North Korea celebrates late leader Kim Jong Il's birthday amid hardships
February 16, 2022, 4:52 pm

North Korea celebrates late leader Kim Jong Il's birthday amid hardships

Parade in North Korea (File photo: Pixabay)

North Korea celebrated the 80th birthday of late leader Kim Jong Il with a concert, fireworks and a rare outdoor ceremony near its border with China, state media reported Wednesday, as the country pushes for greater public support amid pandemic-related hardships.

The Associated Press said that the snowy celebration involving a cheering crowd is likely meant to solidify the leadership of Kim’s son and current leader, Kim Jong Un, as he faces one of the toughest moments of his decade in power. The younger Kim said last year his country was grappling with “the worst-ever situation” due to the pandemic, U.N. sanctions and other problems.

North Korea’s state TV showed Kim Jong Un, dressed in a dark winter coat, waving when people clapped their hands and hopped as he appeared at the ceremony at Samjiyon city Tuesday on the eve of his father’s birthday.

The official Korean Central News Agency said the ceremony showed participants’ firm resolves to rally behind Kim Jong Un and achieve a prosperity with self-reliance.

Statues of late leaders Kim Il Sung, left, and Kim Jong Il on Mansu Hill in Pyongyang, North Korea (File photo: Pixabay)

Similar ceremonies were held across North Korea to mark the birth anniversary, while senior officials visiting Samjiyon city observed fireworks and a music concert, according to KCNA.

It’s rare for North Korea to hold a high-profile state event in the city at the foot of Mount Paektu, the highest peak on the Korean Peninsula which is the heart of North Korea’s foundation myth revolving around the Kim family. A major development project has also been underway in Samjiyon, which Kim Jong Un has said epitomizes his country’s “iron will” to achieve prosperity.

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The birthday of Kim Jong Il is one of the most important holidays in North Korea, along with that of Kim Il Sung, the late grandfather of Kim Jong Un who established North Korea in 1948. Kim Jong Un has ruled North Korea since Kim Jong Il died of a heart attack in late 2011.

On Wednesday, North Korean citizens climbed Pyongyang’s Mansu Hill to lay bouquets of flowers and to bow before the giant statues of Kim Jong Il and Kim Il Sung. Elsewhere in Pyongyang, signs with celebratory messages like “the great event of the nation” were set up along streets.

Kim Jong-un strengthens relations with China against 'hostile forces'

Last month, North Korea conducted a spate of missile tests in what some experts say was an attempt to pressure the United States to offer concessions like sanctions relief. North Korea paused testing activity before the start of the Winter Olympics in China, its last major ally and economic pipeline, earlier this month.

South Korea’s Defense Ministry said North Korea’s military hasn’t showed any suspicious activities Wednesday.

Source: AP

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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.