Labour vows to use parliament to thwart no-deal Brexit
August 29, 2019, 2:58 pm

Labour vows to use parliament to thwart no-deal Brexit

Britain

More than three years after the country voted in a referendum to leave the bloc, the United Kingdom is heading towards its gravest constitutional crisis in decades and a showdown with the EU over Brexit, which is due to take place in just over two months time.

In his boldest step since becoming prime minister last month, Johnson enraged opponents of a no-deal Brexit on Wednesday by using a parliamentary mechanism to order the suspension of parliament for almost a month.

The speaker of the lower house of parliament, John Bercow, called this a constitutional outrage as it limited the time the 800-year-old parliament has to debate and shape the course of British history.

Labour Party leader Jeremy Corbyn said that as soon as parliament returns from its summer break on Tuesday, his party would initiate a process to legislate against a no-deal Brexit that he said would be damaging for the jobs and the economy.

“What we are going to do is try to politically stop him (Johnson) on Tuesday with a parliamentary process in order to legislate to prevent a no-deal Brexit and also to try and prevent him shutting down parliament in this utterly crucial period,” Corbyn told reporters.

European Union ministers urged Britain to choose an orderly Brexit, with some openly expressing concern that Johnson’s move to suspend parliament increased the risk of a chaotic split.

Economists have widely predicted that a no-deal Brexit would deliver a damaging blow to Britain’s economy.

Three-month sterling implied volatility soared, indicating traders are bracing for more big price swings between now and the expected Oct. 31 Brexit date. JPMorgan raised the probability of a no-deal Brexit to 35% from 25%.

Johnson’s Brexit negotiator, David Frost, was in Brussels for talks with the executive European Commission on Wednesday, but Dutch Foreign Minister Stephan Blok said the sides had not managed to bridge divisions.

The original Brexit date of March 29 was delayed as Johnson’s predecessor, Theresa May, tried in vain to rally lawmakers behind the terms of Britain’s withdrawal. Parliament three times rejected a deal she negotiated with the bloc.

Johnson has said he is looking for a reworked divorce agreement with the EU but has promised the country will leave on Oct. 31, with or without a withdrawal deal.

His order to suspend parliament used the date of the Queen’s Speech - to be held on Oct. 14 and preceded by a suspension of the House of Commons - to ensure parliament will not sit between mid-September and mid-October.

In effect, the squeezed timetable forces opponents of a no-deal Brexit in parliament to show their hand and act in as few as four days sitting next month. Parliament returns from its summer holiday on Sept. 3.

An election is likely, lawmakers said.

Jacob Rees-Mogg, a Brexit supporter who is in charge of managing government business in parliament, said opponents were confecting “the candy-floss of outrage” and dared them to do their worst.

There is a small majority against a no-deal Brexit in the 650-seat House of Commons, although it is unclear if opponents of Johnson within the Conservative Party would collapse his government in a vote of no confidence.

“It does look like next week is essentially the only opportunity that parliament will have to maintain some control over this process and ensure that it has a say before we leave without a deal,” Conservative lawmaker David Gauke said.

Reuters.

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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.