African President Ramaphosa tells US not to ‘punish’ continent
September 17, 2022, 7:30 pm

African President Ramaphosa tells US not to ‘punish’ continent

South Africa President Cyril Ramaphosa visits families who had lost loved ones in KwaZulu-Natal province, including a family with four children, after floods and mudslides ravaged homes on Tuesday Apr 12 (File photo: A news)

South African President Cyril Ramaphosa has urged the US to not “punish” African nations by pressuring them to cut ties with Moscow, pointing to legislation passing through Congress which calls for more US intervention on the continent, the RT reported.

After meeting with US President Joe Biden on Friday (Sep 16), Ramaphosa spoke with reporters about the bill, the Countering Malign Russian Activities in Africa Act, saying the measure “will harm Africa and marginalize the continent.”

“We should not be told by anyone who we can associate with,” he added, noting South Africa’s long-held policy of non-alignment among world powers.

Though the two leaders exchanged pleasantries during their sit-down and did not mention the Russia legislation – as detailed in the White House readout of the discussion – Ramaphosa separately spoke with the Congressional Black Caucus during his visit and again offered criticism of the bill.

South African President Cyril Ramaphosa has urged the US to not “punish” African nations by pressuring them to cut ties with Moscow, pointing to legislation passing through Congress which calls for more US intervention on the continent - Photo. Pixabay

South Africa is “concerned [about] the possible implications for the African Continent if the ‘Countering Malign Russian Activities Bill’ were to become US law,” he said, adding that it could have “the unintended consequence of punishing the continent for efforts to advance development and growth.”

Pretoria considers both Washington and Moscow to be “strategic partners,” the president continued, urging American lawmakers not to “punish those who hold independent views,” especially at a time when “President Biden has sought to engage African countries on the basis of respect for their independence and sovereignty.”

UN report: 250M in Africa affected by high water scarcity

However, US policymakers have insisted the bill does not propose any punishments for African states that opt to continue ties with Russia, with National Security Council spokesman John Kirby saying “the United States isn’t making anybody choose between us and somebody else, either when it comes to Ukraine or in the Indo-Pacific region.”

“Broadly speaking, there’s no punishment here intended for anybody,” Kirby told reporters on Friday, adding “We respect sovereignty.”

Source: rt

Biden warns Putin against using chemical or tactical nuclear weapons William and Harry prepare to hold vigil by late queen's coffin

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.