UK and France vow to support Ukraine in war for freedom
July 2, 2022, 8:59 am

UK and France vow to support Ukraine in war for freedom

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A statement by UK’s Foreign Commonwealth & Development Office said that the UK and France on Friday (July 1) pledged to support Ukraine in its war for freedom.

They also agreed to strengthen security and economic ties, which they described as critical in combating an increasingly antipathetic Russia and an encroaching China, the Anadolu Agency said.

It mentioned that UK Foreign Secretary Liz Truss met France’s Minister for Europe and Foreign Affairs Catherine Colonna in Paris to discuss the need to maintain the two countries’ commitment and cooperation with each other.

According to the Anadolu Agency, the two agreed to maintain strong ties in light of a global situation dominated by Russia’s war in Ukraine, as well as high inflation, trade and supply chain challenges caused by the global pandemic and Brexit.

It said, the meeting comes after two weeks of heady international relations, including a G7 meeting in Munich, Germany and a NATO summit in Madrid.

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The ministers took the lead by concurring on their countries’ united response to Russia’s aggression.

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According to the statement: “The two agreed to build on the summits to maintain international unity in supporting Ukraine’s fight for freedom and self-determination.”

Assistance to Ukraine would be increased with sanctions being a key point on which both Truss and Colonna could see eye-to-eye as a deterrent, the foreign ministers vowed.

Security and strong economic ties, they put forth, will be paramount to combatting an increasingly antipathetic Russia and an encroaching China.

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With two weeks gatherings where world leaders traded opinions on a multitude of issues, close neighbors UK and France understand that there are rifts in need of repair and a convivial status in need of sustaining.

That understanding involves the Northern Ireland Protocol, brought to the table by Truss, who highlighted the need for the UK to fix elements in it to uphold the Good Friday Agreement.

The European Union has not been willing to make necessary changes to the protocol. She said the UK is doing so, which will only further strengthen ties between the two countries.

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Truss and Colonna discussed their desire to take their work forward and deepen cooperation, especially after Britain Prime Minister Boris Johnson and French President Emmanuel Macron, had done the same in recent discussions.

It should be noted that an as-yet-to-be-announced UK-France summit will take place in the near future.

Source: aa

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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.