Coal price records fresh high in China as floods hit country's key mining regions
October 12, 2021, 6:10 am

Coal price records fresh high in China as floods hit country's key mining regions

Floods-Streets/Pixabay

The BBC reported, the price of coal used in China's power plants has surged to a new record high as another of the country's key mining regions is hit by flooding.

The BBC said, heavy rains hit Shanxi in recent days, the country's biggest coal producing province, after record floods struck the mining region of Henan in July.

It mentioned, thermal coal on the Zhengzhou Commodity Exchange rose as much as 8% on Tuesday.

It added, the floods further complicate China's efforts to increase fuel supplies to ease its deepening energy crisis.

According to the BBC, Shanxi Province, which produced around a third of China's coal supplies this year, was forced to temporarily shut dozens of mines due to flooding. Although some sites are now slowly resuming operations.

Local officials said on Tuesday, at least 15 people have died during the severe flooding that has affected more than 1.76 million people in the province.

The BBC said, torrential rain last week led to houses collapsing and triggered landslides across more than 70 districts and cities in the northern province.

Even before the flooding, China was already facing an energy shortage which has caused power cuts in large parts of the country.

In recent weeks, energy firms have been forced to limit electricity supplies to millions of homes and business.

On Friday, Beijing reportedly ordered China's coal mines to boost output.

The move was the latest attempt by authorities to increase coal supplies after prices hit record highs and electricity shortages forced energy firms to ration power.

Read more: WHO says Climate action at COP26 conference could save millions of lives a year

Since last month, a series of power cuts has forced factories to cut back production or stop operations completely

Manufacturing hubs in the northeast of China have been hit particularly hard.

The latest rise in the price of thermal coal prices comes on top of a 12% jump on Monday.

Energy prices have been rising across the world as the global economy starts to emerge from the pandemic.

On Monday, the cost of Brent crude hit its highest since level October 2018, while US-traded oil touched a fresh seven-year-high.

Source: BBC

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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.