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Brexit is done but it’s still hard to feel optimistic

On January 31st, on the stroke of 11pm, British time – midnight in Brussels - the United Kingdom left the European Union. After 47 years of membership, it is now heading into the unknown. The long story of Brexit is finally over. But the future is still deeply uncertain.
Across the country the mood was simultaneously one of celebration and mourning, triumph and sadness. Boris Johnson, the Conservative prime minister, was curiously absent, posting a cheery video on his Facebook page and getting together with a group of friends and advisers away from the public eye in 10 Downing Street.
Just a few hundred yards away, in Parliament Square, thousands of people carrying Union Jacks turned out to applaud Nigel Farage, the leader of the populist Brexit Party, as he crowed that “it’s over,” before leading his supporters in lustily singing the national anthem, God Save the Queen.
In Edinburgh large crowds gathered to express support for Nicola Sturgeon, the first minister of the Scottish Nationalist Party, as she repeated her demand for a new referendum on Scottish independence because, as she explained forcefully, the people she represented had chosen overwhelmingly to stay in the EU.
Events everywhere reflected the deep divisions that have poisoned British public life since the referendum of June 2016, in which 52% voted to leave the EU and 48% to remain. David Cameron, who made the fateful decision to call that vote, said that it was a “very big day” and insisted he believes the UK will be able to make a success of Brexit.
Newspapers continued doggedly to follow the lines they have adopted since then. The pro-Brexit Daily Express devoted 11 pages to what it called the “new chapter” in the country’s history, illustrating its optimistic assessment with a poster-type image of the sun rising over a verdant valley with the headline: ”Rise and Shine..it’s a glorious new Britain.”
The left-leaning, pro-European Guardian, by contrast, emphasized that both the current mood and expectations for the future were bleak with a string of devastatingly critical articles. “The most pointless, masochistic ambition in our country’s history is done,” wrote the novelist Ian McEwan. “It’s breaking my heart,” lamented the renowned thriller-writer John Le Carre. Sadiq Khan, the mayor of London, described himself as “heartbroken,” but added a positive and uplifting message: ”We’ve left the EU, but London remains a beacon for progressive ideas, liberal values, decency and diversity.”
Two key issues now present challenges for the future of this country. One is to heal the bitter rifts caused by this unprecedented crisis and the underlying socio-economic divisions that led to, and fuelled the 2016 vote. That was why the Conservatives won last December’s general election with a solid majority by promising to invest in regions left behind by London and the prosperous south-east. It will not be easy.
The other task is to reach an agreement both with the EU and the wider world on future trade and regulatory relationships. Brussels has already warned that “the interests of each and every Member State and all of our citizens come first.” And it will reportedly side with Spain over its long-standing claims to Gibraltar in negotiating its future relationship with the UK. Officials have made clear that the further Britain distances itself from EU standards, the harder it will be to agree a comprehensive deal. The UK foreign secretary, Dominic Rabb, has been accused of “diplomatic sabre-rattling” even before talks have started.
For Johnson, whose catchy slogan “Get Brexit done” was the key to his electoral success, much will also hang on the promise of a bilateral trade deal with the US, though the ever-transactional President Donald Trump is not an ideal partner. Indeed, as a former British ambassador to Washington predicted, the man in the Oval Office may be too preoccupied with securing a second term this November to focus on the UK. And he will not abandon American interests to help his “great friend Boris.”
Brexiteers made much of the slogan “Global Britain,” in promising a brighter future, though it is still far from clear what that is supposed to mean. Some fear that the UK will end up with unsatisfactory relations with both the EU and the US, splashing around helplessly in mid-Atlantic, as one diplomat described it.
UK foreign policy over the last 70 years has relied on close links with both continents. Yet if London is not only leaving the EU but ends up distancing itself from it, while simultaneously coping with an “America-first” US president, then whoever is government will be leading a far more lonely country.
It is tempting to fast-forward to this time next year when the 11-month transition period with the EU is due to end. Brexiteers are exuding energy and determination, but few who voted Remain are holding their breath for a happy end to this saga. “In case you’ve forgotten, tweeted the political columnist Andrew Rawnsley on the afternoon of January 31, “the clocks go back to 1972 tonight.”
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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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