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Brexit is nothing to celebrate, says Ireland's foreign minister

As first ferries arrive under new trade rules, Simon Coveney warns of disruption to come.
Brexit is “not something to celebrate”, Ireland’s foreign minister Simon Coveney declared after the UK formally severed ties with the EU, as he warned of trading disruptions due to fresh red tape.
In stark contrast to Boris Johnson’s buoyant characterisation of the country’s future following the end of the transition period at 11pm on Thursday, Coveney painted the UK’s departure as a source of regret.
Calling it the end of an era, Coveney said trade across the Irish Sea would be “disrupted by an awful lot more checks and declarations, and bureaucracy and paperwork, and cost and delays”.
But on Friday, as the first ferries arrived in the Republic of Ireland from Britain under the new post-Brexit trade rules, events appeared to unfold smoothly. In Dublin, Irish Ferries’ ship Ulysses docked at 5.55am with about a dozen trucks on board, after travelling from Holyhead in Wales, and there were no delays as the freight trailers cleared customs checks.
Meanwhile, the first ferries also sailed in and out of the port of Dover uneventfully, although it is thought that the real test is yet to come as the New Year is typically quiet and importers had been stockpiling products before the end of the transition period.
In an interview with BBC Radio 4’s Today programme on Friday, Coveney said: “For 48 years, the United Kingdom really has been a central part of the European Union. And that is now firmly ending with the end of the transition period … For all of us in Ireland, that is not something to celebrate. Our relationship with the United Kingdom is so close, so integrated, so interwoven, if you like, politically, economically and from a family perspective.
“My own personal story is so shaped by the Anglo-Irish relationship, and that’s the same for so many other Irish people, so we’re seeing the United Kingdom moving in a different direction on its own, chasing some notion of trying to re-find its sovereignty and … that is something that we regret but, of course, we accept because it was a democratic decision.”

Despite Downing Street securing a trade deal with Brussels on Christmas Eve – which was subsequently fast-tracked through parliament on Wednesday as MPs approved a bill making the agreement UK law – Coveney warned there would still be trade issues. “We’re now going to see the €80bn <£72bn> worth of trade across the Irish Sea between Britain and Ireland disrupted by an awful lot more checks and declarations, and bureaucracy and paperwork, and cost and delays,” he said.
“That is the inevitable consequence, unfortunately, even with a trade agreement which everybody, I think, is very relieved was signed on Christmas Eve.”
However, he said there would be no additional checks on goods between Northern Ireland – which is staying in the EU’s single market, as well as applying EU customs rules at its ports – and the Republic of Ireland. Newly introduced checks on goods arriving in Northern Ireland from mainland Britain would be “as limited as possible”, he said.
“In terms of checks on goods, the whole point of the protocol on Ireland and Northern Ireland linked to Brexit is to maintain an all-Ireland economy in terms of the movement of goods as it is today,” he said. “The only checks will be on goods coming from GB into Northern Ireland, and those checks will be as limited as possible to protect the movement of goods and services within the United Kingdom as a whole.”
The first ferry from Great Britain operating under the terms of Northern Ireland trading protocol docked in Belfast on Friday on schedule at 1.45pm – the Stena Line ship arrived from Cairnryan, in Scotland, with no evidence of disruption or delay.
In France, the president, Emmanuel Macron, used his New Year’s Eve message to take aim at Brexit, calling it the product of “lies and false promises”.
Meanwhile, in a piece for the Daily Telegraph to mark the new year, Johnson wrote: “Despite the many predictions of failure – and constant suggestions that the talks should be abandoned – we got a great new deal with our European friends and neighbours.”
More than four years on from the Brexit referendum, Johnson also said the country had “taken back control of our money, our laws and our waters”.
He added: “And yet it is also the essence of this treaty that it provides certainty for UK business and industry, because it means that we can continue to trade freely – with zero tariffs and zero quotas – with the EU.”
He described it as a “big win for both sides of the Channel”, continuing: “For us, it means the end of the rancorous bickering about “Europe” that has bedevilled our politics for so long. It means the end of that uneasy feeling that we were constantly being asked to sign up for the details of a project – a giant federal fusion of states – in which we didn’t really believe and hadn’t really bargained for.”
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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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