Over 1,000 small earthquakes hit Portuguese volcanic island in less than 48 hours
March 22, 2022, 8:57 am

Over 1,000 small earthquakes hit Portuguese volcanic island in less than 48 hours

Island of Sao Jorge in Portugal (File photo: Pixabay)

The Arab News reported, citing Reuters that around 1,100 small earthquakes have rattled one of Portugal's mid-Atlantic volcanic islands in less than 48 hours, prompting authorities to activate an emergency plan as experts assess what they have described as a "seismic crisis".

Rui Marques, head of the Azores archipelago's seismo-volcanic surveillance centre CIVISA, told Reuters on Monday the earthquakes, with a magnitude ranging from 1.9 to 3.3, had been recorded on the island of Sao Jorge since Saturday afternoon.

He said most of the earthquakes, which have caused no damage so far, were reported along the island's volcanic fissure of Manadas, which last erupted in 1808.

The report said that Sao Jorge, one of nine islands which make up the Azores, is home to around 8,400 people and is part of the archipelago's central group, which includes the popular tourist destinations of Faial and Pico, which are also volcanic.

Around 1,100 small earthquakes have rattled one of Portugal's mid-Atlantic volcanic islands in less than 48 hours (File photo: Pixabay)

Describing it as a preventive measure, Luis Silveira, the mayor of the municipality of Velas, where much of Sao Jorge's population lives, signed a document on Monday to activate an emergency plan due to the earthquakes.

The sudden increase in seismic activity is reminiscent of the earthquake swarms detected prior to the eruption of the Cumbre Vieja volcano on Spain's La Palma island last year, some 1,400 kilometres (870 miles) southeast of the Azores.

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Over 85 days, that eruption destroyed thousands of properties and crops.

However, CIVISA has yet to establish what the series of tremors might signify.

Marques told Lusa news agency: "It is still not possible to know the behaviour pattern of this seismic crisis."

CIVISA has sent teams to the ground to set up two additional seismic monitoring stations on the island and to measure soil gases, an indicator of volcanic activity.

In a statement on Sunday, the regional Civil Protection authority said it had already contacted local mayors and fire units, and asked them to "remain vigilant" and help the people of Sao Jorge if needed.

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Marques told Lusa that it urged people to stay calm, stay informed and follow the recommendations of officials. Only 63 of the 1,100 earthquakes registered so far have been felt by the population.

Marques told Antena 1 radio station: "We must be a bit concerned," adding that "We should not raise an alarm but we will be attentive to the evolution of the situation."

Source: arabnews

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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.