China attacks US Space Force as threat to outer space peace
December 23, 2019, 12:15 pm

China attacks US Space Force as threat to outer space peace

Chinese Foreign Ministry spokesman Geng Shuang speaks during a daily briefing at the Ministry of Foreign Affairs office in Beijing. (Photo AP)

Rising space power China on Monday attacked the newly created US Space Force as a “direct threat to outer space peace and security.”

Foreign ministry spokesman Geng Shuang told reporters that China is “deeply concerned about it and resolutely opposed to it.”

“The relevant US actions are a serious violation of the international consensus on the peaceful use of outer space, undermine global strategic balance and stability, and pose a direct threat to outer space peace and security,” Geng said at a regular briefing.

China's space program has advanced rapidly since its first crewed mission in 2003. In a report last February, the Pentagon asserted that China and Russia have embarked on major efforts to develop technologies that could allow them to disrupt or destroy American and allied satellites in a crisis or conflict.

China in 2007 conducted an unannounced missile strike against one of its own defunct satellites, creating an enormous amount of space debris.

Geng dismissed such concerns, calling them “unfounded counter charges” that merely provided the US with a justification for its own actions. China, he said, has consistently opposed the weaponization of space and believes international treaties on arms control in outer space need to be negotiated.

“We hope that the international community, especially the major powers concerned, will adopt a cautious and responsible attitude to prevent outer space from becoming a new battlefield and work together to maintain lasting peace and tranquility in outer space,” he said.

The establishment of the Space Force is seen by the US military as a recognition of the need to more effectively organize for the defense of US interests in space - especially satellites used for navigation and communication. The Space Force is not designed or intended to put combat troops in space.

Space has “evolved into a war-fighting domain of its own,” Defense Secretary Mark Esper told reporters Friday.

Space has become increasingly important to the US economy and to everyday life. The Global Positioning System, for example, provides navigation services to the military as well as civilians. Its constellation of about two dozen orbiting satellites is operated by the 50th Space Wing from an operations center at Schriever Air Force Base in Colorado.

China has established a similar, independent network, the BeiDou Navigation Satellite System, assembled from 42 separate satellite launches.

Source: AP

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.