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Life after Brexit

Less than three weeks after Britain finally agreed new trade rules and regulations with the European Union, UK consumers who had bought goods online from the continent were shocked to discover that they had to pay extra just to have their items delivered. Brexit, suddenly, had a price for individuals and companies. Brexit
Shoppers who purchased items from EU websites are facing demands of more than £100 in import duties that have to be paid before parcel firms will deliver them to their homes.
Amidst the misery of the covid pandemic and its record death toll, Britain’s Conservative government is now facing a flurry of complaints that life outside the EU is not matching the promises that were made around the most divisive issue this country has faced since the second world war.
On December 30 Boris Johnson stood triumphantly in the House of Commons and proclaimed the rebirth of Britain as an independent nation, with tariff-free trade with the EU after the year-long transition period ended a day later. “We are going to open a new chapter in our national story,” he declared as MP’s approved his deal, which was secured on Christmas Eve after months of nerve-wracking negotiations with Brussels.
New requirements have already put thousands of specialist online businesses at risk as consumers on both sides of the English Channel balk at having to pay hefty import fees. These unwelcome novelties fuelled doubts about the claim that “global Britain” will prosper outside the EU – the world’s most successful single market with nearly 450 million people.
And it is not just critics from the Labour opposition. Johnson’s predecessor as prime minister, Theresa May, attacked him for abandoning Britain’s “position of global moral leadership” on the eve of the inauguration of Joe Biden as US president by threatening to break international law during the Brexit talks and by cutting the UK’s commitment to devote 0.7% of GDP to relieve poverty.
Alarmingly for Johnson, it is becoming clear that Biden will prioritise dealing with the enormous damage covid has inflicted on the US economy before embarking on any new free trade agreements. A former British ambassador to Washington predicted last week that the UK would be “lucky” to strike a trade deal with the US over the next four years.
The prime minister, who was referred to by Donald Trump when he was president as “Britain Trump”, is keen to establish a good working relationship with Biden, who the government hopes will attend the G7 summit in Cornwall in June.
In a rare moment of candour Johnson admitted that the deal with Brussels “does not go as far as we would like” for financial services, which employ over 1 million people and constitute a whopping 7% of British GDP. But what does that matter when Britain, as he routinely expresses it, has succeeded under his leadership in “seizing back control”?
Johnson won the election in December 2019 on the simplistic pledge to “get Brexit done.” He was able to benefit from the ambivalent position of Labour and ended up with an impressively large majority in parliament. UK membership of the EU has always been a toxic subject since it joined the then European Economic Community in 1973. But many voters were simply fed up.
The reality of life outside the EU is only just starting to sink in. Attention has focused on the fishing industry, which accounts for just 0.1% of the UK economy, but that is relatively easy to understand – especially when protests involve huge trucks breaking the national lockdown and emblazoned with angry slogans outside the House of Commons. Meat prices are also plummeting due to delayed exports.
Another issue is complaints by British rock stars that their European tours could be wrecked by post-Brexit visa rules. Big names like Elton John have protested that they were “shamefully failed” by the government over the increased red tape facing musicians at the border of each individual EU member state.
In Northern Ireland – with a special status because of its proximity to Ireland, which remains in the EU – there are logistical problems involving new border checks with hauliers complaining that these caused shortages of food, deliveries of equipment to the National Health Service and farm machinery, despite claims by the government that it was all going “smoothly” or that these were simply “teething troubles.”
In one case a lorry load of potato crisps was held up for two days because the owner was unable to provide paperwork proving that the potatoes had not been imported into the UK from somewhere else. Another haulage company described the situation as “absolute carnage.”
And a row erupted about the status of the EU’s ambassador to the UK, with Johnson’s government insisting it will not give him and his 25-strong mission the privileges and immunities afforded to diplomats under the Vienna Convention. That position was described as an “insult.”
But in these dark times there is occasionally light relief. Leading Eurosceptic MP Jacob Rees-Mogg declared in parliament he thinks fish are “better and happier” because Brexit makes them more British. At least that!! Brexit
IAN BLACK
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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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