EU and UK hold ‘productive’ talks on Northern Ireland crisis
April 16, 2021, 10:17 am

EU and UK hold ‘productive’ talks on Northern Ireland crisis

Lord Frost arrives in Brussels on Thursday for a working dinner with the Europea commission vice-president, Maroš Šefčovič.

Brexit minister David Frost says momentum has been established in efforts to ease tensions

Talks between the EU and UK to ease tensions in Northern Ireland have been described as “productive” and “constructive” with momentum now established to achieve a solution to the crisis, the Brexit minister, David Frost, has said.

But the EU used the first face-to-face meeting since lockdown between Lord Frost and the European commission vice-president, Maroš Šefčovič, to warn that the outcome needed to be jointly agreed.

There was “no space for unilateral action”, he said, adding the threat of legal action over the UK’s decision last month to delay some of the border checks in Northern Ireland would remain on the table for “as long as necessary”.

Frost and Šefčovič held four hours of talks in Brussels on Thursday night in what the EU described as a “solution-driven atmosphere”, indicating a thaw in relations over Northern Ireland.

The two sides have agreed to intensify talks at all levels in the coming weeks, with meetings with business and civic leaders in Northern Ireland in the next fortnight.

The Brussels summit was designed to inject fresh political impetus into technical talks that have been ongoing over the past three weeks.

Frost said those talks “had begun to clarify the outstanding issues, and some positive momentum had been established”.

But he warned “difficult issues remained and it was important to continue to discuss them”.

The recent unrest in Northern Ireland has added to the pressure, with reports on Friday that a second man had been shot in the legs in an area in Derry where violence broke out over Easter.

After Thursday night’s meeting both sides have indicated the desire for a solution based on the protocol, which the Democratic Unionist party wants scrapped.

The EU also highlighted what appears to be a lack of detail in the roadmap the UK delivered to Brussels two weeks ago on implementation of the protocol.

Šefčovič has asked the UK to come back with “clear end points, deadlines, milestones and the means to measure progress” and reminded the UK that “solutions can only be found through joint actions and through joint bodies”.

The meeting came as Ireland’s foreign minister, Simon Coveney, held a series of meetings with cabinet and shadow cabinet members in London including talks with Frost, the foreign secretary, Dominic Raab, and the Northern Ireland secretary, Brandon Lewis.

Louise Haigh, the shadow Northern Ireland secretary, is in Belfast on Friday to meet civic and political leaders. Labour has accused the UK government of losing the trust of the unionist community.

source: Lisa O'Carroll

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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.