David Barclay, UK’s Daily Telegraph owner dead at 86 after short illness
January 13, 2021, 12:00 pm

David Barclay, UK’s Daily Telegraph owner dead at 86 after short illness

0625c39a-e5b9-4a86-aa80-002d6e1f24f9_16x9_600x338

David Barclay, the secretive British billionaire whose portfolio included The Daily Telegraph newspaper and The Ritz hotel, has died aged 86 after a short illness, his newspaper reported Wednesday.

Barclay and his twin Frederick, described by the daily as “identical in appearance, lifestyle and often even in dress”, built a vast business empire from shipping to retail.

“The Barclay brothers operated as one throughout their active business career, while doing their utmost to avoid personal publicity and discourage media scrutiny,” the broadsheet added.

Among those paying tribute to David Barclay was a former employee, Prime Minister Boris Johnson, who made his name on the newspaper as a Brussels-bashing Europe correspondent, and later a columnist.

“Farewell with respect and admiration to Sir David Barclay who rescued a great newspaper, created many thousands of jobs across the UK and who believed passionately in the independence of this country and what it could achieve,” Johnson tweeted.

The Barclay brothers entered the media industry in 1992 when they bought The European, a weekly newspaper launched two years earlier by the media magnate Robert Maxwell.

They later bought The Scotsman daily before finally realizing their ambition of owning Conservative bastion The Daily Telegraph in 2004.

The brothers, long advocates of small government and low taxes, were strong supporters of former British prime minister Margaret Thatcher, putting her up in their plush Ritz in London during her final days.

They were born into a large working class Scottish family in London in 1934 and left school at 14 to pursue their joint business ambitions, making their names initially in the property market.

“They are very effective stealth buyers,” one financier told the Telegraph. “They come out of nowhere and move quickly.”

The brothers, based on the Channel Island of Sark, became embroiled in a rare public row last year over the sale of The Ritz to a brother-in-law of the ruler of Qatar, which ended up in court.

They were knighted in 2000, kneeling side by side before Queen Elizabeth II in the first double knighthood ceremony in the modern era.

David Barclay, who died on Sunday, was married twice and leaves behind four sons.

source: AFP

Image source: AFP

Levant

US cancels UN envoy’s trip to Taiwan, citing Biden transition Vaccine supply is holding back jabs programme, says Matt Hancock

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.