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The Omicron variant

Indeed, the muscle memory of States has meant that whilst much is unknown about the new variant, they were willing to make drastic decisions incredibly quickly without much in the way of backlash. For some this meant closing their borders (again) to foreign visitors, for others it meant restarting track and trace systems and reimposing rules around face coverings.
The World Health Organization (WHO) has already warned that Omicron is linked to high risk of infection surges that could have "severe consequences" in some places. Although we won’t know how vaccine resistant it is for several weeks even countries with high vaccine take up are preparing for the worst and a significant step back in the fight against the virus, something reflected when some $75bn was taken off the value of global stocks.
Anecdotal evidence from figures inside South African is more positive. The chair of the South African Medical Association said Omicron has so far caused ‘very mild symptoms’ in patients, with no noticeable impact on hospitals despite the country being ‘the epicentre’ of the new variant. The South Africans are understandably disappointed that their quick work on discovering the variant has seen them isolated as countries have adopted travel bans. As the WHO have said this “current system disincentivises countries from alerting others to threats that will inevitably land on their shores”.
Reporting variants is one issue, a bigger one is the more predictable one that whilst political leaders have repeated the mantra that “we’re not safe until we’re all safe”, their actions when it comes to ensure global vaccine distribution leave a massive gap between rhetoric and reality that Omicron has slammed right into the middle of. Former British Prime Minister, Gordon Brown, has been a constant champion of better sharing of vaccine supply to avoid potentially dangerous variants to emerge. His take on the news from South African is that a new Covid variant is no surprise when rich countries are hoarding vaccines.
Despite 12bn vaccines scheduled to be manufactured by the end of the year – enough to vaccinate the whole world - only 3% of people in low-income countries are fully vaccinated, while the figure exceeds 60% in both high-income countries and upper-middle-income countries. Whilst rich countries see ‘anti-vaxxers’ peddle conspiracy theories about the vaccines, poorer countries have no such luxury and with obvious predictability are therefore far more likely to be the source of variants without the firefighting impact of vaccines on hand.
If, and as ever with Covid it is a big “if”, Omicron sets back the vaccine and assorted Covid efforts that have already cost the world some $17 trillion, then the rhetoric towards a global, not national effort, has to been urgently met with resourcing to avoid a repetitive loop that makes the virus inescapable. However, we must recognise that short term national focused efforts make total sense from the perspective of many policy makers and that to avoid the ‘easy but wrong’ fallacy global rather than national targets around the vaccine must be followed.
There is a question as to whether the WHO is the readymade and natural body to pick this effort up. Yet I would argue that the global strategic importance and cost – in lives as well as resource – of Covid means that the UN Security Council should look to grasp the vaccine effort and treat it much like they would in building a multinational coalition to win a conventional conflict. Governments and political leaders, not unaccountable technocrats, must be the ones who own a global effort as otherwise the attention and focus with invariably drop as we’ve seen in the last few months.
Countries like America and the UK have got to a stage in their vaccine effort where they feel their population is protected and can thus open up. These countries have missed the horizon effort and Omicron has exposed that already even if we don’t fully know the ins and outs of how it works. Omicron is a huge wake up call for the global Covid response in that it has exposed how truly un-global it is at present.

by: James Denselow
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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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