US may de-prioritize Ukraine due to tension with China over Taiwan
August 2, 2022, 11:04 am

US may de-prioritize Ukraine due to tension with China over Taiwan

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Officials in the EU reportedly fear that if tensions with China over Taiwan spirals out of control, it may come with the cost of US support for Ukraine against Russia.

A switch of Washington’s hostile attention from Moscow to Beijing would be the “worst-case scenario” for European NATO members, Politico cites a European diplomat as saying.

At the moment, the rhetorical confrontations between Washington and Beijing over a possible visit to Taiwan by House Speaker Nancy Pelosi is not a NATO issue, but “it could easily escalate,” the diplomatic source said, according to the article published on Monday (August 1).

The outlet spoke to several EU sources about how the European economic bloc perceives the tensions over Taiwan.

Politico noted that up until recently most EU member states were cautious in their public comments about Taiwan and US rivalry with China, a major trading partner for the EU.

This contrasts with the rhetoric in former EU member the UK, where both Tory Party leadership candidates are seeking to take the helm after outgoing Prime Minister Boris Johnson pledged to be tough on Beijing.

Officials in the EU reportedly fear that if tensions with China over Taiwan spirals out of control, it may come with the cost of US support for Ukraine against Russia - Photo. Pixabay

Former Chancellor Rishi Sunak and Foreign Secretary Liz Truss alike pledged to maintain combative foreign policy as each campaigned for party members’ votes.

Taiwan is an island, roughly 100 miles from the coast of south east China.

It sits in the so-called "first island chain", which includes a list of US-friendly territories that are crucial to US foreign policy.

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Historical sources suggest that the island first came under full Chinese control in the 17th Century when the Qing dynasty began administering it. Then, in 1895, they gave up the island to Japan after losing the first Sino Japanese war.

China took the island again in 1945 after Japan lost World War Two.

But a civil war erupted in mainland China between nationalist government forces led by Chiang Kai-shek and Mao Zedong's Communist Party.

The communists won in 1949 and took control in Beijing.

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Chiang Kai-shek and what was left of the nationalist party - known as the Kuomintang - fled to Taiwan, where they ruled for the next several decades.

China points to this history to say that Taiwan was originally a Chinese province. But the Taiwanese point to the same history to argue that they were never part of the modern Chinese state that was first formed after the revolution in 1911 - or the People's Republic of China that was established under Mao in 1949.

The Kuomintang has been one of Taiwan's most prominent political parties ever since - ruling the island for a significant part of its history.

Beijing vows consequences if US House Speaker Nancy Pelosi travels to Taiwan

Currently, only 13 countries (plus the Vatican) recognise Taiwan as a sovereign country.

China exerts considerable diplomatic pressure on other countries not to recognise Taiwan, or to do anything which implies recognition.

Taiwan's defence minister has said relations with China are the worst they have been for 40 years.

The ongoing escalation of tensions comes as Nancy Pelosi is on a tour of several Asian-Pacific nations.

Taiwan says Chinese attack would hit global economy harder than Ukraine war

Nancy Pelosi, Speaker of the US House of Representatives, plans to meet Taiwan’s president Tsai Ing-wen on Wednesday (August 3) in a controversial visit that has triggered concern about a possible military response from China.

Three people familiar with the situation said Pelosi would meet Tsai in Taipei as part of a wider visit to Asia that began in Singapore on Sunday (July 31).

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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.