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Lebanon lawmakers fail to name president for fourth time

Lebanon's parliament failed Monday (Oct 24) for a fourth time to elect a successor to President Michel Aoun, with lawmakers divided over a candidate opposed by the powerful Hezbollah movement.
Already governed by a caretaker cabinet, crisis-hit Lebanon is hurtling towards an imminent power vacuum, with just days before the current president's term finishes at the end of the month.
Parliament speaker Nabih Berri called for another vote on Thursday in the hope of overcoming long-running arguments.
A total of 50 lawmakers in Lebanon's 128-seat parliament left their votes blank, many from the Iran-backed Hezbollah and its allies.
Their rivals mostly backed lawmaker Michel Moawad, whose father Rene Moawad was a former president.
He has emerged as a frontrunner since parliament first met to name a president last month.

But Moawad, who won 39 votes on Monday, was still was far short the 86 ballots needed -- two-thirds of seats -- to win.
University professor and activist Issam Khalife took 10 votes, cast by independent lawmakers who emerged from a mass 2019 anti-government protest movement, as well as others.
But the required quorum was lost before a second round could be held, after some lawmakers walked out -- a recurring scenario in past votes.
Lebanon, Israel satisfied with final draft of maritime border deal: negotiators
Moawad's supporters accused Hezbollah and its allies of obstructing a second round of voting to negotiate with other blocs, effectively preventing the election.
"No bloc in parliament can impose a president, not Hezbollah nor anyone else," said Elias Hankash, a lawmaker from the Kataeb Party that supports Moawad.
Hankash accused lawmakers who left parliament of "systematic disruption", because there were not enough lawmakers to make a vote legitimate.
Under Lebanon's longstanding confessional power-sharing system, the presidency is reserved for a Maronite Christian.
Death toll from sunken Lebanon migrant boat rises to 86
Aoun was elected in 2016 after a more than two-year vacancy at the presidential palace, as lawmakers made 45 failed attempts to name a candidate.
Since late 2019, Lebanon has been crippled by an economic crisis, dubbed by the World Bank as one of the worst in recent history.
Economic meltdown has pushed most Lebanese into poverty.
Talks with the International Monetary Fund to unlock billions of dollars in loans have stalled, as Lebanese leaders have been unable to enact substantial reforms demanded by the lender and donor countries.
Source: france24
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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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