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Biden, Boris and Brexit

Exaggerated expectations of the arrival of President Joe Biden in the White House in January 2021 are soaring across the world: they range from dealing successfully with the covid pandemic, to confronting China’s global ambitions, to tackling global warming, to returning to the nuclear agreement with Iran.
In terms of America’s close friends and allies, the stakes could hardly be higher than for Boris Johnson, Britain’s prime minister, who led his Conservative party to a resounding victory last December by convincing voters of the wisdom of leaving the European Union. President-elect Biden, however, thinks that Brexit is a bad idea. So Boris has a problem.
The campaign to exit the EU after 46 years was based on the dubious concept of “seizing back control” from Brussels, so the UK would then be able – at least in theory - to strike trade deals with anyone it wanted in order to realize the dream of a “Global Britain”.
Donald Trump was a powerful if self-interested supporter: he raved about exporting “chlorinated chicken” – which was banned by the EU. Johnson appears to have assumed that Trump would prioritize a bilateral trade agreement with the UK, giving new impetus to the long-heralded “special relationship” between Washington and London.
Johnson telephoned Biden to congratulate him on November 10 when it became clear that he had defeated the Twitterer-in-chief. Biden then rang Boris back and urged him to avoid at all costs failing to secure a crucial deal within days on future post-Brexit UK-EU trade relations, including difficult issues like finance, state aid and fishing.
Complicating the story is controversy over checks on trade with Northern Ireland, the part of the UK that shares a border with the Irish Republic, which remains in the EU. The prime minister famously vowed that there would be no border checks, but he was widely perceived to be lying.
Biden’s take on this issue is influenced by him being of Irish ancestry: he opposes anything which is perceived to be damaging to the Good Friday Agreement of 1998 (the achievement of Labour prime minister Tony Blair) which ended the “Troubles” that caused so much misery, terrorism and deaths. Any re-imposition of a “hard” border would be unacceptable in Washington.
The president-elect once famously described Boris as “the physical and emotional clone of Donald Trump” – which was clearly not intended as a compliment, any more than the British newspaper columnist who dubbed him “another reckless gambler with startling blond hair and a record of mendacity.”
There is another reason for Biden’s hostility to the man in 10 Downing Street. Having served for eight years as vice-president he remembers that when Barack Obama removed a bust of Winston Churchill from the Oval Office, Boris attributed this to his Kenyan origins. “We will never forget your racist comments about Obama and slavish devotion to Trump”, as a former Obama aide tweeted.
Whitehall officials worry that Biden will gravitate more towards France and Germany than a Britain outside the EU in the spirit of the multilateral diplomacy in which he believes. The UK, however, remains a committed member of Nato. Another positive aspect for Boris is that Glasgow is hosting the UN Climate Change Conference in November 2021, which will be the first big event after the US rejoins the Paris Climate Accord – which Trump abandoned.
But Brexit remains a bitterly divisive topic and a cause of profound uncertainty. There was a vivid reminder of that last week with the sudden departure from Downing Street of Dominic Cummings, Johnson’s highly influential and controversial adviser who was seen as the brain behind both the Brexit campaign and the Tory election victory.
Cummings’ advice and his own behaviour (a stunning breach of the last lockdown rules) has also been linked to his boss’s incompetent handling of the covid pandemic, which has seen Johnson’s ratings plummet as UK death rates have passed 50,000 – making them the highest in Europe. Boris himself, who became ill with covid last May, was forced to self-isolate on November 15 after meeting an MP who was infected.
The devastating damage to the UK economy is will be far worse if negotiations with the EU fail to produce a deal within the next two weeks. Businessmen and economists have warned of unprecedented trade disruption, transport chaos, shortages of food, medicines and technologies – and that would be on top of the mass unemployment and bankruptcies caused by the pandemic. Time is running out.
Gordon Brown, the last Labour prime minister, struck a rare note of optimism when he predicted that Johnson would end up doing a deal with Brussels because failing to do so would mean that the UK would be “at war with America on the one hand and Europe on the other at the start of the new year”.
Boris has benefited both politically and personally from his relationship with Trump. But that could well change under Biden: “It’s amazing what can be achieved with a grown-up in the White House,” went one recent exchange on Twitter. “It is,” replied a Brit. “Just need one over here now”.
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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