India’s worst-hit state imposes strict COVID-19 curbs
April 14, 2021, 8:51 am

India’s worst-hit state imposes strict COVID-19 curbs

A bird flies across central Mumbai's financial district skyline, India, June 18, 2019. (File Photo: Reuters)

India’s worst-hit and richest state Maharashtra will impose stricter restrictions for 15 days on Wednesday in an effort to stem the surge of coronavirus infections that is threatening to overcome hospitals.

Top state officials stressed that the closure of most industries, businesses, public places and limits on the movement of people didn’t constitute a lockdown.

Last year, a sudden, harsh, nationwide lockdown left millions jobless overnight.

Stranded in cities with no income or food, thousands of migrant workers walked on highways to get home. Since then, state leaders have repeatedly stressed that another lockdown wasn’t on the cards.

The distinction did little to allay Ramachal Yadav’s anxieties. On Wednesday morning, he joined others at a Mumbai railway station getting on a train back home. “There is no work,” said the 45-year-old.

India has detected over 180,000 new infections in the past 24 hours, about a third in Maharashtra state. India has so far confirmed over 13.9 million cases and 172,000 dead in what is likely an undercount.

Maharashtra Chief Minister Uddhav Thackeray said that most public places, shops and establishments will be shut starting 8 p.m. Wednesday, expect essential services like grocery shops and banks.

Although the state has announced a relief package of $728 million that will include assistance for the poor, industry experts say that the new restrictions might prove fatal for businesses that were only just recovering from last year’s economic recession.

“Livelihoods are important, but life is more important,” Thackeray said, echoing a difficult choice faced by other states in India.

The scenes playing out in Maharashtra in the past week mirror those developing in other parts of the country: patients gasping for air turned away from hospitals that are running out of oxygen and weeping families waiting their turn to bid farewell to their loved ones at crematoria.

Compounding concerns is the question of whether India, despite being the world’s largest maker of vaccines, will have enough to immunize its vast population swiftly enough to slow down the virus.

India said Tuesday that it would authorize vaccines that had been given an emergency nod by the World Health Organization or regulators in the United States, Europe, Britain or Japan. Indian regulators also approved Russia’s Sputnik V for emergency use. But experts said that the decision was unlikely to have any immediate impact on supplies available in the country.

“All one can think of is that, I hope I don’t fall ill over the next month or so,” said Dr. Vineeta Bal, who studies immune systems at the Indian Institute of Science Education and Research in Pune city in Maharashtra state.

source: The Associated Press

Image source: Reuters

Levant

Trump-era spike in Israeli settlement growth has only begun Russian navy starts drills in Black Sea ahead of arrival of US warships

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.