Turkey threatens to deny US access to military bases if sanctions imposed
December 11, 2019, 10:06 am

Turkey threatens to deny US access to military bases if sanctions imposed

Turkish Foreign Minister Mevlut Cavusoglu attends a news conference in Ankara. (File photo Reuters)

Turkey said on Wednesday it would retaliate against any US sanctions over its purchase of Russian defense systems, adding that with Britain it had agreed to speed up a joint fighter jet program to meet Turkish defense needs.

US lawmakers will vote - and likely pass - a defense bill later on Wednesday that calls for sanctions against Turkey over Ankara’s decision to procure the S-400 defenses.

Turkey and the United States, NATO allies, have been at odds over the purchase.

Washington says the S-400s pose a threat to its F-35 fighter jets and cannot be integrated into NATO defenses. In response, it has suspended Turkey from the F-35 jet program, where it was a manufacturer and buyer, and threatened sanctions.

In an interview with Turkish broadcaster A Haber, Foreign Minister Mevlut Cavusoglu said any US sanctions would harm US-Turkish ties and repeated a threat of retaliation.

“US lawmakers must understand they will get nowhere with impositions. If the United States approaches us positively, we will also react positively. But, if they take negative towards

us, then we will retaliate these,” Cavusoglu said.

Ties between Ankara and Washington have been strained over a host of issues in recent years. Turkey has been enraged with the US support for the Syrian Kurdish-led YPG, which Cavusoglu called the “financing of terrorism” on Wednesday.

He added that Turkey was open to alternatives to buying the F-35 jets, including from Russia. He said President Recep Tayyip Erdogan and British Prime Minister Boris Johnson had discussed speeding up work on the TF-X joint fighter jet project to meet Turkey’s defense needs.

“We bought the S-400s because the most suitable offer on air defense systems came from Russia. Until we produce it ourselves, the alternative to the F-35 could be the Russian market, but we are open to other alternatives too,” Cavusoglu said.

Turkey and Britain agreed a 100 million pound ($133 million) deal in 2017 to develop Turkish fighter jets, and Turkey’s Kale Group said it was setting up a joint venture with Rolls-Royce to work on the project. In March Rolls-Royce said it had scaled back efforts to join the program.

A Turkish source said the disagreement with Rolls-Royce stemmed from licensing issues, which are “critical and indispensable” for Turkey. But the source said talks had been revived and added Turkey expected the project to advance after a solution was reached.

source: AFP

Egypt’s al-Sisi calls for ‘bold’ response to countries supporting terrorism Paris set to host international meeting to discuss aid for Lebanon

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.