Australia's east braces for more heavy rain, 'life-threatening' floods
October 22, 2022, 11:00 am

Australia's east braces for more heavy rain, 'life-threatening' floods

Flooding may occur as an overflow of water from water bodies, such as a river, lake, or ocean, in which the water overtops or breaks levees, resulting in some of that water escaping its usual boundaries, or it may occur due to an accumulation of rainwater on saturated ground in an areal flood - Text. Wkipedia/ Photo. Pixabay

Large swaths of Australia's southeast were under flood evacuation alerts on Saturday (Oct 22) as the nation's weather forecaster warned major flooding could hit parts of New South Wales devastated by floods in March.

The emergency in New South Wales and Victoria, the country's two most populous states, comes as Australia endures a third straight La Nina weather event, bringing heavy rains.

The Bureau of Meteorology warned severe flooding was possible from Sunday in northern New South Wales, including the Northern Rivers, which takes in the regional centre of Lismore, among the localities worst hit by March's floods.

Intense rainfall, which could lead to "dangerous and life-threatening flash flooding", was possible for the area, the forecaster said on its website.

There were 98 flood warnings in place on Saturday for New South Wales, with inundations most severe in the northeast and on the southern border around the town of Moama, some 780 km (485 miles) from Sydney.

Catastrophic riverine flooding is usually associated with major infrastructure failures such as the collapse of a dam, but they may also be caused by drainage channel modification from a landslide, earthquake or volcanic eruption. Examples include outburst floods and lahars. Tsunamis can cause catastrophic coastal flooding, most commonly resulting from undersea earthquakes - Text. Wkipedia/ Photo. Pixabay

In the north, evacuation warnings were sent to parts of the town of Moree late on Friday, covering around 4,000 people.

Victoria had 68 flood warnings, with parts of Echuca - a town of 15,000 on Australia's longest river, the Murray - urged to evacuate.

Three Australian states issue evacuation orders after heavy rain

The river was expected to peak at around 94.80 metres (311 feet) on Saturday, similar to devastating 1993 flood levels.

The floods, which began last week, have claimed five lives, prompted thousands of requests for assistance and led to hundreds of people being rescued from rising waters.

Prime Minister Anthony Albanese said 150 Australian Defence Force personnel were assisting in flood-hit areas of in New South Wales, while 350 troops were helping in Victoria.

"My government will continue to work with the states and territories, and we stand ready to support those Australians who are suffering the most," he told reporters in Perth.

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Last weekend, Albanese toured flood-hit parts of Victoria last weekend with state Premier Daniel Andrews after suburbs close to the central business district of the state capital, Melbourne, were flooded.

Treasurer Jim Chalmers, speaking ahead of next week's federal budget, said on Friday the widespread floods would dent the country's economic growth and increase inflation.

The March floods killed at least 13 people, with tens of thousands evacuated in Queensland and New South Wales. The disaster submerged towns, washed away homes and cut power.

Source: sharjah24

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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.