China imposes sanctions on US officials and organisations
July 24, 2021, 1:33 am

China imposes sanctions on US officials and organisations

China imposes sanctions on US officials, entities

The We For News reported China has imposed sanctions on several US individuals and organisations in response to recent US sanctions on Chinese officials in Hong Kong. Those targeted include former US Commerce Secretary, Wilbur Ross.

Citing the BBC on Saturday, the We For News added, the counter-sanctions have come days before US Deputy Secretary of State Wendy Sherman is due to visit China.

The US sanctions on Chinese officials in Hong Kong were because of their role in the security crackdown in the territory.

Washington also warned its business community of the growing risks of operating in Hong Kong.

China introduced the National Security Law in Hong Kong last year in response to massive pro-democracy protests. It criminalises secession, subversion and collusion with foreign forces and carries a maximum sentence of life in prison.

According to the We For News, China’s foreign ministry said on Friday that the recent US sanctions were designed to “groundlessly smear Hong Kong’s business environment” and “gravely violate international law and basic norms governing international relations”.

It said it would impose sanctions on seven US individuals and entities including Ross.

As commerce secretary under former US President Donald Trump, Ross expanded the number of firms that could not trade with American firms without a prior license, including Chinese telecom giants like Huawei and ZTE.

Others sanctioned by China include Sophie Richardson, Human Rights Watch’s China director; Carolyn Bartholomew, chair of US-China Economic and Security Review Commission; and Adam King of the International Republican Institute.

White House press secretary Jen Psaki told reporters that the US was “undeterred” by China’s retaliation.

“These actions are the latest examples of how Beijing punishes private citizens, companies and civil society organisations as a way to send political signals,” she said.

The relationship between Beijing and Washington became even more strained under the Trump administration. They remain sour on issues including the origins of Covid-19, human rights and cybersecurity.

This weekend, Sherman will travel to China in an effort to address deteriorating ties. It will be the most senior official visit under US President Joe Biden.

Ross is just the latest former member of the Trump administration to be hit with sanctions by China. In January, it announced sanctions against outgoing Secretary of State Mike Pompeo and 27 other top Trump officials.

The Biden administration called that move “unproductive and cynical”.

levant

Source: wefornews
Image source: wefornews

Deadly south London tram crash deemed to have been accident At least 17 Brits drown trying to cool off in 30-degree-Celsius heatwave

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.