Johnson to stress trade deal deadline in EU meeting
January 8, 2020, 9:31 am

Johnson to stress trade deal deadline in EU meeting

Ursula von der Leyen will be meeting Boris Johnson for the first time since she took office in November file photo Reuters

The PM will hold talks with Ursula von der Leyen in Downing Street.

Once the UK leaves the EU on 31 January, the two sides will begin talks on their future economic relationship.

Mr Johnson has insisted a deal is possible by the end of 2020 and the process will not be extended.

After its 31 January exit, the UK will enter into an 11-month transition period in which it will largely follow EU rules but will not have any representation in the bloc's institutions. This period will come to an end on 31 December 2020.

The government rejected calls in the Commons from Labour and the Lib Dems for Parliament to be given a vote on extending the transition period, if necessary, this summer to allow more time for negotiations.

Opposition MPs have warned that trade deals typically take years to conclude and, with relatively little time available, the UK risks defaulting to World Trade Organisation rules at the start of 2021, potentially leading to damaging tariffs for some industries.

And No 10 said Mr Johnson was expected to tell the EU president that he is confident of getting a deal and, having waited for more than three years to leave the EU, both British and EU citizens expect the next phase of trade negotiations to conclude on time.

Downing Street added that the PM was likely to underline to Mrs von der Leyen and the EU's chief negotiator Michel Barnier that the objective was securing an ambitious, tariff-free trade agreement rather than continued regulatory alignment.

Mrs von der Leyen, a former German defence minister, took over from Jean-Claude Juncker at the start of December. She will set out her vision for future UK-EU relations in a speech at the London School of Economics - where she was a student in the 1970s.

In public, EU officials have said they will do all they can to reach agreement by the end of the year although, in private, many have cast doubt on whether this is possible without some difficult compromises.

Mrs von der Leyen has previously warned the UK that the timetable to conclude an agreement is "extremely challenging" and that whatever happened, the EU would remain united and continue to benefit from its single market and customs union

Legislation implementing the terms of Mr Johnson's Brexit deal continues to move through the Commons, with the government easily winning all three votes on the Withdrawal Agreement Bill on Tuesday. The bill will enshrine in law the terms of the transition period, first negotiated by Mr Johnson's predecessor Theresa May, as well as agreements on citizens' rights, customs arrangements in Northern Ireland and the UK's financial settlement. On Wednesday, MPs will look at parliamentary oversight and issues relating to Northern Ireland. The DUP, SDLP and Alliance have jointly suggested amendments - suggested changes to the bill - to ensure a legal guarantee that Northern Ireland businesses will have "unfettered access" to the rest of the UK. The SDLP and Alliance oppose Brexit, while the DUP says the deal would undermine Northern Ireland's place in the UK.

source:BBC

Russia’s Putin makes rare visit to Syria, meets Assad Three British nationals among dead in Ukrainian plane crash

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.