Karen regains tropical storm strength as it churns toward Puerto Rico
September 24, 2019, 9:35 am

Karen regains tropical storm strength as it churns toward Puerto Rico

Forecasters are predicting tropical storm Karen will bring severe winds and flooding rains. (File photo AP)

Tropical storm Karen was gaining strength and threatening to come ashore in Puerto Rico on Tuesday, bringing severe winds and flooding rains, forecasters said.

It regained its classification as a tropical storm, after briefly being downgraded to a tropical depression on Monday.

Packing winds of 40 mph (65 kph), Karen is expected to dump 2-4 inches of rain on the US island territory with some areas getting upwards of 8 inches (20.3 cm), the Miami-based National Hurricane Center (NHC), said in an advisory.

“There are flash flood watches and warnings across Puerto Rico,” said Marc Chenard, a forecaster with the National Weather Service (NWS).

“Eastern and southern Puerto Rico will be the hardest hit areas, especially the hills and mountainous areas. There's a risk of serious mudslides and floods.”

Tropical storm-force wind gusts are expected to hit the island as Karen moves near or over land by Tuesday afternoon, before heading out towards western Atlantic overnight, the NHC said.

Tropical storm warnings remained in effect for Puerto Rico, as well as the adjacent US and British Virgin Islands for the next 24 hours.

Karen, the 11th named storm of the 2019 Atlantic hurricane season, formed on Sunday afternoon east of the Lesser Antilles.

Puerto Rico, beset with financial woes and political turmoil, was spared a potential new disaster last month when Hurricane Dorian skirted past it before laying waste to the northern Bahamas.

Two years ago, Puerto Rico was still recovering from Hurricane Irma when it took a direct hit from Hurricane Maria. Some 3,000 people perished in that storm, the deadliest in the island’s recorded history.

To the north of Karen, a separate Atlantic tropical storm named Jerry was on track to skirt by Bermuda on Tuesday night or Wednesday morning. Jerry was packing maximum sustained winds of 65 mph (100 kph) but was also expected to gradually weaken.

Yet a third tropical storm, Lorenzo, formed on Monday in the far eastern Atlantic near the Cape Verde Islands, off Africa. Lorenzo was forecast to reach hurricane strength by Tuesday night as it churned across the ocean but posed no immediate threat to land, the NHC said.

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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.