Hong Kong police fire beanbag rounds in overnight clashes with protesters
September 4, 2019, 3:26 pm

Hong Kong police fire beanbag rounds in overnight clashes with protesters

Hong Kong police fired beanbag rounds and used pepper spray in late night skirmishes with pro-democracy protesters.

Hong Kong police fired beanbag rounds and used pepper spray in late night skirmishes with pro-democracy protesters, broadcaster RTHK said on Wednesday, as unrest that has gripped the Chinese-ruled city for months showed little sign of abating.

Hundreds of thousands of people have taken to the streets since mid-June in sometimes violent protests calling for greater democracy in the former British colony, posing a direct challenge to the central Chinese government in Beijing.

Riot police cleared demonstrators from outside the Mong Kok police station and in Prince Edward metro station, with one person taken out on a stretcher with an oxygen mask over his face, government-funded RTHK reported.

Metro stations have often become the frontline in battles between masked protesters and police, deepening the biggest political crisis in the Asian financial hub since the handover of power from Britain to China in 1997.

The continued unrest is piling pressure on Hong Kong’s leader Carrie Lam, who told a group of business people last week that she had “very, very limited” ability to end the crisis and it had been elevated “to a national level”, a reference to the leadership in Beijing. Her comments in an audio recording of the meeting were reported by Reuters on Tuesday.

Lam also said in the recording that she would step down if she had a choice, fueling protesters’ claims that the partial autonomy granted to Hong Kong under a “one country, two systems” agreement is being slowly eroded by Beijing.

Lam on Tuesday said she had never discussed resignation with Beijing and believed her government could solve the crisis without Beijing’s help.

China denies it is meddling in Hong Kong’s affairs but warned again on Tuesday that it would not sit idly by if the unrest threatened Chinese security and sovereignty.

Protests that began over a now-suspended extradition bill have evolved into a push for greater democracy, including the right to elect its own leaders. Beijing has said giving Hong Kong universal suffrage is out of the question.

With protesters and Lam’s government at an impasse there are concerns Hong Kong’s economy could go into a tailspin, with signs already that money is moving out to other financial centers, including Singapore.

Hong Kong’s private sector activity declined at the fastest pace in more than a decade in August as protests and an escalating trade war hit demand, data showed on Wednesday.

Reuters.

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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.