China to suspend economic accord with Australia
May 6, 2021, 9:49 am

China to suspend economic accord with Australia

The national flags of China and Australia. (File photo)

China said on Thursday it had suspended an economic agreement with Australia, in an apparent tit-for-tat response to Canberra’s scrapping of a Belt and Road infrastructure pact and threat to undo a deal leasing Darwin Port to a Chinese company.

Relations between the two sides have collapsed into acrimony after Canberra called for an independent probe into the origins of the coronavirus pandemic and banned telecoms giant Huawei from building Australia’s 5G network.

China -- Australia’s biggest trading partner -- has already imposed tariffs on more than a dozen key industries, including wine, barley and coal, decimating exports.

In the latest recrimination, the China-Australia Strategic Economic dialog was pulled “based on the current attitude” of the Australian government, China’s National Development and Reform Commission said in a statement Thursday, blaming some officials of a “Cold War mindset” and “ideological discrimination”.

Beijing will “indefinitely suspend all activities under the framework” of the agreement, the statement added.

The Australian dollar sank 0.6 percent soon after the news.

Canberra has previously described the accord -- designed to boost trade between both sides and introduce large Chinese investors -- as one of the “premier bilateral economic meetings with China”.

The first meeting in 2014 was called a chance for “closer economic ties” by Canberra.

But relations between the two have sunk into the deep freeze.

Last month, Prime Minister Scott Morrison’s government scrapped a Belt and Road deal between Beijing and the state of Victoria.

Chinese President Xi Jinping’s signature Belt and Road Initiative is a vast, trillion-dollar plan for a network of investments and infrastructure across Asia and the world.

Beijing reacted with anger to the Victoria state announcement, warning that taking the ax to the deal would cause “serious harm” to relations.

But critics have claimed the stand-off between the two sides is cover for Beijing to create geopolitical and financial leverage.

This week Australia doubled-down by saying a Chinese company’s controversial 99-year-lease on Darwin Port was also under review and could be scrapped.

Darwin is the most important port on Australia’s north coast, the closest to Asia and a base for US Marines who rotate in and out of the country.

defense minister Peter Dutton told the Sydney Morning Herald his department had been asked to “come back with some advice” about the 2015 deal and refused to rule out forcing Chinese firm Landbridge to divest on national security grounds.

The deal -- brokered by local authorities in Australia’s Northern Territory -- had raised serious concern in Canberra and Washington, where it was seen as a strategic liability.

It was not immediately clear if the row would impact on a free trade agreement between China and Australia that came into effect in 2015.

source: The Associated Press

Levant

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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.