Beijing threatens ‘heavy price’ if US envoy Kelly Craft travels to Taiwan
January 8, 2021, 11:49 am

Beijing threatens ‘heavy price’ if US envoy Kelly Craft travels to Taiwan

US Ambassador to the UN Kelly Craft speaks during a Security Council meeting in New York. (File photo: Reuters)

China on Thursday warned the United States would pay a “heavy price” if its United Nations Ambassador Kelly Craft made good on plans to travel to Taiwan next week.Democratic and self-ruled Taiwan lives under the constant threat of invasion by authoritarian China, which views the island as its own territory and has vowed to seize it one day, by force if necessary.

Beijing opposes any diplomatic recognition of Taiwan and has pushed to keep it isolated on the world stage.

Outgoing US President Donald Trump has sent multiple senior officials to Taipei over the last year as he clashed with China on a host of issues such as trade, security and human rights.

Craft’s January 13-15 visit will come just a week before the inauguration of US President-elect Joe Biden and creates a fresh diplomatic headache for the incoming administration.

“The United States will pay a heavy price for its wrong action,” a statement from the Chinese mission to the UN said in response to the planned trip next week by Craft.

“China strongly urges the United States to stop its crazy provocation, stop creating new difficulties for China-US relations and the two countries’ cooperation in the United Nations, and stop going further on the wrong path.”

The American UN mission said on Thursday evening that Craft would meet with Taiwanese officials and other members of the diplomatic community.

“During her trip, the Ambassador will reinforce the US government’s strong and ongoing support for Taiwan’s international space,” the American statement said.

She is scheduled to speak at the Institute of Diplomacy and International Affairs on January 14, “on Taiwan’s impressive contributions to the global community and the importance of Taiwan’s meaningful and expanded participation in international organizations,” according to the statement.

Taiwanese President Tsai Ing-Wen prepare to take photos with the pilots of AIDC T-5 Brave Eagle, Taiwan's first locally manufactured advanced jet trainer, in Taichung, Taiwan. (Reuters)

Taiwanese presidential spokesman Xavier Chang welcomed the visit, saying it “symbolizes the firm friendship between Taiwan and the US.”

Washington diplomatically recognizes Beijing over Taipei, but remains a staunch ally of the latter and is bound by Congress to sell weapons to Taiwan to defend itself.

It opposes any move to change Taiwan’s current status by force.

Senior US officials have made visits to Taiwan before but they became more common and prominent under Trump.

Last year three prominent trips were made, including by health secretary Alex Azar, the first by a cabinet official.

During that visit China sent fighter jets across the Median Line -- a de facto border that runs down the Taiwan Strait.

A rocket is fired from a Thunderbolt 2000 multi-rocket launcher during the 36th Han Kung military exercises in Taichung City, central Taiwan. (AP)

Beijing has piled military, economic and diplomatic pressure on Taipei since Taiwanese President Tsai Ing-wen’s election in 2016, in part due to her refusal to acknowledge its stance that the island is part of “one China.”

Tsai, who won a landslide re-election last year, regards the island as de facto sovereign.

China’s saber-rattling reached new peaks last year with Taiwan responding to a record 380 incursions into its defense zone.

source: AFP

Image source: Reuters

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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.