Russia's Putin and China's Xi may meet sooner than expected
August 20, 2022, 10:24 am

Russia's Putin and China's Xi may meet sooner than expected

This video grab taken on January 25, 2021, from the website of the World Economic Forum shows China’s President Xi Jinping speaking as he opens an all-virtual World Economic Forum. (World Economic Forum/AFP)

Chinese leader Xi Jinping could travel to Central Asia in September to meet with Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organization (SCO) summit, the Wall Street Journal reported on Friday (August 19), citing sources familiar with the matter.

The Shanghai Cooperation Organization is a security bloc that also deals with regional development issues and currently comprises eight member states: China, India, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Pakistan, and Uzbekistan.

It also includes Iran and Afghanistan as observer members, and Turkey as a dialogue partner.

According to the sources, Xi’s office indicated this week that he could personally attend the summit, due to take place in the Uzbek city of Samarkand on September 15 and 16.

The office has also begun preparing possible bilateral meetings with Putin, as well as the leaders of Pakistan, India, and Turkey, who are also expected to arrive.

While the Kremlin confirmed back in July that Putin would be taking part in the SCO summit, it has not yet clarified whether he will travel to Samarkand or participate by video link.

Our visit reiterates that America stands with Taiwan: a robust, vibrant democracy and our important partner in the Indo-Pacific - Nancy Pelosi official Twitter account

The decision to include the trip in Xi’s schedule was allegedly taken after Beijing failed to dissuade US House Speaker Nancy Pelosi from visiting Taiwan earlier this month, some of the people who spoke to WSJ claimed.

Since the visit was seen by Beijing as a sign Western pressure on China, a trip to Central Asia would underscore the Chinese leader’s intention to counter it by building stronger relationships with countries which are not close allies of the US, they explained.

Xi and Putin to attend G20 summit in Bali, says Indonesia’s Widodo

This week, Putin denounced Pelosi’s trip as a “brazen demonstration of disrespect towards another country’s sovereignty.”

Putin and Xi’s first face-to-face meeting since the start of Russia’s invasion of Ukraine was expected to take place at the G20 summit in Bali in November, after Indonesian President Joko Widodo confirmed on Friday (August 19) that both leaders would attend.

WSJ previously reported Xi could also hold his first in-person talks with US President Joe Biden at the Bali summit.

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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.