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North Korea's Kim opens huge mountain development

North Korean leader Kim Jong Un has opened a flagship construction project close to Mount Paektu, a symbol of the Korean nation and officially the birthplace of his father and predecessor, state media reported Tuesday.
The ceremony was held in snowy scenes before thousands of soldiers and civilians and portrayed as a demonstration of the resilience of the North, which is subject to international sanctions imposed over its nuclear weapons and ballistic missile programs.
It comes with time running out on Pyongyang's demand for the US to offer it fresh concessions by the end of the year, and ahead of Kim's New Year speech on January 1, a key political set-piece in the isolated country.
Kim donned a black leather trench coat and gloves for the opening, and -- surrounded by fur-hatted officials -- cut a red ribbon in front of a statue of his father Kim Jong Il.
Winter already has North Korea's far north firmly in its grip, and icicles hung from buildings, Korean Central Television (KCTV) footage showed -- the largely empty streets covered in snow.
Banners proclaimed: "Long live the great leader of the force of our party and country, comrade Kim Jong Un!"
Kim had "worked heart and soul to turn Samjiyon County, the sacred place of the revolution, into the utopia town under socialism", the official KCNA news agency said.
The Korean people were, it said, "advancing along the straight road chosen by themselves without any vacillation despite the worst trials".
Nuclear negotiations with the United States have been deadlocked since the Hanoi summit broke up in February, and Pyongyang has issued a series of increasingly assertive comments in recent weeks as its time limit approaches.
In a separate report Tuesday, KCNA quoted vice foreign minister Ri The Song saying: "What gift the US receives for Christmas depends entirely on the US' decision."
Pyongyang has poured huge resources into the rebuilding of Samjiyon, the closest town to Mount Paektu, a dormant volcano that straddles the border with China.
Kim is closely associated with the scheme and has visited the area several times, reportedly riding a white horse to the mountain's summit in October.
The vast Samjiyon project includes a museum of revolutionary activities, a winter sports training complex, processing plants for blueberries and potatoes, and 10,000 apartments.
Thousands of workers swarmed over the site during construction, AFP saw, many of them soldiers. Much of the North Korean army is devoted to construction.
Students have been sent to work on the scheme during university holidays, KCNA reported previously, while diplomats say children have also been deployed.
According to North Korean propaganda, Kim Jong Il was born at the nearby Mount Paektu Secret Camp where his father Kim Il Sung was fighting the Japanese -- although independent historians and Soviet records say he was born in Russia, where North Korea's founder was in exile.
The official story plays a central role in Pyongyang's teachings about the Kim family, who have led the country for three generations, and every year 100,000 or more students and workers are taken on study trips to the area.
source: AFP
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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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