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EU moves to ratify Brexit accord despite delay request

Brussels officials on Sunday pressed on with plans to ratify the divorce deal as European leaders considered Prime Minister Boris Johnson's reluctant request for a Brexit delay.
Ambassadors and senior officials from the other 27 members states met Sunday after British MPs forced Johnson to send EU Council president Donald Tusk a late request to postpone the withdrawal.
But Tusk will spend a "few days" canvassing member state leaders, meaning the British parliament will likely have to vote on Brexit again before hearing their decision on the October 31 departure.
"It was a very short and normal meeting of the EU ambassadors to launch the next steps of the EU ratification of the agreement," EU negotiator Michel Barnier told reporters after Sunday's talks.
Diplomats told AFP the ambassadors' meeting lasted only 15 minutes and had dealt simply with EU ratification, although a participant said they had "taken note" of Johnson's letter.
Asked whether he thought EU leaders would grant a delay, Barnier said: "President Tusk will consult in the next days."
- Previous deal torpedoed -
On Saturday, MPs pushed through an amendment obliging a furious Johnson to ask for an extension until the British legislation governing the withdrawal is drafted and passed.
Johnson, who refused to sign the letter and insists no delay is necessary, plans to bring the Brexit agreement he reached with Barnier last week to a vote on Monday.
MPs will thus have to vote without knowing whether EU leaders will allow an extension -- and if so whether they will delay Brexit as far as January 31 next year, as the British letter requested.
"Further developments on the British side will have to be taken into account," another European diplomat confirmed.
"What was decided on Thursday stays on the table. The British parliament didn't reject the deal, so no need to change course."
And one diplomat took to Twitter to complain that his Sunday morning had been disrupted by British political manoeuvres.
Gregor Schusterschitz, Austria's deputy permanent representative to the EU, sent a picture of the meeting agenda.
"What better way at to start a Sunday morning than with a meeting on Brexit... and this in all the uncertainty yet again created by the House of Commons," he added.
European sources were not sure how any decision on an extension will be made. Tusk could call a special summit next week, but diplomats said he is more likely to use a written procedure.
One European diplomat suggested a summit would only be necessary if British MPs reject the deal next week and overturn the whole process. Any decision either way must be unanimous.
Last week, EU and UK negotiators announced an agreement to govern Britain's departure from the bloc at the end of the month and European leaders endorsed it at a summit on Thursday.
The EU parliament will begin its own ratification procedures on Monday but Britain's House of Commons, which torpedoed an earlier agreement signed a year earlier, still has its doubts.
source:AFP
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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