North Korea on high alert for torrential floods amid COVID-19 crisis
June 28, 2022, 9:04 am

North Korea on high alert for torrential floods amid COVID-19 crisis

Representative image-Floods/Pixabay

The Arabnews reported, citing the Associated Press, North Korea said Tuesday (June 28) it is making all-out efforts to prevent potential damages caused by heavy rains this week that outside observers worry could aggravate the country’s economic hardships amid its COVID-19 outbreak.

It said that summer floods in North Korea, one of the poorest countries in Asia, often cause serious damage to its agricultural and other sectors because of its troubled drainage and deforestation.

Typhoons and torrential rains in 2020 were among the difficulties that North Korean leader Kim Jong Un said had created “multiple crises” at home, along with strict pandemic-related restrictions and UN sanctions.

North Korea’s weather authorities predicted this year’s rainy season would start in late June and issued alerts for torrential downpour in most of its regions from Monday through Wednesday (June 29).

Pyongyang in North Korea (Photo: Pixabay)

The official Korean Central News Agency said Tuesday that authorities in the North’s central and southwestern regions are mobilizing all available resources to cope with possible flood-related damage.

Officials and workers there were engaging in works to protect crops, factory equipment, power plant facilities and fishing boats from heavy rains, KCNA reported. It said the country’s anti-disaster agency was reviewing readiness of emergency workers and medical staff.

North Korea faces infectious disease outbreak amid COVID-19 battle

KCNA said North Korean officials are urging residents and laborers to abide by pandemic-related restrictions during the country’s monsoon season.

It said more than 106,000 medical workers and hygienic workers have been ready to deal with potential major health issues caused by flooding. KCNA said officials are taking steps to ensure anti-epidemic security at shelters for those evacuated from flood-damaged areas.

South Korea’s weather agency said most of North Korea has been receiving heavy rains since Sunday.

North Korea stockpiled Chinese masks and vaccines before reporting COVID-19 outbreak

Concerns about the downpour come as North Korea is battling its first domestic coronavirus outbreak. Since North Korea last month admitted to the outbreak, it said about 4.7 million out of the country’s 26 million people have fallen ill with feverish symptoms, but only 73 died, a fatality rate that is widely disputed by outside experts.

Given its entire population officially remains unvaccinated and its health care system is broken, observers speculate that North Korea must have suffered greater deaths and that it’s likely manipulating its death count to help Kim avoid any political damage.

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.