Washington Calls for Reduction of Strikes on Beirut.. Austin Demands Negotiations
U.S. Defense Secretary's statements reflect Washington's desire to ease tension on the Lebanese front, while maintaining its support for Israel in confronting Hezbollah
October 19, 2024, 10:28 pm

Washington Calls for Reduction of Strikes on Beirut.. Austin Demands Negotiations

العاصمة اللبنانية بيروت

U.S. Defense Secretary Lloyd Austin stated today, Saturday, that the United States wants Israel to reduce its attacks on the Lebanese capital Beirut and its surroundings.

Austin added: "The civilian casualty rate is extremely high, and we look forward to Israel reducing its strikes in Beirut and its suburbs. We also hope to see a shift towards negotiations that allows civilians on both sides to return to their homes."

Austin revealed that he discussed the security of the United Nations Interim Force in Lebanon (UNIFIL) with his Israeli counterpart Yoav Gallant, adding: "Israel assured me there is no intention to target the UN force," despite multiple incidents that occurred in recent days.

Regarding the situation in Gaza, the U.S. Defense Secretary emphasized the need for "civilians in the Strip to receive the humanitarian aid necessary for their survival, with the need to increase this assistance."

In parallel, defense ministers of the G7 countries announced their support for the United Nations Interim Force in Lebanon (UNIFIL) and the Lebanese Armed Forces, affirming their vital role in ensuring stability in the country.

The joint document approved after the first meeting of the group's defense ministers indicated that the protection of peacekeepers is the responsibility of all parties to the conflict. The statement read: "We support the restoration of security and stability to the Lebanese-Israeli border, including the protection of local residents. We also express our concern about recent developments in Lebanon and the risk of further escalation, where we call for a comprehensive cessation of military operations in accordance with the full implementation of UN Security Council Resolution 1701."

For his part, Italian Defense Minister Guido Crosetto explained that the issue of the future mandate of this mission in terms of strengthening it, increasing its numbers, or reducing it was not discussed among the ministers, reasoning that this matter "falls within the powers of the United Nations." He added that "the presence of these forces clearly represents an alternative to war."

These statements and positions come amid escalating tension on the Lebanese-Israeli border and growing international fears of a potential expansion of the conflict in the region.

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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.