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Special Savings Rate Rises to 12%

Pakistan’s National Savings Scheme has raised profit rates by 36 to 110 basis points across several products. The Special Savings Account rate increased by 110 basis points to 12%, while Regular Income Certificates rose by 96 basis points to 12.12%. Behbood Savings Certificates gained 36 basis points to reach 12.96%, and Sarwa Islamic accounts increased by 59 basis points to 11.84%. Short-term certificates now offer 11.12% for three months, 11.50% for six months and 11.72% for one year, following increases of 26, 64 and 44 basis points, respectively.

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Corporate News

HESCO and SEPCO Boards to Be Reconstituted

The government has approved changes to the boards of three state-owned enterprises: Hyderabad Electric Supply Company, Sukkur Electric Power Company and National Engineering Services Pakistan. The boards of HESCO and SEPCO will be reconstituted, while NESPAK will receive a chairman/independent director. The finance minister said government representatives serving as ex-officio directors should be suitably placed, competent and experienced, with a strong understanding of their institutions. The appointments aim to ensure effective representation of the respective government divisions on the boards.

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PTA Confirms Registration of Two Platforms

The Pakistan Telecommunication Authority has formally registered BIGO LIVE and Likee in Pakistan under Bigo Service Pakistan (Pvt.) Ltd. The registration was made in accordance with the Removal and Blocking of Unlawful Online Content rules.

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Cement Maker Targets Pakistan’s EV Industry

Thatta Cement plans to enter Pakistan’s electric vehicle market through a wholly owned subsidiary. The company will initially import completely built-up electric vehicles from China, aiming to establish an early presence in the country’s developing EV industry. The plan was disclosed in a filing to the Pakistan Stock Exchange.

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