EU to suspend green farming rules to respond to the global needs for food
March 24, 2022, 3:11 am

EU to suspend green farming rules to respond to the global needs for food

The European Commission is temporarily allowing European Union (EU) farmers to grow crops on fallow land currently designated as “ecological focus areas” to enhance global food security as food stocks and storages in Ukraine are being destroyed by the ongoing Russia-Ukraine conflict (File photo: Pixabay)

The We For News reported, EU officials have said, the European Commission is temporarily allowing European Union (EU) farmers to grow crops on fallow land currently designated as “ecological focus areas” to enhance global food security as food stocks and storages in Ukraine are being destroyed by the ongoing Russia-Ukraine conflict.

This “exceptional and temporary derogation” aims at increasing the production of crops for food and feed purposes to mitigate the loss of Ukrainian products on the global market, according to Valdis Dombrovskis, Executive Vice President of the European Commission in charge of an economy that works for people. Dombrovskis is also European Commissioner for Trade.

Janusz Wojciechowski, European Commissioner for Agriculture, said: “The EU is an agricultural superpower and we will ensure that our farmers have the Commission’s full support to respond to the global needs for food.”

European Commission-Brussels (File photo: Pixabay)

Farmers will be able to grow food or feed on the four million hectares of EU fallow land this year. All technicalities should be cleared within the next seven days to allow EU farmers to use this extra fertile land in time for the spring sowing season, according to Wojciechowski.

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Xinhua news agency reported, to help EU farmers, the derogation is accompanied by a support package worth 500 million euros ($549 million) for European producers most affected by the consequences of the conflict in Ukraine; advances of direct payment in October for 2023; market safety net measures for the pigmeat market; and temporary flexibilities to existing import requirements on animal feed.

Dombrovskis said, the loss of Ukrainian agricultural products resulting from the ongoing Russia-Ukraine conflict could disrupt food supply for lower-income countries in regions such as North Africa and the Middle East, which rely heavily on wheat imports.

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Other regions that could be affected by the destruction or loss of Ukrainian agricultural products include Asia and Sub-Saharan Africa.

The EU is also set to help Ukrainian farmers as much as possible to ensure a successful sowing season, despite the conflict. A short and medium-term food security strategy is being developed by Ukraine with support from the EU to enable the former to feed its citizens and start exporting again.

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Wojciechowski said: “Our first priority is to make sure that Ukrainians have enough food, fuel and water. We will also help them to continue planting and growing cereals and oilseeds, much needed for themselves and for the world and facilitate their exports.”

Source: wefornews

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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.