EU keeps hopes of Brexit deal alive, for now
October 15, 2019, 10:15 am

EU keeps hopes of Brexit deal alive, for now File photo AFP

A Brexit deal could yet be reached this week, the chief EU negotiator said Tuesday, but member states warned they will not allow Britain to open a back door to their single market.

British and EU officials are scrambling to draft a deal on Britain's exit terms before the European summit on Thursday, as Prime Minister Boris Johnson seeks to fulfil his vow to take Britain out on October 31.

European diplomats said Britain has already given ground on customs rules for Northern Ireland, but must go further quickly if a deal is to be done this month.

As he arrived in Luxembourg to brief the other 27 EU states on the progress of the closed-door talks, chief EU negotiator Michel Barnier struck a cautiously upbeat note.

"This work has been intense all along the weekend and yesterday because even if the agreement will be difficult -- more and more difficult to be frank -- it's still possible this week," Barnier told reporters.

"Obviously any agreement must work for everyone -- the whole of the United Kingdom and the whole of the European Union. Let me add also that it is high time to turn good intentions into legal text."

A European diplomat told AFP that the "goal" was to get a draft text of a deal ready later in the evening Tuesday, but warned: "Time is running out, but the window for agreement is still narrowly open."

Another diplomat explained that if Britain wants a deal agreed at the summit this week, then a text would need to be ready "today or tomorrow morning" to allow EU and member state parliamentary procedures to be completed.

After weeks of gloom and growing fears Britain would crash out of the bloc with no divorce arrangements in place, the last few days have given a glimmer of hope that an agreement can be reached -- though there has so far been no decisive breakthrough.

More than three years after Britain's 2016 referendum vote to leave, talks remain stuck on how to avoid customs checks on the border between British-ruled Northern Ireland and EU-member Ireland.

The EU has reservations about London's proposed customs arrangements and the role for Northern Ireland's Stormont assembly in giving consent to the plans.

"It's not done yet but we're trying. The British want a deal and they have moved on customs and Stormont," a senior European diplomat told AFP, referring to the role of the Northern Irish provincial assembly.

"We'll have to see if it's enough to be turned into a legal text. We must be cautious."

Talks on Monday went on to 11pm, according to a British spokesman, who said there had been "back and forth and new texts... shared by both sides".

With no majority in parliament, Johnson is reliant on support from other parties, particularly his coalition partner, the small Northern Irish Democratic Unionist Party (DUP).

The prime minister held talks with the DUP leadership on Monday in a bid to win them round.

Johnson on Monday repeated that Britain would come out on October 31 and not seek another delay to Brexit, but this hangs on the outcome of the ongoing talks.

If he cannot get reach a deal by Saturday, Johnson will fall foul of a British law demanding he ask the EU to postpone Brexit for a third time rather than risk a potentially disastrous "no deal" departure.

European ministers arriving to hear from Barnier insisted Britain still had to give more ground on its customs plans to protect the integrity of the EU single market from potential smuggling.

"For the Netherlands it is extremely important that there is no unfair competition from outside the EU using the Irish-Northern Irish border," Dutch Foreign Minister Stef Blok said.

"The UK proposal contained some steps forward, but not enough that the internal market will be protected."

Germany's junior Europe minister Michael Roth echoed this, saying any deal must protect the single market and honour the Good Friday peace agreement that ended decades of sectarian conflict in Northern Ireland.

While London insists it will brook no more delays to Brexit, Finnish Prime Minister Antti Rinne suggested late on Monday that talks could continue after this week's EU summit.

"In my opinion, it is virtually impossible for us to reach agreement before the meeting. We need to have more time and negotiate after the meeting," Rinne, whose country currently holds the EU presidency, told reporters in Helsinki, quoted by news agency STT.

British Brexit Minister Stephen Barclay joined Barnier in Luxembourg in what was seen as a positive sign for progress in the talks -- which have been shrouded in secrecy since the weekend as the two sides seek to avoid potentially damaging leaks.

"The talks are ongoing. We need to give them space to proceed but detailed conversations are under way and a deal is still very possible," Barclay said as he arrived.

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.