Author name: Web Desk

slamabad: In a scathing indictment of customs oversight, the Federal Tax Ombudsman (FTO) has called for a comprehensive three-year audit of all cargo sheds operated by M/s Gerry’s Dnata across Pakistan, amid allegations of a multibillion-rupee fraud at Karachi’s Jinnah International Airport (JIAP).The FTO’s directive, issued on Tuesday, instructs the Federal Board of Revenue (FBR) to immediately initiate proceedings to suspend Gerry’s Dnata’s cargo shed license at JIAP. This follows a Show Cause Notice to the company’s CEO and a mandatory hearing, with potential full cancellation pending audit outcomes.Triggered suo motu by reports of high-value electronics being illicitly removed from customs custody since March 2024, the scam involved forged Goods Declarations (GDs) and bogus importers. Fraudsters allegedly reused clearance numbers from legitimate pharmaceutical shipments, evading duties on billions in goods.The FTO highlighted “inevitable” collusion by customs officials, labeling the repeated thefts – including prior mobile phone incidents – as systemic maladministration. Separate probes into implicated customs staff could lead to disciplinary action under E&D Rules 2020.Critics say the scandal exposes deep-rooted corruption in airport cargo handling, potentially costing the exchequer billions. Gerry’s Dnata, a joint venture with UAE-based dnata, has yet to respond publicly.

Islamabad: Pakistan intensified its global outreach for mining and minerals investment by holding high-level talks with Germany on Tuesday, building on recent engagements with the United States and France. Petroleum Minister Dr. Ali Pervaiz Malik met German Ambassador H.E. Ms. Ina Lepel and Political and Economic Counsellor Janine Rohwer at the Ministry of Energy to explore bilateral cooperation in mining, critical minerals, and sustainable energy. Ambassador Lepel described Pakistan’s natural resources sector as holding “a lot of potential” and highlighted the flagship Reko Diq copper-gold project in Balochistan as a critical test case for attracting international investors. She proposed technical collaboration between the Geological Survey of Pakistan and Germany’s Federal Institute for Geosciences and Natural Resources (BGR). Minister Malik emphasised the government’s push for modern, mechanised, and responsible mining, with Reko Diq – a joint venture led by Barrick Gold – setting new standards. He announced that the next Pakistan Mineral Investment Forum will be expanded to showcase opportunities to global players. The dialogue also covered energy transition, refinery upgrades to meet higher environmental standards, and Pakistan’s first offshore exploration bidding round in nearly two decades. Both sides expressed strong interest in green energy collaboration aligned with Germany’s decarbonisation goals. The meeting follows Pakistan’s $500 million MoU with the US on critical minerals (September), its first shipment of rare earth elements and antimony to America (October), and a high-level webinar with France on mining partnerships last week. Officials reaffirmed commitment to deepen the Pakistan-Germany strategic partnership through tangible investments, technology transfer, and knowledge sharing in the minerals and energy domains.

KARACHI – Gold prices in Pakistan witnessed a sharp decline on Tuesday, tracking losses in the international bullion market. The price of 24-karat gold per tola fell by a significant Rs7,000, bringing the new rate to Rs423,662, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the rate for 10-gram gold decreased by Rs6,002, settling at Rs363,221. This dramatic shift comes after local gold prices had remained stable on Monday, closing the day at Rs430,662 per tola. The decline is directly linked to a substantial drop in the international market, where spot gold prices fell by $70 to trade at $4,013 per ounce. The sell-off in precious metals was driven by a strengthening U.S. dollar and diminishing expectations for a U.S. interest rate cut next month, making gold, a non-interest-bearing asset, less attractive to global investors. Mirroring the trend, the price of silver in the local market also saw a decrease of Rs123, with a tola now valued at Rs5,245.

KARACHI – Pakistani tractor manufacturer Millat Tractors Limited (MTL) is actively seeking new export destinations, including Mexico, Africa, and Sri Lanka, to offset declining sales in its traditional key market, Afghanistan. During a corporate briefing attended by Arif Habib Limited (AHL) on Tuesday, MTL management confirmed that export volumes slightly dipped to 2,607 units from 2,761 units last year. The decline is attributed directly to the political instability and fractured relations between Pakistan and the Taliban-led government in Afghanistan, which has long been a core market for the company. The company, which manufactures internationally acclaimed tractors and holds a commanding 65% market share locally, is now focusing on a new global strategy to maintain and grow its overseas presence. Meanwhile, local sales saw a temporary surge in October 2025, reaching 2,000 units, thanks to the government’s Green Tractor Scheme. However, the management cautioned that maintaining this month-on-month growth will be challenging, though they anticipate overall improvement next year. The company remains confident that the re-entry of new Belarus tractors will not significantly impact their strong market position.