EU plan threatens British participation in hi-tech research
March 31, 2021, 10:14 am

EU plan threatens British participation in hi-tech research

The draft plan seeks to protect the EU’s intellectual property in technologies similar to the quantum computer being developed by Google.

Commission security proposal would restrict UK access to Horizon Europe quantum computing project

Britain will join China in being locked out of research with the EU on cutting-edge quantum technology, such as new breeds of supercomputers, due to security concerns under a European commission proposal opposed by academics and 19 member states.

At a meeting on Friday, commission officials said the EU needed to keep control of intellectual property on key projects and that working with even close allies such as the UK and Switzerland opened up an unacceptable risk.

Under the UK’s trade and security deal with its former partners, the government retained the right to pay into and participate in the EU’s Horizon Europe research programme, a seven-year, €95.5bn (£82bn) funding scheme. But the commission has now decided to curtail the type of projects in which the UK will be able to take part under a draft proposal discussed with the member states on Friday.

Representatives from Germany, Belgium, Spain, Ireland, Italy and the Netherlands were among the 19 member states who voiced concerns over the plan driven by Thierry Breton, the French internal market commissioner, and backed by the French government, among others.

“You can’t just put the UK and Switzerland in the same box as China and Iran,” said one concerned diplomat. “If this is what Breton’s idea of strategic autonomy looks like, we’re in for one rough ride. The commission is pulling the rug underneath fruitful collaborations; they need to stay on the carpet.”

But commission officials rejected arguments about the importance of working with trusted partners, sources said. The UK’s attempt to break international law over the Northern Ireland border was raised by the commission as an example of why there was a lack of trust.

The new eligibility rules proposed by the commission include restrictions on work on a range of sensitive areas such as quantum computers, described in the commission’s draft text for its Horizon research funding scheme as an “emerging technology of global strategic importance”.

“In order to achieve the expected outcomes, and safeguard the Union’s strategic assets, interests, autonomy, or security, namely, participation is limited to legal entities established in member states, Norway, Iceland, Liechtenstein. Proposals including entities established in countries outside this scope will be ineligible,” the draft says.

According to the draft text, the goal of the changes is to “make independent European capacities in developing and producing quantum computing technologies of strategic importance for future computing capacities and applications in security and dual-use technologies”.

The decision has also been criticised, however, by senior academic institutions. A letter from Thomas Hofmann, president of the Technical University of Munich, written on behalf of institutions in Switzerland, Denmark, Luxembourg, Israel and the Netherlands, warns of a “negative impact” on future research.

“Opening the scientific borders for the countries outside of the European Union should go hand in hand with strengthening collaboration with our closest partners and not undermine it,” Hoffman wrote to the Portuguese presidency of the EU. “Cooperation with the aligned countries is vital for the competitiveness of the European Union’s economy. The latest proposal by the European commission to exclude longstanding and trustful partner countries like Switzerland, Israel and the United Kingdom from parts of the research programme is not in the interest of Europe’s research community nor the wider society and could be damaging for the international cooperation.”

Hoffman adds: “We are deeply concerned that the exclusion of aligned European countries with a long record of cooperation and excellence in research and innovation from parts of the programme will have negative impacts on European institutions and their capability to develop key digital, enabling, and emerging technologies.”Discussions are expected to resume between the member states and the commission on 19 April.

source: Daniel Boffey

Levant

Infrastructure projects should use more UK steel, says trade body ISSUE 22 April 2021

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.