European parliament votes through Brexit deal with big majority
April 28, 2021, 10:24 am

European parliament votes through Brexit deal with big majority

EU parliament approves Brexit trade and security deal

UK and EU senior figures hail moment as a ‘new chapter’ of friendly relations after four years of division

The European parliament has given its overwhelming backing to the Brexit trade and security deal, prompting senior figures on both sides to speak of hope for a “new chapter” of friendly relations after four years of division.

Five MEPs voted against the deal, with 660 in favour and 32 abstentions, although in an accompanying resolution the chamber described the referendum result of 23 June 2016 as a “historic mistake”.

As the result was announced, Boris Johnson issued a statement that sought to define the vote as the end of the tortuous Brexit process that had cost two of his predecessors in Downing Street their jobs.

He said: “This week is the final step in a long journey, providing stability to our new relationship with the EU as vital trading partners, close allies and sovereign equals. Now is the time to look forward to the future and to building a more global Britain.”

Lord Frost, who led the UK’s negotiating team over the last year, offered his thanks to his EU counterpart, Michel Barnier, but also made the characteristically bullish point that the UK would stand up for its interests in future talks.

He said: “Today marks an important moment as the European parliament have voted in support of our trade and cooperation agreement with the EU.

“Last year, both sides worked tirelessly to agree a deal based on friendly cooperation and free trade between sovereign equals.

“Today’s vote brings certainty and allows us to focus on the future. There will be much for us and the EU to work on together through the new partnership council and we are committed to working to find solutions that work for both of us.

“We will always aim to act in that positive spirit but we will also always stand up for our interests when we must – as a sovereign country in full control of our own destiny.”

Before the vote, the European commission president, Ursula von der Leyen, had made a point of assuring MEPs that the 1,449-page trade deal came equipped with “real teeth” to ensure that both sides lived up to its obligations.

The UK government has already been accused this year of breaching commitments on Northern Ireland and on fisheries, both of which are denied. The trade deal, in which the agreement on fishing access is contained, had been provisionally brought into force on 1 January, ahead of scrutiny by MEPs and their formal consent to ratification.

Von der Leyen had also suggested that relations between the EU and Britain were at a crossroads, with the risk that finding the agreement would ultimately be the “high-water mark” in the relationship.

On Wednesday, she tweeted: “I warmly welcome the European parliament vote in favour of the EU-UK trade and cooperation agreement.

“The TCA marks the foundation of a strong and close partnership with the UK. Faithful implementation is essential.”

Charles Michel, the former prime minister of Belgium who chairs the regular summits of EU leaders as president of the European council, said: “It marks a major step forward in EU and UK relations and opens a new era. The EU will continue to work constructively with the UK as an important friend and partner.”

A resolution by the European parliament in which MEPS described Brexit as a “historic mistake”, was passed with 578 votes in favour, with 51 against and 68 abstentions.

Christophe Hansen, an MEP from Luxembourg who worked on the wording of the resolution, said: “Ratification of the agreement is not a vote of blind confidence in the UK government’s intention to implement our agreements in good faith.

“Rather, it is an EU insurance policy against further unilateral deviations from what was jointly agreed. Parliament will remain vigilant. Let’s now convene the parliamentary partnership assembly to continue building bridges across the Channel.”

The trade and security agreement will only be formally ratified following adoption by the EU council of ministers, due by 30 April.

source: Daniel Boffey

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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.