Brexit in the balance as British MPs hold knife-edge vote
October 19, 2019, 7:59 am

Brexit in the balance as British MPs hold knife-edge vote File photo AFP

British MPs gathered on Saturday for a knife-edge vote on Prime Minister Boris Johnson's Brexit deal for a decision that could see the UK leave the EU this month or plunge the country into fresh uncertainty.

The parliament was holding its first Saturday sitting since the 1982 Falklands War to debate the terms of a divorce agreement Johnson struck with European Union leaders Thursday.

Opposition parties and Johnson's own Northern Irish allies have rejected the text but the prime minister and his team have spent the past 48 hours frantically trying to win the support of wavering MPs.

The vote is widely seen as too close to call but Johnson warned his deal was still the best way out of the tortuous Brexit process that has left Britain in political turmoil since a 2016 referendum.

"Today we MPs have the chance to free you from the never-ending Brexit saga and move this country forward," he wrote in The Sun newspaper.

"A difficult, divisive and -- yes -- painful chapter in cour history would be at an end... We need to get Brexit done."

Johnson is seeking a clear-cut vote that either approves or rejects the divorce treaty.

But MPs are proposing an amendment for approval of the deal to be withheld unless and until the necessary implementing legislation has passed.

They fear is that even if MPs approve the deal, they will not have enough time to debate the formal withdrawal agreement before the deadline, which could see no-deal Brexit by accident.

Securing a deal was a personal victory for Johnson, a figurehead in the Leave campaign who has vowed to deliver Brexit on October 31 in all circumstances.

But parliament -- like the frustrated public -- is still divided over how and even if Britain should end 46 years of integration with its closest neighbours.

The debate starts from 0830 GMT and coincides with a mass demonstration to parliament demanding a second referendum, with an option to reverse Brexit.

If the deal passes, Johnson is expected to introduce legislation on Monday to ratify the text, which must be pushed through before the end of the month.

Defeat would trigger a law requiring him to ask EU leaders to delay Brexit for what would be the third time. He has said he would "rather be dead in a ditch" than do so.

Any extension would depend on all 27 EU leaders saying yes.

However, the vote rests on a knife-edge.

Northern Ireland's Democratic Unionist Party, which supports Johnson's minority government, will vote against it because of its arrangements for the British province.

The main opposition Labour Party, led by veteran leftist Jeremy Corbyn, is set against the deal.

"Boris Johnson's sell-out deal risks triggering a race to the bottom on rights and protections: putting food safety at risk, cutting environmental standards and workers' rights, and opening up our NHS (National Health Service) to a takeover by US corporations," said Corbyn.

Eurosceptic newspapers urged MPs to back the deal.

The Daily Express front page said: "Respect the will of the people and let's move on."

Johnson took office in July after his predecessor Theresa May failed three times to get her own divorce deal through parliament.

He insists that Brexit must happen this month to end the uncertainty that has weighed on the economy and dominated political and public debate.

The Daily Telegraph said it was Britain's best chance for an orderly departure.

"People are sick and tired of the delay and fed up with procedural trickery," it said of the proposed amendment.

An online Survation poll of 1,025 adults on Thursday and Friday for the Daily Mail found that 50 percent said MPs should vote for the deal, while 38 percent said not.

Meanwhile, The Times said: "On behalf of a bored and disillusioned country, increasingly angry with Westminster, MPs should back the deal."

EU leaders in Brussels this week urged lawmakers to back the deal, to allow both sides to move on to discussing their future relationship.

The deal covers Britain's financial settlement, protects the rights of EU citizens and sets out a post-Brexit transition period potentially until 2022 to allow both sides to agree new trade terms.

source:AFP

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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.