President Macron kicks off US state visit, with trade dispute looming
November 30, 2022, 7:37 am

President Macron kicks off US state visit, with trade dispute looming

French President Emmanuel Macron welcomes a guest at the Elysee Palace in Paris, France, May 16, 2022. REUTERS/Benoit Tessier

French President Emmanuel Macron was set to meet President Joe Biden on Wednesday (Nov 30), at the start of a state visit highlighting the countries' strategic ties but also fears of a transatlantic trade war.

Macron and his wife Brigitte arrived late Tuesday for a two-day stay in Washington, before finishing up Friday with a trip to the once-French city of New Orleans in Louisiana.

Largely due to Covid disruptions, this is the first formal state visit to the White House during the Biden presidency. US officials said the choice of France for the honor reflects their historic links and also the crucial role played by Paris, within the European Union, in the alliance confronting Russia over Ukraine.

All the stops are being pulled out for Macron, starting Wednesday with him visiting Arlington National Cemetery, then discussing space cooperation with Vice President Kamala Harris at NASA headquarters in Washington. The first day will round off with a private dinner for Biden, Macron and their wives.

The core of the visit will be Thursday, including a White House military honor guard, Oval Office talks, a joint press conference and a banquet where Grammy-award-winning American musician Jon Batiste will perform.

Compared to Macron's edgy experience as the guest of Donald Trump in 2018, this trip will be a carefully choreographed display of transatlantic friendship.

The diplomatic furor that erupted last year when Australia canceled a deal for French submarines and instead signed up for US nuclear submarines is now buried.

But tensions are rising over trade as Europeans nervously watch the rollout of Biden's signature green industry policy -- the Inflation Reduction Act, or IRA.

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This is set to pump billions of dollars into climate-friendly technologies, with strong backing for American-made products. A similar effort is being put into microchip manufacturing.

Europeans fear an unfair US advantage in the sectors just as they are reeling from the economic consequences of the Ukraine war and Western attempts to end reliance on Russian energy supplies.

Talk in Europe is now increasingly on whether the bloc should respond with its own subsidies and championing of homegrown products, effectively starting a trade war.

Another gripe in Europe is the high cost of US liquid natural gas exports -- which have surged to try and replace canceled Russian deliveries.

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White House National Security Council spokesman John Kirby struck a cautious note, telling French reporters that "right now we're in the mode of listening and making sure we understand concerns by our European partners."

Kirby went out of his way to praise Macron, referring to his "experience and wisdom."

The breadth of Macron's entourage -- including the foreign, defense and finance ministers, as well as business leaders and astronauts -- illustrates the importance Paris has put on the visit.

At the White House, however, a senior official said the main goal is to nurture the "personal relationship, the alliance relationship" with France -- and between Biden and Macron.

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That more modest-sounding goal will include improving coordination on helping Ukraine to repel Russia and the even more vexing question of how to manage the rise of the Chinese superpower.

"We are not allies on the same page," one adviser to Macron told AFP, forecasting "challenging" talks with Biden.

Despite his strong support for Kyiv, Macron's insistence on continuing to maintain dialogue with Russian President Vladimir Putin has irked American diplomats.

The China question -- with Washington pursuing a more hawkish tone and EU powers trying to find a middle ground -- is unlikely to see much progress.

"Europe has since 2018 its own, unique strategy for relations with China," tweeted French embassy spokesman Pascal Confavreux in Washington.

A senior US official said even if their approaches to China were "not identical," they should be at least "speaking from a common script."

Source: barrons

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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.