The new security pact with Australia brings international criticism to U.S and UK
September 17, 2021, 3:30 am

The new security pact with Australia brings international criticism to U.S and UK

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The BBC reported, the US and UK are facing growing international criticism over a new security pact signed with Australia.

The deal - seen as an effort to counter China - will see the US and UK give Australia the technology to build nuclear-powered submarines.

The BBC said, the move angered France, which stated it had been "stabbed in the back", while China accused the three powers of having a "Cold War mentality".

And the pact has raised fears that it could provoke China into a war.

The BBC mentioned the that the alliance, known as Aukus, was announced by US President Joe Biden, UK Prime Minister Boris Johnson and his Australian counterpart Scott Morrison on Wednesday.

Mr Johnson later told MPs that the agreement was "not intended to be adversarial" to China.

The prime minister was questioned by his predecessor, Theresa May, about whether the deal could lead to Britain being dragged into war with China.

She asked the prime minister about the "implications" of the partnership in the event of a Chinese invasion of Taiwan.

Mr Johnson replied: "The United Kingdom remains determined to defend international law and that is the strong advice we would give to our friends across the world, and the strong advice that we would give to the government in Beijing."

France's Foreign Minister Jean-Yves Le Drian called the announcement a "stab in the back".

He called it a "brutal, unilateral and unpredictable decision" that reminded him of former president Donald Trump.

French diplomats in Washington cancelled a gala to celebrate ties between the US and France in retaliation.

"It's a very low moment," France's former ambassador to the US, Gérard Araud, told the BBC's World Tonight programme. "The US knew that this contract and this strategic contract were essential French national interests, and the US didn't care."

China, meanwhile, has accused the allies of having a "Cold War mentality" that would hurt their own interests.

The Chinese state-run Global Times warned of an arms race for nuclear submarines, adding that Australian soldiers were likely to be the "first to die" in a Chinese "counterattack".

The BBC noted, the pact, which will also see the allies share cyber capabilities, artificial intelligence and other undersea technologies, was described as showing "profound strategic shifts" by the UK's national security adviser Stephen Lovegrove.

It means Australia will become just the seventh nation in the world to operate nuclear-powered submarines.

Source: bbc

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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.