a href="https://www.resiclubanalytics.com/p/20-housing-markets-planned-officetoapartment-conversions" target="_blank" rel="noopener">ResiClub Analytics</a>, which cited data from <a href="https://www.rentcafe.com/blog/rental-market/adaptive-reuse-office-to-apartments-2024/" target="_blank" rel="noopener">RentCafe</a>. Three years ago, the US had 12,100 office-to-apartment units ready to be converted. That now stands at 55,300.The commercial real estate sector continues to wade through <a href="https://www.businessinsider.com/real-estate-outlook-office-buildings-vacancies-commerical-markets-investors-remote-2024-1">uncharted territory</a> as debt mounts and work-from-home trends appear to be a lasting legacy of COVID, all while the Federal Reserve has hiked borrowing costs at a historic pace.Markets expect policymakers to ease interest rates sometime in 2024, but that might not bring much relief for office owners. A January report from Moody's said the national office vacancy rate hit a record 19.6% last quarter, roughly 280 basis points above pre-pandemic levels. According to ResiClub, Washington DC, New York, and Dallas lead the way with the most office-to-apartment conversions planned. "Nearly $150 billion of mortgages on U.S. office buildings are maturing by the end of 2024, and just over $300 billion of loans will mature by the end of 2026," a separate report from CommercialEdge said. <div type="image" title="ResiClub US office-to-apartment conversion pipeline" height="863" width="1270" msid="107498768" hostid="261"></div>Owners of big office buildings are under pressure to refinance maturing mortgages at a time when vacancies are up and continuing to rise. Commentators have been warning for months of an <a href="https://www.businessinsider.com/office-apocalypse-commerical-real-estate-price-drop-outlook-housing-supply-2024-1">apocalypse coming for office real estate</a> as owners look to refinance debt at higher rates and lower property values. Research group <a href="https://www.businessinsider.com/commercial-real-estate-crash-property-price-drop-defaults-interest-rates-2024-1">Capital Economics</a> has forecasted that this year will bring the sector to its breaking point, and has predicted the full 20% peak-to-trough decline in values to be felt in 2024. Last year, about $541 billion of commercial real estate debt officially matured. The firm said the fallout proved muted as many loans were extended, though the strategy of "extended and pretend" cannot last forever. By 2027, $2.2 trillion of commercial real estate debt is set to mature, Capital Economics said. ResiClub cofounder Lance Lambert pointed out that commercial buildings aren't all designed or constructed to be repurposed as living spaces. Converting offices into residential units can be useful, yet they often cost more than building from the ground up. Still, the trend is "gaining momentum," Lambert told Business Insider."It makes sense given the wave of expired leases and vacant office buildings," Lambert said. "Developers and cities just need time to figure out the economics of the model."

Office-to-residential conversions have surged 357% since 2021 as billions in commercial mortgages come due

<ul class="summary-list"><li>China's property crisis has impacted the country's biggest banks, increasing non-performing loans.</li><li>Beijing is urging banks to boost financing for "white list" property developers to help the sector.</li></ul>China's property crisis has hit the books of its biggest lenders, which are reporting an uptick in non-performing loans.Non-performing loans at China's big four banks — Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China — jumped 10.4% in 2023, from 1.117 trillion Chinese yuan, about $155 billion, in 2022 to 1.23 trillion yuan.This is according to a <a target="_blank" href="https://asia.nikkei.com/Business/Markets/China-debt-crunch/Top-Chinese-banks-warn-of-spillover-risks-from-property-crisis">Nikkei</a> analysis based on the companies' earnings, which were released this week.The banks were all <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-28/china-s-big-banks-post-scant-profit-gains-as-margins-shrink">profitable</a> last year, but their margins are being increasingly pressured by the fallout from China's real-estate debt crisis.Even so, Beijing is urging banks to boost financing for property developers featured on a <a target="_blank" href="https://www.businessinsider.com/china-economy-property-real-estate-crisis-white-list-bank-loans-2023-11">"white list" of companies.</a>China's real-estate sector has been mired in crisis since the second half of 2021, when a liquidity crunch at <a target="_blank" rel="" class="font-medium text-[#4A4A4A] underline hover:text-blue-700 visited:text-blue-600" href="https://markets.businessinsider.com/news/stocks/china-property-crisis-evergrande-81-billion-loss-housing-economic-slowdown-2023-7">Evergrande</a> — once China's second-largest developer — came to light.Evergrande is now in <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1">liquidation,</a> while <a target="_blank" rel="noopener" class="font-medium text-[#4A4A4A] underline hover:text-blue-700 visited:text-blue-600" href="https://www.businessinsider.com/evergrande-crisis-other-china-property-developers-in-trouble-outlook-2021-12">other Chinese real-estate developers</a> have run into similar issues and have begun <a target="_blank" rel="noopener nofollow" class="font-medium text-[#4A4A4A] underline hover:text-blue-700 visited:text-blue-600" href="https://www.caixinglobal.com/2023-07-31/cover-story-chinas-property-crisis-contagion-spreads-to-state-backed-developers-102087880.html">defaulting on their bond payments,</a> spurring fears the crisis could <a target="_blank" rel="noopener" class="font-medium text-[#4A4A4A] underline hover:text-blue-700 visited:text-blue-600" href="https://www.businessinsider.com/china-economy-xi-jinping-evergrande-debt-american-world-fallout-2021-10">spill over</a> into other sectors of the economy, and globally.Despite the rise in bad loans, Chinese lenders said they had enough buffers to weather the storm and will control lending risks to property developers, per Nikkei.

China's property crisis is bleeding into its banking sector, which is being asked to prop up developers 

The <keyword id="698382" type="General" weightage="20" keywordseo="Commercial-vehicle-industry" source="Orion">commercial vehicle industry</keyword> volume is expected to grow in the range of 7-10 per cent in the next financial year, rating agency <keyword id="6354972" type="General" weightage="20" keywordseo="Icra" source="Orion">Icra</keyword> said on Tuesday. The volume growth would be on account of government infrastructure spending, replacement demand, back-to-school and office scenarios and e-commerce expansion, it noted. The growth will, however, moderate from 24-26 per cent in the current financial year, it added. Icra noted that the growth trends were visible in third quarter of the current fiscal, with wholesale dispatches reporting a growth of 16 per cent on a year-on-year basis, supported by replacement demand, improvement in the macroeconomic environment, and healthy traction in the underlying industries such as steel, cement, mining, automobiles, and e-commerce. Freight rates continued to hold up, which, coupled with healthy freight availability, is supporting fleet operator viability, it noted. The growth trends continued to be broad-based across all the three sub-segments -- <keyword id="3393306" type="General" weightage="20" keywordseo="medium-heavy-commercial-vehicles" source="Orion">medium &amp; heavy commercial vehicles</keyword> (M&amp;HCV), <keyword id="163353" type="General" weightage="20" keywordseo="light-commercial-vehicles" source="Orion">light commercial vehicles</keyword> (LCV), and buses, in the third quarter and nine months ended December 31, 2022, Icra said. "Sales in the domestic CV industry continue to be propelled by multiple tailwinds including replacement of ageing vehicles, pick-up in mining, infrastructure and construction activities, improvement in the overall macroeconomic environment and healthy fleet utilisation levels resulting in improved fleet operator viability," Icra Assistant Vice President &amp; Sector Head - Corporate Ratings Sruthi Thomas. Furthermore, the continued thrust of the government on infrastructure development, as evidenced in the increased capex outlay of ₹10 trillion in the Union Budget for 2023-24, would augur well for sustained growth, especially in the heavy truck segment over the near-term, she added. Icra also expects an improvement in the financial performance of the CV OEMs, led by the benefit of operating leverage and the easing commodity prices; accordingly, aggregate operating profit margin of CV OEMs is expected to revive to 6-7 per cent in FY2023 and improve further in the next fiscal. "This in turn, will support the gradual improvement in their credit metrics as well. In terms of the investment outlay, while CV OEMs have limited plans for capacity expansion over the near term, investments in new product development, electric and other alternative fuel vehicles, and tightening emission norms, etc. would continue," Thomas said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/digiqure-the-latest-startup-to-appear-on-shark-tank-india-s2-aims-to-tackle-healthcare-services-in-rural-area/articleshow/97911962.cms">The untimely death of 7-year-old girl inspired this startup to start e-clinics in villages</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/real-estate-financial-services-top-pesky-callers-list-localcircles-survey/articleshow/97910227.cms">Real estate, financial services top pesky callers list: LocalCircles survey</a>

You Searched For "commercial development" and got 12 results

A developer is planning a commercial spaceport near Las Vegas that includes a pilot school and STEM academy

Lauren Edmonds

SpaceX’s Polaris Dawn mission will take off on Friday. Here’s what the crew is going to be wearing

BI India Bureau

Robinhood's cofounder has joined the rapidly growing commercial space race, and wants to beam solar power from satellites to earth

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Aereo, India's leading commercial drone solutions startup, secures USD 15 million in Series B funding round

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Banks' gross NPAs at 12-yr low, may fall further to 2.5%: RBI report

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