Boris Johnson wins no-confidence vote and saves premiership
June 7, 2022, 6:48 am

Boris Johnson wins no-confidence vote and saves premiership

A view shows cabinet room in 10 Downing Street during British Prime Minister Boris Johnson's birthday, in London, Britain June 19, 2020 in this picture obtained from civil servant Sue Gray's report published on May 25, 2022. Sue Gray Report / gov.uk/Handout via REUTERSReuters

The Xinhua reported, the British Prime Minister Boris Johnson on Monday won a no-confidence vote among Conservative lawmakers, saving his precarious premiership.

Johnson won the support of 211 out of 359 lawmakers, dozens more than the threshold of 180 votes, according to the result announced by Graham Brady, chairman of the Conservative Party's parliamentary group, the 1922 Committee.

Brady said: "I can announce that the parliamentary party does have confidence in the prime minister."

The confidence vote on Johnson's leadership was triggered after the number of lawmakers who submitted letters of no-confidence in him to Brady reached 54, or 15 percent of Conservative lawmakers.

UK PM Boris Johnson at the House of Commons - Credit: House of Commons Twitter account

With Monday's win, Johnson won't face another no-confidence vote for a year under the current Conservative Party rules.

The prime minister has been dogged for months by "partygate" scandals involving him and his staff at Downing Street during COVID-19 lockdowns in 2020 and 2021. He received a fine by the British police in April for attending one of the alcohol-fueled parties, making him the first sitting prime minister in British history to be penalized for breaking the law.

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Johnson said shortly after the result was out: "I think it's an extremely good, positive, conclusive, decisive result which enables us to move on, to unite and to focus on delivery and that is exactly what we are going to do."

He said: "What this means tonight is that we can focus on what we're doing to help people on the cost of living, with what we are doing to keep streets and communities safer."

He added: "It gives us the chance to unite, strengthen and level up our economy. What we are going to do now is to take the opportunity to unite and deliver."

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Despite Johnson's survival in the vote, his political rivals took a shot at the turmoil within the Conservative Party as the 148 votes against him meant more than 40 percent of the Conservative lawmakers wanted him to go.

"The choice is clearer than ever before. Divided Tories propping up Boris Johnson with no plan to tackle the issues you are facing. Or a united Labour Party with a plan to fix the cost of living crisis and restore trust in politics. Labour will get Britain back on track," tweeted Keir Starmer, leader of the main opposition Labour Party.

Liberal Democrat leader Ed Davey said: "Whilst Boris Johnson has clung on today - make no mistake, his reputation is in tatters and his authority is now totally shot."

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He said: "Every Conservative MP who cares about integrity and decency must do the right thing, resign the whip and sit as an independent. For the sake of our country, this failing prime minister cannot be propped up any longer."

Source: xinhua

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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.