-
EU's softer tone a ploy to sidestep blame in case of a no-deal Brexit

With little hope left that London will come up with an acceptable alternative to the Withdrawal Agreement hammered out by Johnson’s predecessor as prime minister, Theresa May, Brussels officials are trying not to appear resigned to failure.
Some cautious optimism followed Johnson’s first direct encounters as prime minister with his German and French counterparts last week and sterling gained as financial markets saw chances for a managed divorce improving.
“For all the hype in the British media, the truth is that we have not moved an inch,” said an EU official who follows Brexit.
“We are presenting tactical openness, we will never be the ones pushing an EU member state out. We must not be blamed for any no-deal Brexit.”
Johnson has vowed to take Britain out of the EU on Oct.31 - with or without an agreement that would mitigate the ensuing economic disruption. On Wednesday, sterling fell after Johnson suspended parliament for five weeks, a move widely seen as making a no-deal exit more likely.
While the EU is worried about the chaos and damage it expects if Britain crashes out of the bloc, it is also keen to avoid any blame for such a scenario.
To ratify Britain’s stalled EU divorce deal, Johnson has demanded the bloc drop the so-called backstop, a rule that would keep the sensitive Irish border open after Brexit by requiring Britain to accept some EU rules unless another means is found.
For months the EU has refused to ditch or even water down the backstop. But German Chancellor Angela Merkel told Johnson last week that maybe a solution could be found in 30 days.
A UK government official said London felt there was also a softening in the EU’s rhetoric on the backstop after it stated repeatedly that it was ready to listen to Johnson’s ideas.
And, after a months-long hiatus in substantive Brexit talks between London and the bloc, Johnson’s Brexit negotiator David Frost was in Brussels on Wednesday to push against the backstop.
Officials declined to comment on how the talks went, but one EU diplomat said: “I would expect no swift breakthroughs.”
“We cannot look to be passive or stalling. But whether these talks get anywhere remains a very, very big ‘if’.”
In private conversations, however, EU diplomats and officials dealing with Brexit in Brussels express doubt such solutions exist, a message rammed home by Ireland’s Foreign Minister Simon Coveney late on Tuesday.
“The alternative arrangements that have been discussed to date do not do the same job as the backstop, not even close,” he said.
Tags
You May Also Like
Popular Posts
Caricature
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.
opinion
Report
ads
Newsletter
Subscribe to our mailing list to get the new updates!