Cyclone Tiffany to hit Australia's northern coast
January 10, 2022, 6:42 am

Cyclone Tiffany to hit Australia's northern coast

Tropical Cyclone/Pixabay

The Xinhua reported that Australia's Bureau of Meteorology (BoM) has been tracking a tropical cyclone, dubbed Cyclone Tiffany, over the weekend, which is expected to hit the coast of the northern tip of the state of Queensland on Monday.

The BoM issued a warning on Monday morning that the cyclone showed wind speeds of 130 km per hour and was moving west at 18 km per hour just 30 km from the coast.

"Tiffany will weaken slightly over land but may maintain tropical cyclone strength as it moves westward across the Cape," said the warning.

Senior Meteorologist Dean Narramore said On Sunday the BoM would continue to monitor Tiffany.

Australia-Queensland -Aerial view/Pixabay

"From tomorrow (Monday), people in far north Queensland communities will start seeing and feeling the effects of Tropical Cyclone Tiffany as it comes closer to the coast," said Narramore.

Residents were told to expect and prepare for gale force, destructive winds, up to 250 mm of heavy rainfall and abnormally high tides along the coast.

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"Tropical cyclones can intensify very quickly, and shift direction, so we will be updating our warnings and advice to the community and our emergency services colleagues as this system progresses."

Meteorologist from the University of Technology Sydney Milton Speer told Xinhua that the cyclone is likely a result of high sea surface temperatures.

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"Tiffany developed over sea surface temperatures in the Coral Sea of about 29 degree Celsius. which are up to 1 degree Celsius above average and will likely re-intensify over similar sea surfaces in the Gulf of Carpentaria," said Speer.

"As Tiffany approaches landfall today, damaging winds can be expected in the Cooktown area."

He said the cyclone is part of an active monsoon trough which has caused torrential rainfall near the coast of northern Queensland.

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On Friday, a 22-year-old man died after his vehicle was submerged in flood waters, and a 14-year-old girl also went missing, after it was believed she was swept away in floodwaters. A police search was underway.

The Queensland State Emergency Service (SES) has responded to over 140 requests for assistance in the region.

Source: xinhua

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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.