Duque promises social reforms as three dead in Colombia protests
November 23, 2019, 11:22 am

Duque promises social reforms as three dead in Colombia protests

Demonstrators confront riot police during a protest a day after a nationwide strike by students, unions and indigenous against the government of Colombia's President Ivan Duque, in Bogota, on November 22, 2019. (AFP)

Colombian President Ivan Duque on Friday promised a “national conversation” on social policies, one day after massive demonstrations against his right-wing government left three dead and dozens wounded.

“Starting next week, I will launch a national conversation to strengthen the current social policy agenda, working in a united way with medium- and long-term vision, which will allow us to close the social gaps,” he said in a televised speech.

“This conversation will take place regionally with all the social and political sectors. I will use electronic media and participatory mechanisms... so that we can all build a meaningful path of reform.”

The popularity of Duque’s right-wing government -- a key ally of the US -- has been on the wane since his election 18 months ago, as it deals with hosting 1.4 million refugees from neighboring Venezuela’s economic meltdown as well as the complex fallout of a 2016 peace deal with FARC rebels and rampant drug trafficking.

Hundreds of thousands of Colombians took to the streets in Bogota and other cities on Thursday to protest Duque’s economic, social and security policies, as part of a nationwide general strike.

There were arrests and clashes as trade unions, students, opposition parties and the South American country’s indigenous organizations vented their anger.

Duque’s statement Friday came shortly after Bogota Mayor Enrique Penalosa declared a nighttime curfew in the capital, following clashes between protesters and police in the southern part of the city of seven million earlier in the day.

The president said he was stepping up the police presence and ordering the “deployment of joint patrols of police and army in the most critical places.”

Earlier Friday, hundreds of demonstrators were protesting in cities across the country, banging pots and pans in a form of protest that is common in parts of Latin America, though not in Colombia.

The three deaths had taken place during protests Thursday in the western Valle del Cauca department, Defense Minister Carlos Holmes Trujillo told reporters.

There were also 122 civilians wounded, 151 security forces hurt and 146 people detained, the government said.

The protests come amid social upheaval across South America, as a wave of unrest over the past two months has battered governments in Chile, Bolivia, and Ecuador.

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.