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EU presses UK to resubmit Brexit plan as end-game looms

With the resumption of crunch Brexit talks on Monday looming large, European leaders piled pressure on British Prime Minister Boris Johnson to revise his offer -- and to do so quickly.
On Saturday Johnson started phoning his EU counterparts to sell his proposals for a managed withdrawal from the bloc, after the latest plans were given short shrift by Brussels.
European diplomats say London needs to offer a revised, viable way forward before the end of next week, so that any haggling and legalistic work is done before a crucial EU summit on October 17-18.
That high-stakes European Council meeting will determine whether Britain is headed for an agreement, extension, or potentially disastrous no-deal.
Finnish Prime Minister Antti Rinne -- whose country currently holds the European Union's rotating presidency -- said he had told Johnson it was "important to find a solution within a week" and the British leader "agreed with the timetable".
Dutch Premier Mark Rutte tweeted he had told Johnson "important questions remain about the British proposals" and "there is a lot of work to be done ahead" of the summit.
Johnson was expected to also call the leaders of other EU countries after talks broke up without progress Friday between a top UK Brexit official, David Frost, and the EU team headed by top negotiator Michel Barnier.
"An agreement will be very difficult to reach, but it is still possible," Barnier said on Saturday at an event organised by French newspaper Le Monde.
"We are ready for no-deal, even if we don't desire it," he said. "No-deal will never be the choice of the EU. If it happens, it would be Britain's choice."
The UK had been keen for discussions to continue through the weekend, but they were set to restart on Monday.
- A week's window -
Johnson's proposals, submitted Wednesday, "do not provide a basis for concluding an agreement," a European Commission spokeswoman underlined on Friday.
The EU refuses to characterise the talks held so far as negotiations, preferring to resurrect a Brexit withdrawal agreement struck with Johnson's predecessor Theresa May that has been rejected three times by British MPs.
The main sticking point is a "backstop" for Northern Ireland that under the May agreement would have seen all the UK, or at least Northern Ireland, remaining in the EU's customs union.
It is meant to guarantee that no border springs up between the British territory and EU member Ireland -- which would threaten the hard-won Good Friday peace accord -- while also maintaining the integrity of the EU's single market.
Britain's current idea for an alternative is for untried technology to remove the need for most but not all border checks, and for EU standards on goods to continue to apply in Northern Ireland to facilitate trade.
This border plan is not acceptable for the EU. It sees the potential for rampant smuggling -- especially as Johnson intends for the rest of the UK to diverge from EU labour, environmental and tax norms to aim for a regulation-lite economy on Europe's doorstep.
Johnson on Saturday called his plan "a practical compromise that gives ground where necessary" but has also previously suggested it was a broad "landing zone" -- which to Brussels suggests he might yet budge on issues it finds unacceptable.
But in identical articles for the Brexit-backing British tabloids the Sunday Express and the Sun on Sunday, Johnson said the bloc now needed to show "its own willingness to do a deal that the UK Parliament can support".
"They should be under no illusions or misapprehensions," he added.
"There will be no more dither or delay. On October 31 we are going to get Brexit done."
Ireland's leader Leo Varadkar said that while Britain's current proposals do not yet "form the basis for deeper negotiations", there is "plenty of time" to put forward alternatives and he was trying to arrange a meeting with Johnson next week, reported Irish broadcaster RTE.
- Early UK elections possible -
Nor does the EU agree with a proposal giving Northern Ireland's assembly an effective veto over the post-Brexit customs arrangement.
If Johnson does not alter those points, it is hard to see the EU moving talks into the negotiation phase.
Yet if he bends on them, Johnson risks losing tenuous support in the UK parliament to maybe pass a Brexit deal, reliant on 10 Democratic Unionist MPs from Northern Ireland and hard-core Brexit MPs in his Conservative Party.
If thwarted, Johnson's best bet may lie with early elections -- but those could only happen after the date he has said Brexit would happen.
There he also faces a challenge, with the UK parliament having passed a law requiring him to seek a Brexit extension from the EU by October 19 if he has not reached a deal by then.
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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