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UK lawmakers vote to back contentious foreign aid cut

According to the AP, British lawmakers voted on Tuesday to support a contentious cut to the U.K.’s foreign aid budget, a move that has slashed billions from programs helping some of the world’s poorest people.
The decision came in a 333-298 House of Commons vote that saw two dozen members of Prime Minister Boris Johnson’s Conservative Party join with the opposition against the government.
Johnson’s government announced in November that it would cut the share of national income set aside for foreign aid from 0.7% to 0.5%, citing the blow to Britain’s economy from the coronavirus pandemic.
High-profile Conservatives, including former Prime Minister Theresa May, joined opposition politicians, United Nations agencies and aid groups in criticizing the budget cut. They say it will lead to hundreds of thousands of avoidable deaths in developing nations and that it damages Britain’s reputation just as it is trying to bolster its international influence in the wake of Brexit.
Facing growing criticism over the cut, which took effect in January, the government announced late Monday that Parliament would get a vote on a government motion to endorse the change.
Johnson told lawmakers in the House of Commons that Britain had experienced “an economic hurricane” because of the pandemic, with lockdowns shuttering large tracts of the economy and the government spending billions to support businesses and employees.
“The government has been compelled to take wrenching decisions,” he said.
He said the reduction, which amounts to about 4 billion pounds ($5.5 billion) this year, is temporary and aid would be restored to 0.7% of national income “as soon as circumstances allow.”
Keir Starmer, leader of the opposition Labour Party, said Britain is the only member of the Group of Seven wealthy nations club that is cutting its aid budget.
“That is not the vision of global Britain that we want to see,” he said.
Had the government lost Tuesday’s vote, the 0.7% budget share would have been restored next year.
Treasury chief Rishi Sunak said the government still planned to reverse the cut — but only when Britain is not borrowing to finance day-to-day spending and when its debt is falling. Critics fear the economic damage inflicted by the pandemic means those conditions are unlikely to be met for years.
Danny Sriskandarajah, chief executive of aid group Oxfam GB, called the result of the vote “a disaster for the world’s poorest people.”
“These cuts won’t balance the books; the government is putting politics above the lives of world’s most vulnerable communities,” he said.
On most votes, the 80-seat Conservative majority in the House of Commons guarantees government easy victory. But the aid cut has caused disquiet among normally loyal lawmakers.
Conservative former Prime Minister David Cameron called the spending cut “a grave mistake.” Conservative legislator Andrew Mitchell, a former international development secretary, said it had left “an unpleasant odor wafting out from under my party’s front door.”
May, Johnson’s predecessor as prime minister, said she would rebel against her party on a major vote for the first time in 25 years.
“This isn’t about palaces for dictators and vanity projects,” she said. “It’s about what cuts to funding mean: that fewer girls will be educated, more girls and boys will become slaves, more children will go hungry and more of the poorest people in the world will die.” foreign aid
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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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