EU’s Barnier says Brexit deal cannot be changed
September 1, 2019, 9:19 am

EU’s Barnier says Brexit deal cannot be changed

European Union's chief Brexit negotiator Barnier leaves the EU Commission headquarters in Brussels. (Reuters)

EU chief Brexit negotiator Michel Barnier said Saturday the bloc will not change the divorce deal agreed with Britain and that he is “not optimistic” of avoiding a no-deal outcome.

Barnier said the most contentious element of the agreement, the so-called backstop mechanism aimed at keeping the Northern Irish border open in all circumstances, must remain.

British Prime Minister Boris Johnson, who took power last month, has called for the provision to be scrapped in order to reach a new deal ahead of the country’s latest October 31 departure date.

Johnson has said he was encouraged in his bid to axe the backstop by recent meetings with German Chancellor Angela Merkel and French President Emmanuel Macron, who appeared to suggest an openness to alternatives.

But writing in Britain’s Sunday Telegraph, Barnier said Brussels remained unconvinced after “intense discussions with EU member states on the need to guarantee the integrity of the EU’s Single Market, while keeping that border fully open.”

“The backstop is the maximum amount of flexibility that the EU can offer to a non-member state,” he stated.

“I am not optimistic about avoiding a ‘no deal’ scenario but I remain determined to explore all avenues that the UK government will present that are compatible with the withdrawal agreement,” Barnier added.

The EU negotiator also said discussions about alternatives to the backstop could not begin until Britain had approved the divorce deal struck with Johnson’s predecessor Theresa May late last year.

It was subsequently rejected three times by British MPs, leading Brexit to be delayed to October 31.

“We are ready to start this work immediately upon ratification of the withdrawal agreement, in parallel to finally creating clarity on our future relationship,” Barnier stated.

He added that if Britain left the EU without a deal it would be London’s decision.

“Many people in the UK understand that and I would be surprised if they succumb to the idea that the EU is to blame for a difficult political situation in the UK.”

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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.