Nicaragua launches new ministry for extraterrestrial space affairs
February 19, 2021, 10:51 am

Nicaragua launches new ministry for extraterrestrial space affairs

Handout picture released by Nicaragua's Presidency press office showing President Daniel Ortega wearing a facemask during the 41st anniversary of the Sandinista Revolution, held without a public event due to the COVID-19 pandemic, in Managua, on July 19, 2020. (AFP)

Nicaragua has created a new National Ministry for Extraterrestrial Space Affairs, The Moon and Other Celestial Bodies, which is drawing amused reactions on social media in a nation that has been struggling since anti-government protests three years ago.

The agency was approved by 76 legislators Wednesday in the country’s congress, which is dominated by President Daniel Ortega’s Sandinista Party. Fifteen opposition legislators abstained.

In a country that has a hard time supplying its people with food, fuel and coronavirus vaccines, it is not clear exactly what the ministry is supposed to do.

It will be under the control of the Nicaraguan army, which has no space program. The law says the ministry “will promote the development of space activities, with the aim of broadening the country’s capacities in the fields of education, industry, science and technology.”

Geologist Jaime Incer Barquero, president of Nicaragua’s Academy of Geography and History, told CNN: “Nicaragua does not have a scientific capacity or tradition, does not have a serious (space) observatory. We are not scientifically able as a country to undertake this type of research.”

Social media users were quick to create memes of Ortega and his wife, Vice President Rosario Murillo, dressed as astronauts, and of Nicaraguan police expropriating the moon, as Ortega has done with some buildings in Nicaragua that belonged to media outlets and civic groups he disagreed with.

Critics said the country does not have the money to spare for dreams of space exploration. It has yet to acquire any coronavirus vaccines and has been in a deep social and economic crisis since the government quashed mass protests in 2018.

The space agency is not be the first time Ortega has endorsed quixotic proposals. In 2014 he authorized a Chinese company to build a $50 billion canal across Nicaragua. The project has made little headway.

Human rights organizations, meanwhile, said Thursday that they will demand a “strong resolution” on Nicaragua’s human rights situation at the February 22 opening session of the UN Human Rights Council.

“Violations of human rights continue in Nicaragua, and they require a mission to visit the country and make recommendations for overcoming this challenges, and for the county to return to normality before the elections” next fall, said Clément Nyaletsossi Voule, the UN special investigator on the rights to peaceful assembly and association.

National elections are scheduled for November 7. Ortega is expected to run for his fourth consecutive term as president since 2007, and his fifth in total, combined with his stint in power in 1979-1990, Nicaragua has already spent almost a quarter-century under Ortega’s rule.

In recent months, Ortega’s government has proposed, passed and implemented a number of laws making it more difficult for nongovernmental organizations to operate.

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.