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Ukraine, Contained?

As world leaders convene in New York City for the United Nations General Assembly this week, many may be asking: What’s it all for? Almost seven months into Russia’s war in Ukraine you’d hope that such a rare celebration of diplomacy could be prioritised to address the conflict. Yet there is an emerging narrative that in contrast to February where Russia’s surprise invasion and sudden upping of its strategic nuclear forces, that the conflict is today both contained, and that Kiev is in the driving seat.
Indeed, the Russian military’s rapid collapse in the face of Ukraine’s surprise offensive has turned the whole narrative of the war on its head. In recent days, Ukraine says it has recaptured more than 8,000 sq km (3,088 sq miles) of territory in the north-eastern Kharkiv region. President Putin has been paying a continued diplomatic price for his decision to invade, with Chinese and Indian allies holding his feet to the coals for the decision, not to mention his country’s absence alongside the rest of the world at the funeral of Queen Elizabeth II.
Yet many of Putin’s biographers or those writing about him regularly cite a childhood story of when he encountered a giant rat in Leningrad; “Once I spotted a huge rat and pursued it down the hall until I drove it into a corner. It had nowhere to run. Suddenly it lashed around and threw itself at me. I was surprised and frightened. Now the rat was chasing me”. The simple notion is that the rat became more dangerous when trapped and seemingly at the point of its greatest weakness.
Russia, let us not forget, is a nuclear power with the theoretical ability to destroy the planet. Someone who didn’t forget this recently was US President Joe Biden who warned Russia not to use chemical or tactical nuclear weapons in the war in Ukraine. Speaking during an interview with CBS News, Mr Biden said such action would "change the face of war unlike anything since World War Two". Critically though he would not say what response the US would make to the use of such weapons.
Russian President Vladimir Putin put the country's nuclear forces on "special" alert following its invasion of Ukraine in February. However, Russia’s stunning loses have pushed its forces further away from NATO’s borders where perhaps the classic scenarios of nuclear brinksmanship would be focused on. If Ukraine is ‘contained’, then the threat of nuclear war would seem diminished. Today, as President Biden was alluding too, there is chatter around the use of tactical nuclear weapons as opposed to the MAD days of the Cold War – which helpfully stood for ‘mutually assured destruction”.
The thinking goes that as Russia has struggled with the number of soldiers needed to halt the Ukrainian counteroffensive, that it would deploy low yield ‘tactical’ nuclear weapons to stop the advance and essentially plug gaps in their front line. Ironically some considered this the most likely Cold War scenario that NATO would adopt if Russian tanks surged across into Western Germany. Tactical nuclear weapons are relatively easy to deploy say via artillery and the key descriptor of them is that their yield and explosive size is smaller than their strategic cousins. The thermonuclear weapons are true city killers, yet the advancement of nuclear weapons means that tactical weapons are Modern tactical nuclear warheads have yields up to the tens of kilotons, or potentially hundreds, several times that of the weapons used in the atomic bombings of Hiroshima and Nagasaki.
So, their use doesn’t represent a graduated and rational escalation of the conflict, but rather would put humanity back on the brink as of course the question would follow as to what happens next? Would NATO countries supply Ukraine with tactical nuclear weapons or even deploy them themselves against Russian units inside the country? Such is the zero-sum logic of escalation that follows this moment that it is almost too terrible to consider, yet it is being talked about right now by the President of the United States.
What the prospect for a contained Ukrainian conflict quickly becoming something of an even higher magnitude should do, is force again the upcoming UN General Assembly high level week to try and make inroads with diplomacy. Can the Black Sea grain deal be expanded? Can the nuclear plants in Ukraine be demilitarised? These are relatively small steps but ones that have not been achieved so far.
BY: James Denselow
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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