Israeli PM Netanyahu faces midnight deadline to form new coalition government
May 4, 2021, 9:25 am

Israeli PM Netanyahu faces midnight deadline to form new coalition government

In this file photo taken on March 11, 2021, Israeli Prime Minister Benjamin Netanyahu speaks during a joint press conference with his Hungarian and Czech counterparts (unseen) in Jerusalem. (AFP)

Israeli Prime Minister Benjamin Netanyahu faced a midnight deadline on Tuesday to put together a new coalition government — or be looking at the possibility of leading his Likud party into the opposition for the first time in 12 years.

Netanyahu has struggled to secure a parliamentary majority since March 23 — when elections ended in deadlock for the fourth consecutive time in the past two years. Despite repeated meetings with many of his rivals and unprecedented outreach to the leader of a small Arab party, Netanyahu has not been able to close a deal during a four-week window.

That window was to expire at midnight, at which point the matter returns to President Reuven Rivlin in the absence of an agreement.

A failure to reach a deal would not immediately push Netanyahu out of office.

Rivlin could give him an additional two weeks to form a coalition. He could give one of Netanyahu’s opponents an opportunity to form a government, or in a final move of desperation, send the matter straight to parliament.

That would give lawmakers a chance to choose one of their own as a prime minister. If all options fail, the country would face another election this fall, meaning months of continued political paralysis.

In the March 23 election, Netanyahu’s Likud emerged as the largest single party, with 30 seats in the 120-member parliament. But to form a government, he needs to have the support of a 61-seat majority.

That task has been complicated in large part by members of his own religious and nationalist base.

The New Hope party, led by a former Netanyahu aide, refuses to serve under the prime minister because of deep personal differences. Religious Zionism, a far-right party that espouses an openly racist platform, supports Netanyahu but has ruled out serving in a government with the Arab partners he has courted. Yamina, another right-wing party led by a former Netanyahu aide, has refused to commit to either him or his opponents.

On Monday, Netanyahu said he had offered the head of Yamina, Naftali Bennett, the chance to share the job of prime minister in a rotation, with Bennett holding the post for the first year.

Bennett responded: “I never asked Netanyahu to be prime minister. I asked to form a government. Unfortunately, he does not have that.”

Looming over Netanyahu has been his ongoing corruption trial. Netanyahu has been charged with fraud, breach of trust and bribery in a series of scandals. The trial has moved into the witness phase, with embarrassing testimony accusing him of trading favors with a powerful media mogul. Netanyahu denies the charges.

In recent days, he has appeared increasingly frustrated, coddling potential partners one day and then lashing out at them with vitriol the next. Last week’s deadly stampede at a religious festival, in which 45 ultra-Orthodox Jews were killed, has only complicated his task by creating an unwelcome diversion and calls for an official investigation into possible negligence on his watch.

Netanyahu’s opponents, meanwhile, have been holding meetings of their own in an effort to cobble together a possible alternative government.

Netanyahu has also suffered a series of embarrassing — and uncharacteristic — defeats in parliament.

Earlier this month his opponents gained control of the powerful Arrangements Committee, which controls the legislative agenda until a new government is formed. Last week, he was forced to abandon his appointment of a crony as the interim justice minister, just before the Supreme Court appeared set to strike down the move.

Despite all of Netanyahu’s vulnerabilities, it remains unclear whether his opponents can form an alternative government. The opposition includes a vast spectrum of parties that have little in common except for their animosity toward Netanyahu.

If Netanyahu fails to put together a coalition by midnight, he will do his utmost to prevent his opponents from reaching an agreement in the coming weeks.

That would keep him in office until the next election, allowing him to battle his corruption charges from the perch of the prime minister’s office and giving him yet another chance to win a new term, along with possible immunity from prosecution.

source: The Associated Press

Image source: AFP

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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.