Coronavirus: Canada won’t retaliate for US mask export ban, says Trudeau
April 5, 2020, 8:44 am

Coronavirus: Canada won’t retaliate for US mask export ban, says Trudeau

Prime Minister Justin Trudeau said that he willtell President Donald Trump both countries are interlinked in ways that would hurt the nations if supply chains were cut. (File photo AFP)

Prime Minister Justin Trudeau said Saturday that Canada won’t bring retaliatory or punitive measures against the United States after the Trump administration announced it would prevent the export of N95 protective masks. Canada

President Trump said he would prevent the export of N95 protective masks to ensure they are available in the US.

“We need the masks. We don’t want any other people getting it,” Trump said.

Trudeau said he will speak to Trump in the coming days. He said his officials are having constructive conversations with American officials.

The prime minister said he’ll tell Trump both countries are interlinked in ways that would hurt the nations if supply chains were cut.

“We are not looking at retaliatory measures or measures that are punitive,” Trudeau said.

“We know it is in both our countries interests to cooperate.”

The prime minister noted Canada ships gloves and testing kits to the US and said materials from the N95 masks originate in Canada. Canadian nurses also cross the bridge in Windsor to work in the Detroit medical system every day.

He noted health care workers rely on the masks in Canada.

Manufacturing giant 3M says there are significant humanitarian implications of ceasing N95 masks to health care workers in Canada and Latin America, where 3M is a critical supplier of respirators.

“We want them to help our country and I think it’s going to be OK,” Trump said.

Ontario Premier Doug Ford said he couldn’t stress enough how disappointed he was in Trump for making the decision and Alberta Premier Jason Kenney didn’t hold back his outrage at Trump’s decision.

“It reminds me of what happened in 1939 and 1940 when Canada was part of the fight against global fascism — the United States sat out the first two or three years and initially refused to even provide supplies to Canada and the United Kingdom that was leading the fight at the time,” Kenney said.

Canada has more than 12,924 confirmed coronavirus cases, including 214 deaths. Twenty-two of those deaths are linked to one nursing home in Ontario. Canada has conducted more than 309,000 tests. levant

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.