James Denselow

For many in the UK the Covid crisis is a thing of history. Despite current high infection numbers and large numbers of children forced to take time off school, the hospitalisation rates are steady and the daily death tolls are a fraction of what they were in 2020. The vaccination campaign, whilst not reaching the whole population, has reassured many into taking advantage of the almost complete easing of restrictions.

In recent times people had to ensure they didn’t gather in groups larger than six, at other points they were only able to leave the house once a day, the wearing of masks was mandatory and large parts of normal life were off limits. Visitors to the UK from countries with continued restrictions react with surprise as to how a pre-crisis normality seems to have returned. Packed restaurants, sporting events, nightclubs and public transport with only lite touch and occasional requirements for wearing masks, washing hands or proving vaccination status.

However, winter is approaching, and already medical experts are warning that the flu season will be more serious that previous years and it’s fair to say that the UK approach is heading into a highly unpredictable phase with all options being on the table if things get out of control before the end of the year. All this is the live context to a Parliamentary inquiry into the UK’s handling of the crisis which was scathing in its criticisms.

The report outlines the challenge of Covid to the country resulting in 150,000 lives lost but describes the Government response as one of the worst public health failures in UK history, with ministers and scientists taking a “fatalistic” approach that exacerbated the death toll. Oppositional politicians have described the report as ‘damning’, yet the Government has stressed the unprecedented challenge that this once in a generation pandemic had on existing policies and infrastructure.

This is the critical question visa ’vi the British public; whether they see Covid as overwhelming any political response regardless of party or individuals in charge, or whether the specific individuals and particularly Prime Minister Boris Johnston will find there is a political price to pay for the mistakes made. One of the demographics around this dichotomy is the public’s approach to lockdowns or Covid restrictions. Polling has showed the British public is continually more supportive of tougher restrictions than the Government. The Government would argue that their responsibilities towards the wider economy mean they need to chart a different path.

What is more the Government were able to surge in popularity in their rollout of vaccines, helped by the UK having developed its own vaccine as well as being in the front of the queue to purchase others. Interestingly the UK’s early lead in vaccine rollout compared to neighbouring Europe was eventually lost. Similarly, the Parliamentary inquiry found that despite the UK being one of the first countries to develop a test for Covid in January 2020, the UK “squandered” its lead and “converted it into one of permanent crisis”.

Again, whether this permanent crisis sticks to the government or not is an open question. The Conservative party remains ahead in the polls and perhaps paradoxically the country has come together around its response to the Covid crisis in a way that will prevent further political fallout. What is more any crisis in the UK will be put into a perspective of the worst of elsewhere in the world, with countries like the US and Brazil demonstrating what appear to be a more chaotic response to the virus.

Nevertheless, this recent inquiry will be one of the plethora of examinations of the UK’s response, the most major being an upcoming full public inquiry which will be the most defining test so far. This is planned to be launched in early 2022 although its full scope and remit has yet to be confirmed. Political cynics worry that the inquiry’s results will be scheduled for after the next general election, again putting further distance between the Government and accountability for the failings of the Covid response.

A final argument suggests that the British people want to put Covid behind them rather than rehash the crisis to hold their political leaders to account. Famously the time of the Spanish Flu was followed by the “Roaring Twenties” and with people wanting to look ahead more than ever it could be that the Covid crisis is confined to history far sooner than you’d imagine.

by: James Denselow

James Denselow,

British households feel more pressure as grocery prices increase 1.7% HE Interior Ministers holds a meeting with heads and representatives of human rights organisations

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.