Covid: 'greed' and 'capitalism' behind vaccine success, Johnson tells MPs
March 24, 2021, 12:29 pm

Covid: 'greed' and 'capitalism' behind vaccine success, Johnson tells MPs

Boris Johnson holds a news conference at 10 Downing Street earlier yesterday.

Prime minister revives 1980s ‘greed is good’ mantra as he lauds vaccine push at meeting with backbenchers

The UK’s successful vaccine rollout was thanks to “greed” and “capitalism”, Boris Johnson has told Conservative MPs during a private call.

Several of those present confirmed the prime minister had made the remarks during an end-of-term Zoom meeting with Tory backbenchers, known as the 1922 Committee, on Tuesday evening, two days before the Commons breaks for Easter.

Johnson hailed the fact that more than 28 million people have been given a first jab in the UK, saying: “The reason we have the vaccine success is because of capitalism, because of greed my friends.”

Immediately afterwards, he tried to backpedal and withdraw what he had said, according to MPs, one of whom added that the PM then made a joke about how details of the 1922 Committee virtual meetings often leak.

Downing Street has not denied the account but refused to issue a comment.

Opposition MPs condemned the PM’s remarks, pointing out that they came on the anniversary of the first coronavirus lockdown.

Labour backbencher Barry Sheerman called it an “obnoxious comment on this day of all days”, while his colleague Angela Eagle tweeted: “Altruism not greed will get us through this.”

Liberal Democrat MP Layla Moran also said the prime minister’s intervention was “not helpful”.

Some of those on the call sought to add context to Johnson’s words, saying he had been talking generally about how big pharmaceutical firms managed to safely create vaccines at record speed – and not the ongoing row with the EU. One called it “a lighthearted off-the-cuff comment”.

But the remarks still risk escalating tensions with Brussels, given Johnson has previously been keen to avoid getting drawn into a war of words with European leaders, despite the threat of a vaccine export ban on the continent.

On Tuesday, Johnson suggested he would not engage in a tit-for-tat export ban, with sources saying the priority was still to calm tensions rather than escalate with threats.

Speaking at a No 10 press conference hours earlier to mark the one-year anniversary of lockdown, Johnson said: “We in this country don’t believe in blockades of any kind of vaccines or vaccine material, that’s not something that this country would dream of engaging in.”

At another point in the call with Tory MPs, Johnson admitted the local elections due to take place in May would be difficult, one MP said.

They also said he laid into the BBC, describing it as “detached from a lot of viewers” and suggesting corporation bosses should “move more in line”.

source: Aubrey Allegretti

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.