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Biden pushes elusive ‘Buy American’ goal with new federal contract guidelines

President Joe Biden will take steps on Monday to harness the purchasing power of the United States government, the world’s biggest single buyer, to increase domestic manufacturing and create markets for new technologies, a senior administration official said.
Biden will sign an executive order aimed at closing loopholes in existing “Buy American” provisions, which structure the $600 billion in goods and services the federal government buys each year, making any waivers more transparent, and creating a senior White House role to oversee the process.
Increasing US manufacturing, a central tenet of Biden’s presidential campaign, has proven a vexing challenge for previous administrations, including that of former President Donald Trump.
Lower wages and weaker environmental standards have triggered the exodus of key manufacturing capabilities to China and other countries in recent decades, including medical equipment, resulting in critical gaps laid bare during the COVID-19 pandemic.
China overtook the US as the world’s top manufacturer in 2010, and was responsible for 28 percent of global output in 2018, according to United Nations data.
Rebuilding critical supply chains and developing new ones is critical to US growth, trade experts say.
The US trade deficit surged to $68 billion in November, its highest level in 14 years, as businesses scrambled to fill shelves with foreign goods and supply domestic factories reliant on foreign parts, offsetting a rise in exports.
“The US spends about $600 billion a year on contracts, and that is money that...can also serve to spur a revitalization of our industrial strength and help to create markets for new technologies,” the official said.
The order directs federal agencies to reevaluate the threshold used to determine US content, to prevent companies it buys from from importing largely foreign-made goods and selling them as US-made after making just minor tweaks.
It sets a deadline of 180 days for regulators to finalize changes once proposed, and orders up a new website to ensure transparency about any waivers granted. The official gave no new percentages for required US content, saying they would be determined as a result of the process being launched on Monday.
The move is part of Biden’s broader push to drive up wages, create more union jobs and strengthen US supply chains, the official said.

“He does not accept the defeatist idea that automation, globalization mean that we can’t have good-paying union jobs here in America,” the official said.
The challenge in buying more US-made goods is partly a reflection of the erosion of many basic industries. Major US retailers, including Wal-Mart, have launched high profile “Made in America” campaigns, only to court foreign manufacturers afterward to get the goods consumers wanted. In 2015, the retailer faced a probe by the Federal Trade Commission for labeling products that were only partly made in the country.
Business groups blasted the Trump administration’s push to expand “Buy American” mandates to the medical equipment and pharmaceutical sectors, warning they could worsen shortages during the pandemic.
Asked if the order would be seen as protectionist, the official said it was fully consistent with US commitments under the World Trade Organization. The White House hopes to work with trade partners to modernize global rules, he said.
The process beginning Monday would “make sure that we are using procurement going forward in a way that actually builds domestic capacity, particularly in those areas where we have acute economic or national security needs and vulnerabilities,” he said.
source: Reuters
Image source: AP
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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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