Trump to host NATO chief as alliance faces strains
November 10, 2019, 10:24 am

Trump to host NATO chief as alliance faces strains

Stoltenberg addresses a joint meeting of the US Congress as Vice President Mike Pence and Speaker of the House Rep. Nancy Pelosi listen on April 3, 2019 at the US Capitol in Washington, DC. (File photo: AFP)

US President Donald Trump will host NATO chief Jens Stoltenberg in Washington at a time of severe strain within the Atlantic alliance, the White House announced Saturday.

The two leaders will discuss NATO allies’ “progress on increasing defense spending and ensuring more equitable burden-sharing,” the White House statement said.

Trump has been a frequent critic of alliance members, notably Germany, complaining that many have not met their goal of devoting two percent of economic output to defense spending.

Trump and Stoltenberg, who is Norwegian, will also discuss counterterrorism, cyber-security and protecting critical infrastructure.

The Thursday meeting will come a week after NATO came in for cutting criticism from French president Emmanuel Macron, who told The Economist magazine that “what we are currently experiencing is the brain death of NATO.”

Macron cited a general lack of coordination between the US and Europe and the recent unilateral incursion by Turkey, a key member of the 70-year-old military alliance, into northern Syria.

“Strategically and politically,” Macron said, “we need to recognize that we have a problem.”

Macron was speaking ahead of a NATO summit meeting scheduled for December 3 and 4 in London.

But German Chancellor Angela Merkel, speaking alongside Stoltenberg in Berlin after the Macron interview came out, defended NATO as “indispensable.”

Macron “used drastic words,” she said, adding, “that is not my view of cooperation in NATO.”

In Washington, the NATO chief will also confer Thursday with Secretary of State Mike Pompeo and members of Congress, the alliance said.

That same day, he will attend a ministerial-level meeting of a broad international coalition against ISIS.

This session was requested urgently by France after Trump announced he was pulling US troops out of northern Syria, raising fears that the extremist organization could stage a comeback.

source:AFP

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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.