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PM Johnson holds Belfast talks on Brexit backstop riddle

Sterling has fallen 2 percent against the dollar since Johnson took power last week and promised to scrap the “backstop” proposed by the European Union to guarantee its only land border with the United Kingdom remained open.
The currency steadied on Wednesday after four days of losses, helped by month-end sterling demand and a sense in markets that while a hard exit from the European Union without an agreement had risen, it was not yet certain.
Johnson drove away without commenting on the talks with the Democratic Unionist Party, the pro-Brexit party whose 10 lawmakers prop up his government. But the party’s leader said she believed a compromise could be reached and another party member present said a time-limited backstop was discussed.
“There are ways to deal with this issue if there is a willingness on both sides,” Arlene Foster told journalists.
While she agreed the Withdrawal Agreement and the backstop were effectively dead, she said a “sensible way forward” was possible if the Irish government agreed to engage.
The backstop would force Britain to obey some EU rules if no other way could be found to keep the land border open between British-ruled Northern Ireland and EU member Ireland. Dublin says this is crucial to maintaining peace on the island.
‘PRAGMATIC SOLUTIONS’
A senior DUP lawmaker who attended a dinner meeting with Johnson on Tuesday evening said possible compromises were discussed - specifically the possibility of putting a time limit on the backstop and other “pragmatic solutions.”
Asked if Johnson was responsive to the suggestions, Donaldson told Irish radio RTE that he would not “negotiate in public.”
The other four Northern Ireland parties Johnson met on his first visit to the region as prime minister complained his dinner with the DUP undermined his government’s position as honest broker in talks to restore the region’s government.
The power-sharing administration was suspended two-and-a-half years ago because of differences between the parties representing mainly Protestant pro-British unionists and mainly Catholic nationalists who favour a united Ireland.
Asked about the accusation of bias, Johnson told journalists his “prime focus this morning is to do everything I can to help that get up and running again.”
Johnson, who was finishing up a three-day tour of the United Kingdom during which he was booed in Edinburgh and Cardiff, did not take any more questions from the media. A couple of dozen anti-Brexit protesters waved placards nearby.
‘CATASTROPHIC BREXIT’
Ireland’s Prime Minister Leo Varadkar on Wednesday again rejected calls for the Withdrawal Agreement to be reopened, saying Ireland “isn’t going to be bullied on this issue” as it had “total support” from other EU countries.
But his government has repeatedly said it wants to sit down with Johnson to hear his ideas on the border.
The head of Irish nationalist party Sinn Fein, Mary Lou McDonald, said she had told Johnson that leaving the EU without a deal would be catastrophic for the economy and the 1998 peace deal that ended three decades of violence in the region.
“Any notion that he might crash this part of Ireland out of the European Union and cause the level of jeopardy and damage ... and that people would meekly go along with that, is deeply misguided and that would be a very dangerous course of action of political action,” she said.
In the latest sign of a manufacturing downturn in the run-up to Brexit, investment in Britain’s car industry was shown to have slumped surveys and company comments showed on Wednesday.
Many economists believe a no-deal exit from the EU would severely damage United Kingdom’s $2.8 trillion economy. Brexiteers, acknowledge there will be short-term pain but say the benefits of departure have been understated.
Johnson’s bet is that the threat of a no-deal Brexit will persuade the EU’s biggest powers - Germany and France - to a compromise deal.
Reuters
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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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