UK seeks to extend Northern Ireland's Brexit grace periods
September 7, 2021, 8:51 am

UK seeks to extend Northern Ireland's Brexit grace periods

Bresxit-UK

The Nationalnews reported, Brexit Minister David Frost said on Monday that Britain plans to further extend post-Brexit grace periods on some imports to Northern Ireland to give London and Brussels more time for talks on trade with the province.

According to the news website, the fate of British-ruled Northern Ireland was the most contentious issue in the UK's negotiations over its exit from the EU and it has continued to cause friction. The withdrawal was completed on December 31.

It said that in order to to avoid a hard border on the island of Ireland, Britain agreed to leave some EU rules in place in its province and accept checks on goods arriving there from elsewhere in the UK.

London has since said the arrangement is not working and wants it changed, while the EU rejects renegotiating the treaty.

Mr Frost said wrote: "To provide space for potential further discussions, and to give certainty and stability to businesses while any such discussions proceed, the government will continue to operate the protocol on the current basis."

"This includes the grace periods and easements currently in force."

Officials in London and Brussels are trying to prevent the dispute from turning into a full-blown trade war.

The European Commission agreed in July to freeze legal action against Britain for making changes to the protocol that Brussels says breach the Brexit treaty.

London has now indicated it will suspend new checks on cross-channel trade, which were due to start in weeks.

The British government said: “Over the coming weeks, we will continue to talk to the EU to see if it is possible to make genuine and substantive progress on the proposals in our command paper on the operation of the Northern Ireland Protocol."

Ireland is a key player in post-Brexit trade talks and its Deputy Prime Minister Leo Varadkar said after a meeting with British Cabinet Office Minister Michael Gove that he expected the British delay to lead towards attempts for a more permanent solution.

"The expectation is that the United Kingdom will announce a further extension of the grace periods, not just in relation to Northern Ireland but also imports from the EU and Ireland into the UK," Mr Varadkar told Irish state broadcaster RTE.

"It is important that we use the period of any extension that may occur really to get down to business and to try to put in place more permanent ... arrangements to make sure that the protocol is made more workable."

According to the Nationalnews, RTE reported that the European Commission is expected to "note" the British decision rather than retaliate.

But Mr Varadkar said that any more permanent solution secured by London and Brussels would have to be within the confines of the existing agreement.

He said Mr Gove told him that Britain "doesn't want to walk away from the protocol but does want to make it more workable".

Irish Prime Minister Micheal Martin said last month he believed the issues could be resolved with the right political will.

Source: nationalnews

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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.