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Hundreds gather in Lebanon for third day of protests

Hundreds gathered in Lebanon Saturday for a third day of protests against tax increases and alleged official corruption after the security forces made dozens of arrests.
Crowds began gathering in front of the seat of government in the capital Beirut around lunchtime, with many waving billowing Lebanese flags.
The protesters blocked the road leading up to the Presidential Palace, amid heavy deployment of security forces.
Earlier, troops reopened blocked highways after security forces used tear gas and water cannons to disperse a huge crowd of protesters who had gathered in the heart of Beirut on Friday evening.
The Internal Security Forces said 70 arrests were made.
The protesters are demanding a sweeping overhaul of Lebanon’s political system, citing grievances ranging from austerity measures to poor infrastructure.
Prime Minister Saad Hariri has given his deeply divided coalition partners until Monday evening to give their backing to a reform package aimed at shoring up the government’s finances and securing the disbursement of desperately needed economic assistance from donors.
Hezbollah leader Hassan Nasrallah gave his first response on Saturday.
“We don’t want the resignation of the government if the resignation means there is no government,” he said, calling for Lebanese to work together.
The current unity government has the backing of most Lebanese political parties, including Hezbollah.
Groups of young people gathered on the streets of the capital on Saturday morning collecting tires and other material to make improvised roadblocks, AFP correspondents reported.
Parts of central Beirut looked like a war zone, littered with broken glass, overturned litter bins and the remains of burning tyres.
Banks and many restaurants and shops remained closed.
A team of workers in grey jumpsuits was dispatched to clean up the debris near parliament, even as around a dozen protesters chanted “Revolution, revolution”.
The demonstrations first erupted on Thursday, sparked by a proposed 20 cent tax on calls via messaging apps such as WhatsApp.
Such calls are the main method of communication for many Lebanese and, despite the government’s swift abandonment of the tax, the demonstrations quickly swelled into the largest in years.
Thousands of people of all ages, sects and political affiliations brought the capital to a standstill on Friday, before security forces dispersed them.
Minor clashes continued after dark, pitting groups of young men against security forces, an AFP reporter said.
One protester in the southern city of Nabatieh, a Hezbollah stronghold, vowed to continue protesting.
“They are trying to portray us as a mob, but we are demanding our rights,” he told a local television channel. “We are used to repression.”
Lebanon has one of the highest public debt burdens in the world and the government is trying to reach agreement on a package of belt-tightening measures to cap the deficit in next year’s budget.
The promised austerity moves are essential if Lebanon is to unlock $11 billion in economic assistance pledged by international donors last year.
Growth has plummeted in recent years, with political deadlock compounded by the impact of eight years of war in neighboring Syria.
Lebanon’s public debt stands at around $86 billion – more than 150 percent of gross domestic product – according to the finance ministry.
The International Monetary Fund projected on Thursday that growth would remain weak in the coming months.
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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