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BORIS AND BREXIT

IAN BLACK
August is peak holiday season in Britain. Schools are shut for the summer and the streets of big cities are noticeably quieter. In this era of cheap travel many go on vacation abroad, especially to Europe, although this year the falling value of sterling means that those trips are going to be noticeably more expensive. Parliament is in recess too.
The Brexit crisis, however, is not taking a seasonal break. The new Conservative prime minister, Boris Johnson, has pledged to leave the European Union by October 31, crucially with or without an agreement – “do or die,” as he puts it in his characteristically ebullient way. Johnson’s self-confidence is in striking contrast to his predecessor, Theresa May, who had no choice but to resign after her deal with Brussels was rejected three times by MPs.
The former journalist, mayor of London and foreign secretary has long harboured ambitions to move into 10 Downing Street. The next few weeks are likely to determine just how long he will be staying there – as well as the outcome of the most serious crisis to face Britain since the second world war.
Personality is an important part of this story. Johnson relishes public attention – except when it focuses on his chaotic personal life. And his choice of ministers, all hardline supporters of Brexit, has reinforced the impression that this time he means what he says.
Back in June 2016, when the Brexit referendum was held, Johnson and his new cabinet colleagues claimed that Britain would be better off outside the EU. May, by contrast, backed remaining, but she pledged to “deliver” what the people had voted for by the narrow margin of 52% to 48%.
“Seizing back control” from Brussels was the key slogan of the Brexiteers. Other countries, they insisted, would be keen to strike trade deals with a Britain freed from the constraints of the EU’s single market (the world’s most successful). Still, agreements can only be negotiated when Britain has left – not in advance. The most important of those would be with the US. So Johnson’s relationship with an admiring President Donald Trump really matters.
British politics has never been more divided. It is now common to describe the national mood as tribal –either Leavers or Remainers. Friends and families argue bitterly about Brexit. Psychologists report increased levels of anxiety, depression and stress. The spread of social media has allowed virtually everyone to express an opinion, often free of facts.
Evidence continues to accumulate of the serious damage likely to be caused by a no-deal departure. Experts have warned of price rises and shortages of food and medicines followed by the risk of recession. Crises are predicted for inward investment, jobs and agricultural exports. The falling value of sterling is seen as proof of declining economic confidence.
Nor is there any sign of flexibility from Brussels. The European Commission insists that the withdrawal agreement it negotiated with May cannot be re-opened. That is especially true of future border arrangements between the Republic of Ireland and Northern Ireland, the so-called “backstop” (designed to prevent a hard border if the EU and UK fail to agree a long-term trade deal). The only room for compromise is in another far shorter document – a political declaration about the future relationship between the EU and the UK.
Johnson’s strategy – after less than two weeks in Downing Street – appears to be to convince Brussels that he is serious about leaving without a deal and hoping that concentrates minds in EU capitals given the disruption that it would cause to the 27 other member states – though their suffering would be far less than Britain’s.
Another increasingly likely possibility is an early general election, which would be dominated by Brexit. The Conservative party has been fatally split by the issue. It faces a challenge on the right from the new Brexit Party, led by the populist Nigel Farage – who is also liked by Trump. But the opposition Labour party, under Jeremy Corbyn, has been ambivalent because many supporters felt excluded from the benefits of EU membership. Corbyn has been heavily criticised for failing to oppose Britain’s departure, arguing instead that if he was prime minister he could secure a far better deal than the Conservatives.
The party most likely to benefit is the Liberal Democrats, long squeezed between the Conservatives and Labour. but now the only electoral force to oppose Brexit unequivocally, in any shape or form.
An alternative scenario is a second referendum – amidst signs that the Remainers would win this time given the evidence of the long-term damage that would be done by Brexit. Yet there is still no guarantee of an early end to this crisis. Whatever happens over the coming summer weeks, it is hard to avoid the forecast of a long, hot and un-British autumn.
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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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