James Denseiow

A week away from what observers are saying – perhaps without hyperbole – is a once in a generation election and President Trump’s nominee for the Supreme Court, Amy Coney Barrett, was confirmed by the US Senate.

The confirmation locks in a conservative majority to the court and is a reminder that whilst many focus on Trump’s bellicose tweets, his judicial appointments could leave an enduring legacy even if he is only a one term president. Whilst polling and the tsunami of early voting would suggest that Trump is unlikely to secure a second term, the prospect of what he would do with the rest of his first term is worth serious scrutiny.

The ‘lame duck’ presidential period tends to be more absolute for a second term president contemplating the design of their presidential library rather than the leader whose dreams of four more years of power were taken suddenly away by the electorate.

Much of the debate to date has examined the implications of Trump being unwilling to surrender power. Could he simply remain in the White House tweeting whilst kicking questions as to what he considers a disputed outcome to the courts? But if we were to park this rather existential question to the future of American democracy to one side and consider a scenario in which Trump is soundly beaten next Tuesday and is accepting of the result, what would happen for the next few months until President Biden in inaugurated on January 20th, 2021?

The first and most obvious aspect of the lame duck Trump presidency to flag is that it could come as the country faces the darkest period of is encounter with the Coronavirus. The US is already seeing the beginnings of a third peak as the colder weather forces people indoors.

The US has set a record for new coronavirus cases reported in a single week with more than 481,300 infections, as the virus continues to surge across the Midwest and the South. The seven-day moving average of new daily cases stood at 68,767 after Sunday - the highest peak since late July and a 5.9 percent increase from the week before, according to the COVID Tracking Project.

Could a Trump unencumbered by trying to proritise the economy to win an election finally set out an approach towards getting the virus under control? Could a chastened loser of the election reach out to the Biden transition team and agree a cross party consensus for the approach over the winter months? This could both tackle the deadly pandemic and poor cold water on the increasing febrile partisan political atmosphere in the country.

Sadly, it is also highly unlikely. Trump would understandably see the Coronavirus as the single biggest factor in his losing control of the White House and choose to continue his approach of wishing it away and blaming China. Considering the rhetorical lengths he went to try and open the US up ahead of Easter it is hard to imagine him championing restrictions around the Christmas period, with obvious public health potential harm.

Beyond Covid and presuming that Trump doesn’t become obsessed by the prospect of post-presidency criminal proceedings being brought against him, as hinted to by Special Investigator Mueller, there is another prospect of a more rapid US withdrawal from treaties and multilateral bodies as his Presidential clock runs out.

Trump has already make it hard for a Biden presidency to pivot back into engagement with the world through his record-breaking withdrawals from international agreements; from the Open Skies Treaty, to the Paris Accords to points where some speculated he would take the US out of NATO and even the UN.

Could a Trump ‘lame duck’ administration flail at the levers of power available to the executive branch to ensure that his successor has a true reality of ‘American carnage’ to pick up on. His Iran policy in particular has been unpredictable to date and could be rocket fuelled by a Trump who feels he doesn’t have to think beyond a period of months.

The fundamental point is a simple one. Whilst many will be subsumed by celebration of a Trump defeat next week, holding him accountable for the period up to late January is the way a responsible democracy can conduct its affairs

by : jamse danselow

Covid & Climate Change Syria’s Mass Prisoner Release

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.