Defense, Foreign and Finance ministers retain their positions in new Russian government
January 22, 2020, 9:00 am

Defense, Foreign and Finance ministers retain their positions in new Russian government

FILE PHOTO Russian Foreign Minister Sergey Lavrov (L) and Russian Defense Minister Sergey Shoigu (R).

President Vladimir Putin has approved a new Russian government after the surprise resignation of the previous cabinet last week. While there was a significant reshuffle, the defense, foreign and finance ministers kept their posts.

"The new government is a well-balanced one, although it went through a major reshuffle," Putin said during a meeting with the new cabinet.

Both Sergey Lavrov and Sergey Shoigu are political heavyweights and among the most trusted political figures in Russia, trailing only behind President Putin himself when it comes to popularity with the public. Anton Siluanov has been Russia's finance minister since 2011.

A career diplomat with decades of experience in international relations, Lavrov served as Russia’s envoy to the UN for ten years before taking the helm at the Foreign Ministry in 2004.

He led Russian diplomacy through turbulent periods on the international stage and has been instrumental in building Moscow's reputation as an influential global power in recent years.

Shoigu, meanwhile, is credited with strengthening and modernizing Russia's Armed Forces through a set of ambitious reforms to increase combat readiness and spearheading a massive rearmament program to equip forces with cutting-edge weapons.

Siluanov has worked in the Russian Finance Ministry since the early 1990s heading several ministerial departments, including on macroeconomic policy and banks, as well as on budgetary policy. He held the post of deputy finance minister for several years before becoming finance minister in 2011.

They are joining new Prime Minister Mikhail Mishustin along with nine other members of the previous cabinet and nine freshmen ministers.

The new prime minister and new government members are all technocrats and professionals with rich management experience, said the head of the CIS strategic development center Aleksandr Gusev, adding that the ones who have stayed on are also effective government officials. He believes the new government has all of the necessary backgrounds to work effectively to improve the quality of life in Russia, something the previous government didn't succeed in doing.

The abrupt resignation of the government last week after Putin's state of the union speech was an earthquake for Russian politics. Former Prime Minister Dmitry Medvedev announced last week that the entire government would resign in a surprise statement shortly after Putin's address.

What was an annual routine event turned into one of the most significant moments in Russia’s modern political history as Putin unexpectedly proposed major amendments to the nation’s constitution?

The proposed reform envisages broader powers for the State Duma – Russia's lower house of parliament – including giving it the ability to choose the PM and form the government. Putin also proposed that Russia should abide by international law only to the extent that it does not restrict Russians' rights and freedoms and does not contradict Russia's constitution.

source: Reuters

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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.