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Britain and EU trade blame over new Brexit plans

Britain and the EU on Thursday traded claims about who would be responsible for the failure of a new Brexit deal unveiled by London as the country faces a messy exit from the bloc at the end of October.
British Prime Minister Boris Johnson warned the bloc's failure to listen to his new proposal would result in it sharing the blame for a likely chaotic divorce.
Johnson has until October 31 to try to muster support for a fresh approach, which focuses on complicated proposals for preserving a free-flowing border between British-run Northern Ireland and the Republic of Ireland after Brexit.
But he is facing headwinds across European capitals and his own parliament.
Failure to get both the 27 EU leaders and UK lawmakers to back his plan will result in either a crash exit for Britain or a third Brexit delay this year.
Johnson reaffirmed on Thursday he had no intention of seeking an extension despite parliament's instruction to do so should he fail to secure a new agreement over the next two weeks.
"We have shown great flexibility without our European friends," Johnson told parliament one day after publishing the details of his long-awaited plan.
"If our European neighbours choose not to show a corresponding willingness to reach a deal, then we shall have to leave on October 31 without an agreement -- and we are ready to do so.
"But that outcome would be a failure of statecraft for which all parties will be held responsible."
Yet European Commission spokeswoman Natasha Bertaud insisted it was up to Britain to come up with a plan that worked for everyone.
"There are problematic points in the United Kingdom's proposal and further work is needed. But that work needs to be done by the United Kingdom and not the other way around," she told reporters in Brussels on Thursday.
UK Brexit minister Steve Barclay has said all real talks had to start by this weekend to stand any chance of securing a deal before EU leaders meets in Brussels on October 17-18.
"We need to move forward at pace, intensively," he told BBC radio. "All sides recognise that the alternative, no-deal, is disruptive."
But Johnson was reminded of the challenges ahead when opposition lined up to denounce his proposals.
Labour leader Jeremy Corbyn called Johnson's plan "not workable" and "reckless".
The pro-European Scottish National Party's parliamentary leader Ian Blackford called the proposals "half-baked".
"Secure an extension or resign," he demanded.
Businesses across Europe fear a "no-deal" Brexit could plug up long-established trade routes and unsettle financial markets for weeks and possibly months.
- 'Very good chance' -
Johnson appeared to have won vital backing from some members of parliament who had repeatedly rejected the deal his predecessor Theresa May struck with the EU in 2017.
These included at least four more moderate Labour members and some of the most ardent eurosceptics among Johnson's own Conservatives.
"It's got a very good chance of getting through," Johnson's no-deal Brexit preparations point man Michael Gove told ITV television on Wednesday night.
"It seems to be a pretty solid majority, and it's one that the EU can take reassurance from as well because one of the concerns that the EU had in the past (was that) look, if we make a concession, will it get through parliament?"
However, Irish Prime Minister Leo Varadkar warned British proposals "do not fully meet the agreed objectives" for keeping the frontier invisible -- a key part of the 1998 Good Friday agreement that ended decades of sectarian violence between republicans and unionists.
Johnson's strategy tackles the Irish border issue by taking Northern Ireland out of the EU customs union but keeping it aligned with Ireland's rules and regulations for goods.
This would effectively create two temporary economic borders -- including one in the Irish Sea between mainland Britain and Northern Ireland.
One of the most contentious points of the deal gives the devolved Northern Ireland assembly the right to end its alignment with Ireland by 2025.
A time-limited border solution has been a deal-breaker for Brussels in the past.
EU leaders are keen to preserve the economic bloc's territorial integrity and fear counterfeit goods and other contraband flowing in unchecked.
But Johnson needed to insert the provision to secure the backing of his allies from Northern Ireland's small but influential Democratic Unionist Party.
DUP leader Arlene Foster on Wednesday called Johnson's proposals a basis for future talks.
SOURCE AFP
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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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