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Biden’s Afghanistan Legacy

Last August’s final US departure from Afghanistan was geopolitical chaos, typified by the images of young Afghan men falling to their deaths from US planes whilst trying to flee. US President Biden was roundly criticised by political allies and opponents alike for bringing the American presence in the country to such a hard stop. The Taliban returned and despite some hope that they may have evolved politically have demonstrated the same combination of hard-line incompetence that characterised their last time in power. Ordinary Afghan people have suffered desperately.
Yet at a global level Biden’s decision to fully end operations may be more vindicated considering the Russian invasion of Ukraine this February. Arguably since 9/11 the US adventures overseas and attempts to remake Iraq and Afghanistan have left them exposed to rivals who seek to undermine their plans. Even the less assertive policies from Washington to support the Syrian opposition or back factions in Lebanon, have led to a counterpunch from countries like Russia and Iran in particular.
The relatively low levels of political capital and resource needed to undermine an opponent’s ambitious plans is an attractive prospect indeed. The idea of US soldiers, money and political bandwidth being ‘bogged down’ is one who history goes back over a century. Even if it is true that the size of the US presence in Afghanistan and their role was a fundamentally different one to earlier incarnations, the very fact they were there brought with it a huge series of responsibilities and expectations that lasted across the several presidents and generals who oversaw it.
Russia channelling money, arms or giving political support to factions fighting against America is arguably one of the lowest investment, higher return strategies with little in the way of risk associated with it. Today however, the Ukraine conflict has turned that scenario on its head and then some. Whilst we can’t suggest a fundamental different in what US policy to Ukraine would look like if Washington was still in Afghanistan, it would have not only given them less geopolitical bandwidth but also represented an Achilles heel where the Russians could apply counterpressure.
Now it is the Russian embassy in Kabul that is experiencing attacks. One earlier this month resulted in the death of two Russian Embassy staff and the injury of several locals. Meanwhile in Ukraine Russian standing as a military power is taking an absolute battering with a large part down to the US support to the Ukrainian government. Washington has given billions of dollars of military aid to Kiev including the anti-tank systems that helped push back Russia from the capital’s doorstep in March and the long-range artillery systems that have supported the hugely successful counter offensive that started this month.
Russia has now been forced to call for a partial mobilisation of its population for the third time in its modern history and President Putin has resorted to having to make more explicit threats of the use of nuclear weapons in order to address such loses. Freed of its Afghanistan responsibilities but conscious of the lessons of its failures, the US is also providing strategic and intelligence support that has allowed a nimble and motivated Ukrainian army to expose the inadequacies of a poorly equipped and commanded Russian force. The US has thus gained strength from the exposing of relative Russian weakness, quite the opposite of what Moscow had been able to do in previous decades in the shadow of the US reversals in Iraq and Afghanistan.
We shouldn’t underestimate the importance of bandwidth when it comes to political leaders’ ability to successfully prioritise. President Biden, like his predecessors, had been under huge pressure to reduce the body bags coming back from Afghanistan which he’d been largely successful in, but also the monthly cost of operations. Let us not forget that Afghanistan was the longest war in the country’s history and had cost, when combined with the Iraq occupation, over $2 trillion dollars.
No doubt the ability to free Washington’s hand in Ukraine, Taiwan and elsewhere has been done at the expense of the Afghan people who are the greatest losers in this paradigm shift. The country is now on the brink of ‘universal poverty’ and stories of parents having to sell children in order to feed the rest of their family are becoming all too frequent. Yet for President Biden himself, the short term hit to his reputation and polling may be fully restored if the Russian experience in Ukraine continues to be so catastrophic.
BY: James Denselow
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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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