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Lebanon reopens but crisis remains after PM resigns

The resignation of Lebanon's government under pressure from the street looked set to ease a two-week-old nationwide lockdown but protesters vowed they would keep pushing for deeper change.
President Michel Aoun has not yet accepted Saad Hariri's resignation as prime minister, with no clear solution emerging to a fresh political crisis that has drawn warnings from Lebanon's foreign partners.
On the ground, security forces reopened several roads that had remained mostly blocked by protesters since a proposed tax on calls via messaging apps sparked a wave of demonstrations on October 17.
The unprecedented mobilisation swelled into a popular drive to remove a political elite which has remained largely unchanged since the end of the civil war three decades ago.
Euphoric protesters experiencing a rare moment of national unity have pilloried politicians of all parties, calling for better public services, an end to rampant corruption and a complete overhaul of sectarian-based politics.
When a sombre Hariri appeared on television Tuesday to announce his resignation, crowds erupted into celebratory chants across the country but warned that the government's fall was only one of their demands.
"The resignation is not enough to get us off the streets," said Charbel, a 26-year-old draped in a Lebanese flag, who was still protesting in central Beirut on Wednesday.
"We need to keep up the pressure, but we should not keep the roads closed because now it's bothering even the people who were supporting the movement," he said.
Hariri's resignation came after counter-demonstrators loyal to some of his political rivals attacked the main protest site in the capital's Martyr's Square.
They destroyed tents and marquees and the rest of the temporary infrastructure that has turned downtown Beirut into a huge encampment -- hosting protests and political meetings by day, concerts and parties by night.
Well-organised protesters however swiftly cleaned up and returned to the site, occupying the main flyover again on Tuesday evening.
Food stands serving sandwiches or corn on the cob were doing brisk business.
Some protesters laid out carpets and sofas, some slept in hammocks hung between traffic signals and others brought goal posts to set up a football pitch across the four-lane highway.
By Wednesday, having won the government's resignation, protesters were divided over the decision to remove roadblocks, which they see as one of the few sources of leverage for their leaderless and spontaneous movement.
The resignation announced by Hariri came after the failure of days of consultations with his fractious cabinet to agree on a reshuffle and meet some of the protesters' demands for a technocratic government.
Early in the protests, Hariri had hinted that resigning was an option but his rivals in the government coalition, including Aoun's party and its allies from the powerful Shiite movement Hezbollah had warned a political vacuum could lead to chaos.
Hariri's suggestions were rejected by Aoun, whose son-in-law Gebran Bassil is the outgoing foreign minister and one of the most reviled figures among the protesters.
Forming a government in Lebanon can typically take months, with every sectarian and party leader seeking to protect their own communal interests.
"There is no time for any of the old games," Heiko Wimmen, Lebanon project director at the International Crisis Group think tank told AFP.
"The pressure of the street, and perhaps even more so the fear of economic collapse, will dictate an accelerated government formation," he said.
The 49-year-old Hariri, who had already stepped down twice as prime minister in 10 years, could yet return as the head of the next government.
"Hariri throws it all away to better negotiate his return," wrote the French-language newspaper L'Orient-Le Jour.
One rising name in the Sunni community to which the position is usually reserved is outgoing interior minister Raya al-Hassan, who is the first woman to take that job and has received praise for her bloodless handling of the protests.
Lebanon's economy, crippled by ballooning public debt, has been sliding to the brink of collapse in recent months.
Hariri announced a much-delayed reform package last week in a bid to address some of the protesters' demands and the requirements for a huge foreign assistance programme to be unlocked.
Some protesters want fresh elections to be organised, a move that would further delay the implementation of those reforms.
source:AFP
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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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