UK's Liz Truss joins Conservative rival in vowing tough line on China
July 28, 2022, 11:57 am

UK's Liz Truss joins Conservative rival in vowing tough line on China

UK Foreign Secretary Liz Truss - Official Twitter page

Britain's possible next prime minister Liz Truss on Wednesday (July 27) joined her rival Rishi Sunak in vowing to get tough with China -- by corralling "freedom-loving" Commonwealth nations to stand together, the Anews reported, citing the AFP.

Foreign Secretary Truss marked the opening Thursday (July 28) of the Commonwealth Games, in the English city of Birmingham, by saying the club of former UK colonies was a "vital bulwark" against the rising Asian power.

The Commonwealth includes major Asia-Pacific economies such as Australia and India, which have both been at varying odds with China in recent years.

Along with the United States and Japan, the two countries have formed the "Quad" bloc, which has warned China against resorting to military force in Taiwan in light of Russia's invasion of Ukraine.

The 54-nation Commonwealth would take centre-stage in a post-Brexit "Global Britain", Truss said, after securing a trade deal with Australia and as Britain seeks a wider deal with a pan-Pacific trading bloc.

I have a clear vision for our country and economy - and the experience and resolve to deliver it.https://t.co/koPyqw4wIG #lizforleader pic.twitter.com/V9jENJmyj6
— Liz for Leader (@trussliz) July 11, 2022

She said: "As one of the largest groups of freedom-loving democracies, we must ensure there are clear benefits to remaining a member of the Commonwealth and offer nations a clear alternative to growing malign influence from Beijing.”

"Prioritising trade with countries across the Commonwealth will strengthen economic and security ties whilst also turbocharging opportunities for British businesses to access one of the world's largest economic blocs."

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In their race to succeed Prime Minister Boris Johnson, both Truss and Sunak have accused each other of being soft on China, staging rare forays into foreign policy while arguing about economic crisis at home.

Former finance minister Sunak on Sunday (July 25) called China the "number one threat" to domestic and global security, as he outlined a series of steps intended to curb its fast-growing influence.

Sunak's proposals include the closure of all 30 Confucius Institutes in Britain, preventing the soft-power spread of Chinese values through culture and language programmes.

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China's foreign ministry said in response that UK politicians should not "talk about China at every turn and make irresponsible remarks such as the so-called 'China threat theory', which cannot solve their problems".

For their critics, both the Conservative rivals are ignoring potential economic benefits much closer to home by pursuing a hardline vision of Brexit, two years after Britain formally quit the European Union.

Layla Moran, foreign affairs spokeswoman for the opposition Liberal Democrat party, accused Truss of "reheating old promises," the report said.

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She said: "As foreign secretary, Truss has helped oversee savage aid cuts to our Commonwealth allies, pushing desperate people into poverty.”

"It shows all the rhetoric about Global Britain is just empty words."

The report noted that Truss ranks ahead of Sunak in polls of Conservative party members, who will decide on their next leader by September 5 after Johnson was forced out by a cabinet revolt.

Source: anews

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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.