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The world looks at Washington

For much of the 20st century, the rest of the world looked to the United States as a shining example of a vibrant democratic system combined with wealth, power and global ambition. Obviously this was far from perfect. Its image was always marred by racial inequality, the dangerous confrontations of the Cold War, Vietnam, uncritical support for Israel and the invasion of Iraq.
And then on January 6, the world looked on in horror, disbelief – and undisguised joy in some quarters – as President Donald Trump, with just two weeks left in the White House, urged supporters, some waving Confederate flags or wearing Nazi symbols, to march on the Capitol to prevent the official decision confirming that his democratic rival Joe Biden had beaten him on November 3.
China, Russia and Iran, were all quick to condemn the Twitterer-in-Chief in the Oval Office, who was then blocked from his favorite social media account. Beijing’s self-serving take was to compare what happened in Washington to last year’s mass protests in Hong Kong. Moscow’s interpretation was that it demonstrated vividly the weakness of western democracy, while Tehran – waiting to see what Biden will do to revive the 2015 nuclear deal – denounced Trump as an unchecked threat to the world’s security.
US allies, from Nato and elsewhere, spoke out more in sorrow than in anger, but some leaders did not bother to disguise their irritation. Germany’s Chancellor Angela Merkel said: “One of the ground rules of democracy is that after elections there is a winner and a loser.” French President Emmanuel Macron said that what had taken place was “not American, definitely“, adding: “We believe in the strength of our democracies. We believe in the strength of American democracy.”
Britain’s prime minister Boris Johnson, tweeted to say the events were a “disgrace”, that the US stood for democracy around the world, and that was it was vital that there should be an orderly transfer of power. Ursula Von der Leyen, president of the European Commission, condemned “contempt for democratic institutions, values and rules.”
Overall, western governments focused on the threat to the basic principles of democracy, nearly 250 years since the American revolution, though without naming Trump. From New Zealand the highly-regarded prime minister Jacinda Ardern, tweeted: “Democracy - the right of people to exercise a vote, have their voice heard and then have that decision upheld peacefully - should never be undone by a mob.”
Historical perspective, as ever, helps explain these reactions. In 1945, after the horrors of the second world war, the countries of Nazi-occupied Europe opted for democracy. And then 44 years later, in 1989, the Communist-ruled countries of Eastern Europe made the same choice – largely as a result of the American example. And that has been followed in recent decades by multiple countries in Africa, Asia and Latin America.
Today’s autocratic leaders, by contrast, sought to exploit the Capitol assault for their own messaging. Putin, who was accused last year of seeking to poison opposition critic Alexei Navlany, responded: “This
Russia’s foreign ministry spokeswoman responded that the Washington events “were an internal US affair” – an answer that the Kremlin would clearly prefer whenever its own actions are questioned – but then described the US electoral system as “archaic.” Trump’s behaviour,, in short, serve to confirm the narrative, favored by both Moscow and Beijing, that democracies are fundamentally flawed, and therefore the west has no right to judge them or impose standards of freedom or openness.
But the truth is that even before this latest hair-raising episode, Trump had eroded America’s global reputation and credibility. Zimbabwe’s President Emmerson Mnangagwa tweeted about the American sanctions imposed on his country, citing concerns about its democracy. The stunning events at the Capitol “showed that the US has no moral right to punish another nation under the guise of upholding democracy”, was his conclusion.
Yet it did not all begin in January 2017. George W. Bush’s presidency did a lot of damage to the global standing of the “land of the free”: the 2003 war in Iraq, human rights abuses at Guantanamo Bay and the alienation of allies drove America’s popularity abroad to what seemed at the time to be a new low. It did improve under Barack Obama.
But Trump has rapidly accelerated that decline – despite his populist slogan of “Make America Great Again”. His withdrawal from the Paris climate change agreement; fostering tensions with traditionally friendly governments, and cosying up to authoritarians including Putin and Turkey’s Recep Tayyip Erdogan.
Trump has done more than any of his 44 predecessors to remove the sheen from “the shining city on the hill”, to use the phrase beloved of Ronald Reagan. And it will not be easy for Joe Biden, the 46th president, to repair that damage from January 20.
IAN BLACK
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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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