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Atif Ikram Sheikh warns contractionary policy is killing exports, SMEs and industrial revival amid 18.1% jump in trade deficit Karachi, September 14, 2026 – Mr. Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has expressed strong disappointment over the State Bank of Pakistan’s decision to maintain the status quo and keep the key policy rate unchanged at 11.5%. Terming the decision “highly contractionary and counterproductive”, the apex trade body warned that holding the benchmark interest rate at an oppressive level will continue to…

ISLAMABAD: The government has explained the procedure for availing a Rs100 per litre petrol subsidy under its fuel relief scheme. Addressing a press conference in Islamabad alongside Federal Ministers Atta Tarar and Ali Pervez Malik, Minister for IT Shaza Fatima said the scheme would provide relief to owners of two-wheelers, three-wheelers and vehicles with engine capacity of up to 800cc. Shaza Fatima said owners of two- and three-wheelers would be eligible for relief on 20 litres of petrol, while owners of vehicles up to 800cc would receive the subsidy on…

KARACHI: Illegal cutting of mangroves and land reclamation at Karachi’s Korangi Creek has raised serious environmental concerns, with encroachers allegedly clearing mangrove areas to reclaim land near the Mangrove Biodiversity Park. While mangroves are routinely cut illegally for firewood, the latest activity involves uprooting mangroves and constructing earthen bunds to restrict tidal water from reaching the trees, according to observations at the site. The Sindh Forest Department (SFD) has confirmed that the activity is taking place on land under its jurisdiction. However, officials said efforts to intervene had been complicated…

LONDON: Saudi Arabia could run out of oil stocks available for export within days if it fails to restore operations on its major East-West pipeline to the Red Sea, potentially removing up to 4% of global oil supply from the market, according to Saudi oil buyers and traders. A prolonged disruption would further tighten global oil supplies, which have already pushed fuel prices to record levels, intensified inflationary pressures and driven US bond yields to their highest levels since the 2008 financial crisis. Drone attacks forced Saudi Arabia to shut…