Lebanese protesters gather in Beirut in fourth day of fiery demonstrations
October 20, 2019, 8:28 am

Lebanese protesters gather in Beirut in fourth day of fiery demonstrations

Men, women and children gathered in the Lebanese capital Beirut Sunday to protest corruption and tax hikes for a fourth day. (AFP)

Men, women and children gathered in the Lebanese capital Beirut Sunday to protest corruption and tax hikes for a fourth day, after the resignation of a key Christian party rocked the country’s fragile coalition government.

Demonstrations had flared on Thursday in response to a proposed $0.20-tax on calls via WhatsApp and other messaging services.

While the government quickly dropped the plans, the protests morphed into demands for a sweeping overhaul of Lebanon’s political system, with grievances ranging from austerity measures to poor infrastructure.

Thousands rallied across the country on Saturday, chanting “revolution” or “the people demand the fall of the regime” – a common refrain of demonstrations in other parts of the Arab world.

The protests have been largely good-natured, with people singing or launching into traditional dabke dances on Saturday, while others played cards and smoked shisha into the early hours.

In Tripoli, Lebanon’s traditionally conservative second city, the protests at points looked like a music festival, with a DJ pumping out dance music from loudspeakers.

https://twitter.com/dalalmawad/status/1185629969969549312

On Sunday morning, volunteers were cleaning the streets near the parliament in Beirut while rubbish collectors righted upturned dumpsters.

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The protests have also been marked by their diversity, drawing wide swathes of Lebanese society largely united on what they oppose – with many condemning the entire political class as thieves and criminals – but so far lack a clear set of demands.

Lebanon’s political system was set up to balance power between the country’s religious sects, including Christians, Sunni Muslims, Shia Muslims and Druze.

Many current senior politicians came to prominence during the country’s 15-year civil war that ended in 1990.

Beleaguered Sunni Prime Minister Saad Hariri had given his coalition partners until Monday evening to back key reforms.

But late Saturday, Samir Geagea, head of the Christian Lebanese Forces party, announced his ministers were quitting the government.

“We are now convinced that the government is unable to take the necessary steps to save the situation,” said Geagea.

Other members of the government, including Shia movement Hezbollah, are opposed to resigning.

Demonstrators in Beirut celebrated the news of the LF’s resignation but continued to call for wholesale change. In Tripoli, they set off fireworks.

“It’s better all the government resign,” said 24-year-old Ali in Beirut.

“It’s better to go to another election as people already woke up.”

Promised austerity measures are essential if Lebanon is to unlock over $11 billion in economic assistance pledged by international donors last year.

Lebanon’s public debt stands at around $86 billion – more than 150 percent of gross domestic product – according to the finance ministry.

Growth has plummeted in recent years, with political deadlock compounded by the impact of eight years of war in neighboring Syria.

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.