Biden to visit UK in June for first overseas trip as president
April 24, 2021, 10:09 am

Biden to visit UK in June for first overseas trip as president

The White House said Biden could potentially meet the Queen on his visit to the UK.

Biden to attend G7 in Cornwall before going on to Brussels

Announcement regarded as win by British diplomats

Joe Biden will make his first foreign trip as president to the UK, attending the G7 summit in Cornwall in June before traveling to Brussels, the White House has confirmed.

The announcement is regarded as a win by British diplomats, although the UK hosting Biden’s first presidential venture overseas relies in part on luck in holding the G7 chair in his first year in office.“It was clear early on that the G7 would be his first trip as part of his emphasis on re-establishing relations with partners and obviously the G7 works for that,” a British official said. “We just weren’t certain until now that it would be first, or whether he would make a quick trip to a neighbouring country before June.”

The official announcement covers G7 leader events during the summit from 11 to 13 June. Those will be followed by Nato and EU summits in Brussels from 14 June, but the White House said that “potential additional elements” could be made public later, and those are expected to include other UK stops, possibly including a meeting with the Queen.

Biden and his foreign policy team began his presidency sceptical about Boris Johnson who they saw as being closely allied with Donald Trump and being a driving force behind Brexit, viewed by the Biden camp as being disruptive to western cohesion. UK diplomats in Washington have focused on what the new leaders have in common, particularly a commitment to addressing the climate crisis.

The mood could still sour before the Cornwall summit, particularly if violence continues in Northern Ireland. Biden will hold Johnson accountable for any damage Brexit does to the Good Friday peace agreement. The administration also looks dimly on Johnson’s decision to cut overseas aid, and there will be pressure from Washington to rethink that decision before June.

The White House said the trip to the UK and Belgium “will highlight his commitment to restoring our alliances, revitalising the transatlantic relationship, and working in close cooperation with our allies and multilateral partners to address global challenges and better secure America’s interests”.

The dominant theme of the Cornwall summit, from the US and UK point of view, will be discussing a strategy for the democratic world to confront the challenges represented by Russia and China. That theme will also underpin the Nato and EU meetings in Brussels.

Not mentioned in the White House announcement is the possibility of a summit meeting with Vladimir Putin. Biden has invited the Russian leader to meet in Europe and officials from the White House and the Kremlin are discussing the possibility, according to the US national security adviser, Jake Sullivan.

But there has been no agreement so far on whether, when and where to hold what is likely to be a tense encounter.

source: Julian Borger

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.