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Excessive AI Use Is Like 'Porn Addiction': Palantir CEO Slams 'Tokenmaxxing'

Alex Karp argued that organisations have prioritised increasing token consumption over assessing the tangible value delivered

Man Dead, Woman Hospitalised After 'Excessive' Drinking At Mumbai Music Event

The police have registered an Accidental Death Report

Manufacturers of tile, glass oppose import duty cuts

ISLAMABAD: The ceramic tiles and glass industries have expressed concern over proposed duty cuts on imports of ceramic tiles and glass products. Talking to a selected group of journalists on Saturday, Atif Iqbal, Secretary General of the All Pakistan Ceramic Tiles Manufacturers Association (APCTMA), said that as the Federal Budget 2026-27 approaches, stakeholders of Pakistan’s ceramic tiles industry have urged policymakers to protect domestic manufacturing from premature tariff reductions under the National Tariff Policy (NTP) 2025-30. Similarly, the Pakistan Glass Manufacturers Association (PGMA) has raised serious concerns over the deteriorating condition of the domestic glass manufacturing sector, warning that any reduction in import duties on finished glass products could push the industry towards complete closure. In a communication addressed to the Ministry of Industries and Production, the PGMA stated that the glass sector is already operating at only 50pc of its installed capacity, while the remaining production lines have been shut down due to prevailing economic challenges and adverse business conditions. The PGMA has therefore urged the government to maintain the existing tariff structure on imported finished glass products and adopt policies aimed at industrial revival, higher capacity utilisation and investment retention. In this regard, domestic tiles industry has made representations to the prime minister, finance minister and commerce minister to save the ceramic tiles industry from total closure. The APCTMA has warned that the sector is already facing severe challenges and that any further reduction in customs duties on imported ceramic tiles could jeopardise the survival of local manufacturers. Stakeholders believe that maintaining the current tariff regime on imported finished ceramic tiles is necessary to prevent further erosion of domestic manufacturing capacity and to enable the industry to recover from existing economic challenges. According to the APCTMA, Pakistan’s ceramic tiles sector is currently operating at nearly 50pc of its installed production capacity, with a significant number of production lines remaining shut down due to high energy costs, elevated financing rates, excessive taxation, declining purchasing power and a prolonged economic slowdown. Industry stakeholders maintain that domestic manufacturers are already operating under substantial cost disadvantages compared to foreign competitors, who benefit from lower energy tariffs, cheaper financing, supportive industrial policies and better infrastructure. Experts believe that reducing tariffs without first addressing these structural disadvantages would expose local manufacturers to unfair competition and may accelerate the decline of domestic industry. Published in Dawn, June 7th, 2026

Character AI poses unique risks for young users, mental health experts warn

Excessive dependence on such tools can have unintended consequences for both mental well-being and cognitive functioning

Coupe du monde 2026 : « Un dispositif excessivement bruyant », les polémiques vuvuzelas seront bien interdits dans tous les stades

Reservation system considered for countryside sites

The government is planning to introduce a reservation system for the Po Pin Chau section of the High Island Reservoir East Dam in Sai Kung to better manage visitor flows and protect hiking trails from excessive wear and tear, according to a paper submitted to the Legislative Council. This came as the number of visitors at the Po Pin Chau section reached capacity during previous Golden Week holidays. Authorities said the proposal would also help improve visitor experience by spreading arrivals across different time slots. "Given that hiking trails in other country parks currently do not require reservation, the government will consider piloting the system at the Po Pin Chau section, collecting data for evaluating the effectiveness," it stated. On marine conservation, the Agriculture, Fisheries and Conservation Department has proposed designating the coral areas on both the eastern and western sides of Sharp Island, including the tombolo, as a marine park covering an area of approximately 63 hectares. The department has already launched a public consultation and aims to complete the statutory designation process by mid-2027. The paper also outlined the government's broader eco-tourism push, including the "Four Peaks" tourism project featuring The Peak, Lantau Peak, Tai Mo Shan and Sai Kung Hoi. It said the department would launch a thematic website, promotional videos and other publicity materials in the second half of 2026. "While promoting the 'Four Peaks' tourism, the AFCD will continue to enhance promotion of hiking safety and outdoor etiquette and codes, reminding visitors to protect the natural environment," it stated. Edited by Tony Sabine

Beyond budget arithmetic

EVERY June, Pakistan’s budget season follows a familiar pattern: business groups repeat their proposals for relief, the government defends its targets, and taxpayers prepare for additional burdens. Yet a more fundamental question is rarely asked — what is the budget ultimately meant to achieve, and does it reflect a clear long-term national purpose? In principle, the budget is the state’s main inst­r­u­­ment for promoting growth, improving public services, reducing poverty and raising living stan­dards. In Pakistan, however, it has increasingly come to resemble an accounting exercise: mobilise sufficient revenue to finance a growing state and meet fiscal benchmarks agreed with the IMF. The result is a lopsided process that remains focused on extracting more from those already within the tax net, while paying insufficient attention to the quality of public spending, the need to broaden the base, or the incentives required for investment, employment and productivity. The Tax Policy Office was expected to introduce a longer-term perspective to this debate, but that wider vision is still not evident. The burden continues to fall, predictably, on the formal economy. Corporations, salaried employees, entrepreneurs, exporters, documented businesses and investors remain the most visible and therefore the most easily taxed. What receives much less scrutiny is whether public spending is yielding meaningful improvements in citizens’ lives, particularly in a country where a large share of the population remains below the poverty line. Pakistan has absorbed much of the fiscal cost of devolution without fully realising its potential efficiency gains. This distortion has become more pronounced since the 18th Constitutional Amendment altered Pakistan’s fiscal structure. Health, education, labour welfare and other social services were devolved to the provinces, which now receive a substantial share of national revenues through the National Finance Commission Award. The logic was straightforward: provinces, being closer to citizens, would deliver services more effectively, while the federal government would gradually withdraw from devolved functions and reduce its own size and cost. That second part of the arrangement, however, remains largely unfulfilled. More than a decade later, successive governments have shown limited willingness to undertake the constitutional, adm­i­nistrative and institutional reforms required to ri­­g­­ht-size the federation. Pakistan has, therefore, ab­­sorbed much of the fiscal cost of devolution without fully realising its potential efficiency gains. The results are plain: weak learning, poor heal­t­hcare access, child malnutrition, low productivity, millions of children out of school, under-equ­ip­ped hospitals, inadequate skills training and persistently low female labour-force participation. Yet, even against this backdrop, the provinces are expected to post a combined budget surplus of roughly Rs1.6 trillion. This surplus forms part of the consolidated fiscal framework that enables Pakistan to meet primary surplus targets under the IMF programme. Fiscal discipline is necessary; Pakistan’s record on deficits and debt leaves little room for complacency. But every rupee retained as surplus is also a rupee not directed towards schools, hospitals, technical training and local services. The balance appears to have shifted too far towards meeting accounting targets and too little towards building human capital. The irony is that while existing taxpayers are repeatedly told there is little room for relief, substantial untapped capacity exists elsewhere. Agriculture contributes nearly a quarter of GDP but remains lightly taxed, while property taxation is among the weakest in the region. Large agricultural and urban wealth holdings generate limited recurring revenue because assessment remains weak, enforcement uneven and valuations often disconnected from market reality. Since provinces have constitutional authority over agricultural income and property taxes, meaningful reform in these areas could broaden the base, improve fairness and reduce the state’s dependence on taxing the same formal businesses and individuals year after year. It would also help strengthen the sense that the fiscal burden is being shared more equitably. The next budget should therefore reset fiscal priorities. Rather than treating compliant taxpayers as an inexhaustible source of revenue, policymakers should present a credible path towards relief for documented economic activity: lower excessive tax rates on salaried employees, entrepreneurs and businesses, phase out the Super Tax, remove distortionary levies, reduce cascading taxation and bring greater predictability to policy. Better incentives would support investment, exports, formalisation and job creation — the key objectives of fiscal policy. But relief must be matched by credible efforts to broaden the tax base, improve spending efficiency and mobilise provincial revenues from ag­­riculture and property. Fiscal sustainability cannot rest indefinitely on squeezing a shrinking pool of compliant taxpayers. Provinces, meanwhile, should be judged less by the size of their surpluses than by measurable gains in education, healthcare, skills, productivity and poverty reduction. Pakistan’s fiscal debate remains confined to the narrow question of how to raise more revenue. The more important issue is how public finances can create opportunity, improve living standards and support durable growth. A budget should be more than a balancing exercise between revenue and expenditure; it should also reflect a willingness to reform the structure of the state itself. Unless Pakistan completes the unfinished agenda of devolution, broadens the tax base and channels provincial resources towards human development, it may strive to meet fiscal targets without delivering the broader prosperity its citizens are entitled to expect. The writer is a former CEO of Unilever Pakistan and of the Pakistan Business Council Published in Dawn, June 5th, 2026

FCC reviewing school internet subsidies amid kids’ screen time concerns

The Federal Communications Commission (FCC) is reviewing a $3 billion annual program that subsidizes internet access for schools and libraries, citing concerns over excessive screen time among children and its impact on their health. FCC Chair Brendan Carr announced on Wednesday that the commission will conduct a complete review of the E-Rate program and release...

Chiara Mastroianni : «Marjane Satrapi avait un univers artistique merveilleux par son insolence»

«Amie» de la dessinatrice, l’actrice avait travaillé avec elle sur «Persépolis» et se souvient d’une femme «excessive comme un personnage de roman».

Rajeev Thakkar on when to hold, when to exit, and why most get it wrong

For most investors, the focus is often on finding the right stock, entering at the right valuation, and identifying the next multibagger. Far fewer spend time understanding what may be the more difficult aspect of investing—knowing when to sell.Speaking at the ET Alpha Wealth Summit on Thursday on "The Art of the Exit," Rajiv Thakkar, CIO and Director at PPFAS Asset Management said that successful investing is not just about buying well but also about staying invested long enough for compounding to work. In fact, before discussing reasons to sell, he spent considerable time explaining why investors should avoid selling in the first place.According to Thakkar, one of the biggest mistakes investors make is selling because a stock has not moved for a few months.Also Read | ET Alpha Wealth Summit: Future alpha may emerge from neglected markets and asset classes, says Kalpen Parekh Investors often spend significant effort researching a company, understanding management quality, assessing industry prospects and evaluating valuations. Yet after purchasing the stock, many lose patience if prices remain stagnant for six months or a year.https://youtube.com/shorts/RiLj-X02NNE?feature=share"Investments are meant for wealth creation, not entertainment," he said, cautioning against treating investing like a source of excitement or constant action.Another common trigger for unnecessary selling is reacting to news flow. Markets are constantly bombarded with information—wars, elections, crude oil fluctuations, interest-rate decisions, capital flows and economic data. Investors who react to every headline often end up making poor decisions.To illustrate this, Thakkar recounted the story of an investor who received advance information about the severity of the Covid outbreak in early 2020. Acting on that information, the investor sold his technology stocks before the market crash. While the prediction turned out to be accurate, fear prevented him from re-entering the market, and he ultimately missed one of the strongest rallies in technology stocks.The lesson, according to Thakkar, is that even correct information does not necessarily translate into successful investment outcomes. Thakkar was particularly critical of the concept of "profit booking."Investors often feel compelled to sell simply because a stock has appreciated significantly. However, he argued that wealth is created by allowing successful investments to compound rather than by repeatedly locking in gains.Frequent buying and selling may benefit brokers, exchanges and tax authorities, but it often works against long-term investors. Hyperactivity in portfolios can destroy wealth by interrupting compounding and increasing costs.Similarly, investors should avoid selling because another stock appears more attractive. This "buyer's remorse" mindset frequently causes investors to abandon good businesses prematurely in pursuit of seemingly better opportunities."If you manage to find a genuinely good business with strong management, a large opportunity set and reasonable valuations, the best course of action is often to simply stay invested," he said.Thakkar emphasised that investors in taxable jurisdictions such as India should maintain low portfolio turnover whenever possible. Unlike institutional structures such as mutual funds or investors in tax-free jurisdictions, individual investors face taxes and transaction costs every time they trade. Excessive churn can significantly reduce long-term returns.For wealthy investors, family offices and HNIs, the ability to remain invested and minimise unnecessary transactions often becomes a major source of compounding advantage.Also Read | ET Alpha Wealth Summit: India could unlock a $5 trillion export opportunity through FTAs, says Saurabh Mukherjea While most reasons for selling are flawed, Thakkar identified several situations where exiting an investment becomes necessary. The most obvious reason is the need for capital. If an investor requires money for a business opportunity, acquisition or personal objective, selling investments may be entirely justified. More importantly, investors must be willing to acknowledge mistakes.If an investment thesis turns out to be wrong because of flawed analysis, poor due diligence or changing circumstances, the best course is often to exit quickly rather than averaging down endlessly.According to Thakkar, investors who recognise mistakes early frequently outperform those who identify good opportunities but refuse to sell losing positions. Capital trapped in poor investments cannot be deployed into better opportunities. Fraud, naturally, represents an immediate reason to exit.One of the more challenging selling decisions arises when industries face structural disruption. Questions such as whether newspapers can survive the internet, whether thermal power can coexist with renewable energy or whether traditional automobile manufacturers can adapt to electric vehicles rarely have straightforward answers.Thakkar suggested that investors should not react impulsively but should continuously evaluate incoming evidence. Investment decisions should be driven by facts rather than sentiment. If the underlying business continues to deteriorate because of technological or structural change, investors must eventually acknowledge reality and exit.At the same time, distinguishing genuine disruption from temporary noise remains critical. Exceptional businesses are not immune to becoming overvalued. Thakkar pointed to situations where valuations become so excessive that future growth is already fully reflected in stock prices. In such cases, taking profits, paying taxes and reallocating capital may be sensible.He also noted that investors may sell a reasonably valued investment if a significantly superior opportunity emerges elsewhere.During the question-and-answer session, investors raised concerns about stocks that stop performing despite sound fundamentals. Examples such as Maruti Suzuki, Bharti Airtel and even silver investments highlighted a common dilemma: should investors exit after years of gains and subsequent consolidation?Also Read | MF Tracker: Can ICICI Prudential Multicap Fund sustain its strong track record in a volatile market? Thakkar's response was that even excellent businesses can spend years moving sideways. Companies such as Hindustan Unilever, Infosys and Bharat Electronics have all gone through extended periods of stagnant share-price performance despite remaining fundamentally strong businesses.Investors should therefore distinguish between stock-price performance and business performance. As long as the underlying business continues to execute well, temporary market stagnation alone is not a sufficient reason to sell.For investors worried about selling too early, Thakkar recommended a phased approach. Instead of attempting to identify exact market tops, investors can gradually reduce exposure over time. For instance, if a stock appears significantly overvalued, an investor might sell a portion every month rather than exiting entirely in one transaction.This systematic approach helps manage the emotional difficulty of selling while reducing the risk of poor timing. Another important consideration is position sizing. Addressing a question about highly successful investments such as Nvidia, Thakkar noted that even outstanding businesses can become disproportionately large components of a portfolio.When a single stock grows from a small allocation into a dominant position, investors face a different risk—wealth preservation rather than wealth creation. His solution is gradual trimming. Investors can periodically reduce oversized positions to maintain comfortable portfolio weightings while still participating in future upside.This approach may not maximise returns, but it significantly reduces the risk of catastrophic losses and helps investors sleep better during periods of volatility.Thakkar concluded by stressing the importance of diversification and long-term investing. Most individuals create wealth through a single business, profession or sector. Their financial portfolios should therefore diversify away from that concentration rather than amplify it.Whether through mutual funds, retirement vehicles such as NPS, EPF and PPF, or diversified portfolios, investors should focus on owning inflation-protected assets for long periods. "The lower the churn in a portfolio, the greater the opportunity for compounding," he said.Ultimately, successful investing is not about perfectly timing every entry and exit. It is about avoiding unnecessary activity, admitting mistakes quickly, remaining patient with good businesses and ensuring that no single investment becomes large enough to threaten long-term financial stability.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.

Noisy, flashing toys can harm your child: watchdog

Toys that can damage a child's hearing or induce epileptic fits have been found on sale in Hong Kong with some products lacking the necessary warnings for parents, the Consumer Council said on Thursday. The watchdog said it tested 30 battery-powered products with sound or light features, including toy phones, keyboards, walkie-talkies and trains, priced at between HK$28 and HK$399. Eight of the items failed battery safety checks, with the batteries left exposed after drop or pull tests. Of the 22 toys with light features, three did not have the required labels to warn of a potential risk they could trigger photosensitive epilepsy. One toy also played music louder than the 80-decibel limit set out in safety standards, with the council warning that prolonged exposure to excessive noise can harm a child's hearing at a time when their auditory system is still developing. "We urge relevant manufacturers and suppliers to check the results of this test and improve the product design and labelling to improve the safety of toys and strengthen the protection of children," the watchdog said. "The Consumer Council reminds parents and caregivers to pay close attention to product labels and safe usage when purchasing and using battery-operated toys with sound or light features, in order to reduce potential risks to children." It added that parents should check the recommended ages for individual products, make sure children don't hold noisy toys too close to their ears, and not to let children stare at lights coming from toys for too long. Edited by Thomas McAlinden

“Penaltystan” label for Kazakhstan used by those who hold country in contempt, says president

Tokayev rejects claims of excessive fines and penalties, says in turbulent times people need public order and security.

Hot weather hurts Asian crops as powerful El Niño takes shape

Dry weather is disrupting crop planting across Asia, raising concerns about food supplies in the world’s most populous region, and an expected severe El Niño weather pattern could inflict more damage. From India’s grain-producing northwestern plains to Australia’s eastern wheat belt, and from Thailand’s rice fields to Indonesia’s vast palm oil plantations, hot weather and below-normal rains are hurting crops and forcing farmers to reduce planting, farmers, analysts and traders said. El Niño-driven dryness is a double blow for farmers already grappling with fertiliser and diesel shortages caused by the Iran war. Wheat prices have risen about 20 per cent since the start of 2026, largely on concerns over drought in key US growing regions. Rice prices at major Southeast Asian export hubs have climbed around 15pc over the past month on rising production costs and fears of tighter supplies. One of the strongest El Niños on record is widely expected to develop in the second half of 2026, bringing hot-dry weather to Asia and excessive rains to the Americas, with global climate change making things worse. “The El Niño impact globally starts with Southeast Asia, India, Australia, before it has wider implications downstream in North America and South America,” said Chris Hyde, a US-based meteorologist at satellite data and imagery firm SkyFi. Hyde said early signs of drought are already visible on the company’s high-resolution imagery platform, across parts of Asia. Hot-dry weather hits farms In India, the meteorological department last week further reduced its forecast for the four-month monsoon season, which delivers about 70pc of annual rains. “With temperatures across most parts of the country remaining well above normal, conditions are currently unfavourable for the timely sowing of summer crops,” said one New Delhi-based dealer with a global trade house. “Planting is likely to be delayed due to the late onset of the monsoon, but greater concern lies in the possibility of below-normal rainfall and prolonged dry spells after its arrival.” India mainly grows rice, soybeans, pulses, sugarcane and corn in the summer season. For Southeast Asian countries, dryness is hitting rice and palm oil yields in some areas. “Everybody is worried (about drought), it’s risky,” said Nerawat Oramah, a 47-year-old farmer in central Thailand’s Chainat province. “For my second harvest, I have to wait and see the situation. It’s a risk for every one (if there is not enough water), there will only be one harvest.” Thailand and the Philippines plant their main rice crops in June-July, while Vietnam and Indonesia are now sowing their second-season crops. Indonesia’s most populated Java island and some areas in northern Sumatra, south Kalimantan and Sulawesi have not experienced any rain for more than 10 days, according to the country’s meteorological agency, with medium to low rainfall expected in June. Higher prices Rice prices are edging up even though India, which accounts for 40pc of global exports, is sitting on ample supplies after years of near-record harvests. “There is clear indication of crisis as rice prices have moved substantially higher without any major shortage,” said one Singapore-based trader at an international trading company, adding Thai rice prices have climbed around 15pc in the past month. “India has a huge rice stockpile, several times more than what it needs. But the thinking is that very soon India will start looking at these stocks as a critical asset and may introduce some sort of export curbs if we see problems with early part of the monsoon.” However, KKP Research, a unit of Kiatnakin Phatra Bank in Thailand, said some of the impact of the dryness could be cushioned by strong reservoir levels. “What we are more concerned about is fertiliser supply,” the bank said in a note to Reuters. “We estimate that a fertiliser shortage, if it occurs, could reduce rice production by up to 15-20pc in the worst case.” Recent rains over parched Australian farmland have triggered late wheat sowing, but growers are wary of the El Niño in the coming months that could hit yields. The Bureau of Meteorology is predicting that many cropping areas across New South Wales and Queensland will see between 20 and 40 millimetres less rain than usual over the next three months. John Lowe, a farmer near Burcher in central New South Wales, said his total cropping area is still around 30pc smaller than it could have been. El Niño is likely to be neutral for China and the Black Sea region, while bringing more rains to the Americas. “Statistically speaking, there is not much correlation with weather in the US and El Niño, during the summer,” said Drew Lerner, an agricultural meteorologist and president of World Weather Inc. “In a lot of years, we can come up with a little bit more moisture in an El Niño summer. But that does not really mean above-normal rainfall.”

Finance minister vows to take 'immediate measures' over excessive FX volatility

South Korea's finance minister on Thursday vowed to take "immediate measures" when necessary to address excessive volatility in the foreign exchange market amid the recent sharp decline of the Korean won against the greenback. Finance Minister Koo Yun-cheol discussed such measures with Bank of Korea Gov. Shin Hyun-song in Seoul, alongside Financial Services Commission Chairman Lee Eog-weon and Financial Supervisory Service Gov. Lee Chan-jin, according to the Ministry of Finance and Economy. Duri

FCC's Brendan Carr Seeks Comment on How to Protect Children from Excessive Screen Time

The FCC on Wednesday launched a proceeding that seeks to review the agency's nearly $3 billion E-Rate program to ensure that E-Rate-funded networks are being used to protect America's children. The post FCC’s Brendan Carr Seeks Comment on How to Protect Children from Excessive Screen Time appeared first on Breitbart.

FCC launches sweeping review of $3B school internet subsidy program over screen time concerns

FCC Chairman Brendan Carr announced a comprehensive review of the E-Rate program amid concerns about excessive screen time and declining test scores.

‘Cape Fear’ Review: Javier Bardem and Amy Adams Face Off in Apple TV’s Excessive, Sporadically Entertaining Episodic Adaptation

Patrick Wilson and Lily Collias co-star in creator Nick Antosca's 10-hour take on the 1991 Martin Scorsese film.

Bankrupt Lawrence Dallaglio accused of 'excessive spending' of £200,000 in six months on clothes, booze and travel - and using 'undisclosed bank account' - while failing to pay divorce settlement

Former England rugby star Lawrence Dallaglio has reportedly been accused of spending excessively on a lavish lifestyle despite being bankrupt.

Lee’s X posts on Election Day urging voters draw opposition backlash

President Lee Jae Myung’s repeated appeals on Election Day for South Koreans to exercise their right to vote, delivered through a series of social media posts, triggered backlash from the opposition party on Wednesday. Lee had posted four times on X encouraging voter participation as of 3 p.m. Wednesday, as South Korea was holding local elections and by-elections for National Assembly seats. Lee pointed to the country’s excessively high housing and real estate prices as one factor behind the und

Missing confidence

AS the government prepares the budget for FY27, Prime Minister Shehbaz Sharif’s meeting with the country’s leading businessmen on Monday offered a glimpse of the wide gap that exists between the two sides’ perception of Pakistan’s economic recovery. While the businessmen pressed their case for tax relief, faster refunds and deeper economic reforms, Mr Sharif boasted of the stability his government had pulled off and his intention of converting recovery into growth. The government’s narrative is simple. After saving Pakistan from a likely sovereign default, restoring macroeconomic stability, reducing inflation and complying with the IMF programme, officialdom believes the foundation for sustained recovery has been laid. PM Sharif argued that the next phase would focus on growth. He did not say when. But the businessmen’s proposals suggest that much of the private sector is unconvinced that the investment climate has improved. Their proposals focused on familiar but unresolved concerns: higher taxes, stuck-up refunds, excessive compliance burdens, policy unpredictability and absence of reforms to encourage investment and exports. These concerns are not new. By repeating them, the business leaders once again laid bare the mismatch in perceptions. For the government, the economy may be more stable now than it was three years ago, but for manufacturers and exporters, it is still difficult to do business. Credit conditions remain restrictive despite monetary easing, industrial output is subdued and private investment has yet to recover. Businesses argue that the stabilisation strategy, while necessary, has extracted a heavy toll in terms of growth and export competitiveness. To ease pressure on the business community, Mr Sharif instructed the FBR to clear all pending tax refunds by June 15. Similarly, he decided to maintain the export refinance scheme rate at 4.5pc until June 2027 to provide certainty to exporters navigating a tight financing environment. But these measures are not likely to restore business confidence, encourage private investment, make exports competitive or boost growth. Likewise, the business community’s supportive tone during the meeting should not be taken as an expression of their satisfaction with the existing economic conditions. While the larger business community acknowledges that it was essential to restore macroeconomic stability, it is already asking when the economy will start to grow. The PM’s emphasis on SMEs, housing, privatisation and e-vehicle manufacturing suggests he recognises the need for a growth narrative beyond fiscal consolidation. But his hands remain tied. Chances of his government pushing growth under the IMF appear dim. The upcoming budget will, therefore, be an austere document like before. And the problems that business leaders have asked the PM to address will remain unresolved even next year. This is how mismanaged economies generate crises. Published in Dawn, June 3rd, 2026