US and South Korea to begin major joint military drills next week
August 16, 2022, 10:54 am

US and South Korea to begin major joint military drills next week

A South Korea coast guard vessel makes search and rescue operations in waters following the crash of an ambulance. (Photo AP)

Media reports said on Tuesday (August 16), South Korea and the US will begin their major joint military drills next week amid ongoing tension on the Korean Peninsula.

The military exercises may further increase tension in the region as last year North Korea carried out several missile tests after the US and South Korea held annual joint military drills, according to the Anadolu Agency.

Washington and Seoul are scheduled to kick off the annual military exercises from next Monday (August 22) that will last till Sept. 1, Yonhap News Agency quoted South Korea's Joint Chiefs of Staff (JCS) as saying.

The JCS explained that these regular annual drills are defense-oriented in nature and aimed at strengthening the allies' joint combat readiness.

According to the report, this year, the two allies are also planning to conduct a set of field training, including firing drills.

South Korea and the US will begin their major joint military drills next week amid ongoing tension on the Korean Peninsula - Photo. Pixabay

Last year, North Korea strongly criticized the military drills and launched several missile tests in reaction.

Earlier this week, the US, South Korean, and Japanese forces also held a trilateral missile defense exercise in the waters near Hawaii.

On Aug. 10, South Korean Defense Minister Lee Jong-sup ordered his forces to be ready for any provocation from North Korea during the joint drills with the US.

UN chief Antonio Guterres expresses ‘clear commitment’ to North Korea denuclearization

Last month, North Korean leader Kim Jong-un warned South Korea that it would be “wiped out” if Seoul undertakes any military move against the North.

Kim said while addressing an event in the capital Pyongyang: "Such a dangerous attempt would be punished immediately by powerful forces, and the Yoon Seok-yeol administration and his military would be wiped out.”

Tension on the peninsula rose in 2020 when North Korea attacked and blew up the inter-Korean liaison office along the border.

South Korea offers economic incentives to North in return for denuclearization

However, tensions soared further last year when both Seoul and Pyongyang ramped up drills to show off their military might.

In June, the US, South Korea and Japan announced plans to bolster security ties and agreed to jointly counter threats from North Korea if Pyongyang carries out another nuclear test.

The US and South Korea have extended several offers of dialogue to North Korea to ease current tensions on the peninsula, but North Korea has not responded.

Source: aa

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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.