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The War in Ukraine – 100 Days In

At the start of June, we will mark 100 days since Russia launched its self-styled ‘special military operation’ into Ukraine. This milestone is an opportune time to assess what is the direction of events on the ground in the country and zoom out to see what these 100 days have done to the world’s geopolitics.
The first and most important thing to learn from what happened is that it happened at all. One country invading another seems such a relic of human history. A multitude of world leaders has described the initial attack as a ‘paradigm shift’ in international relations. Historians will perhaps one day chart the journey from post-Cold War American unipolarity to a return of the unpredictability of a multipolar world where there is no single accepted ‘rules-based order’.
A failing of global governance and people asking serious questions as to the membership of the UN Security Council and its ways of working, veto and all, is significant as have been attempts to push more votes into the UN General Assembly. Interestingly whilst the US and its allies have been pushing a regular drumbeat of Ukraine debates at the UN, wider non-Ukraine linked work has continued relatively unperturbed.
The second biggest narrative of the war so far is that it is still going. Experts predicted an overwhelming Russian force that would swamp Ukraine and its capital Kiev like a Tsunami wave. Foreign embassies fled the country and the Americans famously offered President Zelensky evacuation and his response has become famous; “the fight is here; I need ammunition, not a ride.”
The ability of Ukraine’s armed forces to resist a Russian capture of their capital and then push back Russian forces to the border, with the help of significant arms supplies from the West, was not predicted. The morale and determination of Ukraine’s forces, with decision making devolved to units able to operate independently in difficult urban conflict settings has been in dramatic contrast to Russia’s forces. Russia’s army was seemingly unprepared for the operation with many reports suggesting that soldiers were surprised to find themselves transitioning from a training mission to an actual operation.
Military experts have frequently citied that low morale is demonstrated by soldiers who don’t look after their vehicles and the huge shopping list of destroyed Russian armour does not show a happy force. Such has been the performance of the Russians so far that criticism is even being heard on Russian television, especially after the botched attempted crossing of the Donbas that resulted in hundreds reported killed. Russia has supposedly lost more soldiers than in the entire Soviet occupation of Afghanistan, including several Generals. It has also suffered the loss of its flagship Moskva warship and the embarrassment of a lowly resourced barracks on Snake Island refusing to surrender despite the overwhelming odds.
Yet the narrative of Russian failure in the first phase of the war does not rule out a future success. The fact is that the Russians have rejigged their war aims from an attempt to capture the capitol to a focus on winning territory in the east of Ukraine. The fall of Mariupol allowed Moscow to claim a land bridge between Crimea and Russia proper and they are currently looking to grid down and envelop Ukrainian forces in the east.
Russia’s blockade of the Black Sea and led to perhaps the most devastating humanitarian fallout of the war. Whilst focus has understandably been on Ukrainians under the bombs or fleeing the country, the knock-on food crisis caused by the Russian invasion will impact on tens of millions elsewhere. Russia and Ukraine were among the top five exporters of wheat in 2020 and a nascent global hunger crisis, particularly in the Horn of Africa, may turn into full scale famine. Interestingly Russia is attempting to negotiate its way around and out of sanctions through promises to open access to the Black Sea.
The scale of micro and macro change caused by the Ukraine conflict is difficult to process considering the short time it has occurred in. What will things look like in 200 days? Peace talks between the two sides have fallen apart and the growing toll of death and destruction will make a resolution harder to envisage. We are in a difficult and dangerous phase of what could remain a generational defining conflict.
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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