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General strike paralyzes Lebanon amid economic crisis

The Asharq Al-Awsat reported that a general strike by public transportation and labor unions paralyzed Lebanon Thursday as the country suffers one of the world's worst economic crises.
The move comes as the country’s ruling class has done almost nothing to try to pull the country out of its meltdown, rooted in decades of corruption and mismanagement.
The political class that has run the small nation of 6 million people, including 1 million Syrian refugees, since the 1975-90 civil war is resisting reforms demanded by the international community.
The Associated Press reported that universities and schools were closed all over Lebanon and many people were not able to reach work because of road closures.

Protesters closed the country’s major highways as well as roads inside cities and towns starting at 5 a.m. The nationwide protests, dubbed a “day of rage,” are scheduled to last 12 hours.
Taxi and truck drivers used their vehicles to block roads to protest a sharp increase in fuel prices as the government lifted subsidies. They are demanding getting subsidized fuel again.
Lebanon seizes nearly nine million Captagon tablets in fake oranges
Mohamed al-Muqdad, 58, at a demonstration at a main intersection in a Beirut suburb, said: "I tell everyone that if there is a protest or demonstration against this situation, go to the street. If we wait for our leaders or parties, no one will care."
Reuters quoted him as saying as dozens of trucks blocked traffic: "I want any official - the president, the prime minister, the speaker of parliament - to try to live for one day with the salary of a poor worker. Let's see how they will do it."
In the capital of Beirut, many roads were blocked by giant trash bins and vehicles.
Vulnerable families in Lebanon will receive financial support from the World Bank
About 80% of people in Lebanon live in poverty after the Lebanese pound lost more than 90% of its value.
According to the World Bank that Lebanon’s economy shrank 20.3 in 2020 and about 7% last year.
Fadi Abou Chakra, spokesman for Lebanon’s fuel stations union, said: "The rise in the exchange rate ... caused very big problems. It made the Lebanese hungry, it made all citizens poor, citizens can't afford filling up with fuel anymore. People can't afford buying bread or food. Where are we heading?"
Syrian mother and her 3 children die after burning coal for heat in south Lebanon
Human Rights Watch said in its World Report 2022 released Thursday that “the corrupt and incompetent Lebanese authorities have deliberately” plunged the country into one of the worst economic crises in modern times, demonstrating a disregard for the rights of the population.
It called for the international community to use “every tool at its disposal to pressure Lebanese policymakers to put in place the reforms necessary to pull Lebanon out of this crisis.”
Lebanese judge orders inspection of exploded weapons warehouse in southern Lebanon
Aya Majzoub, Lebanon researcher at Human Rights Watch, called for imposing sanctions against leaders responsible for the “ongoing grave human rights violations.”
Source: aawsat
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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