Emmanuel Macron decides on continuity in government reshuffle
May 21, 2022, 9:25 am

Emmanuel Macron decides on continuity in government reshuffle

French President Emmanuel Macron welcomes a guest at the Elysee Palace in Paris, France, May 16, 2022. REUTERS/Benoit Tessier

President Emmanuel Macron on Friday (May 20) named France’s current ambassador to Britain, career diplomat Catherine Colonna, as the country’s new foreign minister, the Elysee said as part of a government remodel following his re-election in April.

On Monday (May 16), Macron named Elisabeth Borne as prime minister. The left-leaning career technocrat served in his earlier governments, most recently as labour minister, when she stared down trade unions over unemployment benefit reform.

Current Finance and Economy minister Bruno Le Maire and Interior Minister Gerald Darmanin will keep their jobs, the Elysee’s secretary general added as he read out the new names standing on the palace’s front stairway, confirming earlier reports.

The Elysee said, outgoing Industry Minister Agnes Pannier-Runacher will take over a newly created ministerial portfolio for “energy transition."

French President Emmanuel Macron and his wife Brigitte react as they pose for a picture, in Vilnius, Lithuania September 28, 2020. (File photo: Reuters)

They will report to Elisabeth Borne, 61, a soft-spoken, left-leaning career bureaucrat who Macron on Monday picked as his new prime minister, only the second woman to get the job.

France re-elects President Emmanuel Macron for a second term

France heads into June's parliamentary elections as Europe grapples with a war on its eastern flank that has stunted a post-pandemic economic recovery and exacerbated a sharp acceleration in consumer price rises across the euro zone.

If Macron wins the legislature, his government's priorities will also include action to combat climate change and pushing back the retirement age - a task likely to fall to new Labour Minister Olivier Dussopt.

Emmanuel Macron names first French female PM in over 30 years

Although polls show Macron should be able to form a ruling majority, he is under pressure from an alliance of left-wing parties and re-energised far-right leader Marine Le Pen.

Should Macron and his allies lose the parliamentary election, he will have to name a new prime minister from the ruling majority who will then be tasked with naming a new cabinet.

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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.