Hong Kong gears up for mass rally as government appeals for calm
December 8, 2019, 11:03 am

Hong Kong gears up for mass rally as government appeals for calm

Anti-government protesters attend a rally at Edinburgh Place in Hong Kong. (File photo: Reuters)Anti-government protesters attend a rally at Edinburgh Place in Hong Kong. (File photo: Reuters)

Hong Kong was gearing up for a mass rally on Sunday that is expected to gauge support for pro-democracy demonstrations in the Chinese-ruled city as the government appealed to people to express their views peacefully.

Police gave the green light to Civil Human Rights Front (CHRF) - organizer of largely peaceful million-strong marches in June - to hold the rally, the first time the group has been granted permission for a protest since August 18.

Activists will march from Victoria Park in the bustling shopping district of Causeway Bay to Chater Road near the heart of the financial hub, the route of similar protests, most of which started out peacefully but later descended into violence.

The protests escalated in June over a now-shelved extradition bill that would have allowed people to be sent to mainland China for trial, but have now evolved into broader calls for democracy, among other demands.

The government said in a statement on Saturday it has “learned its lesson and will humbly listen to and accept criticism.”

Hong Kong’s new police commissioner, Chris Tang, said his force would take a flexible approach to demonstrations, using “both the hard and soft approach.”

The former British colony has been rocked by more than 900 demonstrations, processions and public meetings since June, with many ending in violent confrontations between protesters and police, who have responded at times with tear gas and rubber bullets.

Protesters have torched vehicles and buildings, hurled petrol bombs at police stations and trains, dropped debris from bridges onto traffic below and vandalized shopping malls and university campuses, raising questions about how and when the unrest can be brought to an end.

Demonstrators are angry at what they see as Chinese meddling in freedoms promised to Hong Kong when the then British colony returned to Chinese rule in 1997.

Beijing denies meddling and has condemned the unrest and blamed foreign governments, including the United States and former colonial power Britain, of interfering in the country’s internal affairs.

The chairman and president of the American Chamber of Commerce (AmCham) in Hong Kong were separately denied entry to the neighboring Chinese-ruled city of Macau on Saturday after being detained by immigration officials.

The international financial hub has enjoyed relative calm since local elections on November 24 delivered an overwhelming victory to pro-democracy candidates.

Nearly 6,000 people have been arrested in the protests since June, more than 30 percent aged between 21 and 25.

source: Reuters

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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.