China is major threat, but UK will keep up trade links, says defence review
March 16, 2021, 12:07 pm

China is major threat, but UK will keep up trade links, says defence review

Soldiers and armed police walk into the Great Hall of the People in Beijing.

Cold war with Beijing not feasible, says Raab, though it is seen as foremost state-based threat to BritainThe UK will maintain a positive trading and economic relationship with China while recognising Beijing represents the biggest state-based threat to the UK, the UK foreign and defence review will say.

The foreign secretary, Dominic Raab, said China was here to stay and pointed out no other country was taking the kind of strident economic measures against China that hawks were advocating. “It would not be feasible to go into some old, outdated, cold war with China,” he said

He said China was sensitive about its reputation, but admitted there was no firm evidence yet that it had been influenced by criticism from abroad, save at the margins. He insisted the UK was not seeking a free trade agreement with China any time soon, but that it was essential for the UK to cooperate with China on issues such as climate change, described in the review as the UK’s number one international priority.The balance in the approach to China, reflecting the Sinophile views of the prime minister, Boris Johnson, is likely to attract Tory backbench criticism, with a cross-party alliance on China claiming the strategy is “full of contradictions, dual standards and inconsistencies”. The parliamentarians claim the review’s call for closer trade and economic links is in direct contradiction to the report’s claim that China represents the biggest state-based threat to UK security.

The review’s authors insist the report is not one long apology for Brexit, but an attempt to site Britain as a nimble, agile problem-solving nation supporting open democracy and working closely with Nato, the US and aware of the continuing threat posed by Russia. “We will sit at the heart of a network of like-minded countries and flexible groupings, committed to protecting human rights and upholding global norms. Our influence will be amplified by stronger alliances and wider partnerships – none more valuable to British citizens than our relationship with the United States.”In a sign of the perceived growing threats, the review will lift the cap on the number of Trident nuclear warheads Britain can stockpile by more than 40%, reversing 30 years of gradual disarmament since the collapse of the Soviet Union. The lifting of the cap paves the way for a controversial £10bn rearmament, in response to perceived threats from Russia and China.

Asked why the UK might increase its warhead count, Raab said: “Because, over time as the circumstances change and the threats change, we need to maintain a minimum credible level of deterrent.

“Why? Because it is the ultimate guarantee, the ultimate insurance policy against the worst threat from hostile states.”

The review also warns of the “realistic possibility” that a terrorist group will “launch a successful CBRN attack by 2030”, although there is little extra detail to back up this assessment.

Campaigners warned the UK was at risk of starting a “new nuclear arms race” at a time when the world was trying to emerge from the Covid pandemic. Kate Hudson, the general secretary of the Campaign for Nuclear Disarmament (CND), said: “With the government strapped for cash, we don’t need grandiose, money-wasting spending on weapons of mass destruction.”

The review pledges to return to the commitment to spend 0.7 % of gross national income on overseas income, but sets no timetable for doing so. In interviews, Raab repeatedly avoided giving a commitment to hold a Commons vote on the cut, as some say he is legally obliged to do, saying only that ministers would not break the law or else they would be subject to judicial review. The pledge to return to 0.7% at a later date is not new, although it has been presented by Downing Street as a concession to rebels.

Overall the review mentions China 29 times, Russia just 14 times, North Korea eight times and Iran four.

Sir Alex Younger, the former head of MI6, said China represented a “generational threat”. He told BBC Radio 4’s Today programme: “There’s no doubt that China represents the generational threat and the reason for that is that the idea that China will become more like us as it gets richer or as its economy matured is clearly for the birds.

“That’s not going to happen. On the contrary I expect China’s Communist party to double down on its ideology in the future.

“There’s going to be an ideological divergence between us in the future, that’s going to generate rivalry and reduce trust.”

source: Patrick Wintour

Levant

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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.