James Denselow

Whilst India struggles to find the space to cremate the victims of Covid, the UK entered the penultimate stage of its ‘unlocking’ this week. The new phase means that people can stay in other people’s houses, go on holiday, sit indoors at restaurants and are now even allowed to hug each other. The fundamental nature of the previous restrictions reflects the unprecedented period the country has emerged from, having the worst death rates in Europe and some of the tightest and longest periods of lockdown to emerging into the spring sunshine (what little there is) with renewed hope.

The UK’s early and significant investment in a plethora of vaccines and the strength of its scientific and medical expertise has put it in a seemingly good place to enter the post-Covid era early. A recent study revealed that more than 90% of Britons develop antibodies to coronavirus after having one dose of the AstraZeneca or Pfizer vaccines. Just under 70% of the UK’s adult population have had at least one jab and the double whammy of a prolonged lockdown and rapid vaccination programme is now giving many the freedoms to live a life far closer to normality.

Significant hurdles and questions remain, however. The US recently scrapped its mask policy for fully vaccinated people indoors. The future of masks and social distancing in particular remain two outstanding questions that await the next five-week period in the UK as analysts’ study with forensic detail the data as to whether the new freedoms drive new infections, hospitalisations and deaths.

This time lag between policy change and Covid response has been one of the harder decision-making processes to manage. Such is the exponential rate of growth of Covid under pre-vaccination times that carefully thought out tiering or local lockdown plans were quickly overwhelmed by the surge of infections forcing tighter lockdowns in turn. All eyes in the UK are now focused on the latest variant of concern, the ‘Indian variant’ that is supposedly 50% more infections than the ‘UK variant’ that was potentially as high as 70% higher than the original Wuhan variant.

These are sobering and slightly terrifying numbers but of course the scale and range of treatments, let along vaccines, means that the battlelines are considerably different than in previous months since the start of the Pandemic. The UK’s response to the emergence of the ‘Indian variant’ may have been slightly belated in terms of travel restrictions but has prompted a renewed vigour around pushing vaccinations.

The British Health Secretary, Matt Hancock, toured media studios over the weekend and highlighted how the majority of those in hospital with the “Indian variant” were unvaccinated. Whilst the US has accelerated beyond expectations on vaccinations the combination of large chunks of vaccine hesitancy combined with the more infectious variants leads medical experts to believe that the much hoped for ‘herd immunity’ is impossible.

The UK has been hampered by supply issues in rolling out first vaccines down the age bands, largely due to Indian production being more directed domestically. The ‘Indian variant’ has focused minds around getting the rates of vaccinated up in key areas of concern. What is more local lockdowns remain a possibility in some parts of England, as “intensive surveillance” continues in areas with high coronavirus rates, a cabinet minister has said.

Back in 2020 the Prime Minister promised an end to having to reimpose lockdowns but was overtaken by events and the ‘UK variant’, there are considerable questions as to how the UK public would respond to another series of lockdowns following the prolonged nature of those so far. Indeed, whilst billions of pounds have been spent on the test and track scheme the gap in the UK approach has always been around the ‘isolation’ pillar, and people from poorer background in particularly not being able to afford to stay away from work.

With the UK economy expected to boom now that restrictions are being eased the prospect of reversing policy will not be an attractive one for the government. What is more with such high levels of the most vulnerable population having had both of their vaccines, we could find ourselves in a scenario where we see rising infections amongst younger age bands which don’t correspond in the same levels of hospital pressure or mortality than in previous waves. The bottom line is that whilst the UK is unlocking the government is not throwing away the key and is already preparing the narrative for a return to forms of restrictions.

by: James Denselow

James Denselow,

While Economic Challenges Escalate, Britain Risks Italy-style Fall 700 vehicles to UK-based Onto will be delivered by Fisker

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.