Netanyahu challenges his rival's PM bid legality, and is spurned
June 1, 2021, 8:22 am

Netanyahu challenges his rival's PM bid legality, and is spurned

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President Reuven Rivlin on Tuesday rejected Benjamin Netanyahu's bid to extend his premiership. The refusal came after Netanyahu's party challenged the legality of a bid by a rival rightist to head a new Israeli government.

Naftali Bennett, Netanyahu's former defence minister, announced on Sunday he would join a proposed alliance with centrist opposition leader Yair Lapid, serving as its premier first under a rotation deal.

They have until Wednesday midnight to present a final pact to Rivlin, who handed Lapid the task of forming a new government after Netanyahu failed to do so in the wake of a close election on March 23.

In a letter to the legal counsels of the presidency and parliament, Netanyahu's conservative Likud said Lapid was not authorised to cede the premiership to Bennett.

But Rivlin's office said in response that there was no legal merit to Likud's claim because Lapid would be sworn in as "alternate prime minister", second to serve as premier as part of the rotation.

It accepted Likud's argument that Lapid must provide the president with full details of the new government and not just announce that he has clinched a coalition deal.

The Lapid-Bennett power-share may include other rightist politicians as well as liberal and centre-left parties. Israeli media have speculated it could also court parliamentary backing from a party that draws votes from Israel's Arab minority.

That has prompted Netanyahu to accuse Bennett of imperiling Israel as it contends with internal Jewish-Arab strife over last month's Gaza conflict, the moribund peace process with the Palestinians, and Iran.

Netanyahu, 71, is the dominant political figure of his generation. He was first elected prime minister in 1996 and he returned to power in 2009, holding the top office for more than a decade. But he also faces a corruption trial for bribery, fraud and breach of trust - charges he denies.

DIVIDED COUNTRY

A photo-shopped picture of Bennett in an Arab headdress, circulated on social media, prompted comparisons with attempts to discredit former Prime Minister Yitzhak Rabin, assassinated in 1995 by an ultranationalist opposed to his peacemaking.

Reuters quoted Lapid yesterday, Monday, that both he and Bennett had been given extra security following threats to their safety. Both have said they want to bring together Israelis from across the political divide and end hateful political discourse.

"A country that is divided and violent won't be able to deal with Iran or with the economy. A leadership that incites us against one another harms our ability to deal with the challenges we face," Lapid said.

Source: Reuters

Image source: Reuters

Six months after the election, conservative activists demand to review the results UK manufacturing increases to its highest level in 30 years

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.