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Lebanon business group urges general strike to push for end to crisis

A major Lebanese business group called on Monday for a three-day general strike to press divided politicians to form a government and end a crisis that has brought the economy to a standstill.
Lebanon has faced five weeks of protests, fueled by anger at corruption among sectarian politicians who have governed for decades. Demonstrators want to see the entire ruling class gone from power.
Despite the unprecedented protests, which led to the resignation of Prime Minister Saad Hariri on October 29 and exacerbated the economic crisis, deeply divided politicians have yet to agree on a new government.
The Lebanese Economic Bodies group, which includes industrialists and bankers, called for the closure of private institutions from Thursday to Saturday to push major parties to form a new government and avert further economic damage.
“The political forces have not assumed their national responsibilities and have not shown the seriousness necessary to produce solutions to the current crisis,” it said.
Banks reopened last week after mostly being shut since unrest began on October 17. Fearing capital flight and amid a hard currency shortage, commercial banks have placed tight restrictions on withdrawals and transfers abroad.
It was not clear if any banks would heed the strike call.
The hard currency shortage has spawned a black market where the price for dollars has surged since the start of the unrest, reaching over 2,000 pounds to the dollar on Monday, about a third higher than the pegged rate of 1,507.5.
In its statement, the Economic Bodies group said its “escalation” would continue until a new government was formed, with further steps to be announced.
Highway clashes
The strike call came hours after clashes on a Beirut roadway between supporters of Shia groups Hezbollah and Amal and anti-government protesters, raising the specter of violence in overwhelmingly peaceful protests.
Supporters of Hezbollah and Amal have sought to reopen roads and get protesters to go home.
Adding to tensions, two people were killed when their car slammed into a traffic barrier and burst into flames on a coastal road in the early hours of Monday, security sources said.
The crash sparked debate on social media about whether protest tactics, which have often included road blockades, had gone too far, although it was not immediately clear who set up the barrier that caused the accident.
A video on social media is taken from a traffic camera that showed a car smashing through a metal barricade in the center of the road and lighting on fire. Reuters could not independently verify the video.
Hezbollah blamed protesters, saying the accident was the result of attacks by groups targeting roads. In a statement, it called the tactics “a threat to civil peace and social stability.”
Hezbollah and Amal were both represented in the coalition government led by Hariri. The heavily armed Hezbollah, which is backed by Iran, had opposed his resignation.
In a statement, Lebanon’s Supreme Islamic Shia Council urged security forces to take stronger actions to protect citizens and freedom of movement. Lebanon’s army has sought to keep roads open but has pledged to use peaceful means.
The family of the victims called on authorities to launch an investigation and find those responsible for blocking the roads, according to a statement on state news agency NNA.
The President of the Lebanese Progressive Socialist Party, Walid Jumblatt commented on the accident, saying that blocking roads from any Lebanese side would only lead to problems and casualties.
In a series of tweets, Jumblatt condemned what happened late Sunday in downtown Beirut, when a group of Hezbollah supporters attacked demonstrators, without naming the Shia militia, calling for the need to keep all roads open to the Lebanese.
source: Reuters
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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