Business

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.

Islamabad: A dramatic attempt by independent director Javed Kureishi to remove K-Electric CEO Syed Moonis Abdullah Alvi collapsed Thursday as five board members walked out, stripping the meeting of quorum and halting all decisions. The directors issued a joint statement warning against a 5-5 deadlock and dragging KE into “internal politics,” prioritizing uninterrupted power supply to Karachi.The session—called after a November 5 no-show left no quorum—was meant to finalize top-level changes, including CEO removal, CFO and CDO appointments. Kureishi, backed by government lobbying and AsiaPak’s Shaheryar Chishty, expected majority support. However, deep rifts between government, AsiaPak, and Saudi Al-Jomaih shareholders surfaced. Secretary Finance Imdadullah Bosal skipped the meeting; Secretary Power Dr. Fakhr-e-Alam attended amid rising tension.Even routine items stalled. A CDO candidate’s appointment—despite a withdrawn FIR—faced resistance due to shareholder disputes. Al-Jomaih, holding significant stakes, reiterated commitment to amicable resolution despite a $2 billion legal notice earlier this year over delayed share transfers and unpaid dues. KE confirmed the meeting via PSX but withheld details. Leadership uncertainty persists.

Islamabad: The Ministry of Commerce has completed a draft five-year (2025-30) Textile and Apparel Policy, set for submission to the Economic Coordination Committee (ECC) after inter-ministerial consultations, sources informed Business Recorder.The policy aligns with the National Export Development Board’s (NEDB) targets under the Uraan Pakistan initiative, aiming for $29.381 billion in textile and apparel exports by FY 2029-30. Year-wise targets include: FY26 – $19.370bn; FY27 – $21.420bn; FY28 – $23.740bn; FY29 – $26.710bn; and FY30 – $29.381bn.Before ECC review, the ministry will hold an inter-ministerial meeting to incorporate feedback from relevant stakeholders. The draft emphasizes value-added exports, local raw material utilization, high-tech investments, and sustainable practices including decarbonization, circular economy, and resource efficiency.It also prioritizes workforce training and capacity building. However, industry stakeholders express skepticism, warning that without honoring industry recommendations and amid IMF program constraints, the policy risks remaining a paper document. They stress the need for a conducive business environment and genuine public-private collaboration to achieve export goals and strengthen the “Made in Pakistan” brand globally.

Karachi: The Pakistan Stock Exchange (PSX) extended its bullish momentum on Friday, with the benchmark KSE-100 Index climbing more than 1,000 points in the first half of trading. By 12:00 PM, the index stood at 161,669.42, up 1,011.93 points or 0.63%.Strong buying was seen across automobile assemblers, commercial banks, fertilisers, oil and gas exploration firms, OMCs, power generation, and refineries. Blue-chip stocks like OGDC, POL, PPL, PSO, WAFI, HBL, and MCB traded firmly in the green.Thursday closed at 160,657.50 after a robust 2,473.55-point (1.56%) gain, fueled by M&A optimism in the cement sector.Corporate tensions escalated at K-Electric, where a Board meeting was abruptly adjourned Thursday after one faction walked out following approval of the first agenda item. Government and AsiaPak-aligned directors aimed to oust CEO Syed Moonis Abdullah Alvi, irking Saudi-based Al-Jomaih Group, which issued a $2 billion legal notice to Islamabad.Globally, Asian markets tumbled—Nikkei down 1.8%, Australia 1.5%, South Korea 2.3%—as Fed hawkishness slashed US rate-cut odds to 51%. Wall Street plunged overnight on Nvidia-led AI selloff and Treasury retreat. China’s upcoming activity data adds to economic jitters.

Gold prices in Pakistan dropped on Friday, mirroring a decline in the global market. Locally, the price per tola fell by Rs3,300 to Rs439,762, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Likewise, 10-gram gold was priced at Rs377,025 after decreasing by Rs2,829. On Thursday, per tola gold had risen by Rs8,300 to Rs443,062. Internationally, gold fell $33 per ounce to $4,174 (including a $20 premium). Meanwhile, silver gained Rs140, reaching Rs5,522 per tola.

Omoda & Jaecoo by Nishat Group has officially begun the production of the Jaecoo J7 SHS PHEV at the Omoda Jaecoo Nishat Factory in Faisalabad. The factory has successfully produced its first vehicle, marking a significant milestone in the journey towards local production. The good news is that mass production is planned for the first week of December. Meaning that Omoda & Jaecoo will live up to its promise of timely deliveries of CKD vehicles to its customers. As always, Nishat Group remains committed to putting customers first and continues to deliver on its promise of quality, innovation, and trust.

Karachi: Gold prices in Pakistan skyrocketed on Thursday, mirroring a robust international uptick that caught investors off guard amid lingering geopolitical tensions and inflation jitters. In the domestic market, the price per tola climbed Rs8,300 to settle at Rs443,062, while 10-gram gold fetched Rs379,854 after a Rs7,116 jump, data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) showed. This rebound erased Wednesday’s mild dip, when tola gold had eased Rs1,000 to Rs434,762, reflecting a volatile week for safe-haven assets.Globally, spot gold surged $83 to $4,207 per ounce, including a $20 premium, underscoring renewed haven demand as U.S. Federal Reserve signals hinted at measured rate cuts, bolstering the yellow metal’s allure. Analysts attribute the rally to escalating Middle East frictions and a weakening dollar, which typically propels gold higher. “With Pakistan’s rupee under pressure from import bills and fiscal strains, local buyers are hedging aggressively,” noted APGJSA spokesperson Muhammad Hanif, highlighting jewelry demand ahead of wedding seasons.Silver, often gold’s shadow asset, wasn’t left behind, advancing Rs228 per tola to Rs5,662.