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UK Premier Liz Truss apologizes for mistakes

British Prime Minister Liz Truss spoke Monday (Oct 17) night to local media for the first time since her catastrophic mini-budget was almost entirely reversed by her new chancellor, taking the opportunity to apologize to the country, the Anadolu Agency reported.
“I do want to accept responsibility and say sorry for the mistakes that have been made,” Truss said in the interview.
“I put in place a new chancellor with a new strategy to restore economic stability, and now what I’m focused on is delivering for the public,” she said.
Truss’ position as prime minister is in serious doubt, with a handful of her MPs already publicly calling on her to resign.
She however pledged to “lead the Conservatives into the next general election.”
“I’m not focused on internal debates within the Conservative Party,” she said.
“We simply cannot afford to spend our time talking about the Conservative Party rather than what we need to deliver. That is my message to my colleagues,” she added.
“I completely acknowledge that there have been mistakes. I have acted swiftly to fix those mistakes. I’ve been honest about what those mistakes were, and what we now need to do is move forward and deliver for the country because that’s ultimately what people care about.”
Truss won the internal Conservative leadership election by promising to break with economic orthodoxy and borrow money to cut taxes in order to boost growth.
Asked whether her economic aims were no different, she said she “remains committed” to her vision, but that the government “will have to deliver that in a different way.”
“We have to make sure though that we have economic stability, and that has to be my priority as prime minister,” she said.
In a separate interview with Sky News late Monday, Jeremy Hunt, the new chancellor, called on the Conservatives to back Truss as prime minister.
"People who want her to go need to ask themselves whether more political instability is going to keep mortgage rates down," he said.
"I don’t think political instability is the answer. She’s been prime minister for about five weeks and we need to give her a chance."
UK PM Liz Truss under pressure to ditch economic plan
"I would rather a leader who listens, learns and changes, and I think we would have more instability, much more instability, if we were to have a leadership process," he added.
Hunt said he believed Truss would still be prime minister come Christmas and ruled himself out of running for prime minister himself, saying: "I rule it out, Mrs. Hunt rules it out, three Hunt children rule it out."
-Truss under pressure
On Monday morning, Hunt made an emergency TV speech reversing almost all of the tax cuts in the unfunded mini-budget last month. The mini-budget was announced by his predecessor Kwasi Kwarteng and was in line with Truss’ economic vision.
'I am a huge Zionist,' says British Prime Minister Liz Truss
Later on Monday, Hunt gave a longer statement in parliament expanding on his economic plans. He said there would be “decisions of eye-watering difficulty” to come as he sought to shore up Britain’s financial credibility in the eyes of the market.
Markets reacted positively, if modestly, to Hunt’s statements. Sterling rebounded slightly and gilt yields eased.
Labour Shadow Chancellor Rachel Reeves went on the attack, saying: “This is a Tory (Conservative) crisis made in Downing Street, but ordinary working people are paying the price. All that is left after these humiliating U-turns are higher mortgages for working people and higher bonuses for bankers.”
People would be “paying a Tory mortgage premium for years to come,” Reeves added.
UK PM Truss determined to deliver growth plans: Minister
Last week, Truss told parliament there were no planned cuts to public services, but Hunt said spending would have to fall in some areas.
Reeves said “the prime minister is barely in office, and she is certainly not in power. Only five days ago, she said at Prime Minister’s Questions there would be ‘absolutely’ no public spending reductions.”
“But after what we heard from the Chancellor today, every single public service is again at risk from the Conservatives, from our NHS nurses to our schools and to our servicemen and women, with the country paying the price for their incompetence.”
Poll shows that UK Labour keeps big lead over PM Truss's Conservatives
Truss sat next to Hunt for his statement but was not in parliament for an urgent question tabled by the Labour Party, which was to ask her about her decision to sack Hunt’s predecessor Kwarteng as Chancellor.
Instead, Penny Mordaunt, leader of the House of Commons and former leadership rival and potential successor, was asked to answer on the government’s behalf.
The result was humiliation, with Mordaunt having to tell parliament that Truss was “not under a desk” and was instead “detained on urgent business,” offering no further details on what that business was.
Opposition MPs jeered: “Where is she?”
Labour leader Sir Keir Starmer quipped: “The lady is not for turning – up”.
Starmer told Mordaunt: “I guess under this Tory government, everybody gets to be prime minister for 15 minutes.”
Source: aa
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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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