Macron announces 30-billion euro plan for investment and innovation
October 12, 2021, 11:09 pm

Macron announces 30-billion euro plan for investment and innovation

France-Eiffel tower/Pixabay

The US News reported according to Reuters, President Emmanuel Macron said on Tuesday, France wants to be a leader in green hydrogen by 2030 and build low-carbon planes and small nuclear reactors as part of a 30 billion euro ($35 billion) investment plan.

Macron said the road map, dubbed "France 2030", would ensure France decarbonises its industry and brings innovation and production in key areas, from cars and biomedicine to semi-conductors, closer to home by the end of the decade.

The report said, the long-term plan, outlined six months before the presidential election, was swiftly criticised by the opposition as electoral campaigning, but Macron said those targets were key to ensure France's rank in the world.

Pointing to a shortage of face masks when the COVID-19 pandemic first erupted, Macron said the crisis had exposed real vulnerabilities and the crucial need for France to have innovation and industrial production at home.

He said: "We must rebuild the framework for productive independence for France and Europe," adding that innovation would be key amid global competition for leadership and access to raw materials.

He added: "The winner takes all."

Setting out some of the plan's targets, Macron said France would by 2030 build a low-carbon plane, a small modular reactor as well as two megafactories for the production of green hydrogen. It would also produce large numbers of electric vehicles.

"We must wage the battle of innovation and industrialisation at the same time," Macron said as he outlined the plan to a group of entrepreneurs, adding: "We need a country that produces more."

Macron said the plan will give a key role to small, agile start-ups in building France's industrial future alongside well-established corporate giants.

CRITICISM

Other 2030 objectives include investing in semi-conductors and beefing up innovation in the French health sector, including biomedicine.

On top of the 30 billion euros in fresh public investment, some of which will already be included in the 2022 budget, French public investment bank Bpifrance will invest 4 billion euros in startups and innovative firms.

This all comes in addition to a 100 billion euro recovery plan announced last year to help France weather the coronavirus pandemic, a large share of which went to promoting greener energy policies.

The plan was harshly criticised by the opposition and environmental groups.

"A few months from the end of his mandate, the outgoing president commits French money to restore his electoral image with promises which only bind his successor," far-right leader Marine Le Pen said on Twitter.

She said: "It's 'whatever the cost, I want to be re-elected!"

Matthieu Orphelin, a lawmaker who left Macron's party two years ago said this was Macron's "first campaign speech for 2022", while environmental group Greenpeace called it "a festival of false solutions and wishful thinking".

Greenpeace France director Jean-François Julliard said: "All these false solutions follow the same logic: constantly postpone the real (energy) transition and continue to produce as if the planet's resources were unlimited."

Source: usnews

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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.