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Iran deal under threat as Europeans to trigger dispute mechanism

Britain, France, and Germany will trigger the dispute resolution mechanism in the 2015 nuclear deal with Iran, two European diplomats said on Tuesday, the biggest step the Europeans have taken in response as Tehran has backed off nuclear commitments.
In one of the strongest calls yet from Europe for a new agreement to replace the 2015 deal that Washington abandoned two years ago, British Prime Minister Boris Johnson said the way forward was to agree a new “Trump deal.”
Washington’s European allies have tried to keep the nuclear agreement from collapsing since President Donald Trump pulled the United States out of it in 2018. Under the agreement, international sanctions against Iran were lifted in return for Tehran agreeing to curbs on its nuclear program.
But Washington has reimposed sanctions, denying Iran most of the economic benefits. Iran has responded by gradually exceeding many of the limitations it had signed up to in the deal. This month it said it would abandon limits on its production of enriched uranium, a step the Europeans said was likely to force them to respond.
The European diplomats said Britain, France, and Germany would notify the European Union later on Tuesday that they were triggering the dispute resolution mechanism.
Under the mechanism outlined in the deal, the EU would then inform the other parties - Russia and China as well as Iran itself. There would then be 15 days to resolve the differences, a deadline that can be extended by consensus.
The process can ultimately lead to a “snapback” - the reimposition of sanctions in place under previous UN resolutions. Credibility
“At one point we have to show our credibility,” said one of the European diplomats. The second diplomat said: “Our intention is not to restore sanctions, but to resolve our differences through the very mechanism that was created in the deal.”
Washington’s exit from the nuclear pact, and the severe economic distress caused by the US sanctions that followed, have fed one of the biggest escalations in hostility between the United States and Iran since Iran’s 1979 Islamic Revolution.
That has accelerated sharply since January 3, when the US killed the most powerful Iranian military commander, Qassem Soleimani, in a drone strike in Baghdad.
On January 8, Iran accidentally shot down a Ukrainian airliner while its forces were on high alert following strikes on US targets. After days of denials, the Iranian authorities acknowledged responsibility for the crash, and have since faced days of anti-government demonstrations at home.
Trump says his aim in quitting the nuclear deal was to force Iran to sign up to a more stringent pact. Tehran says it will not renegotiate as long as US sanctions are in place.
Britain’s Johnson, a conservative who has pitched himself as an ally of Trump who can help bridge the diplomatic gap between the United States and Europe, said he wanted to avoid a military conflict with Iran.
“Let’s dial this thing down,” he said in an interview with the BBC.
On the deal, he said: “If we’re going to get rid of it, let’s replace it and let’s replace it with the Trump deal... President Trump is a great dealmaker, by his own account. Let’s work together to replace the JCPOA and get the Trump deal instead.”
source: Reuters
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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.
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