Britain won't give up on NI protocol until exhausting all negotiating possibilities
November 11, 2021, 4:31 am

Britain won't give up on NI protocol until exhausting all negotiating possibilities

Brexit-England get out of European Union/Pixabay

The Xinhua reported, British Brexit Minister David Frost said on Wednesday that three weeks' talks with the European Union (EU) have not led to the closure of substantial gaps on the Northern Ireland Protocol but Britain will not give up until exhausting all negotiating possibilities.

During the intense discussions for the last three weeks, the aim has been to assess whether it is possible to close the substantial gaps in UK-EU positions and secure potential negotiated resolution, Frost said in the House of Lords, the upper chamber of the British parliament.

He said it has not been possible so far at least in part because the EU proposals do not go far enough to make the protocol sustainable for the future.

He said he wants to protect the integrity of the talks and remain positive.

European parliament-Strasbourg-Flags/Pixabay

Frost said.: "I will not give up on this process unless and until it is abundantly clear that nothing more can be done...If we do in due course reach that point, the Article 16 safeguards will be our only option."

The Article 16 of the Northern Ireland Protocol provides both Britain and the EU with a unilateral power to take action should the application of the protocol give rise to "serious economic, societal or environmental difficulties that are liable to persist, or to diversion of trade."

Britain and the EU view changing the protocol as a long-term solution to post-Brexit trade disruption in Northern Ireland. Britain outlined its proposals in a government paper in July, which observers interpreted as a renegotiation of the protocol.

In response, the EU published its own package to facilitate the movement of goods from Great Britain to Northern Ireland, including cutting customs formalities, simplified certification, and an 80 percent reduction of checks on retail goods for Northern Ireland's consumers.

It said it would guarantee an uninterrupted supply of medicine to the people of Northern Ireland, by changing EU rules.

However, the two sides remain poles apart on the more challenging issue of the oversight role of the European Court of Justice in Northern Ireland.

Source: xinhua

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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.