Hundreds of thousands evacuated as cyclone hits Bangladesh
November 10, 2019, 10:26 am

Hundreds of thousands evacuated as cyclone hits Bangladesh

Up to 1.8 million were expected to be evacuated by Saturday evening ahead of Cyclone Bulbul in Bangladesh. (File photo AP)

A strong cyclone made landfall early Sunday in Bangladesh, where hundreds of thousands of people have moved to shelters across the low-lying delta nation’s vast coastal region.

Up to 1.8 million were expected to be evacuated by Saturday evening ahead of Cyclone Bulbul, said Enamur Rahman, Bangladesh’s junior disaster management minister. More than 5,000 shelters had been prepared by Saturday morning.

The cyclone was packing winds of up to 120 kilometers (75 miles) per hour and gusts of up to 130 kph (80 mph), but was forecast to weaken after crossing the coast. It slammed ashore near Sagar Island and its path included the southwestern Khulna region, which has the world’s largest mangrove forest, the Sundarbans, which straddles the Bangladesh-India border.

The weather office said coastal districts were likely to be inundated by storm surges of 1½-2 meters (5-7 feet) above normal tide because of the impact of the cyclone.

Several ships from Bangladesh’s navy and coast guard were kept ready in parts of the region for an emergency response, the TV station Independent reported.

The storm is also expected to impact parts of northeastern India, where precautions were also being taken.

According to US-based AccuWeather Inc., Bulbul strengthened from a deep depression into a tropical cyclone on Thursday morning, and by Friday afternoon had strengthened into a severe cyclone. Bulbul was the equivalent of a Category 1 or 2 hurricane in the Atlantic, it said.

Rahman said the government suspended weekend leave for government officials in 13 coastal districts on Saturday.

On Saturday, volunteers used loudspeakers to ask people to move to shelters in Chittagong and other regions, according to the Disaster Management Ministry. In the Cox’s Bazar coastal district, tourists were alerted to stay in their hotels, while a few hundred visitors were stuck on Saint Martins Island.

Authorities suspended all activities in the country’s main seaports, including in Chittagong, which handles almost 80 percent of Bangladesh’s exports and imports. All vessels and fishing boats were told to stop operating.

Local authorities ordered school buildings and mosques to be used as shelters in addition to dedicated cyclone shelters - raised concrete buildings that have been built over the past decades.

Bangladesh, a nation of 160 million people, has a history of violent cyclones. But disaster preparedness programs in recent decades have upgraded the country’s capacity to deal with natural disasters, resulting in fewer casualties.

source:The Associated Press

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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.