Britain's Johnson sets off on post-election Brexit mission
December 16, 2019, 9:55 am

Britain's Johnson sets off on post-election Brexit mission

Five more years, but Boris Johnson's first task is to pull Britain out of the European Union File photo AFP

Prime Minister Boris Johnson will unveil a new government Monday that wields a sweeping mandate to take Britain out of the European Union after years of acrimonious debate.

Johnson's simple promise to "get Brexit done" resonated in a snap election Thursday that became a re-run of Britain's 2016 EU membership referendum.

A narrow majority had then opted to quit the European project. UK leaders have been arguing about how -- or even whether -- to cut ties with the other 27 nations in the bloc ever since.

The arguments were settled when Johnson's Conservative party secured its biggest majority in the House of Commons since the heyday of Margaret Thatcher in the 1980s.

The main opposition Labour party was relegated to its worst defeat since before World War II.

Parliament will now be free to approve the divorce deal Johnson struck with Brussels so that Britain can leave without any more delays on January 31.

"The first piece of legislation new MPs will vote on will be the (EU-UK) Withdrawal Agreement Bill," a government source said.

"We must repay the public's trust by getting Brexit done."

Johnson is only expected to tinker around the edges of his current government and conduct a real overhaul once the first stage of Brexit is safely out of the way.

London and Brussels will then have to set off on yet more negotiations aimed at striking a comprehensive trade agreement by the end of 2020.

EU officials caution that such deals usually take years to complete.

Johnson has warned repeatedly that he will not seek an extension that would keep Britain tied to EU rules without having a say in how the bloc is run.

Failure to reach a compromise deal will have unknown repercussions for financial markets and economic growth.

But Johnson's immediate focus is on a new government agenda that Queen Elizabeth II will read out in parliament Thursday.

The programme is expected to focus heavily on social spending aimed at locking in the future votes of traditional Labour supporters who switched sides and backed the Tories this time around.

Johnson tore up the Conservative rulebook and committed himself to heavy social spending during the five-week election campaign.

Those promises blunted the impact of Labour's own message on traditional election issues such as healthcare.

The government source said Johnson's new programme will include Britain's first legal commitment to boost spending on the state-funded National Health Service (NHS) by a set amount.

The pledge is at least partially aimed at dispelling concerns that the principle of free care for all will be ended and that the NHS will be opened up to "Big Pharma" as part of a post-Brexit trade deal with US President Donald Trump.

Labour leader Jeremy Corbyn claimed to have evidence that Johnson's government has conducted secret talks about the NHS with Washington.

Both Trump and Johnson have denied the charge and the issue ultimately failed to help Labour at the ballot box.

But polls show the NHS remains a top concern for British voters of all political stripes.

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.