UK expresses preference for negotiated solution over Northern Ireland Protocol
November 11, 2022, 8:14 am

UK expresses preference for negotiated solution over Northern Ireland Protocol

UK Prime Minister Rishi Sunak. Photo. Official Twitter account

British Prime Minister Rishi Sunak said Thursday (Nov 10) that the UK strongly prefers a negotiated solution with the European Union over the thorny Northern Ireland Protocol.

Meeting with Irish Taoiseach (prime minister) Micheal Martin in Blackpool at the 38th British-Irish Council Summit, Sunak underlined “his commitment to working closely on matters of shared interest, and to deepen UK-Irish ties, particularly in the face of Russian aggression in Ukraine and the associated energy crisis.”

He also set out “the UK government’s decision to introduce legislation to provide a short extension to the period for Executive formation and reiterated his firm commitment to upholding the Belfast (Good Friday) Agreement in all its dimensions.”

Sunak “stressed that the UK’s strong preference is for a negotiated solution with the EU” on the Northern Ireland Protocol.

“He reiterated that any deal must solve the full range of issues caused by the protocol but hoped for flexibility and pragmatism.”

The deadline to form a new devolved government in Northern Ireland has been extended until Jan. 8, Northern Ireland Secretary Chris Heaton-Harris announced Wednesday.

He added in a statement that the new deadline could be extended for another six weeks if no new government can be formed by then.

The nationalist and unionist parties, Sinn Fein and the Democratic Unionist Party (DUP), failed to reach an agreement on forming a new devolved government within six months after the May 5 election.

British secretary: Northern Ireland to go to polls 2nd time this year

The DUP has blocked efforts to form a new executive due to their ongoing stance on the Northern Ireland Protocol – an addendum to the UK’s EU Withdrawal Agreement which keeps Northern Ireland aligned with EU trade rules to avoid a hard border with Ireland.

On Oct. 28, the Northern Ireland Assembly held a last-minute sitting to see if a deal could be struck between Sinn Fein and the DUP to form the new devolved government six months after the election, but it was unsuccessful.

Sinn Fein secured a historic victory in May, winning a majority of 27 seats in Stormont, making it the first nationalist party to take control of the assembly in its century of existence.

UK says there is still time to avoid Northern Ireland elections

According to the Northern Ireland-specific law and the latest election results, a power-sharing devolved government can only be formed under an agreement between Sinn Fein and the DUP.

Sinn Fein nominated the party’s Vice President Michelle O’Neill as the new first minister, but the DUP repeatedly refused to nominate a deputy and said it would not change its stance unless the Northern Ireland Protocol is scrapped.

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.