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EU and UK bid to save Brexit talks before key summit

British and EU negotiators held a "constructive" breakfast meeting Friday in a last-ditch bid to restart Brexit talks, as leaders insisted a deal might yet be possible despite time running out fast.
British Brexit minister Stephen Barclay and EU negotiator Michel Barnier met for two hours in the Brussels headquarters of the European Union.
"We had a constructive meeting with Steve Barclay and the British team," Barnier told reporters. "I have already said that the Brexit is like climbing a mountain and we need vigilance, determination and patience."
A British spokesman also described the closed-door talks as a "constructive meeting".
Neither side would reveal any detail about what was discussed, but a European diplomat told AFP: "At this stage, the less we hear, the better. If stuff starts leaking out, it means it's not serious."
Another European official close to the discussions suggested the restart was at an early stage, but that the process might suddenly accelerate: "We're completing the qualifiers for the 100-metre dash."
The meeting came one day after talks between Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar, and just six days before the EU summit that is seen as the key date in efforts to find a deal before a chaotic divorce on October 31.
As the negotiators reviewed their options, the president of the European Council and host of next week's Brussels summit Donald Tusk said that he would have pulled the plug on talks this Friday if Britain had not come forward with evidence of a workable proposal.
"However, yesterday, when the Irish taoiseach and the UK prime minister met they both saw, for the first time, a pathway to a deal. I have received promising signals from the taoiseach that a deal is still possible," Tusk said, during a trip to Cyprus.
"Of course, there is no guarantee of success and the time is practically up. But even the slightest chance must be used," he warned.
The key sticking point in the Brexit negotiations is how to handle trade and customs on the border between EU member Ireland and the British province of Northern Ireland, and on the role of the British province's devolved assembly.
After a meeting in northwest England on Thursday Johnson and Varadkar said they had "agreed that they could see a pathway to a possible deal".
Varadkar later said separately the meeting was "very positive", suggesting it would be a "short pathway, rather than a long one".
- 'Diplomatic tunnel' -
The European Council summit starts on October 17 and, in normal circumstances, European diplomats would want draft texts of any agreements to be prepared before close of business on Friday.
Even if, as UK officials hope, Brussels shows flexibility on the timeline, they have yet to enter the "diplomatic tunnel" of final text negotiations.
After his "stock taking" breakfast with Barclay, Barnier will brief ambassadors from the other EU members on the state of play and then a sceptical Brexit steering group of the European Parliament.
"Barnier will have to say whether we can or can't start negotiating a text," a European source told AFP.
"After that, it's a long road. It's wacky to think we'd have a treaty text before the October 17 and 18 summit."
But Varadkar appears to be looking slightly further forward, implying that he and Johnson are now aiming for a deal in the next three weeks.
"I think it's possible for us to come to an agreement, to have a treaty agreed... by the end of October," he said.
- Five decades of ties -
Johnson has vowed Britain will end its five-decade membership of the EU on October 31, with or without agreeing exit terms.
But he could be forced to seek a third delay to Brexit if he fails to agree a deal by October 19, thanks to a law passed by rebellious MPs.
Some European sources in Brussels have suggested that EU leaders may offer Britain an extension even if Johnson does not ask for one.
source:AFP
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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