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Is the Iranian nuclear deal destined for the scrapheap ?

The US will not be taking part when diplomats from China, Russia, France, Germany and Britain meet their Iranian counterparts in Vienna this week. They will be discussing the knotty question of how to respond to Iran’s step-by-step breaches of the restrictions agreed in the Joint Comprehensive Plan of Action. (JCPoA),
Britain, France and Germany have all tried to salvage the landmark pact, under which Iran undertook to curtail its uranium enrichment programme in return for relief from US sanctions. But all three powers have failed to deliver the trade and investment dividends promised under the JCPoA as they have been unable to shield Tehran from the renewed US sanctions that have strangled its vital oil trade.
The announcement by Belgium, Denmark, Finland, the Netherlands, Norway, and Sweden that they have joined the Instex bartering system developed by the EU to sidestep sanctions is expected to make little difference to Iran’s worsening economic crisis.
It was therefore extremely telling when France's foreign minister suggested the other day that Paris is now considering triggering a mechanism that could lead to re-imposed UN sanctions. That was an important signal because President Emmanuel Macron has been trying energetically to salvage the agreement – meeting his Iranian counterpart Hassan Rouhani and trying to persuade him, in vain, to see Trump at the UN general assembly.
The mechanism can be used to refer a dispute to a joint commission comprising Iran, Russia, China, the three European powers, and the European Union and then on to the UN Security Council if that commission cannot resolve it. And if the Security Council does not vote to continue sanctions relief, sanctions that were place under previous UN resolutions would be re-imposed - known as a "snapback". The JCPoA is unlikely to survive that. The agreement, in the words of one expert, is now “a candle that is burning from both ends.”
Iran raised the stakes at the weekend when it warned that if the trigger mechanism was used, it would be forced to reconsider some of its commitments to the International Atomic Energy Agency.
French and other European officials say the recent mass street protests in Iran against fuel price rises, in which Amnesty International says at least 160 protesters were killed, have made it harder to find common ground with the Americans.
US officials insist the unrest has proved that Trump’s policy of “maximum pressure” is working. Supreme Leader Ali Khamenei helpfully declared that the Iranian people had “quelled a broad and dangerous conspiracy that was led by foreign agents.”
Iran’s latest carefully-calibrated step in response to US sanctions was taken in the first week of November: engineers began feeding uranium hexafluoride gas into previously mothballed enrichment centrifuges at the underground Fordow plant south of Tehran. That was consistent with its policy of “strategic patience” but the situation is now more volatile than it was a few months ago. Iran’s next move is likely to be really consequential.
Tehran, like Washington, believes in a policy of “maximum pressure.” That is a fair reading of the incident in September when the Saudi Aramco oil installation at Abqaiq was attacked by missiles and drones. That sophisticated assault was claimed publicly by Houthi rebels in Yemen – but the US, Israel and other western governments have no doubt that it was in fact carried out by Iran, and according to one report, personally approved by Khamenei.
Iran did not fail to notice that despite that attack on a highly sensitive target there was in the end no US military response, reinforcing the long-held view that the Twitterer-in-chief in the Oval Office is shy of any military action in the Middle East.
Seasoned Iran-watchers believe disagreements at the top in Tehran are exaggerated and that for all the talk of divisions between hardliners and moderates there is in fact rare unity when it comes to dealing with Washington: all sides agree that sanctions relief of some kind is a necessary face-saving precursor to further negotiations to address American concerns.
Iran’s calculation may be to try to provoke Trump, by staging another limited military operation in the Gulf or in the Bab al-Mandeb straits, that would force the issue onto his agenda – gambling for a positive outcome. According to this line of thinking the president would be motivated to ease sanctions but crucially widen the terms of the JCPoA by spring or summer next year – in advance of the presidential election in November. That approach assumes that Trump would then claim boastfully to have replaced Obama’s agreement – “the worst deal ever” - with a far better one of his own.
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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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