Coronavirus: Lebanon begins new lockdown amid surge in COVID-19 cases
January 7, 2021, 10:51 am

Coronavirus: Lebanon begins new lockdown amid surge in COVID-19 cases

A street musician man performs with a mask on his face to help stop the spread of the coronavirus, as other man on the left puts money on a box, in Beirut, Lebanon on July 29, 2020. (AP)

Lebanon began a 25-day nationwide lockdown Thursday to limit the spread of the coronavirus as infections hit a new record in the tiny Mediterranean nation and patients overwhelm the health care sector.

The lockdown is the third in Lebanon since the first case was reported in late February. It closes most businesses and limits traffic by imposing an odd and even license plate rule on alternating days. It also reduces the number of flights at the country’s only international airport.

As of Thursday, a daily 6 p.m. to 5 a.m. curfew takes effect that will last until February 1.

On Wednesday, Lebanon broke its single-day record of new coronavirus infections on the eve of the lockdown with 4,166 cases reported in 24 hours.

It came after a holiday season in which tens of thousands of visitors flying into the country to celebrate Christmas and New Year’s. Lebanon also reported 21 new coronavirus deaths Wednesday, bringing the number of total coronavirus cases in the small Mediterranean country to nearly 200,000, with more than 1,500 deaths.

“The best way to limit the spread is to stay at home,” outgoing Health Minister Hamad Hassan told the local LBC TV station.

In Beirut’s commercial Hamra district, many shops were closed Thursday morning as police patrols drove by to make sure the lockdown was implemented. Police checkpoints fined motorists who violated the lockdown orders.

First responders in the country hit by a severe economic crisis say they have been transporting nearly 100 patients a day to hospitals that are now reporting near-full occupancy in beds and intensive care units.

Lebanon saw new infections begin to increase during the summer, following a massive explosion in Beirut’s port in August that shook the city and its heath sector, killing over 200 people and injuring 6,000. August’s numbers increased by over 300 percent from July as a result, and they have been climbing since.

The new lockdown comes as Lebanon was already struggling with an unprecedented economic and financial crisis that has caused it to default on debt and sent its local currency plunging, losing 80 percent of its value to the dollar.

The shortage of hard currency in Lebanon has severely curbed imports to the import-dependent country, including medicine and medical supplies. Many medicines are missing at pharmacies as the crisis worsens.

The US dollar was trading on the black market Thursday at about 8,800 pounds, a 5 percent drop from last week and there are concerns that the lockdown will further hammer the economy that the World Bank projected will contracted 19.2 percent in 2020 alone.

source: The Associated Press

Image source: AFP

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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.