Social Democratic Party takes narrow lead in German elections
September 27, 2021, 12:55 am

Social Democratic Party takes narrow lead in German elections

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The Xinhua reported according to projections by German public broadcasters, Germany's center-left Social Democratic Party (SPD) slightly led in the federal election on Sunday, while its major competitor plunged to a record low after 16 years in office of Chancellor Angela Merkel.

According to the Chinese news agency, projections by public broadcasters ARD and ZDF showed that SPD won 24.9 to 25.6 percent of the votes, based on different polling institutions. The conservative union of Christian Democratic Union (CDU) and its sister party Christian Social Union (CSU) fell to 24.4 to 24.7 percent.

It said, the results are so tight that both parties believe that they could lead the new federal government.

The Xinhua mentioned that Olaf Scholz, SPD's chancellor candidate who is also incumbent vice-chancellor and finance minister, received long-time applause from his party on his first public appearance in SPD's headquarters in Berlin after the projections were released.

He said: "I'm happy to see so many here and of course I'm happy about the election result ... Many citizens want that the next Chancellor is Olaf Scholz."

"This election evening is an exceptional situation. We don't have any reliable figures at the moment -- but we can already say that we cannot be satisfied with this result," said Laschet, adding that the CDU/CSU union saw a clear mandate to form the next government.

The election is of great significance as Merkel will retire after the new government is formed, and Germany will see a new head of government after almost 16 years.

The power transition in Germany will not only impact on its domestic issues like taxes, energy transition and climate protection but also affect its European policies as well as Berlin's positioning in world politics, according to analysts.

The result projections also showed that the next German federal government is likely to be an unprecedented three-party coalition in the post-war period.

Other smaller parties, including the environmental and climate protection-oriented Greens and pro-business Free Democratic Party (FDP), have great opportunities to become ruling parties while there are also several possibilities to form the coalition, analysts predicted.

With Annalena Baerbock as chancellor candidate, the Greens garnered 14.6 to 14.7 percent votes, and the FDP 11.7 percent. The right-wing Alternative for Germany (AfD) won 10.3 to 11.1 percent of votes. The leftist Die Linke had only five percent, the hurdle for entering the Bundestag.

The next federal government will be formed through coalition negotiations, which will sometimes take months to finish.

Laschet told a televised debate on ARD and ZDF later on Sunday that he wanted to get it done by Christmas at the latest, and Scholz echoed his main rival by saying that he wanted the negotiations on forming a new government to be speedy.

Scholz said: "My wish is to get over it quicker. It would be absurd to name a date. But it would be good if it were over by Christmas."

In the last Bundestag election in 2017, the CDU/CSU union secured 33 percent of the vote, while the SPD took only 20.5 percent.

This year, around 60.4 million people are eligible to vote in Germany, and the country is divided into 299 electoral districts.

According to official statistics, voter turnout of Sunday's general election directly in polling stations stood at 36.5 percent by 2 p.m. local time (1200 GMT), slightly lower than the 41.1 percent at the same time in 2017.

"The voter turnout now determined is lower than in 2017, as was expected, because we expect a markedly higher share of postal voters. Their voter turnout will be calculated later when determining the final election result," said Federal Returning Officer Georg Thiel.

Source: xinhua

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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.