James Denseiow

Whilst his polls don’t look good, the prospect of what American foreign policy would look like unlike a second term Trump Presidency are worth taking seriously. A recent Economist analysis of a selection of polling – with lots of accounting for errors and learnings from the 2016 election – gave Trump a 20% chance of winning another four years. With less than three weeks till the election the prospect of a major October surprise is diminishing but nothing is ever certain in US politics.

A 2 in 10 chance of winning is still a chance and its worth being prepared for what Trump 2.0 administration would look like abroad. If Covid-19 has been an accelerator of existing global trends then we can logically imagine that a Trump second term would have similar themes as his first term but with even less checks and balances. A Trump vindicated by an election win would likely pursue his vendetta against multilateral institutions; whether that be a further downgrading of US support to the United Nations, hammering away at NATO members who are seen to be paying their share and supporting populist leaders in Europe who see a future out of the EU.

Where a second term Trump administration may diverge most significantly from its current course could be with relations with China. Such is the incredible economic interdependence between the two countries that the souring of ties linking to COVID-19 and the use of incendiary rhetoric in the Trump election campaign, could likely quieten if Trump is returned to the White House and looks to restore stability to the economy.

In the Middle East Trump could feel less constrained than ever when it comes to his push for the full withdrawal of US forces from Syria and Iraq. Likewise, Afghanistan could see a more abrupt shift in US foreign policy as Trump tires of a slowly slowly approach of exiting the country and orders a more comprehensive withdrawal. Indeed, the fact that Taliban representatives have supposedly ‘endorsed’ Trump for President speaks to this scenario.

In recent months the Trump administration has secured rare diplomatic successes in bringing a UAE-Israel peace deal into play, could a second term Presidency look to keep along the path of bringing its own allies together in the Gulf? Already there is much speculation as to change in the status of Israeli-Saudi relations. Meanwhile will the Palestinian leadership feel that it has to wait out the next four years and hope that annexation remains off the table.

The issues of paramount concern for global peace could come in the form of the US policy to Iran and North Korea. Whilst Trump has put huge political capital into his ability to bring peace to the Korean peninsula, he’s not managed to move things in a particularly strategic or sustainable direction. If his patience runs out or North Korea decides to humiliate US efforts through weapons testing or other acts of strength it could force Trump to make a choice to double down or withdraw, each choice taking with it a host of unknown consequences.

Meanwhile it is Iran, for so long the single biggest target of the Trump administration’s ire, that would least welcome the prospect of a second term. Already squeezed by the US exiting and threatening to bring down the JCPOA, a host of sanctions and the US deploying military forces into its neighbourhood, Iran would be faced with the choice as to a more assertive push back against Washington or enduring another four tough years. With the Iranian economy hit hard by the double whammy of US hostility and COVID, a less predictable Tehran coming up against a resurgent and ‘unleashed’ Trump could quite easily escalate in ways few could imagine.

Over the past four years Trump has steadily shorn himself of senior appointments like General Mattis and Lt General McMaster, who have been considered ‘steady hands’ able to check and counterbalance some of Trump’s more impulsive tendencies. These characters are all gone, and Trump has found himself increasingly isolated. Yet an isolated President rejuvenated by the electoral mandate of a second term is an entirely different prospect that the one faced by the world when Trump was first elected. As America holds its breath to await November's results, so does the world.

by : jamse danselow

Syria’s Mass Prisoner Release The UN at Seventy-Five

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.