Hong Kong metro to remain shut as city reels from night of violent protests
October 5, 2019, 8:40 am

Hong Kong metro to remain shut as city reels from night of violent protests

Protesters wear masks on the streets of Hong Kong on October 4, 2019. (AP)

Hong Kong’s rail operator said the entire metro system would remain shut on Saturday in an unprecedented move as the city braced for more demonstrations after a night of chaos when police shot a teenage boy and pro-democracy protesters torched businesses and metro stations.

Violent protests erupted across the Chinese-ruled city hours after its embattled leader Carrie Lam invoked colonial-era emergency powers last used more than 50 years ago.

For four months the city has been roiled by increasingly violent protests, which began in opposition to a bill introduced in April that would have allowed extradition to mainland China but have spiraled into a broader pro-democracy movement.

The Beijing-backed leader said a ban on face masks that took effect on Saturday was ordered under the emergency laws that allow authorities to “make any regulations whatsoever” in whatever they deem to be in the public interest.

But the move enraged protesters, who took to the streets as darkness fell to vent their anger. They set fires, hurled petrol bombs at police and burned the Chinese national flag, in a direct challenge to authorities in Beijing.

Police said an officer in Yuen Long, a district in the outlying New Territories that saw fierce clashes in July, had fired a shot in self-defence after a protester threw a petrol bomb at him, setting him on fire.

Local media reported a 14-year-old boy had been shot and the city’s Hospital Authority said a 14-year-old was in a serious condition, without giving further details.

Rail operator MTR corp suspended the whole network, leaving people stranded across the city, many forced to walk home.

In a statement, it said protesters had set fires at multiple stations, including to an empty train, and injured two staff.

“As we are no longer in a position to provide safe and reliable service to passengers in the circumstances, the Corporation had no choice but to make the decision to suspend the service of its entire network including Heavy Rail, Light Rail and MTR bus,” it said in a statement on Saturday morning.

The airport express, the city’s main link to the airport, would also stay closed, it said, while more than a dozen shopping malls, which shut their doors early on Friday in anticipation of violence, said they would also not re-open.

Around a hundred demonstrators besieged a Bank of China (HK) branch in the high-end shopping district of Causeway Bay, while across the harbor in Kowloon district protesters smashed the glass store front of a China Life branch.

Police fired volleys of tear gas to disperse protesters in flashpoint districts across the territory, including Causeway Bay, Sha Tin and Wong Tai Sin, underscoring the challenges facing authorities as the protests show no sign of letting up.

Further demonstrations are planned for the weekend, including a march on Saturday from Salisbury Garden in Kowloon.

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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.