Brexit on October 31 a 'priority' for British government: Queen
October 14, 2019, 12:13 pm

Brexit on October 31 a 'priority' for British government Queen file photo AFP

British Prime Minister Boris Johnson on Monday set out his government's priorities at a parliamentary ceremony full of pomp and pageantry attended by the queen, with Brexit top of the agenda.

But with time running out for an amicable divorce deal before EU leaders meet later this week, few of the proposals look likely to be enacted, with predictions of a snap election.

Queen Elizabeth II announced in a speech to lawmakers a list of 26 new bills ranging from implementing a yet-to-be finalised EU divorce agreement to criminal sentencing and the environment.

"My government's priority has always been to secure the United Kingdom's departure from the European Union on October 31," the 93-year-old monarch said from a gilded throne, delivering words written by government officials.

"My government intends to work towards a new partnership with the European Union, based on free trade and friendly cooperation."

The raft of policies outlined included plans for an EU Withdrawal Agreement Bill to enshrine in British law a deal that Johnson is still racing to agree with Brussels, before the scheduled end-of-month departure date.

The Conservative leader has repeatedly said Brexit must happen this month, more than three years after Britons voted narrowly in a 2016 referendum to leave the bloc after nearly five decades of membership.

But if he fails to get the deal by an EU summit on Thursday and Friday, he risks having to ask Brussels to delay under a law intended to prevent a potentially damaging "no deal" exit.

- Electoral programme? -

The Queen's Speech to formally reopen the new parliamentary session was the first since June 2017 and was delivered in the upper chamber before ermine and red-robed peers, and their counterparts from the lower chamber, the House of Commons.

The monarch was taken to parliament at the Palace of Westminster from her Buckingham Palace residence in a horse-drawn carriage, escorted by the Household Cavalry, with other members of the armed forces lining the route.

She was accompanied by her eldest son, the heir-to-the-throne Prince Charles.

The speech -- the queen's 65th since she began her reign -- comes after Johnson tried to suspend parliament for five weeks in September, a move subsequently struck down by the Supreme Court for trying to stop lawmakers debating Brexit.

The government's programme included plans for new regimes for fisheries, agriculture and trade after Brexit, and laws to protect Britain's financial and legal services sectors.

It also set out legislation to end freedom of movement for EU citizens after Brexit, and outlined a new points-based immigration system that will come into effect in 2021.

Addressing the estimated 3.4 million Europeans currently living in Britain, the monarch said the government was committed that they "have the right to remain".

She also announced bills to protect animal welfare, fight plastic pollution, support the state-run National Health Service, address domestic violence and introduce tougher sentences for criminals.

But few are likely to come into effect, as Johnson has no majority in the House of Commons with which to push them through.

The political deadlock means that, once the October 31 deadline is passed -- with or without a deal or a delay -- most commentators expect an election within months.

The winning government would then have to set out their legislative agenda again -- with a new queen's speech.

SOURCE: AFP

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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.