Boris Johnson: UK will act if EU refuses to give way over Northern protocol
May 16, 2022, 6:43 am

Boris Johnson: UK will act if EU refuses to give way over Northern protocol

UK Prime Minister Boris Johnson (Photo: Official Facebook page)

The Anews reported, citing Reuters, British Prime Minister Boris Johnson has said the UK will have a "necessity to act" if the EU is unwilling to reach a compromise in the deepening crisis over the Northern Ireland Protocol.

The prime minister - who travels to Belfast on Monday (May 16) for emergency talks with the Northern Ireland parties - said the Government remained open to "genuine dialogue" with Brussels.

But amid fears of a looming trade war, he said that if there was no movement on the EU side, the Government will set out its "next steps" in a statement to Parliament "in the coming days".

His warning comes amid reports ministers could table emergency legislation as early as this week to override the protocol which requires customs checks on goods moving from Great Britain to Northern Ireland.

Unilateral action by the British govt to denounce the Withdrawal Agreement, or disapply the Protocol is reckless.

Only through joint agreement with the EU can solutions to problems be found

I will tell Boris Johnson he is feeding political instability and economic uncertainty
— Michelle O’Neill (@moneillsf) May 15, 2022

EU leaders have said such a move would violate Britain's international treaty obligations under the Withdrawal Agreement signed by Johnson and would lead to retaliatory measures.

Boris Johnson to visit Northern Ireland on Monday amid Brexit protocol crisis

In the meantime the power-sharing institutions in Northern Ireland remain suspended with the DUP refusing to join Sinn Fein in a new Executive or to allow the election of a speaker to the Assembly unless there is fundamental change to the protocol.

Writing in the Belfast Telegraph, Johnson said there was still a "sensible landing spot" where the interests of all sides are protected - including the integrity of the EU single market, which the protocol is designed to maintain.

However he said that would require movement on the part of the EU.

UK-EU rift deepens over Northern Ireland protocol

He said: "We have been told by the EU that it is impossible to make the changes to the protocol text to actually solve these problems in negotiations - because there is no mandate to do so."

"We will always keep the door wide open to genuine dialogue. There is without question a sensible landing spot in which everyone's interests are protected. I hope the EU's position changes. If it does not, there will be a necessity to act.

Northern Irish minister orders end to post-Brexit controls

"The Government has a responsibility to provide assurance that the consumers, citizens and businesses of Northern Ireland are protected in the long-term. We will set out a more detailed assessment and next steps to Parliament in the coming days."

Source: anews

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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.