James Denseiow

If climate change is an invisible threat that threatens the lives and livelihoods of humanity, then is Covid-19 a similar type of threat in redux? Despite us being in the middle, rather than towards the end, of the tunnel of the Coronavirus threat with infections and deaths continuing to soar we are already beginning to see the shape of what the world could look like after the virus is brought under control.

The first trend to explore is whether humanity can and will transition from seeing threats in more conventional terms to adopting a more global holistic perspective. One commentator recently described the US Republican Party as being good at articulating threats from people and countries – say terrorism and Iran – rather than from natural threats – say climate change linked wildfires, flood, hurricanes and of course now the Covid pandemic that President Trump has frequently said would just ‘go away’.

There is a very real logic behind this. As human beings we find it easier to empathise and imagine what other human beings could do to us. It is literally in our DNA that all humans on the planet today are here because their ancestors survived in more dangerous times. Add to that a near constant media diet of new stories as to the threat of terrorism and the rise of media savvy barbarism in the form of ISIS and it is no surprise that terrorism has traditionally topped polls of what Americans are afraid of.

Could Covid change that? The US is almost at a quarter of a million dead from the disease and just as the country has been shaped by the wars it has fought will it emerge with a new consciousness and determination to address the threats of nature that are on its doorstep?

These threats have been best articulated by the scientific community who have been (with the possible exception of Al Gore) the most consistent advocates of the need for the world to adopt policy changes to change the direction of global warming and manmade climate change.

The year of Covid has spawned the phrase ‘led by the science’ and has seen most global leaders announce their policies towards controlling the virus whilst flanked by doctors and scientists. The biggest political spates in much of the world have been when politicians have been seen to diverge from scientific advice; whether by opening up restrictions too quickly or by not mandating the wearing of masks.

Will this supercharged influencing power of the scientific and medical community sustain beyond the Covid era to play a far more critical role in elections and global decision making going forward? This could be especially true if there is more evidence sourcing the origin of the virus to animal to human transmission in Myanmar and the likelihood of further such species transmissions in a more populated planet.

In addition, Covid has introduced us to the concept of banked deaths. In that the current death rate of any given day is not a true reflection of where the virus is. Indeed, the average 24-day time lag between infection and death means that policy decisions made now are only influencing the direction of the virus several weeks into the future. The same concept is very much at the heart of climate change where we are dealing with warming now caused and traced back to the industrial revolution as well as more recent activity. Grappling with the time period between cause and effect is a lesson being learnt in lives through Covid but could also help us inspire actions that won’t bear fruit in protecting our climate for decades to come.

Finally, the concept of ‘herd immunity’ has perhaps reminded us of our species consciousness and that we are not safe until we’re all safe. This could and should be a wakeup call for global action. Rather than vaccine nationalism and multilateral disfunction and decline, surely the virus has taught us that we need organisations like the WHO running that better than ever before. That the World Food Programme was awarded this year's Nobel Peace Prize is just another reminder of the importance of joint endeavour that is required of us.

by : jamse danselow

The Coronavirus Vaccine Moment Beware the Lame Duck Presidency

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.