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Bibi is back (again)!

Less than a month after Israel’s third inconclusive general election in a year Binyamin Netanyahu, after more than a decade in office, has pulled off another victory – with the support of his principal rival. He may well be here to stay. Bibi is back
The veteran politician supporters call “Bibi” now looks set to rule his country for even longer, delaying the justice he is facing on corruption charges and making it less realistic than before to hope that peace talks will be held any time soon with the Palestinians.
Bibi has been helped by the coronavirus pandemic, including 3,865 confirmed cases and 13 deaths inside the pre-1967 “green line” border. This unprecedented crisis added urgency to efforts to break the three-week stalemate between him and the Blue and White leader Benny Gantz in the wake of the March 2 poll.
Gantz, a former army chief of staff, abandoned his own centrist party to accept Bibi’s offer that he be appointed speaker of the Knesset.
It is assumed he will play that role for a short time before entering a Likud-led unity government as defence minister. Gabi Ashkenazi, another Blue and White ex-army commander, is expected to serve as foreign minister.
And then, after 18 months Gantz is supposed to become prime minister in a “rotation” deal with Netanyahu, who will serve in the role until September 2021 before handing over to the man who until recently was his main competitor.
In his maiden speech as Knesset speaker on March 26, Gantz justified his shocking move by invoking the need to battle coronavirus and repair the deep divisions within Israeli society. Bibi is back
“These are not normal days, and they require abnormal decisions,” he said to fury from voters – over a million - who had believed his pledge not to join a coalition led by Bibi. “He has crossed the lines,” quipped the veteran columnist Nahum Barnea, “and that is where he is fated to stay.”
Gantz had run his campaign by promising that if elected he would push through legislation to end Netanyahu’s record political career by imposing term limits and bans on prime ministers serving while facing indictments. Now it seems that he will end up protecting him from prosecution. Bibi’s many critics, by contrast, have taken to referring to him simply as “the accused.”
Blue and White – the patriotic reference is to the colours of the Israeli national flag - was created to unite centrist political movements to challenge the Likud, which has now been in power continuously since 2009. But Gantz failed to win an outright majority in the two previous deadlocked elections – in April and October 2019; he also dithered over whether or not to rely on the support of the Joint List, an alliance of Arab parties which won a record 15 seats in the latest poll, fuelling accusations of discrimination and racism.
In a wider sense the disintegration of Blue and White reflects a rightward shift in Israeli political attitudes over the last two decades and the slow death of a two-state solution to the unresolved conflict with the Palestinians. The peace camp was fatally weakened by the second intifada to the extent that it has been hard in recent years to understand the difference between right and centre.
So, for example, when Netanyahu vowed to annex the Jordan Valley, in breach of international law, Gantz quickly followed suit.
Bibi and his allies have also been accused of weaponizing Covid 19 by suspending Knesset sessions to serve his own interests, and tap into growing public alarm. In that context the exhausted national mood is comparable to the “Get Brexit Done” slogan that brought the Conservative prime minister Boris Johnson his victory in last December’s UK election.
Controversy has also erupted in Israel because of the use of digital surveillance technology to monitor anyone infected by the illness. That is seen as a dramatic and potentially sinister extension of state power. Bibi is back
Palestinians in the occupied territories have also been starting to feel the effects of the pandemic. In the West Bank 64 cases have been diagnosed, the majority in Bethlehem. The human rights organisation B’Tselem protested that the Israeli army had confiscated tents intended to be used for an emergency clinic in the Jenin area.
Alarm is also growing about conditions in the Gaza Strip where two million Palestinians have lived for over a decade in conditions that are now becoming normal in much of the rest of the world. Gazans joke bitterly that they are already experts in self-isolation; nine cases have been diagnosed so far.
While the blockade may have cut off Gaza from the pandemic, or at best delayed its entry, it is also blamed for what could be a catastrophic outbreak. Some believe however, that the health crisis might achieve a long-term cease-fire between Israel and Hamas, and even push them into bilateral cooperation.
Let’s hope so: otherwise the unchanging status quo combined with the relentlessly spreading virus may prove to be a uniquely dangerous combination. Bibi is back
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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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