Britain warns EU it will trigger Brexit safeguard measures
October 4, 2021, 11:23 am

Britain warns EU it will trigger Brexit safeguard measures

Bresxit-UK

The US News reported according to Reuters, Britain warned the European Union on Monday it would trigger safeguard measures in their divorce deal if the bloc failed to agree to changes to smooth trade with Northern Ireland, saying the agreement had "come apart even more quickly than we feared".

According to the report, Brexit minister David Frost told the ruling Conservative Party's conference he would present a new set of legal texts to support the government's earlier proposals for change to the Northern Ireland protocol.

Frost did not say when the government would trigger what is known as Article 16 - allowing either side to take unilateral action if the protocol is deemed to have a negative impact - but British newspapers said he could move by the end of next month.

The EU has said the triggering of Article 16 would be "extremely unhelpful" and it would look at all options in response.

"Without an agreed solution soon, we will need to act, using the Article 16 safeguard mechanism, to address the impact the protocol is having on Northern Ireland," Frost told a sparsely populated hall at the Conservatives' annual conference in the northern English city of Manchester.

"That may in the end be the only way to protect our country - our people, our trade, our territorial integrity, the peace process, and the benefits of this great UK of which we are all part."

He told a later event that intensive talks with Brussels needed to start soon, saying Britain could not wait long although it would try everything before triggering Article 16.

'BINDING' SOLUTION

Britain's Northern Ireland minister Brandon Lewis told the conference the reason the government had not yet triggered Article 16 was because it wanted to "negotiate a solution that is binding and sustainable".

Since Britain left the EU's single market at the beginning of this year, difficulties in sending some goods from the mainland to its province of Northern Ireland has prompted the government to repeatedly call for changes to the protocol.

The EU has repeatedly said it will not renegotiate a deal that was signed by both sides in good faith and has urged Britain to find solutions rather than resort to threats.

"We are working intensively to find practical solutions to some of the difficulties that people in Northern Ireland are experiencing and we intend to come forward with solutions soon," European Commission spokesman Daniel Ferrie told a news briefing on Monday.

Frost blamed the EU's "heavy-handed actions" for threatening the delicate balance brought by the 1998 peace process that ended three decades of conflict between Irish Catholic nationalists and pro-British Protestant unionists.

He said the government had wanted to negotiate "something better" than the protocol, which created a de facto customs border between Britain and Northern Ireland, but would act independently to protect peace on the island of Ireland.

"Yes, we agreed the protocol in that difficult autumn of 2019 (during Brexit negotiations). We knew we were taking a risk - but a worthy one," he said.

"And we worried right from the start that the protocol would not take the strain if not handled sensitively. As it has turned out, we were right. The arrangements have begun to come apart even more quickly than we feared."

Source: usnews

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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.