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Pelosi’s risky visit to Taiwan

No-one should be remotely surprised that Nancy Pelosi’s controversial visit to Taiwan has put the world on edge. China’s response, the ongoing war in Ukraine and the sense that the international order is at a tipping-point have made many governments very nervous. In these uncertain times that should have been entirely predictable. Beijing’s decision to end cooperation with Washington on climate change is a heavyweight reaction that emphasizes China’s global role.
Last Friday, Beijing announced a series of “countermeasures” for the “egregious provocation” by Pelosi, the speaker of the US House of Representatives, in visiting Taiwan. Pelosi is in direct succession to the presidency after the vice-president. No comparable visit by a US official has taken place for 25 years. Xi Jinping warned the US that it was “playing with fire”. Some commentators even warned of the prospect of world war.
In July President Joe Biden said the US military thought that Pelosi’s trip “is not a good idea right now”. And the CIA director, Bill Burns, assessed that China was “unsettled” when looking at Russia’s five-month-old war in Ukraine, which he characterised as a “strategic failure” for Vladimir Putin as he had hoped to topple the Kyiv government within a week.
Under a law passed by Congress when Washington switched recognition from Taipei to Beijing in 1979 - under its “One-China” policy - the US is required to provide weapons to Taiwan for self-defence. Yet China considers Taiwan to be part of its territory awaiting reunification, by force if necessary. In 1949, China’s defeated nationalists fled to Taiwan after losing the civil war on the mainland. The island has since developed into a vibrant democracy and leading technological power.
China has said it will stop working with the US on tackling global warming, along with other key issues. The declaration came as Beijing for a second day staged massive military drills surrounding the island. It also announced sanctions against Pelosi and her family for what it called her “vicious and provocative actions”.
With tensions running high in the Taiwan Strait, China also said it was cancelling some efforts to keep communication channels open between Chinese and US military commanders. Those included attempts to coordinate air and sea operations to prevent unintentional flare-ups, for example, by warships operating close to each other at sea.
Taiwan’s defence ministry said it had scrambled jets to warn away 49 Chinese aircraft in its air defence zone on Friday and a total of 68 Chinese military aircraft and 13 navy ships had conducted missions. The foreign ministry in Taipei also reported it had detected “massive” number of cyberattacks attempts against its website throughout Thursday and on Friday morning.
The White House summoned China’s ambassador to Washington to condemn the “irresponsible” behaviour of Beijing over Taiwan. A Chinese embassy official in Washington said the only way out of the crisis was for the US to “rectify its mistakes and eliminate the grave impact of Pelosi’s visit.”
Analysts say the halting of some of the bilateral activities – especially those related to military – threatens to break what the White House calls “guardrails” between the two countries, which could prevent the situation from spiralling out of control. “These measures are going to decrease chances for the US and China to find a much needed modus vivendi,” said a defence expert at King’s College London. “The two most powerful states are now unable to talk to one another – in a productive manner.”
On the increasingly important issue of climate change, the US and China have accused each other of not doing enough to cut planet-heating emissions at various points in recent years. China attacked American “selfishness” when then-president Donald Trump rolled back various environmental protections in 2017, while Biden last year claimed Xi Jinping had made a “big mistake” by not attending the Cop26 climate summit in Scotland.
Huiyao Wang, of the Beijing-based Centre for China and Globalisation thinktank, said China saw Pelosi’s visit as evidence that Washington had already broken the “guardrails”. He said Beijing regarded the issue of Taiwan as the “ultimate red line” for bilateral relations, and her visit would galvanise other American politicians to visit Taiwan in the future. “Unlike Newt Gingrich’s visit to Taiwan in 1997, Pelosi is from Joe Biden’s party; therefore Beijing sees this visit as a clear attempt to tear down the ‘guardrails’ in the first place,” as Wang told the Guardian newspaper.
China’s role as the second-largest economy in the world means this is not just a bilateral issue between Washington and Beijing but a risk of severe global repercussions. As Taiwan is the largest producer of microchips in the world if China blockaded the island it would have devastating effect on the world economy.
Nobody knows whether Xi would gamble on a military option. He faces an unprecedented third term at this autumn’s party congress. The invasion of Ukraine has undermined the confidence of western governments. It is still terrifyingly unclear whether China, a global economic and military superpower, would imitate Russia, and blockade or invade Taiwan. The reckless visit by Pelosi has only worsened that uncertainty.
BY: 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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