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Is Biden right about “Armageddon” in these uncertain times?

In these strange times, two unusual things happened on the same day, last Thursday, October 6: one was a gathering of a wide range of European leaders in Prague, the capital of the Czech Republic. These included Liz Truss, the British Conservative prime minister who a month ago replaced Boris Johnson, her predecessor who “delivered” Brexit – the UK’s controversial decision to leave the EU.
Many observers are surprised by how united Europe has become in the wake of Vladimir Putin’s invasion of Ukraine. But not every government has chosen to prioritize freedom, democracy and independence over its own interests. Hungary, for example, is heavily dependent on Russian gas, as are Bulgaria and Italy.
Thus that summit – dubbed the European Political Community (EPC)- was the first ever meeting of the heads of the EU 27 member states and 17 non-members, symbolizing continental unity and sending a clear public message. It was also a grand show of solidarity for a continent facing multiple crises – from Putin’s war to energy shortages and a looming recession that has dashed hopes of strong recovery from the Covid pandemic.
"We have very clearly displayed the unity of 44 European leaders in condemning Russian aggression and expressing support for Ukraine," French President Emmanuel Macron told a news conference. Polish Prime Minister Mateusz Morawiecki said: "This summit confirms that Russia is in complete isolation.”
And Truss, who declared earlier this year while campaigning to become prime minister that the jury was out on whether Macron was a friend or foe, told reporters in Prague that the French president was indeed a friend of Britain.
Putin’s invasion of Ukraine is certain to remain a focus of the new club as leaders of the embryonic EPC will meet next time in Moldova, Ukraine's small and troubled neighbour. Still, it is far from clear that a forum, that some have already dismissed as just another talking shop, has a robust or serious future.
Its sheer size will be a major obstacle to delivering concrete policy, as will its political and cultural diversity and rivalries between many of its members, from Armenia and Azerbaijan to Greece and Turkey. These include Britain as well as Ukraine and Norway, along with the non-EU states of the western Balkans and along parts of Russia’s southern flank.
The daunting list of challenges ranges from the war in Ukraine and relations with Russia, through the gas shortages and high prices facing Europe this winter, to the universal threat from climate change and the challenges of migration for a continent marked by struggling economies.
The other big event last Thursday was Joe Biden warning in a speech that Putin’s “special military operation” might lead to Armageddon if he carried out his threat to use tactical nuclear or chemical or biological weapons. The US president made his most outspoken remarks to date about the threat of nuclear war, at a Democratic fundraiser in New York, saying it was the closest the world had come to nuclear catastrophe for sixty years. “We have not faced the prospect of Armageddon since Kennedy and the Cuban missile crisis,” he said.
“We’ve got a guy I know fairly well,” Biden said, referring to the Russian president. “He’s not joking when he talks about potential use of tactical nuclear weapons or biological or chemical weapons because his military is, you might say, significantly underperforming.”
Putin and his officials have repeatedly threatened to use Russia’s nuclear arsenal in an effort to deter the US and its allies from supporting Ukraine and helping it resist the invasion. One fear is that he could use a short range “tactical” nuclear weapon to try to stop Ukraine’s counter-offensive in its tracks and force Kyiv to negotiate and cede territory.
The CIA and other US intelligence agencies believe that Putin has come to see defeat in Ukraine as an existential threat to his regime, which he associates with an existential threat to Russia, potentially justifying, according to his worldview, the use of nuclear weapons.
If Russia did use a nuclear weapon, it would leave the US and its allies with the serious dilemma of how to respond, with most experts and former officials predicting that if Washington struck back militarily, it would most likely be with conventional weapons, to try to avert rapid escalation to an all-out nuclear war. But Biden said on Thursday: “I don’t think there’s any such thing as the ability to easily (use) a tactical nuclear weapon and not end up with Armageddon.”
These two key events came just days after the Kremlin announced the annexation of four regions of eastern Ukraine following a vote which Putin called a referendum and the rest of the world dismissed as a sham. The longer the conflict rages and the more resources the Russian regime throws into the furnace of war, the more isolated Putin may become in his bid for nuclear escalation.
Both these closely related events provided proof that as the world lives through these bizarre and frightening times, the like of which has not been seen since 1962, nothing is certain.
BY: IAN BLACK
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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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