Modi tells Xi summit will launch 'new era' for India and China
October 12, 2019, 11:05 am

Modi tells Xi summit will launch 'new era' for India and China File photo AFP

India's Prime Minister Narendra Modi said Saturday that his summit with Chinese leader Xi Xinping would launch a "new era" between the neighbours who are seeking to overcome troublesome differences.

Modi and Xi strolled along a pristine Bay of Bengal beach and held one-on-one talks overlooking the ocean before their delegations sat down to official negotiations at the historic resort town of Mahbalipuram, south of Chennai.

The two leaders are meeting for the second time in a year in a bid to ease tensions over border disputes, the troubled Kashmir region and China's domination of trade between their huge economies.

Modi said a summit in the Chinese city of Wuhan last year "gave increased stability and fresh momentum to our relationship".

"Our Chennai vision today has launched a new era of cooperation between our two countries," he added as he launched the formal talks.

Modi highlighted how the two had agreed last year to "prudently manage our differences and not to allow them to become disputes."

They agreed to "remain sensitive to each other's concerns" so the relationship "will be a source of peace and stability in the world. All these are our big achievements and inspire us to work harder."

Modi did not mention the irritations between the two sides, saying only that he and Xi had "discussed important bilateral and global issues."

- Terror threat -

The buildup to the summit has been dominated by India's move in August to end the autonomous status of Jammu and Kashmir state.

Changes ordered by the New Delhi government will see Kashmir's Ladakh region -- part of which is claimed by Beijing -- turned into a separate Indian administrative territory.

India has moved closer to the United States and its allies in seeking a counter-weight to China's growing military shadow in the Asia-Pacific region.

It has been infuriated by China's diplomatic backing for Pakistan, which controls a large chunk of Muslim-majority Kashmir. The Himalayan region has been a longstanding source of conflict between India and Pakistan.

But at talks on Friday, the leaders acknowledged the common fight against "terrorism", Indian Foreign Secretary Vijay Gokhale said.

Modi and Xi said "that radicalisation was a matter of concern to both, and that both would work together to see that radicalisation and terrorism did not affect the fabric of our multicultural, multi-ethnic, multi-religious societies", Gokhale told reporters.

China made no immediate comment on the summit. But the official Xinhua news agency said Xi received a "warm welcome" from Modi and they agreed their countries "should respect and learn from each other so as to jointly achieve common development and prosperity."

Modern rivalry between India and China -- which each have populations of more than 1.3 billion people -- dates back decades.

They went to war in 1962 over disputed Himalayan territory and other border standoffs remain.

The Dalai Lama, the Tibetan spiritual leader and long an aggravation for China, is based at Dharamsala in northern India.

Indian police detained Tibetan students to prevent any protests during Xi's visit.

Part of Beijing's Belt and Road mega-infrastructure programme is planned in Pakistan-administered Kashmir, and Xi held talks with Prime Minister Imran Khan in Beijing just two days before meeting Modi.

When Xi said he supports Pakistan's "legitimate rights", India's foreign ministry thundered that it was "not for other countries to comment on the internal affairs of India".

On commerce, India and China are both facing a protectionist US and want greater access to each other's markets. India in particular is concerned by China's $57 billion surplus in their joint trade.

Gokhale said the leaders talked about enhancing trade and investment, "and this also obviously included the issue of the trade deficit".

China in turn wants India to ignore Western security concerns on telecoms giant Huawei -- already a big player in the Indian mobile sector -- so that it can be a key part of India's transformation to 5G communications.

Huawei's "contribution to India's economic and social development is obvious to all," China's foreign ministry said this week, calling on India to make "independent and objective judgments and decisions".

source:AFP

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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.