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Auf Wiedersehen Mutti Merkel

Mutti (Mummy), as she is widely known, is most likely facing weeks if not months, of negotiations between the Social Democrats (SPD) and its potential partners. Merkel’s successor, the uninspiring Armin Laschet, performed far worse than the more competent SPD leader Olaf Scholz, finance minister in her government.
Her own CDU/CSU result was the worst in its history – just 24.1% of the vote. Still, the SPD secured only 25.7%. But it gained support in every part of former East Germany, including winning Merkel’s own seat on the Baltic.
That means that right now the sole certainty is that, for the first time since the 1950s, Germany will be eventually end up being governed by a three-party coalition, including the Greens (who performed impressively well), ending the traditional CDU/SPD duopoly in national politics in Berlin. Given the CDU/CSU’s dominance of postwar German politics, reinforced after reunification under Kohl in 1990, this rejection is really remarkable.
Mutti, now a caretaker, is on her way out, whatever the final outcome of the inter-party talks. Merkel is strikingly different from other western leaders, especially Brexiteer Boris Johnson and Donald Trump, who she detested. Germany’s chancellor has seen many colleagues come and go, including four French presidents, five British prime ministers and eight Italian premiers. Of course she has her critics – at home in particular, as ever, especially of her handling of the economic crisis back in 2008.
Before winning the top job in 2005 she campaigned as a “chancellor of change” to make Germany more modern, seeking deeper economic reforms and a more socially liberal approach than her centre-right party had previously advocated.
Yet Merkel, both at home and abroad, is generally seen as serious, pragmatic, a modest and cautious leader who never prioritized acclaim and was above all committed to building consensus around fact and science-based policy decisions. She has long been praised for her firmness and diligence. Merkel “beats her breast from time to time, but she does not boast,” as the British journalist John Kampfner has written. “Yet she has outlasted all her European and Western peers. And her place in history will be far more distinguished than most”.
For all her steadiness, Merkel’s long years in the Bundeskanzleramt have not lacked challenges. She led her country through the financial crash of 2008, the euro debt crisis that followed, threats from Greece to leave EU, the migration crisis of 2015, and course the Covid pandemic. On a positive note she welcomed Syrian refugees. She brokered a fragile truce between Russia and Ukraine, helped to negotiate Brexit and saw Trump come and go.
Overall she is judged to have neutralised crises, but without quite resolving them. The historian Timothy Garton Ash has described her style as “sins of omission”- avoiding difficult strategic choices. Even a senior ally characterized her unflatteringly as an “anchor of stability in stormy times.”
But her conciliatory approach to Russia, particularly over the controversial Nord Stream 2 gas pipeline, looks ever more untenable as Vladimir Putin ruthlessly consolidates his control. Merkel’s over-indulgent attitude to Hungary and Poland has also been widely criticized, as has her complacency. Still, Mutti has uniquely decided to become the first Chancellor to step down.
Key questions for her successor – whoever that turns out to be – will have no choice but to determine the EU’s future course. Germany is Europe’s pre-eminent powerhouse, its wealthiest economy, with the most votes and the biggest checkbook. Global questions that really matter include: how will Brussels cope with the increasingly bitter rivalry between the US and China, especially given the importance of Beijing for German exports. To what extent will it embark on a more autonomous European defence strategy alongside Nato? Another difficult issue will be responding to calls for greater fiscal integration in the eurozone.
Given the nature of the domestic challenges facing the next government – from tackling under-investment in digital infrastructure and other areas to financing a fair green transition: the floods in July, in which over 200 people lost their lives, were a sad but vivid reminder that Germans will not be spared the perils of climate change. Over-dependence on coal and Russian gas will also need to be reduced. And how will the new coalition combat the rise of the populist far-right, although the AfD did not perform well in the elections? In the wake of Germany’s 20th century history that is a hyper-sensitive subject, for obvious reasons.
Germany may well be Europe’s biggest power, but international issues and the future of the EU were barely mentioned during the campaign. If he does end up in the Bundeskanzleramt in Berlin, Olaf Scholz will clearly have his work cut out on those two important fronts as well.
by: IAN BLACk

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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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