British PM scrambles to sell Brexit deal to MPs
October 18, 2019, 9:39 am

British PM scrambles to sell Brexit deal to MPs File photo AFP

British Prime Minister Boris Johnson launched a charm offensive on Friday to sell his Brexit deal to sceptical MPs, with a looming vote in parliament resting on a knife-edge.

The Conservative leader pulled off a major coup in agreeing a new divorce deal with the European Union on Thursday, paving the way for him to deliver his promise to leave the bloc on October 31.

But the agreement must still be approved by the House of Commons, which is meeting for the first time on a Saturday in 37 years to debate the text -- and many MPs are strongly opposed.

Johnson told a Brussels press conference late Thursday that he was "very confident" of getting the accord through -- although analysts suggest the vote could be very tight.

Johnson has no majority among MPs, opposition parties have come out against the deal and even his parliamentary ally, Northern Ireland's Democratic Unionist Party (DUP), says it cannot support the terms.

If the Commons rejects the deal, Johnson will be forced by law to ask the EU to delay Brexit, for what would be the third time. He has said he would rather "die in a ditch" than do so.

European Commission President Jean-Claude Juncker sought to focus MPs' minds, saying Brussels can see no need to prolong the tortuous three-year Brexit process - although the decision to delay, if requested by London, would be for EU leaders.

"There is no choice between Brexit or no Brexit: it's a choice between deal or no deal," Luxembourg's Prime Minister Xavier Bettel said Friday.

He pledged to renegotiate the most contentious elements of a divorce text agreed by his predecessor Theresa May with Brussels last year, which was rejected by MPs three times.

The compromise deal that was finally struck on Thursday has a new arrangement for keeping open the border between British Northern Ireland and EU member Ireland.

"It looks like we are very close to the final stretch," EU Council President Donald Tusk said after the bloc's leaders endorsed the text.

Johnson has assured his European counterparts that he can get the deal through the Commons, where he requires the support of 319 other MPs to guarantee backing.

"I'm very confident that when my colleagues in parliament study this agreement, that they will want to vote for it on Saturday, and then in succeeding days," he told reporters.

"This is our chance in the UK as democrats to get Brexit done, and come out on October 31."

The main opposition Labour, Scottish National and Liberal Democrat parties are also against.

The pound had risen to five-month peaks on news of the deal.

However sterling dipped about 0.1 percent against the dollar on Friday as investors continued to fret over Johnson's chances of success.

Johnson will meet with and call MPs to try to win support for his deal throughout Friday, a Downing Street official said.

With the numbers extremely close, he needs to win over Labour MPs representing Brexit-supporting constituencies.

The Labour leadership objects to the new deal because it paves the way for looser ties between Britain and the EU than were previously envisaged. The party wants a second referendum on any deal.

"We should just vote the deal down because it's such a bad deal," Labour finance spokesman John McDonnell told BBC radio.

"It is a sell-out."

Britain's eurosceptic newspapers backed Johnson's deal, which comes more than three years after Britons voted narrowly to leave the EU in a referendum that has left the country bitterly divided.

"Get real... take the deal!" said The Sun's front page, while the Daily Mail went for "He's done his duty. Now MPs must do theirs", and the Daily Express said "Just do it!"

Meanwhile the Financial Times called for a second referendum, while the Labour-supporting Daily Mirror said the best thing about Johnson's deal was that it was better than no deal.

The Times urged lawmakers to back the agreement, while The Daily Telegraph said parliament "must not scupper this chance".

However, the DUP has said it cannot support the plans, as efforts to avoid checks on the Irish land border would lead to new trade barriers between Northern Ireland and mainland Britain.

Johnson took office in July vowing to keep to the October 31 Brexit deadline, deal or no deal.

source:AFP

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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.