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Jupiter’s Second Coming

Emmanuel Macron has won a second term as French President. The man who had acquired the nickname of ‘Jupiter’ for being seen as a remote, dignified figure, like the Roman god of gods, is back in power for another five years. Yet in a way winning the election, especially against such a divisive figure as Marine Le Pen, was the easiest part and far harder challenges lie ahead for Mr Macron.
First things first, the Parliamentary elections in June where polls and pundits alike predict that Macron’s party, En Marche, will struggle to retain control meaning a very real prospect of a divided Government with a head of state disconnected from being able to pursue a domestic agenda. Not so argue Macron’s team who have been quick out of the blocks following the weekend election to promise to deliver for all of France and try and stitch back together the divisions that have been on display in the polls.
Yet saying you want to unify the nations is of course easier than doing it. The war in Ukraine and the worsening cost of living crisis partially linked to it are issues of substantive difficulty. Interestingly Russia’s President Putin was quick to congratulate Macron on his victory, stating that “I sincerely wish you success in your state activities, as well as good health and well-being”. Macron invested heavily in attempts to stop the war in Ukraine in the first place, but images of his failure to do so whilst seated at a very long table opposite Putin proved a hinderance to his election campaign.
Macron’s first visit of his second term will be to Germany and the Paris-Berlin axis will remain a central component of the EU’s ability to assert itself on the global stage as Macron has alluded to in the past – to avoid being energy dependent on Russia and militarily dependent on the United States. Relative newcomer German chancellor Olaf Scholz is struggling to grip his country’s response to the Ukraine crisis and working closely with Macron will be an important relationship for Berlin to chart current turbulent waters.
Of course, if Macron loses control and influence within the French Parliament, then his priorities may suddenly and dramatically crystallise in the foreign policy space and suddenly we may see a globetrotting President in constant meetings with his fellow world leaders far above the clouds from the domestic scene. In a sense his ‘Jupiter’ like tendencies will be exacerbated by a loss in the elections in June focusing his mind on macro-EU leadership issues and those of global war and peace.
Macron’s re-election was historic in the sense that no other French president has won a second term whilst being in charge of his own government. In many senses he defies political gravity allowed for by the actual divisions in France that he now hopes to heal. His pragmatic dominance of the centre ground has allowed parties at the further end of the political spectrum, both left and right, to flourish meaning that as the alternative he’s the only choice for those in the middle.
Meanwhile looking at the nature of the vote, there are clear splits across geography (urban/rural) age and wealth that make it seem difficult to see a clear sense of where policy can stich people back together. Despite losing, again, Le Pen’s camp has been celebrating getting such a large share of the vote and their message is that they are focusing on a long-term strategy. This is one in which the French narrative, not too dissimilar from that which surrounded the UK ‘Brexit’ vote, is a choice between Macron’s globalists and Le Pen’s nationalists.
Perhaps in the absence of policy change that can do the job of unifying France, a change to the political system itself should be explored. The two-round system of selecting who the president actually is, is a clear example of hard division being baked into the process itself. In the absence of two major and seemingly permanent political parties, such as those in America, the French system promotes voting that may entirely be based around who a population doesn’t want almost guaranteeing lower levels of support and approval for whoever wins.
So much of what Macron’s second term will look like will be determined in June, until then the campaigning will begin in earnest as to these different visions of France.
BY: James Denselow
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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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