Zameen.com: Frenchman targets Pakistan for investment

Invests heavily in real estate portal due to country’s potential. CREATIVE COMMONS

KARACHI: 

Despite the negative news surrounding Pakistan, the country remains on the investors’ radar, at least in some areas of the economy.

Gilles Blanchard, a French real estate portal expert, is one such example.

Bullish on the country’s online real estate market, the French investor placed his bet on the Pakistani real estate portal zameen.com, joining as its chairman in 2012. Founded by two brothers, Zeeshan Ali Khan and Imran Ali Khan, zameen.com is Pakistan’s first dedicated real estate portal.

The French investor has been frequently visiting the company’s headquarter in Lahore. In his latest trip, fifth to the country, he also visited zameen’s offices in Karachi and Islamabad.

An authority in the property portal world, Blanchard is the founder of SeLoger.com, France’s largest online web portal. He left three years ago after serving the company’s Merger and Acquisition Department for over a decade.

In his visit to Karachi earlier this month, the French expert of online property sales told The Express Tribune what got him interested in the Pakistani real estate and the opportunities it offers.

“More than 30% of Google searches in Pakistan are done through mobile phones,” Blanchard said quoting Google Pakistan. Pointing towards his cell phone, he said, “What’s the penetration for this!”

His statement came in response to the question whether he considered Pakistan’s low internet penetration – about 10% or 3 million broadband connections – before investing in the country’s online real estate market.

“If Pakistan’s internet penetration was 80%, what would be the point of coming here,” he asked. This indicates that the market has a lot of room for growth, he said. “You have got 10 million Facebook users and that’s without 3G, which is a positive sign.”

With a population of 200 million people and a large diaspora worldwide, according to Blanchard, the country offers great opportunities for investors especially when everybody has a real estate concern.

What makes Blanchard’s story even more interesting is the fact that he received a straight ‘no’ from SeLoger.com’s German parent when he first tried to convince the latter to acquire zameen.com.

While working with SeLoger.com, Blanchard was looking for business opportunities in emerging markets. He looked at Brazil, Malaysia, Singapore and Indonesia to get a flavour of emerging markets – he also looked at China and India but thought they were too big for him.

When he compiled data, such as population growth and internet penetration, for the emerging markets, one of the countries that popped up high was Pakistan, Blanchard said.

“I looked if there was any online portal for real estate in that country and found zameen.com. picked up my phone and called them. They didn’t answer initially but responded to my email. I met their partner in London and talked to them via video conference.

“I knew zameen.com was a golden nugget in Pakistan right after their first presentation,” Blanchard said. “I suggested we acquire them but SeLoger.com’s parent company was not interested.”

Despite a negative response from his holding company, zameen.com remained on Blanchard’s radar as he remained in contact with the two brothers.

“When I left SeLoger.com, I sold all my shares around end of 2011,” Blanchard said.

He then visited Pakistan to understand the market and then invested his money in zameen.com. While did not disclose financial details, he said that he invested exclusively in zameen’s Pakistan business.

If one explores zameen.com, it gives a clear idea as to why Blanchard chose this company for his investment. When he joined the company there was no competition as the market was very open – they now boast over 220,000 monthly visitors and 10,000 site listings a month.

“We are not bothered about break-even at this moment. We are investing continuously in marketing, team building and office expansion.

“We are spending on our sales development team, which increased about 30% to 50%. We have about 100 employees and plan to more than double that in a year.”

ECC rejects mills’ demand for more sugar export

The millers also asked the government to direct the TCP to purchase 500,000 tons from the sugar industry. PHOTO: FILE

ISLAMABAD: 

The federal government has turned down the demand made by sugar millers for free export of the sweetener and rebate on federal excise duty (FED) along with inland freight subsidy on shipments to Afghanistan and Central Asian states via land route in the wake of pressure on the country’s foreign currency reserves.

The demand was rejected in a meeting of the Economic Coordination Committee (ECC) of the cabinet held on February 13, sources said.

During the deliberations, government officials suggested that surplus sugar stocks, expected to be around 667,000 tons in the 2013-14 season, should be kept in the country to meet any situation arising out of shortage and price hike.

The decision on more sugar export should be taken in September and October this year, when final figures of production and unsold stocks would be available, they said.

According to sources, the mill owners had pressed the government to allow export of one million tons of sugar without any, what they said, unnecessary conditions, suggesting the export policy should not be time-bound.

They also sought the same export incentives as offered in 2012-13 and FED rebate on exports to Afghanistan and Central Asian states as most of the shipments from Punjab and Khyber-Pakhtunkhwa went to these countries. Such exports are also entitled to the inland freight subsidy.

The millers also asked the government to direct the Trading Corporation of Pakistan (TCP) to purchase 500,000 tons from the sugar industry for keeping a buffer stock.

In the ECC meeting, the officials said the inland freight subsidy on export was agreed to in anticipation of disposal of surplus stocks by the sugar mills and in the wake of pressure on foreign exchange reserves. Subsequent arrangements for the 2013-14 crushing season could not be committed at this early stage, they said.

However, the situation could be reviewed at an appropriate time keeping in view the overall demand and supply as well as prices in the international market. The finance ministry opposed the sugar industry’s proposal that export policy should not be restricted for a certain time period.

Export quota

The ECC noted that the sugar mills holding previous export quota, which was allocated by the State Bank of Pakistan after the ECC permitted the shipments, had not been able to ship all the quantity notwithstanding the fact that exports were time-bound.

Moreover, no credible figures were available of stocks and expected production of the commodity. It also observed that the carrying cost of maintaining the proposed strategic buffer stock was “prohibitive”.

Spectrum auction meeting: Telecom firms seek easy terms, realistic price

Finance Minister Ishaq Dar (R) and Minister of State for IT Anusha Rahman (L) address a press conference on the spectrum auction in Islamabad on Friday. PHOTO: PID

ISLAMABAD: The leaked information regarding the government’s plan for auctioning 3G and 4G licences was confirmed by the government on Friday, with the auction slated for April.

Federal Finance Minister Senator Mohammad Ishaq Dar said in a press conference on Friday that by the middle of April, the process of spectrum auction will commence with Turkey, Saudi Arabia and Qatar expected to take part.

Dar stated that the government has approved the draft information memorandum prepared by the consultants, and that the license will be offered for 15 years.

A high-level government source earlier confirmed that the government had officially endorsed recommendations proposed by the auction consultants. The finance minister and the Minister of State for Information Technology Anusha Rahman had participated in the meeting.

The information was accidentally leaked by a photographer of the Associated Press of Pakistan (APP) when he inadvertently took a photograph of the proposal.

The photograph had revealed that the Pakistan Telecommunication Authority (PTA) will auction 50 MHz of spectrum (30 MHz in 3G band and 20 MHz in 4G band).

The base price will be $295 million per 10 MHz for 3G and $210 million per 10 MHz for 4G.

Dar confirmed the figures and added that the reserved price for new entrants would be $291 million with three licences for 3G spectrum and two licenses for 4G spectrum will be auctioned.

As per policy‚ the successful bidder will have to pay 50 per cent price forthwith while the rest would be payable in five years with interest rate three per cent above LIBOR.

The finance minister added that the GDP growth rate is likely to cross four per cent during the current financial year. He said that the government believes inflation can be confined to single digit while the IMF too has revised the projection downward from 12 to 10 per cent for the year.

Steve Jobs slated to grace US postage stamp in 2015

List of approved subjects obtained by The Washington Post reflects a shift toward more popular individuals as a new revenue source for the cash-strapped service.

Apple CEO Steve Jobs at an Apple event in 2010 to introduce Mac OS X Lion.

(Credit: Josh Lowensohn/CNET)

The US Postal Service hopes Steve Jobs can do for it what he once did for Apple.

The late Apple co-founder will be featured on a commemorative US postage stamp in 2015, according to a US Postal Service list of approved subjects obtained by The Washington Post. Usually kept secret to maximize buzz over stamps' subjects, the list includes subjects the post office plans to commemorate on stamps for the rest of this year and the next couple of years.

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In addition to the historical, cultural, and literary figures who have traditionally graced US postage stamps, the list reflects a shift toward more popular subjects as the troubled service seeks to build revenue from younger collectors, the Post noted.

Other approved subjects already listed as in design development on the January 7 list include slain gay rights leader Harvey Milk, basketball great Wilt Chamberlain, TV host Johnny Carson, and music greats Jimi Hendrix and Janis Joplin. The service also plans to commemorate the Peanut comic strip, science fiction writers, and movie actress Ingrid Bergman.

While work on many of the subjects has already begun, Susan McGowan, the Postal Service's executive director for stamp services and corporate licensing, told the Post that the list's subjects "are subject to change" at any time.

Misbah wants winning momentum in Asia Cup

Pakistan cricketer Misbahul Haq. PHOTO: FILE

LAHORE: Pakistan captain Misbahul Haq said Friday he hoped his team will carry the momentum of their recent one-day winning form into the Asia Cup starting in Bangladesh next week.

Pakistan will open the defence of the title they won under Misbah in 2012 with a match against Sri Lanka on Tuesday.

“For me every team is favourite (to win the Asia Cup) but we definitely have the edge as we have won our last two one-day series,” Misbah told reporters on the last day of a training camp.

Pakistan won a three-match series in South Africa 2-1 before taking a five-match series against Sri Lanka in the United Arab Emirates 3-2 in December last year.

Five-time Asian champions India, hosts Bangladesh and Afghanistan are the other teams in the event which runs until March 8.
Misbah believed hosts Bangladesh are also dangerous.

“In their home conditions Bangladesh will also be very dangerous because the way they played in the last Asia Cup, beating India and Sri Lanka, they will be equally dangerous,” said Misbah.

Misbah said because of the twin wins, Pakistan have an ideal combination.

“We have given good performances and because we won the last two series the combination is good and when you are on a winning run your confidence is high and that’s the case with us,” said Misbah.

Misbah refused to reveal his plans when asked about when he would hang up his boots.

“I don’t know why people are after me,” said a visibly irked 39-year-old, who leads Pakistan in Tests and one-day matches.

“I want to play with commitment as long as I play,” said Misbah, the world’s leading scorer in one-days in 2013 with 1,373.

Despite his form there remain concerns who will lead Pakistan in the 2015 World Cup to be jointly hosted by Australia and New Zealand.
Pakistan will fly to Dhaka on Saturday.

TTP spokesperson says govt started war, should have initiated ceasefire

File photo of Shahidullah Shahid. PHOTO: EXPRESS

NORTH WAZIRISTAN: The government has started the war when they should have initiated a ceasefire, said the Tehreek-e-Taliban Pakistan spokesperson Shahidullah Shahid, and the TTP political shura member Azam Tariq, Express News reported.

We have been fighting a defensive war for ten years, the spokesperson said during a press conference, adding that the government should stop this root-out operation immediately.

Shahid said that the Taliban still wish to engage in a the peace dialogue to solve the country’s problems. We were ready to talk before and are ready now, he stated.

The Taliban’s statements come after the government decided to pull the plug on the peace talks with the Taliban, as the prime minister and the military leadership decided that “proceeding with the peace talks amid the bombings and slaughter of soldiers would be injustice to terror victims.”

Following a wave of terrorist attacks on security forces, it has been decided that talks will only be held when the blood-spill stops, Interior Minister Chaudhry Nisar quoted the premier as saying.

At least 30 suspected insurgents were killed and several others injured as military jets and gunships bombed their hideouts in the North Waziristan and Khyber agencies, military sources said on February 20.

Sacrifices by FC will not go to waste: Army Chief

“Let there be no doubt that Pakistan armed forces are battle-hardened and fully capable to counter any internal or external threat posed to the integrity and sovereignty of our beloved country,” the COAS emphasised. PHOTO: FILE

RAWALPINDI: Chief of the Army Staff (COAS) General Raheel Sharif on Friday said that sacrifices rendered by the Frontier Constabulary (FC) in efforts against terrorism will not go to waste and that the military was fully capable of countering any threat, internal or external posed to the country.

According to a statement released by the Inter-Services Public Relations (ISPR) on Friday, the COAS visited the FC Headquarters in Khyber-Pakhtunkhwa (K-P) on Friday and interacted with the troops.

Appreciating their spirit and high morale, the COAS said that the entire nation acknowledged the sacrifices rendered by them as part of national effort to eliminate the scourge of terrorism from Pakistan, and assured them that these sacrifices will not go waste.

“Let there be no doubt that Pakistan armed forces are battle-hardened and fully capable to counter any internal or external threat posed to the integrity and sovereignty of our beloved country,” the COAS emphasised.

Recounting security forces’ successes in various operations against terrorists, he lauded the efforts and determination of all troops and LEAs who cleared affected areas, with the help of local population and support of the entire nation.

“We are fully prepared to confront any challenge in future as well,” the COAS reaffirmed.

Earlier, on arrival at Peshawar, COAS was received by Lieutenant General Khalid Rabbani, Corps Commander Peshawar and Major General Ghayur Mahmood, Inspector General Frontier Corps K-P.

General Raheel Sharif also visited Headquarters Army Strategic Force Command today. He was given detailed briefing by Lieutenant General Obaidullah, Commander Army Strategic Force Command, on operational and security matters.

The COAS reiterated that Pakistan’s nuclear programme occupies a central place in the defence of the country. Later, while interacting with troops he appreciated their professionalism, highest training standards and morale.