Italy witnesses its worst period of extreme weather in recent history
August 9, 2021, 2:59 pm

Italy

The Xinhua reported that amid record high temperatures, wildfires, hailstorms, tornadoes, and mudslides, Italy is in the grip of its worst period of extreme weather in recent history.

According to the Xinhua news agency, a leading climate expert has warned that the current situation may prove to be the "new normal."

The Xinhua said, according to meteorologist Roberto Morgantini, a specialist in extreme weather phenomena, events like those witnessed in Italy in recent weeks have become far more common in the last decade.

Morgantini told Xinhua, "back in the 1980s and 1990s, Italy used to see an average of an extreme weather event every month, maybe every two months."

He said: "Now we are seeing four or five a month, plus many, many smaller weather-related events."

According to the Xinhua, this summer, there has been no shortage of events in Italy to illustrate that point.

Major wildfires have raged on the island of Sardinia, and in the dry southern and central areas of the country.

The elderly, and other vulnerable segments of the population have been warned by local officials to stay indoors during the hottest parts of the day.

Heavy rains have sparked floods and mudslides in Lombardy and in the mountain region of Trentino, where around 100 guests were forced to evacuate a hotel when it was submerged by earth and debris. Dozens of areas around Italy have reported massive hailstorms in recent weeks, with hailstones the size of tennis balls causing damage to cars and other property, as well as to agriculture.

According to the European Severe Weather Database, Italian farm group Coldiretti reported at the start of the month that the number of ice storms in the country this summer was nearly triple that of a year ago -- averaging 11 per day.

Italy

Estimates from Confagricoltura, an agricultural sector group surveying damage, indicated total lost income due to damage to crops from extreme weather could add up to 2 billion euros (2.4 billion U.S. dollars).

"Agriculture is the first economic sector to suffer the consequences of the climate crisis this season, with fruit and vegetables ready to be harvested after a long year of work and investment lost," Confagricoltura said in a statement.

The country's Civil Protection Service even issued a warning to travelers, urging them to avoid the fires in the southern part of the country and heavy rainfall in the north, and asking residents to report even the smallest wildfire or mudslide to authorities.

Morgantini and other climate and weather experts say that while it is impossible to link any one specific weather event to the phenomenon of climate change, it is clear that the rising number and increased intensity of these events is more severe because of the impact of climate change.

"Today we are seeing the impact of the lack of action to confront climate change 10 or 20 years ago," he said. "We hear talk about initiatives to reduce the factors that have led to climate change now, and we should absolutely do that. But that won't have an impact now. We will see the impact of these actions a generation from now."

In the short term, Morgantini had some simple advice: "We have to get used to what is happening now, this is the new normal," he said.

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.