China's Xi Jinping criticises sanctions 'abuse', Russia's Putin scolds the West
June 23, 2022, 5:51 pm

China's Xi Jinping criticises sanctions 'abuse', Russia's Putin scolds the West

Xi Jinping-Chinese President-

The Anews reported, citing Reuters, Chinese President Xi Jinping on Thursday (June 23) criticised "the abuse" of international sanctions, while Russian President Vladimir Putin scolded the West for fomenting global crisis, with both leaders calling for greater BRICS cooperation.

Xi called on Brazil, Russia, India, China and South Africa (BRICS) to take up the responsibility conferred by their economic clout, and said they should stand up for a truly multinational international system based on the United Nations.

Xi told the BRICS summit through a translator: "We must abandon Cold War mentality and block confrontation and oppose unilateral sanctions - and the abuse of sanctions."

Xi said: "Our meeting today comes at a crucial moment of choice for the future of humanity: as key emerging markets and developing countries, BRICS countries must rise to our responsibility."

As the war in Ukraine continues, the Food Crisis is expected to worsen globaly (Photo: Pixabay)

China has by far the largest economy in the BRICS grouping, accounting for more than 70% of the group's collective $27.5 trillion economic might.

Putin called for stronger BRICS cooperation and took a swipe at the West which he accused of fomenting a crisis.

Putin said: "Only on the basis of honest and mutually beneficial cooperation can we look for ways out of the crisis situation that has developed in the global economy due to the ill-considered and selfish actions of individual states."

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He accused the West of "using financial mechanisms" to "shunt their own mistakes in macroeconomic policy on to the whole world."

Putin has said relations with China are the best they have ever been and touts a strategic partnership with China aimed at countering U.S. influence.

U.S. President Joe Biden has said the West is locked in a battle with autocratic governments such as China and Russia.

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The United States and European powers blame Putin's decision to invade Ukraine as the reason relations with the West have sunk to the lowest level since the 1962 Cuban Missile Crisis - including the severest sanctions in modern history.

But Putin says the West wants to destroy Russia, that the economic sanctions are akin to a declaration of economic war and that Russia will build ties with other powers such as China and India.

Putin, who casts the Ukraine war as a "special military operation", blames the United States for humiliating Russia in the aftermath of the 1991 fall of the Soviet Union and threatening Moscow by enlarging the NATO military alliance.

Ukraine to begin first trial of Russian soldier accused of rape

Russia sent troops into Ukraine on Feb. 24 to degrade its southern neighbour's military capabilities, root out people it called dangerous nationalists and defend the Russian-speakers of two eastern Ukrainian regions.

Ukraine says Russia has launched an imperial-style land grab and will never surrender its territory to Russia.

Source: anews

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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.