Indian PM Narendra Modi heads to Europe with Ukraine on his agenda
May 2, 2022, 2:26 pm

Indian PM Narendra Modi heads to Europe with Ukraine on his agenda

Today, I will be holding talks with Chancellor @OlafScholz , interacting with business leaders and addressing a community programme. I am confident this visit will boost the friendship between India and Germany (Photo: Indian Narendra Modi Twitter page)

The Arab News reported, citing the AFP, ndian Prime Minister Narendra Modi headed to Europe on Monday (May 2) with New Delhi’s refusal to condemn Russia’s invasion of Ukraine set to be a key talking point in meetings with regional leaders.

India, which imports much of its military hardware from Russia, has long walked a diplomatic tightrope between the West and Moscow, and has called only for an immediate end to hostilities.

Modi said in a statement released before his departure for Germany, Denmark and France: “My visit to Europe comes at a time when the region faces many challenges and choices."

The statement added, the premier intended to “strengthen the spirit of cooperation” with European partners “who are important companions in India’s quest for peace and prosperity."

PM Narendra Modi and German Chancellor Scholz meet in Berlin (Photo: Office of the Prime Minister of India)

Modi was due to hold talks with German Chancellor Olaf Scholz in Berlin on Monday before heading to Copenhagen to join the prime ministers of Denmark, Iceland, Finland, Sweden and Norway at a two-day India-Nordic Summit from May 3.

The Indian statement said, he will then make a brief stopover in France to see President Emmanuel Macron to “share assessments on various regional and global issues and will take stock of ongoing bilateral cooperation."

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Germany’s Scholz was quoted by the Indian Express daily on Monday as saying the “attack on Ukraine by Russia is on the top of the agenda” in the discussions with Modi.

The newspaper quoted Scholz as saying in an interview: “The brutality of the Russian attack is shocking and appalling. Those responsible must be held accountable. I am confident that there is broad agreement between our countries on this."

Bloomberg News reported Sunday that Scholz plans to invite Modi as a special guest to a Group of Seven (G7) leaders’ summit next month as part of an effort to forge a broader alliance against Russia.

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Quoting unnamed sources, the report said Scholz was concerned over Modi’s refusal to condemn Russia and India’s increased fossil fuel imports from there, and was undecided on the invite until weeks ago.

India has significantly increased imports of Russian oil from March onwards, but has bristled at criticism of the move, saying Europe’s consumption of Russian energy commodities remains far higher.

In a media briefing on Sunday, Indian Foreign Secretary Vinay Kwatra said European countries “not only understand but also have deep appreciation” of India’s position on the conflict.

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Energy and sustainable development, Kwatra said, the principal focus of the visits and discussions is to strengthen bilateral partnership across a range of areas including trade.

The Times of India newspaper reported on Monday, with Russia reeling under Western sanctions, some 50 Indian food, ceramics and chemicals exporters will head to Moscow later this month after enquiries from Russian firms.

“Trade and financial sanctions imposed on Russia... have opened up numerous avenues for Indian businesses across various sectors,” the newspaper quoted Vivek Agarwal from lobby group the Trade Promotion Council of India, which is organizing the trip, as saying.

EU chief to seek closer military, trade and tech ties on visit to India

He told the newspaper: “Indian companies too are excited to tap the huge potential available for Indian products in Russia."

The daily quoted unnamed government officials as suggesting that shipments would only start once the war in Ukraine ends.

Source: arabnews

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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.