Uk's Liz Truss surges ahead in the leadership race
July 30, 2022, 5:44 pm

Uk's Liz Truss surges ahead in the leadership race

In this photo, UK Foreign Secretary Liz Truss walks with Italian Minister of Foreign Affairs and International Cooperation Luigi Di Maio - Liz Truss Twitter account

UK Foreign Secretary Liz Truss cemented her place as front-runner in the race to replace Prime Minister Boris Johnson, winning endorsement Saturday (July 30) from an influential former rival for the top job, the Alarabiya English reported, citing the Associated Press.

Tom Tugendhat, who was eliminated from the contest in earlier rounds of voting by Conservative lawmakers, said Truss had the “resolution, determination, and passion” to be prime minister.

The endorsement is a blow to ex-Treasury chief Rishi Sunak, the other finalist in the race for the next Conservative leader. The winner will be decided by votes from about 180,000 party members across the country.

Polls give Truss an edge with Tory members, though Sunak is more popular with the general public, who don’t have a say in the race.

Tugendhat, a prominent figure from the party’s centrist “One Nation” group, wrote in the Times of London newspaper that Truss had “the foreign-affairs experience to build alliances and keep our country safe.”

Truss also secured backing this week from Defense Secretary Ben Wallace, who is highly regarded by party members for his handling of Britain's response to the war in Ukraine.

UK PM Boris Johnson at the House of Commons - Credit: House of Commons Twitter account

Wallace said Truss’s international experience as Britain’s top diplomat and commitment to increased military spending gave her “the edge.”

Sunak, who was the favorite candidate among Tory lawmakers who whittled down the field of candidates from an initial 11 contenders, is struggling to gain momentum.

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He has accused Truss of peddling unrealistic promises, especially on the economy. Truss says she will cut taxes immediately to ease the cost-of-living crisis, while Sunak argues it is vital to get inflation under control first.

Sunak said Truss’s tax cuts would give a “sugar rush” but ultimately pour “fuel on the fire” of inflation that is already at a 40-year high.

The winner will be announced Sept. 5 and will automatically become prime minister, replacing Johnson, who stepped down as Conservative leader this month after three years in office following months of ethics scandals.

Source: alarabiyaenglish

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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.