Australia urges EU to stop blocking COVID-19 vaccine exports
March 5, 2021, 10:32 am

Australia urges EU to stop blocking COVID-19 vaccine exports

A vial of the AstraZeneca/Oxford Covid-19 vaccine is pictured at the Lochee Health Centre in Dundee. (File photo: AFP)

Australia is seeking assurances from the European Union’s executive arm that future shipments of vaccines will not be blocked, after Italy banned a large export of the AstraZeneca coronavirus shots.

The shipment to Australia of more than a quarter-million doses was blocked from leaving the 27-nation bloc — the first use of an export control system instituted by the EU to make sure big pharma companies respect their EU contracts.

The ban was requested by Italian authorities and approved by the EU in a move that frustrated the Australian government.

“The world is in uncharted territory at present, it’s unsurprising that some countries would tear up the rule book,” finance minister Simon Birmingham told Sky News Australia on Friday.

Birmingham acknowledged, however, that Australia received 300,000 doses of the AstraZeneca vaccine last week, and “that will see our current distribution plan work.”

Australia’s immunization program began last month and the government expects the vaccine will be made available to anyone who wants it by October. The country has secured 53.8 million doses of the vaccine made by AstraZeneca and Oxford University, 50 million of which will be made in Australia in a partnership with Melbourne-based biopharmaceutical company CSL.

“We are obviously disappointed and frustrated by this decision,” Birmingham said. “It is very much a reminder of the desperation that exists in other parts of the world, compared with the very good position we found ourselves in here in Australia.”

According to Australian media, Health Minister Greg Hunt has asked the European Commission to review the Italian decision.

The shipment ban was the latest development in the dispute between the EU and AstraZeneca over delays in deliveries.

Faced with shortages of doses during the early stages of the vaccine campaign that started in late December in the bloc, the EU issued an export control system for COVID-19 vaccines in late January, forcing companies to respect their contractual obligations to the bloc before commercial exports can be approved.

The EU has been specifically angry with AstraZeneca because it is delivering far fewer doses to the bloc than it had promised. Of the initial order for 80 million doses to the EU in the first quarter, the company will be struggling to deliver half that quantity.

The EU thought it had made excellent preparations for the rollout of vaccines. With its 450 million people, the EU has signed deals for six different vaccines. In total, it has ordered up to 400 million doses of the AstraZeneca vaccine and sealed agreements with other companies for more than 2 billion shots.

But only 33 million doses have been given so far, and only 11 million Europeans have been fully vaccinated. Despite the current difficulties, the EU’s goal remains to vaccinate 70 percent of the adult population in the bloc by the end of summer.

source: The Associated Press

Image source: AFP

Levant

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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.