No 10 says mayor of London's cannabis review a 'waste of time'
April 7, 2021, 10:07 am

No 10 says mayor of London's cannabis review a 'waste of time'

The mayor of London, Sadiq Khan (centre), with the shadow business secretary, Ed Miliband, on a visit to a playcentre in the north of the capital on Tuesday.

If re-elected, Sadiq Khan wants to set up a commission to look at decriminalising the drug

Downing Street has condemned a planned review by the mayor of London into the decriminalisation of cannabis as a waste of time, saying the issue is not in his remit, and that the government has no plans to change the law.

Sadiq Khan has said that if he is re-elected on 6 May, he will set up an independent London drugs commission to examine the potential health, economic and criminal justice benefits of decriminalising the class-B drug.

The Labour mayor believes there is widespread public support for a more relaxed approach to decriminalisation, citing polls showing more than half of the UK – and nearly two-thirds of those in the capital – support legalising cannabis for adult recreational use.

Asked about the idea, Boris Johnson’s press secretary, Allegra Stratton, said it would not make any difference: “Policy on controlled drugs is a matter for UK government and there are no plans to devolve this responsibility.

“The prime minister has spoken about this on many occasion – illicit drugs destroy lives and he has absolutely no intention of legalising cannabis, which is a harmful substance.”

Asked if the mayor was therefore wasting his time with such a review, Stratton said: “That is correct. Sadiq Khan will know that the policy on controlled drugs is a matter for the UK government. It is not a matter for his office.”

Khan is a target for regular attacks by Downing Street, not least because it is regarded as a near foregone conclusion that he will be re-elected. Recent polling has put him at above 50%, double the figure for his struggling Conservative opponent, Shaun Bailey.

At Monday evening’s Downing Street press conference, devoted to coronavirus rules, Johnson used the event to castigate Khan for a shortfall in the finances of Transport for London (TfL), saying he had left the office with these in “robust good order”.

Aside from the inaccuracy – TfL had debts of £9bn when Johnson stepped down as mayor in 2016 – the comments prompted criticism that they were made at an official government event during the election period.

But asked if Johnson would do this again, Stratton refused to rule it out, saying: “He was asked a direct question, which he answered. London is a city which is very, very close to his heart, and about which he knows an awful lot, having run it.”

source: Peter Walker

Levant

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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.