China warns it won't tolerate dissent in Hong Kong
November 1, 2019, 10:42 am

China warns it won't tolerate dissent in Hong Kong File photo AFP

China warned Friday it would not tolerate any challenge to Hong Kong's governing system, as it laid out plans to boost patriotism in the city and change how its leader is chosen or removed after months of pro-democracy protests.

Beijing also said it would brook no foreign interference in Hong Kong affairs as it discussed the unrest in the semi-autonomous city at a major, four-day meeting of the Communist Party chaired by President Xi Jinping, according to a senior party cadre.

The central government in Beijing has so far voiced its confidence in Hong Kong chief executive Carrie Lam and the city police to put a lid on the increasingly violent protests.

But all eyes have been on whether the party leadership will assert more control over the situation if the demonstrations spin out of control.

The former British colony has been rocked by months of protests with citizens lampooning the city's pro-Beijing leaders and erosion of basic rights.

Shen Chunyao, director of the Hong Kong, Macau and Basic Law Commission, said party leaders at the meeting in Beijing agreed to "further improve the central government's system of governance over the region" and maintain its "long-term prosperity and stability."

China, he added, would "never tolerate any act" that aims to split the country or endanger national security.

Elements of the People's Armed Police were deployed over the summer in Shenzhen, the city bordering Hong Kong, fuelling speculation that Beijing might be prepared to intervene if necessary.

The paramilitary group was seen conducting drills with assault rifles fitted with bayonets at a sports stadium in Shenzhen on Thursday.

Hong Kong's chief executive is not directly elected, a source of major friction and a headache for the leaders themselves because they have no popular mandate.

Currently the city's leader is chosen by a 1,200-strong committee that is stacked with Beijing loyalists.

Lam, who now boasts record low approval ratings, became leader in 2017 after securing 777 votes from that committee.

Shen said the party leaders discussed ways "to improve the mechanism of appointing and removing the chief executive and key officials of the Special Administrative Region by the central government."

The legal system of the city will also be improved to "safeguard national security," he said, without providing more details.

Veteran pro-democracy lawmaker Claudia Mo said Beijing's comments about improving the way the city's leader is chosen is mere "lip service".

"Hong Kong people have been let down all too often on that issue so I think we can just ignore that 'improvement'," she told AFP.

"We're asking for one man, one vote, minus Beijing's interference."

Political analyst Willy Lam said the comments indicated Beijing was determined to exert "tighter control" over Hong Kong in the future.

"It's to make sure the next chief executive carries out Beijing's orders more effectively that Carrie Lam has done," he told AFP.

"It has nothing to do with democracy."

Shen said China's communist leaders want "patriots to form the main body" of those selected to govern both Hong Kong and Macau.

Beijing Wednesday expressed "approval and support" for the disqualification of Hong Kong democracy activist Joshua Wong from upcoming local elections.

Wong, one of the most prominent figures in the otherwise leaderless pro-democracy movement, accused the Hong Kong government of "political screening" after an election officer ruled his nomination for the November poll invalid.

Lecturer Leung Kai-chi, of the Chinese University of Hong Kong, said changes or improvements would not help unless coupled with an increase in public trust.

"Isn't the current disaster in Hong Kong the best proof?" Leung said.

"It will be self-deceiving if the improvements do not address the recognition issue but merely reiterate the qualifications of the one chosen by the authorities."

The party elite decided this week to step up patriotic education as a way to curb youth-led protests.

Hong Kong officials and teenagers should learn about the constitution, Shen said.

The party also wants to "strengthen the national consciousness and patriotism of Hong Kong and Macau compatriots through the education of history and Chinese culture," he said.

Beijing had previously tried to beef up patriotic education in 2012, resulting in a huge backlash from Hong Kong students.

"Hong Kongers will not take this issue lying down," said Mo, referring to new moves to add Communist Party propaganda to the curriculum.

source:AFP

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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.