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Is the “special relationship” being relaunched?

Boris Johnson was obviously delighted to meet Joe Biden on June 10 on the eve of the G7 summit in Cornwall, southwest England. Britain’s conservative prime minister praised the Democratic American president as a “big breath of fresh air” after the difficulty of dealing with Donald Trump and his “America First” strategy, and spoke about the “unbreakable relationship” between the US and the UK. relationship
Johnson avoided using the more familiar “special relationship” between Washington and London because it sounded old-fashioned – as it indeed does – and implies neediness and weakness, as he believes. That phrase dates back to the early years of the Cold War and was a reference to the Atlantic Alliance of which Nato was the direct result. Many of his predecessors have employed it since then, but as the UK’s global status and power have declined, it has often been seen as one more important to British politicians, if often happily indulged, by friendly US presidents. relationship
But Boris – as he is widely known on both sides of “the pond” – succeeded in updating that key connection with the publication of what was officially referred to as “the Atlantic Charter” – a modern version of the two countries’ shared interests.
Both men are hoping for historical comparisons with Winston Churchill and Franklin Roosevelt by forging a new agreement to demonstrate that the current UK and US governments can frame a post-Covid order in the same way the 1941 charter, designed to destroy Nazi tyranny, inaugurated a new world order after 1945. “Just as our countries worked together to rebuild the world following the second world war, so too will we apply our combined strength to the enormous challenges facing the planet today – from global defence and security to building back better from coronavirus to stopping climate change,” Downing Street declared.
The new charter mentions eight shared challenges, including cyber-warfare, the climate crisis, protection of biodiversity and preventing future pandemics. With regard to Covid, Johnson pledged that the UK will donate more than 100 million vaccines to poorer countries over the next year, while Biden promised 500 million doses of Pfizer jabs to 92 low and middle-income countries and the African Union.
In all, the G7 nations have collectively agreed to provide a billion doses of vaccine in an effort to end the pandemic in 2022, even as charities and campaigners have warned that the global approach was not happening fast enough and that the current health and economic crisis will not be over until the entire world has been jabbed. This point has been made repeatedly by the former Labour prime minister, Gordon Brown, who described the summit as “a colossal failure.” A related difficulty is that the UK and Germany will not agree to waive intellectual property rights on vaccines.
Another highly challenging topic is the inexorable rise of an autocratic and assertive China and what to do about that given the different approaches in Washington and Brussels, as well as individual EU member states, especially Germany. The new Atlantic Charter includes not a single reference to China although many of its issues are relevant to Beijing’s growing dominance. Forced labour by the Muslim Uighur minority is an increasingly worrying issue.
Having noted a G7 promise to set up an alternative to China’s “belt and road initiative” as part of a push back covering human rights, supply chains, support for Taiwan and demands to reveal more about the origins of Covid, Beijing issued an angry statement, via its London embassy London, complaining that "the days when global decisions were dictated by a small group of countries are long gone.” This confrontation is only likely to escalate.
Yet another source of G7 tensions is concern about the damaging standoff between the UK and the EU over post-Brexit arrangements. Little time remains to sort this out: a ban on sausages and mincemeat being exported from Great Britain into Northern Ireland, which still abides by EU rules, is due to come into force on June 30. Biden (of Irish origin) has urged the UK to avoid a trade war and preserve the Good Friday peace agreement of 1998 and do everything not to inflame sectarian violence.
Emmanuel Macron, the French president, warned Johnson that a “re-set” in relations between Paris and London depended on a speedy resolution of this dispute. Angela Merkel, Germany’s chancellor, raised the issue too, as did Ursula von der Leyen of the European Commission and Charles Michel of the European Council. Dominic Raab, the British foreign secretary, undiplomatically urged the EU to be “pragmatic” not “bloody-minded.” Raab also accused European countries of believing “offensively” that Northern Ireland was not part of the UK. relationship
Biden, on his first trip to Europe since his January 20 inauguration, was to keen to repeat his message that “America is back and diplomacy is back” after the disruptive four years of his Republican predecessor. But the three days G7 leaders spent at their summit in Cornwall were a vivid and disturbing reminder of the uncertain times in which the whole world is living – even if Trump is no longer in the White House. levant
by: IAN BLACK levant
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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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