Joe Biden says he expects to speak to Xi Jinping 'within the next 10 days'
July 21, 2022, 1:53 pm

Joe Biden says he expects to speak to Xi Jinping 'within the next 10 days'

This video grab taken on January 25, 2021, from the website of the World Economic Forum shows China’s President Xi Jinping speaking as he opens an all-virtual World Economic Forum. (World Economic Forum/AFP)

President Joe Biden says he expects to speak to Chinese leader Xi Jinping “within the next 10 days,” as the US considers whether lifting some tariffs on Chinese imports would help stem rampant inflation, the Alarabiya English reported, citing Bloomberg.

Already-tense relations between the two largest economies have deteriorated over China’s refusal to condemn Russia’s invasion of Ukraine.

“I think I’ll be talking to President Xi within the next 10 days,” Biden said on Wednesday (July 20), speaking to reporters after a trip to Massachusetts to discuss his climate agenda.

An administration official downplayed the role tariffs will play in the discussion, which the official described as a potential call.

The official said, the conversation would be about a range of bilateral, regional, and global issues and not connected to the tariff process.

The official asked not to be identified because the call hasn’t been scheduled.

President Joe Biden says he expects to speak to Chinese leader Xi Jinping “within the next 10 days.”

Biden demurred when asked what he’d say to Xi about the duties. He said: “I’ll tell him to have a good day."

The talks come amid a range of disputes between the countries, including tariffs, Taiwan, as well as China’s trading and military relationship with Russia. The two presidents last spoke in March.

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There’s no call to announce or confirm right now, a spokesperson for the White House National Security Council said after Biden’s remarks.

Chinese Foreign Ministry spokesman Wang Wenbin said on Thursday at a regular press briefing in Beijing that he had no information to offer on any call between the two leaders.

The president was also asked about the reported possibility of a trip by House Speaker Nancy Pelosi, a top figure in his party, to Taiwan. “The military thinks it’s not a good idea right now but I don’t know what the status of it is,” Biden replied.

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Biden has been expected to announce shortly his decision on whether to scrap some of former President Donald Trump’s tariffs.

In meetings with his economic team over the last several months, officials have debated whether the removal of the duties would help fight record inflation in the US or would leave Biden vulnerable to attacks from Republicans as well as organized labor.

The administration is concerned that broad-based tariff reductions would not lead to savings being passed on to consumers, one official familiar with the deliberations said.

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Trump imposed tariffs on more than $300 billion in Chinese imports. But Biden’s administration is trying desperately to curb fast-rising US prices ahead of November’s midterm elections.

Trump used section 301 of the Trade Act of 1974 to hit China with the duties starting in July 2018 after an investigation concluded China stole intellectual property from American companies and forced them to transfer technology.

The tariffs covered goods including industrial inputs such as microchips and chemicals, and consumer merchandise such as apparel and furniture.

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While there’s been no direct indication of which duties may be removed, senior administration officials have said reducing tariffs on household items could help ease consumer inflation, which accelerated at the fastest pace since 1981 in June from a year earlier.

Still, ending tariffs on merchandise like bicycles and clothing won’t help Americans where inflation hurts most -- food, fuel, and housing.

Source: alarabiyaenglish

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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.