No reported damage in Philippines from Chinese rocket debris
August 1, 2022, 9:18 am

No reported damage in Philippines from Chinese rocket debris

Manila city in Philippines (File photo: Pixabay)

A Filipino official said Monday (July 31), there was no reported damage in a western Philippine region where debris from a rocket that boosted part of China’s new space station reportedly fell.

Marc Talampas, an official with the Philippine Space Agency, said that authorities were advised to search for the wreckage of the missile, which may have fallen into sea waters off Palawan province, the Arabnews reported, citing the Associated Press.

Talampas told The Associated Press: “We are monitoring the situation and have also issued an advisory to the public to be vigilant, avoid contact with any suspected floating debris and to report to local authorities immediately.”

Most of the last stage of the Long March-5B rocket has burned up after re-entering the atmosphere, the China Manned Space Agency said on Sunday (July 31). It would allow the booster to fall without guidance, it said.

The Chinese agency announcement gave no details of whether remaining debris fell on land or sea but said the “landing area” was at 119 degrees east longitude and 9.1 degrees north latitude. That is in waters southeast of Palawan’s capital city of Puerto Princesa.

A Long March 5B rocket, carrying China's Tianhe space station core module, lifts off from the Wenchang Space Launch Center in southern China's Hainan province on April 29, 2021. (AFP)

The Philippine Space Agency did not receive any notifications from its Chinese counterpart about the rocket debris.
China has faced criticism for allowing rocket stages to fall to Earth uncontrolled twice before.

NASA accused Beijing last year of “failing to meet responsible standards regarding their space debris” after parts of a Chinese rocket landed in the Indian Ocean.

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The country’s first space station, Tiangong-1, crashed into the Pacific Ocean in 2016 after Beijing confirmed it lost control. An 18-ton rocket fell uncontrolled in May 2020.

China also faced criticism after using a missile to destroy one of its defunct weather satellites in 2007, creating a field of debris that other governments said might jeopardize other satellites.

The July 24 launch of the Long March-5B, China’s most-powerful rocket, carried the Wentian laboratory into orbit. It was attached to the Tianhe main module, where three astronauts live.

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The remains of a separate cargo spacecraft that serviced the station fell into a predetermined area of the South Pacific after most of it burned up on reentry, the Chinese government announced earlier.

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.