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Nuclear Chicken

The reverberations from the war in Ukraine have primarily taken the form of fuelling the global food crisis, however that is not the only issue that may cross far and beyond the country’s borders. At the start of the fighting there was concern that Russia’s putting their nuclear forces on high alert could lead to a nuclear exchange, thankfully these fears have diminished but are now replaced with the UN Secretary General António Guterres warning of the “very real risk of a nuclear disaster” following events at Zaporizhzhia nuclear power plant.
The plant, Europe’s largest, is situated at a strategic location and is still partially operational, being responsible for powering some 4 million homes in Ukraine prior to the February invasion. Russian forces took the plant early in the fighting and now stands accused of firing from the facility and sheltering military assets in the area thinking that Ukrainian forces wouldn’t risk targeting them. Last Friday saw shelling of a high-voltage power line at the nuclear facility which prompted operators to disconnect a reactor, despite no radioactive leak being detected.
Indeed, as Guterres warned “any attack to a nuclear plant is a suicidal thing”. Yet the Russians did attack and seize the site in March, damaging facilities and wounding civilians in the process. The US secretary of state, Antony Blinken, has accused the Russians of using the plant as a “nuclear shield”. The US is continuing to monitor the situation at the facility and radiation sensors have "thankfully" not shown any indications of an increase or abnormal radiation levels according to officials. The EU's foreign policy chief Josep Borrell condemned events around the plant as "a serious and irresponsible breach of nuclear safety rules and another example of Russia’s disregard for international norms".
So how much risk are we really looking at in this process of “nuclear chicken” where both sides seem to be refusing to blink first? For years, security services have worried about terrorists unleashing a ‘dirty bomb’ – where a conventional explosive is used to spread radioactive material over a large area. Whilst the reinforced nature of the reactors mean they can withstand a significant amount, direct targeting with military grade weaponry could replicate a modern day Chernobyl.
More likely would be accidental strikes on less well protected parts of the site that store nuclear waste. This is the ‘dirty bomb’ scenario that if realised could see large parts of the vicinity contaminated and made unlivable. The most likely dangerous scenario is far less dramatic and would see the inability of the site to be properly maintained leading to an accident that could have consequences lasting for generations.
Petro Kotin, the head of Ukraine’s state nuclear power company Enerhoatom, told the BBC the workers are under pressure and in danger, and some had been captured, beaten and tortured. Indeed, the head of the International Atomic Energy Agency, Rafael Mariano Grossi, described the ongoing crisis of safety oversight as a dire threat to public health and the environment in Ukraine, and far beyond its borders, describing the situation as “completely out of control.”
Control is what is needed most and the early positive signs coming from the deal reached to allow grain out from the Black Sea could serve as a stepping stone for a nuclear deal. Nuclear power plants and there surrounding areas most urgently become demilitarised zones with commitments not to target them or station troops in their vicinity. Materials and the staff needed to operate the plants need to have full and unimpeded access. All of these policies need to be overseen by independent UN experts and hopefully can add to the wider avenues for dialogue between the two sides rather than an apocalyptic race to the bottom.
However, a serious spanner in the works of such a scenario becoming a reality is the talk from the Russian backed administration of that occupied part of Ukraine having a referendum on “reunifying” with Russia in the autumn. This would place the nuclear plant on a geopolitical fault line that is far harder to bridge meaning that “nuclear chicken” may become the new normal.
BY: James Denselow
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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