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Biden to use G7, Munich event to rally democracies, allies in Europe on challenges

President Joe Biden will seek on Friday to rally global democracies and European allies to work together to address a range of concerns about China, but is not looking for a “new Cold War,” a senior administration official said.
The Democratic president, sworn in less than a month ago, will use a “virtual visit” to Europe to try to re-establish the United States as a multilateral team player after four years of divisive “America First” policies pursued by Donald Trump.
Biden will arrive bearing gifts -- a $4 billion pledge of support for global coronavirus vaccination efforts, the re-entry of the United States into the Paris climate accord and the prospect of a nearly $2 trillion spending measure that could bolster both the US and global economies.
Biden will meet at 9 a.m. (1400 GMT) with G7 leaders from Britain, France, Germany, Italy, Canada and Japan by video conference, but plans to join them for an in-person summit hosted by the UK this summer, the official told reporters.
Later on Friday morning, he will address an online session of the Munich Security Conference, which often draws top global leaders and where several years ago as a private citizen he reassured participants rattled by the Trump presidency: “We will be back.”
Biden will underscore that democracies, not autocracies, offer the best path forward for the world, after the January 6 siege of the US Capitol by pro-Trump rioters made clear that democracy was fragile.
“He will make a strong, confident case that democracy is the best model for meeting the challenges of our time,” the official said. “Democracy doesn’t happen by accident. We need to fight for it.”
Russia, China challenges
Biden will drive home his view that major market economies and democracies must work together to tackle challenges posed by great-power competitors like Russia and China, as well as transnational challenges ranging from nuclear proliferation to climate change and cybersecurity, the official said.
The US president will speak specifically about “malign” and concerted action he believes Russia has taken to destabilize and undermine democracy in the United States and Europe and elsewhere, and will call on allies to stand firm with Washington, the official said.
The Kremlin has repeatedly denied any such action.
With regard to China, the world’s second-largest economy, Biden will urge democracies to work together to push back against practices and policies of the Chinese government that he will describe as “economically abusive and ... counter to our values.”
The Biden White House is reviewing China policy across an array of fronts, including its military buildup and trade policies, its actions in Hong Kong, treatment of minority Uighurs in Xinjiang and its handling of the coronavirus outbreak.
“He will make clear in the speech that he’s not looking for confrontation, he’s not looking for a new Cold War, but he’s expecting stiff competition and he welcomes it,” the official said.
On the challenge posed by Iran’s nuclear program, Biden will say the United States looks forward to re-engaging in diplomacy amid efforts to revive the Iran nuclear deal that Trump abandoned, the official said.
On the economic front, Biden will urge other G7 leaders to continue to invest heavily in their economies to foster and accelerate economic growth, the official said.
“The fear is not that we do too much, it’s that we do too little,” the official said. “This is an era for action and investment and not for austerity and that will be an important part of the message.”
source: Reuters
Image source: AFP
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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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