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BREXIT CRISIS PRODUCING YET ANOTHER ELECTION

IAN BLACK
In the continuing chaos of the crisis over Brexit – Britain’s controversial decision to leave the European Union – only one thing looks certain: within weeks a bitterly-divided country will face yet another general election – its third in four years. And that is still far from guaranteed to provide a clear way out of the current deadlock.
The chaos increased significantly after Boris Johnson, the new Conservative prime minister, suffered a series of humiliating defeats in the House of Commons – leading to extraordinary scenes. Johnson entered 10 Downing Street in place of Theresa May in late July vowing that Britain would leave the EU on October 31, with or without an agreement with the other 27 member states. His subsequent decision to suspend parliament – while technically legal – was widely seen as a cynical attempt to silence opposition and condemned as a “coup.”
MPs from all parties, including rebels from his own, then seized control of the agenda and voted to outlaw a “no-deal” Brexit on the grounds that to do so would cause severe damage to Britain’s economy and do nothing to end the extreme political polarisation that has characterised the country since the referendum on leaving the EU in June 2016.
Johnson’s response was to dismiss 21 of his colleagues and demand a general election. He declared memorably that he would rather “die in a ditch” than go back to Brussels to request – as May did – a further extension to the now looming deadline for the UK to leave after 45 years of membership in the world’s most successful and integrated trading bloc. And on that point too, he was roundly defeated.
All this was made worse by the fact that his own younger brother, Jo, resigned his ministerial post, leading to jokes that he was quitting in order to spend less time with his family! And to add to the discomfort, a Sikh Labour member of parliament lambasted the prime minister for making racist remarks about Muslim women – generating loud applause and cheers.
Boris Johnson’s character, ambition and florid language are important parts of this ongoing story. But so, belatedly, is the determination of his opponents to try to ensure that he does not get his way. Tony Blair, the former Labour prime minister, warned that for his party to be tempted by the prospect of a new election would be an “elephant trap.” Jeremy Corbyn, the current Labour leader, was clearly listening carefully.
Corbyn finally did the right thing after justified criticism from many Labour members that he has failed to respond clearly to the challenge of Brexit. He formed a united front with other opposition parties to vote against holding a new election before leaving the EU without an agreement had been ruled out.
Johnson, who called Corbyn “a chicken,” then appeared to suggest that he might not obey that vote – leading to the theoretical possibility that as prime minister he might face imprisonment for breaking the law – or be forced to quit just weeks after entering Downing Street.
Then came the resignation of another cabinet colleague who accused him of not even trying to reach an agreement with the EU, as he continued to claim he was doing. That added to the dissatisfaction in his own party and the sense that he could only deliver Brexit by ruthlessly crushing all dissent.
A further complication came when the French government warned that it might oppose another British request for an extension of the Brexit negotiations – even though President Emmanuel Macron, like the German chancellor Angela Merkel and other EU leaders –are rightly worried about the effect on their own countries of the UK leaving without an agreement.
As a result of all this – and the continuing uncertainty about the future - British political life remains in a state of unprecedented and escalating turmoil. Outrage, resentment and accusations of treachery have become normal elements of public discourse and media coverage. Pro-Brexit and pro-Remain demonstrations outside parliament have become a standard feature of London life.
No-one is holding their breath for the imminent publication of the memoirs of David Cameron, the Conservative prime minister who made the fateful decision to hold the referendum in 2016 – precisely because the issue was proving so divisive within his own party. Cameron’s successor, Theresa May, who pledged and failed to deliver Brexit, looks a lot happier these days.
The date of the next election is still unknown, but given the complexity of the situation it may not happen until December, thus threatening to overshadow the Christmas holiday. And whatever the outcome of that poll – which is impossible to predict at this stage - there is a good chance that it will have to be followed by yet another referendum on Europe. Three years on, Brexit as an issue is not going to disappear any time soon.
ENDS
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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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