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Pakistan’s housing crisis needs innovation Pakistan’s population swelled from 65m in 1972 to over 240m in 2023, staggering increase of 175 million in 50 years Pakistan's explosive population growth over the past five decades presents a pressing non-traditional national security concern. With ripple effects on water, food, and energy security, this demographic surge threatens social cohesion and economic stability. At the heart of these challenges lies the need for ‘affordable and climate-smart’ housing, a critical yet neglected issue that impacts 78 per cent of the population falling within lower-middle and middle-income brackets as per World Bank classifications. Pakistan’s population has swelled from 65 million in 1972 to over 240 million in 2023, a staggering increase of 175 million over 50 years. Over the next 25 years, the United Nations projects Pakistan’s population to increase by 160 million and surpass 400 million. Despite years of political rhetoric and six government housing schemes since 1972, the annual housing demand of 350,000 units far exceeds the meagre supply of 150,000 units. The result is an urban housing backlog exceeding nine million units as metropolitan areas have swelled under the weight of rural-to-urban migration. To contextualise, 57 per cent of Pakistan’s urban population currently resides in informal shanty settlements according to a recent study by the Asian Development Bank, reflecting decades of neglect in affordable housing policy. The situation will become increasingly dire with over 70 per cent of the populace residing in urban areas by 2050, putting immense pressure on already strained housing infrastructure. Empirical evidence suggests that lower-middle income households have been priced out of renting - let alone owning affordable homes – due to the gentrification of metropolitan centres by upper-income brackets who are less involved politically as a vote bank. This is not just an affordable housing crisis; it is a ticking time bomb of social unrest. Assuming that state-level planning may have been optimal when presented to decision-makers with every passing administration, political expediency, a lack of foresight, and a sincere desire to implement change have led to an accumulated backlog in affordable housing, leaving Pakistan ill-prepared in practical terms. Unlike many other countries, Pakistan took almost 55 years to publish its housing policy which was introduced in 2001. It is more than 2 decades old and there is a new housing policy in development which is targeted to be completed in 2025. Pakistan has also struggled to create sustainable fiscal space, with the most recent resource allocation for housing in the Public Sector Development Programme (PSDP) for 2024-2025 of a mere Rs24.3 billion, representing only 0.13 per cent of the Rs18.8 trillion budget. Adding to the urgency is the looming spectre of climate change, which threatens to exacerbate Pakistan’s housing woes. With floods, rising sea levels, and unpredictable weather patterns becoming more frequent, the need for housing that is not only affordable but also resilient has never been greater. A pragmatic approach needs to be taken rather than rushing through half-baked ideas clobbered together with realistic targets and timelines if the impact is to be scalable nationwide. For Pakistan, a piecemeal revision of the 2001 housing policy won’t suffice. Instead, a transformative ‘Framework for Affordable, Climate-Smart Housing’ is needed – one that embraces innovation, sustainability, and private-sector collaboration. To address the dual challenges of affordability and sustainability, Pakistan must move beyond outdated policies and embrace a comprehensive, data-driven ‘value chain’ approach which will accelerate the sustainable development of the ecosystem. The How: From the onset, let the business community come up with commercially viable solutions designed within the Public-Private Partnership (PPP) model with proactive facilitation and support of the state machinery assisted by their consultants. This begins with concurrent, collaborative consultations with donors, multilateral and domestic financiers co-creating sustainable solutions with potential project developers as well as a sample cohort representative of small business owners and lower-middle income salaried persons to provide a ‘customer lens’ perspective on affordability, ease of access to finance, et cetera. It is immensely critical to also identify suitable unencumbered land titles for such projects as many countries offer state land – with defined building codes on concessional leases or grants – outside of urban centres which are fundamental to ensuring that the projects can rapidly ‘come off the ground’. The state-owned lenders and DFIs, currently focused on lending to SOEs and investing in government securities, need to be encouraged to refocus on their raison d’etre and be mandated to lead the funding streams against time-bound action plans centrally monitored by the finance division and implemented by the housing division. The downstream can be supported by commercial banks on the back of partial risk guarantee facilities from multilateral lenders covering the construction at concessional rates by innovative developers compliant with energy efficient and green standards using recycled building materials. Such funding is normally augmented by technical assistance for capacity building to deepen the ecosystem. Concerning the construction guarantees for green housing, since modular affordable housing can be accelerated, such de-risking solutions made available to domestic banks can be released from a project within 18 months and redeployed which helps recycle capital required for more modular affordable housing projects. On the demand side, domestic lenders are ill-equipped to initially assess informal income and poorly documented small business owners require a high index mortgage repayment guarantee from multilaterals and DFIs. These guarantees should typically cover over 60-70 per cent of the loan amounts to support the mortgage programs of domestic lenders, while loan-to-value may initially even be in the high 90 per cent range, and the property title deeds would remain in ‘trust’ and only transferred once full repayment has been completed or sufficiently de-risked to a pre-agreed amortisation level of acceptability. This is vital to unlocking affordable and resilient housing solutions. Mortgage guarantees also require a widening of credit assessment parameters using unconventional data. This is where the local data analytics talent can get a boost as one has seen several fin-tech outfits design and test risk models using alternative credit assessment criteria where bank statements and credit records are unavailable. Greater use of technology to obtain demographic information, geotagging movement and photos, residence stability, and personal mobility data is being used to augment and enrich credit profiling for scorecards and in turn, accelerate the mortgage approval processes at domestic lenders. Besides bank lending, ‘impact investing’ is another pool of capital which is increasingly recognised as a viable funding source for affordable housing projects that also yield social benefits. Investors provide capital with the expectation of both financial returns and positive community impacts. This model has been successfully implemented in various countries, directing funds towards projects that enhance infrastructure and services alongside providing homes. A typical financing mechanism to attract ‘climate’ and ‘sustainable impact’ tagged funding - already earmarked for Pakistan or green housing projects by international donors and global asset managers - involves instrumentation and ringfencing designated streams of concessional debt and non-refundable grants or equity into special purpose vehicles. Debt instruments can nowadays be packaged as ‘green’ covered bonds to draw interest from EU-based investors if it can be demonstrated that the projects are compliant and certified by the Climate Bonds Standard. All this is typical of how such models have been deployed in other countries. For example, Mexico launched climate-smart affordable mortgage schemes that enable borrowers to access lower interest rates when purchasing or renovating homes that meet specific energy efficiency standards. Pakistan can also look at the approaches taken by Kenya, Brazil and India, among others. Pakistan needs to adopt such innovative approaches linking climate-smart development financing earmarked by donors and investors for climate adaption by identifying and structuring projects that incorporate ‘resilience’ features such as flood-resistant materials, storm-resistant roofing, elevated foundations on stilts that prepare communities for climate-related disasters such as rising sea and river levels and heavy rainfalls as the country continues to remain vulnerable to recurrence. Domestic lenders can generate carbon offsets under scope 3 by offering consumer loans on residential solar energy and energy-efficient appliances certified by the National Energy Efficiency and Conservation Agency (NEECA). These loans can be packaged with their affordable mortgage schemes. Innovative financing solutions are critical for addressing the dual challenges of affordability and sustainability in housing. By leveraging mechanisms such as green bonds, public-private partnerships, impact investing, and technology-driven approaches, domestic DFIs and commercial banks can play a pivotal role in funding affordable green housing initiatives. By adopting a forward-looking, development finance-led strategy that prioritises climate-smart affordable housing, Pakistan can address its housing crisis while fostering economic growth and climate resilience. The question is no longer whether Pakistan can afford to invest in affordable and resilient climate-smart housing, it is whether it can afford not to. For policymakers seeking to connect with voters and create lasting impact, this is a cause worth championing. The writer is a senior banker seasoned with international experience in global markets and development finance. He can be reached at: 1adnanpasha@gmail.com
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Brera Holdings previously announced the signing of a binding term sheet for the Juve Stabia acquisition at a press conference in Naples on December 9, 2024, and it marks a significant expansion of the Company's MCO model, strategically designed to drive operational synergies, enhance shareholder value, and unlock long-term growth opportunities. Juve Stabia, an historic Serie B football club celebrating 117 years of tradition, now known as "The Second Team of Naples,” continues to showcase its competitive strength, highlighted by last weekend's 1-0 victory against Cesena FC. Juve Stabia now sits alone in fourth place in the Serie B table, with 28 points and 2 points over fifth-ranked US Cremonese - just behind Sassuolo, Spezia, and Pisa. The top three Serie B teams are promoted to Serie A at the end of the season, with the first two automatic qualifiers, and the third is determined by a playoff among teams finishing the season standings ranked three through six. Key Highlights of the Acquisition Process: Brera's acquisition of Juve Stabia underscores its commitment to scaling its MCO model, which targets achieving potential operational efficiencies, cost synergies, and streamlined talent development across its portfolio. By integrating Juve Stabia into this model, Brera strengthens its ability to enhance revenue growth and create long-term value for shareholders. "With Serie B's expanding commercial prospects, Juve Stabia offers a compelling opportunity for growth,” said Daniel McClory, Executive Chairman of Brera Holdings. "We are excited to partner with local management and invest in this historic team to capitalize on player trading opportunities, potentially secure a position in the Serie B playoffs, and ultimately pursue promotion to Serie A, all of which would augment Club revenue and unlock further value for our investors.” Looking Ahead As Brera Holdings progresses through the Juve Stabia acquisition timeline, Mr. McClory said the Company remains committed to supporting the Club's ambitions on and off the field. With a focus on scalable operations and strategic partnerships, we believe Brera is well-positioned to capitalize on emerging opportunities in the global football market. ABOUT BRERA HOLDINGS PLC Brera Holdings PLC (Nasdaq: BREA) is dedicated to expanding its social impact football business by developing a global portfolio of emerging football and sports clubs. Building on the legacy of Brera FC, which it acquired in 2022, the Company aims to create opportunities for tournament prizes, sponsorships, and professional consulting services. Brera FC, recognized as "The Third Team of Milan," has been crafting an alternative football legacy since its founding in 2000. The club also organizes the FENIX Trophy, a nonprofessional pan-European tournament acknowledged by UEFA. This tournament, which has been referred to as "the Champions League for amateurs" by BBC Sport, has garnered significant media coverage, including from ESPN. In its efforts to broaden its reach, Brera expanded into Africa in March 2023 by establishing Brera Tchumene FC in Mozambique, which quickly rose to the First Division after winning its post-season tournament. In April 2023, the Company acquired a 90% stake in the North Macedonian first-division team Fudbalski Klub Akademija Pandev, now known as Brera Strumica FC. Additionally, in June 2023, Brera made a strategic investment in Manchester United PLC, realizing a 74% gain. The Company has further diversified its portfolio by acquiring a majority stake in UYBA Volley, an Italian women's professional volleyball team, in July 2023, assuming control of Bayanzurkh Sporting Ilch FC, a Mongolian National Premier League team, which became Brera Ilch FC, in September 2023, and establishing a joint stock company for the North Macedonian women's football club Tiverija Strumica, now known as Brera Tiverija FC, a wholly-owned subsidiary of Brera Strumica FC, in June 2024. Most recently, Brera announced plans to acquire an Italian Serie B club, having signed a binding term sheet with SS Juve Stabia SpA, "The Second Team of Naples,” targeting an initial closing within 2024. With a focus on bottom-up value creation, innovation-driven growth, and socially impactful outcomes, Brera Holdings endeavors to position itself as a forward-thinking player in the global sports landscape. For more information, visit www.breraholdings.com . Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to a number of factors, including without limitation, the Company's ability to continue as a going concern, the popularity and/or competitive success of the Company's acquired football and other sports teams, the Company's ability to attract players and staff for acquired clubs, unsuccessful acquisitions or other strategic transactions, the possibility of a decline in the popularity of football or other sports, the Company's ability to expand its fanbase, sponsors and commercial partners, general economic conditions, and other risk factors detailed in the Company's filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update such forward-looking statements except in accordance with applicable law. Company Contact Information: Dan McClory, Executive Chairman, Brera Holdings PLC Email: [email protected] Investor Relations Inquiries: Skyline Corporate Communications Group, LLC Scott Powell, President 1177 Avenue of the Americas, 5th Floor New York, New York 10036 Office: (646) 893-5835 Email: [email protected] Attachment President Andrea Langella of Juve Stabia and Daniel McClory, Executive Chairman of Brera Holdings PLC
DAYTONA BEACH, Fla. (AP) — Rasheed Bello had 20 points in Purdue Fort Wayne's 87-81 victory over Drexel on Monday. Bello added eight assists for the Mastodons (4-2). Corey Hadnot II went 6 of 7 from the field (3 for 4 from 3-point range) to add 15 points. Jalen Jackson had 13 points and went 6 of 13 from the field. The Dragons (4-3) were led in scoring by Cole Hargrove, who finished with 19 points, 14 rebounds and four assists. Kobe Magee added 15 points and three steals for Drexel. Shane Blakeney finished with 12 points. Jackson scored nine points in the first half and Purdue Fort Wayne went into halftime trailing 37-35. Bello scored 15 second-half points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
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SAN JOSE – The San Jose Sharks activated center Nico Sturm off injured reserve Monday and made room for him on the 23-man roster by assigning defenseman Jack Thompson to the AHL’s San Jose Barracuda. The transactions mean that the Sharks currently have 14 forwards, six defensemen, and three goalies: Mackenzie Blackwood, Vitek Vanecek, and rookie Yaroslav Askarov. Sturm’s return to the Sharks’ active roster was believed to be imminent after he showed signs of improvement last week and practiced with the team on Sunday. He also took part in the Sharks’ morning skate on Monday, when he was officially considered a game-time decision by coach Ryan Warsofsky. The Sharks play the Los Angeles Kings on Monday night in the second game of a four-game homestand. Warsofsky did not say who his starting goalie would be. Warsofsky said he had a few players who were “nicked up” and considered game-time decisions, although it would be a surprise not to see Sturm, a mainstay as the Sharks’ fourth-line center, play against the Kings. Sturm, injured in the Sharks’ game earlier this month against the New York Rangers, is the Sharks’ faceoff leader by percentage and is one of the team’s leading penalty-killing forwards. Thompson has been on the Sharks’ roster for almost the entire season and played in 13 of the team’s 23 games. His five points are third-most among all Sharks defensemen, as he’s averaged just under 16 minutes of ice time per game. The Sharks have had three goalies on their roster since Nov. 18, when they recalled Askarov from the Barracuda. At the time, Vanecek was considered day-to-day with an upper-body injury, but Vanecek backed up Blackwood on Saturday in the Sharks’ 4-2 loss to the Buffalo Sabres. Askarov made his Sharks debut on Thursday, making 29 saves in a 3-2 shootout loss to the St. Louis Blues. It’s unclear how long the Sharks plan to keep three goalies on their active roster. Both Blackwood and Vanecek are pending unrestricted free agents, and speculation is that one could be dealt to another team before the NHL trade deadline on March 7. Kevin Weekes of ESPN and the NHL Network posted on the social media platform X on Monday that the Carolina Hurricanes “are exploring potential goalie options in the market.” Frederik Andersen is out eight to 12 weeks after knee surgery, and Pyotr Kochetkov left Saturday’s game at Columbus after colliding with defenseman Sean Walker. Kochetkov is now in concussion protocol.IPO action ahead: Rajesh Power and Rajputana Biodiesel and more. All the details
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Actress Blake Lively was arguably the internet's public enemy number one for a couple of weeks in the summer. She's now filed an explosive legal case that she claims lifts the lid on "sinister" tactics used to harm reputations in Hollywood - and which is making people question who and what to believe. Blake Lively had always been a pretty inoffensive kind of actress. She had been in successful TV shows and films, like Gossip Girl and The Sisterhood of the Travelling Pants. She married fellow superstar Ryan Reynolds. She's friends with Taylor Swift. Then in August, while promoting her latest movie It Ends With Us, she suddenly became controversial , to the verge of being cancelled . She was criticised for comments appearing to downplay domestic violence, the film's theme; while awkward old interviews were resurfaced and repurposed as evidence of bullying behaviour. Public opinion - at least among those who knew and cared - seemed to have turned against her. Then the film came out, the furore died down, and social media moved on. But Lively has now filed a legal case that claims she suffered sexual harassment by It Ends With Us co-star and director Justin Baldoni - and that when she complained, he and his studio Wayfarer retaliated by waging a campaign to "destroy" her reputation. She was the subject of "a sophisticated, co-ordinated, and well-financed retaliation plan" designed "to silence her", involving a "weaponised a digital army" and fake stories being fed to "unwitting reporters", her lawyers have alleged - and that's why she became the focus of negative publicity. Her lawyers have published text messages sent between Baldoni's publicist Jennifer Abel and Melissa Nathan, a crisis communications specialist hired by his studio to help manage the harassment complaint. They appear to give a rare glimpse into conversations that are normally kept well out of the spotlight. Nathan pitched a strategy to "start threads of theories" on social media, to "create, seed, and promote content that appeared to be authentic", and engage in "social manipulation", according to the legal papers. "You know we can bury anyone," Nathan wrote to Abel in one damning discussion. Now, the people hired to do crisis PR for Baldoni are doing crisis PR for themselves. Abel has said Lively's lawyers "cherry picked" messages to include in their case without crucial context, and that there was "no 'smear' implemented". "No negative press was ever facilitated, no social combat plan, although we were prepared for it as it's our job to be ready for any scenario. "But we didn't have to implement anything because the internet was doing the work for us." The backlash against Lively occurred naturally and didn't need their help, Abel said. Lawyer Bryan Freedman, representing Baldoni and his studio as well as Abel and Nathan, echoed that. He said Baldoni hired a crisis manager due to "multiple demands and threats" allegedly made by Lively, including "threatening to not [show] up to set, threatening to not promote the film, ultimately leading to its demise during release, if her demands were not met". He said the plan drawn up by Nathan's firm "proved unnecessary as audiences found Lively's own actions, interviews and marketing during the promotional tour distasteful, and responded organically to that, which the media themselves picked up on". Overall, Freedman called Lively's complaint "shameful" and full of "categorically false accusations". In recent days, Lively has received support from a string of former co-stars and others in Hollywood. The name of one of her supporters stands out. Amber Heard, former wife of Johnny Depp, told NBC : "Social media is the absolute personification of the classic saying, 'A lie travels halfway around the world before truth can get its boots on.' "I saw this firsthand and up close. It's as horrifying as it is destructive." Heard was on the receiving end of social media hostility during two high-profile libel trials involving Depp in the UK and US in 2020 and 2022. Nathan also reportedly worked for Depp. Freedman responded to Heard by saying the only connection between her and Lively was that "for decades every move they have made has been out there for everyone to see" so the public could "make up their own minds - which they did, organically". Tortoise Media head of investigations Alexi Mostrous, who hosted a podcast called Who Trolled Amber? earlier this year examining the abuse she received, said there were parallels. "In both the Blake Lively case and the Amber Heard case, you see PR companies working with digital media specialists and other 'contractors' to promote online stories beneficial to their wealthy clients in ways that are opaque and not well understood," he told BBC News. "It's an unregulated world where all sorts of tactics can take place behind closed doors." Variety said Lively's case "lays bare a show business process that's meant to operate in the shadows – the hiring of expensive crisis communications experts to sway opinion and uplift clients". Her allegations suggest a "sinister shadow campaign" that went "beyond what most publicity firms in Hollywood see as acceptable", The Wrap's Sharon Waxman wrote . According to Rory Lynch, partner and head of reputation management law at Gateley Legal, it is "quite a common tactic" in Hollywood and business disputes to "have PRs on both sides planting negative stories, sometimes false stories, about the opposition". "Even back in the golden era of Hollywood, there were rumours that Richard Burton and Elizabeth Taylor were using PR professionals to negatively brief against each other." However, the PR people who worked for Baldoni and his studio "dropped the ball a little bit" by discussing tactics in texts, he told BBC News. "It doesn't surprise me, especially in the US and Hollywood, that you've got quite aggressive crisis PR people. "But the fact that they put that in writing, I think, was possibly not the wisest thing. Normally they might do something like that over the phone." Lively herself is "a sophisticated operator" who will "have her own PR people working away in the background as well", Lynch added. The New York Times , which broke the story of Lively's complaint at the weekend, said she "denied that she or any of her representatives planted or spread negative information about Mr Baldoni or Wayfarer". The paper also pointed out that "it is impossible to know how much of the negative publicity" towards Lively was originally seeded by those working on behalf of Baldoni, "and how much they noticed and amplified". Many fans who turned against Lively now see the situation in a different light. "We are so able to be manipulated into hating a woman that all it takes is a co-ordinated PR effort for us to switch sides against a domestic abuse victim, or a long-beloved American sweetheart," wrote Maddy Mussen in the Standard . "Now our eyes are open, will we be harder to fool? Or will we still want any excuse to turn on a famous woman who is suddenly, in our eyes and the eyes of the ones manipulating us, no longer worthy?" The Guardian's Laura Snapes wrote that she and her friends had now "looked back, horrified, on what we had said about her in recent months". She added: "Lively's complaint has left my head spinning. What can you really trust?"