Rishi Sunak and Liz Truss emerge as finalists in UK premier race
July 21, 2022, 7:21 am

Rishi Sunak and Liz Truss emerge as finalists in UK premier race

UK Foreign Secretary Liz Truss - Official Twitter page

The Xinhua reported that former United Kingdom (UK) Chancellor of the Exchequer Rishi Sunak and Foreign Secretary Liz Truss emerged as the final two candidates in the country's Tory leadership race on Wednesday (July 21).

International Trade Minister Penny Mordaunt was knocked out in the final round of ballot among Conservative lawmakers. Sunak won 137 votes, Truss received 113.

The contest to replace Boris Johnson as prime minister will now go before the Conservative Party's 200,000-odd dues-paying members, who will select the winner later this summer via mail-in ballot. The winner, to be announced on Sept. 5, will automatically become Johnson's successor.

Though Sunak has won each of the five rounds of voting by lawmakers, a YouGov poll published on Tuesday (July 19) showed that he was less popular with the party's grassroots.

He is predicted to lose to Truss, a favorite of the party's right wing, in the head-to-head contest.

Both candidates have made pledges on tax cuts as the cost-of-living crisis continues to bite. However, Sunak dismissed as "fairytales" his rivals' promises of immediate tax cuts, arguing that inflation must be brought under control first.

Inflation in the UK rose by 9.4 percent in June, hitting a fresh 40-year high, official statistics showed on Wednesday (July 20).

Truss, on the other hand, promised to start cutting taxes from day one.

Rishi Sunak wins UK's third round leadership vote

The Tory leadership race was triggered after Johnson was forced to step down on July 7 by an avalanche of resignations of government officials, who protested against his scandal-plagued leadership.

Johnson continues to serve as caretaker prime minister until a new Tory leader succeeds him.

Johnson, who won a landslide victory in the general elections in 2019, lost support after he was caught in a string of scandals, including the Partygate scandal and the Chris Pincher scandal involving his appointment of Pincher, a politician accused of sexual misconduct, to a high-level post.

Boris Johnson wins confidence vote and will continue as caretaker PM

But Johnson defended his record in his last appearance in the Prime Minister's Questions in the House of Commons on Wednesday afternoon, shortly before the ballot results were announced. The lawmakers will start their summer recess on Thursday (July 21).

Claiming that "mission largely accomplished - for now," he once again touted his achievements of pulling off the Brexit deal, rolling out the COVID-19 vaccine and helping Ukraine during his three-year premiership.

Johnson signed off his farewell speech by saying "Hasta la vista, baby" (See you later), a famous phrase used by Hollywood legend Arnold Schwarzenegger in the film Terminator, sparking speculation that he aims to make a political comeback.

Source: xinhua

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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.