UK minister says consumers mustn’t panic purchase merchandise
September 23, 2021, 10:07 am

UK minister says consumers mustn’t panic purchase merchandise

British -UK

The Public News reported accordint to Reuters, a junior minister mentioned on Thursday, consumers mustn’t panic purchase merchandise as Britain shouldn’t be heading again right into a Seventies-style “winter of discontent” of strikes and energy shortages.

Soaring wholesale European costs have despatched shockwaves via power, chemical compounds and metal producers, and strained provide chains which had been already creaking due a scarcity of labour and the tumult of Brexit.

After gasoline costs triggered a carbon dioxide scarcity, Britain was pressured to increase emergency state help to avert a scarcity of poultry and meat.

Tesco (OTC:), Britain’s greatest grocery store group, instructed authorities officers final week the scarcity of truck drivers would result in panic-buying within the run-up to Christmas if motion was not taken.

Supermarket cabinets of carbonated drinks and water had been left empty in some locations and turkey producers have warned that households may very well be left with out their conventional turkey lunch at Christmas if the carbon dioxide scarcity continues.

“There is no need for people to go out and panic buy,” Small Business Minister Paul Scully instructed Times Radio.

“Look, this isn’t a 1970s thing at all,” he mentioned when requested if Britain was heading again right into a winter of discontent – a reference to the 1978-79 winter when inflation and industrial motion left the financial system in chaos.

A Tesco spokesperson mentioned the group presently had good availability although it mentioned the scarcity of HGV drivers has led to “some distribution challenges”.

A spokesperson for No. 2 participant Sainsbury’s mentioned “availability in some product categories may vary but alternatives are available”.

Supermarkets and farmers have known as on Britain to ease shortages of labour in key areas – significantly of truckers, processing and choosing – which have strained the meals provide chain.

LABOUR CRUNCH

The trucking trade wants one other 90,000 drivers to fulfill demand after Brexit made it more durable for European employees to drive in Britain and the pandemic prevented new employees from qualifying.

“My business has about 100 HGV drivers short, and that is making it increasingly very, very difficult to service our shops,” mentioned Richard Walker, managing director at grocery store Iceland, including that deliveries had been being cancelled.

“It is a concern and as we look to build stock as an industry, to work towards our bumper time of year, Christmas, we’re now facing this shortage at the worst possible time. I am worried.”

The National Farmers’ Union has written to Prime Minister Boris Johnson asking him to urgently introduce a brand new visa system to assist sort out labour shortages throughout the provision chain.

COAL POWER?

The rise in pure gasoline costs is including to the sense of chaos. Six power suppliers have gone out of enterprise this month, leaving almost 1.5 million prospects going through an increase in payments.

Just over a month earlier than Johnson hosts world leaders at a United Nations local weather convention, often called COP26, energy generator Drax Group (LON:) Plc mentioned it might preserve its coal-fired energy crops working past their deliberate closure subsequent 12 months.

Britain is having talks with the power regulator Ofgem about whether or not or not a cap on gasoline and electrical energy costs for consumers could should go up, Scully mentioned.

The cap was introduced in to cease power firm gauging consumers however has now turned their companies unprofitable as it’s beneath the wholesale worth, which means consumers are being subsidised by power firms.

The worth cap is because of rise 12% on Oct. 1 to 1,277 kilos ($1,740) for a family utilizing a median quantity of power, and would in regular circumstances be reviewed once more in April 2022.

Source: publicnews

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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.