King Charles to have ‘less expensive coronation’ amid living cost crisis
September 21, 2022, 12:30 pm

King Charles to have ‘less expensive coronation’ amid living cost crisis

King Charles III has addressed faith leaders from across the United Kingdom at a reception in Buckingham Palace this afternoon - The Royal Family official Twitter account

King Charles III is said to be ‘very aware’ of the living cost crisis – so much so that he is planning a ‘less expensive’ coronation ceremony than his mother’s, the Metro reported.

The new monarch is also creating a ‘slimmed down’ working monarchy in response to the financial woes of Britain, according to reports.

A royal source told the Mirror the coronation would be ‘shorter, smaller and less expensive’ than the Queen’s ceremony in 1953.

A date for the ceremony is yet to be confirmed.

The source told the paper: ‘The King is very aware of the struggles felt by modern Britons so will see his wishes carried through that although his coronation ceremony should stay right and true to the long held traditions of the past, it should also be representative of a monarchy in a modern world.’

May and June 2023 are among the possible dates for the coronation ceremony.

This afternoon (Friday, Sep 9), The King held an Audience at Buckingham Palace with the Prime Minister, the Rt. Hon. Liz Truss MP - Photo. The Royal Family official Twitter account

The Mirror was also told Charles had ‘long been an advocate of a streamlined or slimmed down monarchy’ and may reduce the number of working royals.

‘He has already spoken of his wish to continue his mother’s legacy and this includes continuing to recognise what the people are experiencing day by day,’ the royal source added.

The move has strong public support, according to a poll commissioned by the Daily Express.

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Some 65% of survey participants backed the idea, with only 7% opposed.

The Queen’s death marks a huge moment of transition for members of the royal family as they take on new roles, titles and responsibilities.

The Express reports the number of working royals could be cut to seven, which it said would likely be the King, Queen Consort, Duke and Duchess of Cornwall and Cambridge, the Princess Royal, and the Earl and Countess of Wessex.

The paper’s survey of 2,351 Britons also found that reducing the cost of the monarchy was the public’s second biggest royal priority, after giving support to environmental issues.

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The First Minister of Wales, Mark Drakeford, said the living cost crisis was addressed by Charles during his visit to Cardiff on Friday.

Mark Drakeford told TalkTV: ‘The King has always had a very direct interest in the things that are happening in contemporary Wales, the future of our agriculture, the impact of climate change.

‘He mentioned the impact of the cost-of-living crisis and how that will impact on people here in Wales.

‘He [Charles] is concerned as to how people will manage through what is going to be a difficult winter.

The Commonwealth faces an uncertain future under King Charles III

‘He was interested to tell me about some of the projects that he has heard of, or become involved in dealing, for example, with food waste, making sure that we don’t waste a precious resource when some people might be going without.’

The King also faced protests from anti-royalists during his visit to Wales.

Demonstrators held signs demanding an end to austerity and action on the living cost crisis.

Source: metro

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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.