President Macron announces fund to buy arms for Ukraine
October 8, 2022, 8:20 am

President Macron announces fund to buy arms for Ukraine

Tank forces in Ukraine - 📷 128th separate mountain assault brigade via Euromaidan Press

French President Emmanuel Macron said on Friday (Oct 7) that his country has created a fund, initially worth €100 million ($98 million), for Ukraine to directly buy weapons and other material it needs in its war against invading Russia.

Macron said after an EU summit in Prague: “We are setting up this special, dedicated fund initially with €100 million to allow the acquisition of equipment that we have already delivered and that we will continue to do so in terms of weapons, meaning defensive ones."

He added that discussions were being held, particularly with Denmark, to deliver more highly accurate CAESAR truck-mounted cannons to Ukraine, on top of the 18 it has already given.

Macron said: "France has been giving military support to Ukraine from the first day, with anti-tank and individual anti-aircraft systems."

The new fund, he said, "will allow... to also work with France's defence industry base" and "demonstrates our will to act as Europeans and to align ourselves with this collective effort" helping Ukraine.

French President Emmanuel Macron speaks to journalists as he arrives at the train station in Kyiv, Ukraine, June 16, 2022. Ludovic Marin/Pool via REUTERS

The fund would significantly boost the military support France is showing Ukraine, from the €233 million committed so far, which is a fraction of what some other allies have allocated, the AFP reported, the al-Arabiya said.

It said that the United States is the biggest military supplier to Ukraine, to the tune of the equivalent of €25 billion, while Britain has given some €4 billion euros' worth of weapons and gear, and Poland €1.8 billion euros' worth.

Publicly-known shipments that France has so far made include anti-tank and anti-aircraft missiles, armoured personnel carriers, fuel, infantry gear and towed artillery cannons -- as well as the 18 prized CAESARs.

UN body votes to establish human rights investigator for Russia

The discussions with Denmark would be to see about diverting some CAESAR units Copenhagen had ordered from France.

Several high-ranking French officers have said that, although Paris has boosted military spending in recent years, set to reach €44 billion in 2023, its stocks of equipment remain limited.

Modern weapons like high-precision artillery pieces and missiles can take years to roll off production lines, especially with disruption to supply chains affecting certain parts and raw materials.

Source: alarabiya

ICO: Consumers to ditch cafes for coffee at home amid rising prices UK rules out asking public to reduce energy consumption

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.