China leader Xi Jinping expected to be given third term later this month
October 15, 2022, 5:30 pm

China leader Xi Jinping expected to be given third term later this month

This video grab taken on January 25, 2021, from the website of the World Economic Forum shows China’s President Xi Jinping speaking as he opens an all-virtual World Economic Forum. (World Economic Forum/AFP)

President Xi Jinping is expected to be handed a historic third term in control of China on October 23, it emerged on Saturday (Oct 15), after a spokesman confirmed the Communist Party's 20th Congress will end the previous day, the AFP reported, the al-Arabiya said.

About 2,300 party delegates from every province will gather at the Great Hall of the People in Beijing from Sunday for the mostly closed-door conclave, to rubber-stamp the country’s next leadership make-up.

The five-yearly talking shop will get under way at 10:00 am (0200 GMT) with an opening ceremony, after which Xi is expected to deliver a lengthy speech that will give an assessment of the previous term as well as a roadmap for the next five years.

Should everything go to plan, after the week-long meeting 69-year-old Xi will be reconfirmed as the party’s general secretary, cementing his position as China's most powerful leader since Mao Zedong.

At the highly choreographed conclave, the 2,296 participants will also pick members of the party’s roughly 200-member Central Committee, which in turn selects the 25-person Politburo and its all-powerful Standing Committee -- the country's highest leadership body.

President Xi Jinping is expected to be handed a historic third term in control of China on October 23, it emerged on Saturday (Oct 15), after a spokesman confirmed the Communist Party's 20th Congress will end the previous day - Photo. Pixabay

The day after Congress closes, the new Standing Committee -- currently a group of seven men including General Secretary Xi -- should be revealed, if this year follows the same convention as previous Congresses.

Congress spokesman Sun Yeli confirmed the closing date of October 22 and told reporters: “The preparations for the Congress have now been fully completed.”

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During the two-hour press conference -- in which Chinese state media asked several questions, as well as some international outlets -- Sun said the proportion of female delegates had increased to 27 percent, from 24 percent at the last Congress in 2017.

There were no questions asked about Xi.

China is holding Sunday’s opening ceremony under a strict zero-Covid policy, sealing organizers and journalists in a virus-secure bubble two days in advance.

Participants have been ordered to take daily Covid-19 tests to attend events, some of which are being held remotely by video link instead of in person.

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At a hotel in western Beijing, organizers have set up a press center crammed with exhibitions extolling Xi, festooned in the Communist Party’s signature red and gold.

Scattered around the venue are tables piled with books on Xi’s philosophy and China’s development, while one display features an AI-driven “digital human” that tells jokes and sings songs upon request.

Source: alarabiya

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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.