UK says it will simplify confusing COVID-19 travel rules
September 17, 2021, 11:22 am

UK says it will simplify confusing COVID-19 travel rules

people in airport

The Financial Post reported according to Reuters, the British government will set out measures to boost international travel later on Friday, helping airlines and holiday companies which say they will not survive another winter of onerous rules and red tape.

While Europe has relaxed travel restrictions for the fully vaccinated, expensive COVID-19 testing requirements remain in place for fully vaccinated arrivals into Britain, holding back a travel recovery as the tougher winter period nears.

Transport Secretary Grant Shapps said on Twitter: “I’ll set out measures to simplify international travel later today in order to reduce costs, take advantage of higher levels of vaccination, and keep us all safe.”

Shapps sets policy for England, with Scotland, Wales and Northern Ireland in charge of their own rules.

Travel shares, which were already trading higher on hopes of a rule change, jumped further. British Airways-owner IAG was up 6%, TUI traded up 5%, easyJet was up 3%, Jet2 6% higher and On the Beach up 11%.

The Prime Minister Boris Johnson hinted earlier in the week that a change was likely, and there have been reports that popular destination Turkey may be opened up for British travelers again.

Airlines and travel companies say far-reaching changes are needed or more job losses will follow the 100,000 already lost.

TUI UK managing director Andrew Flintham told Sky News on Friday: “There are hundreds of businesses out there who will not survive this winter unless changes are
made.”

The industry, already on its knees after 18 months of restrictions, is facing a cliff edge as the government’s furlough scheme ends later this month with winter approaching, when fewer people travel and businesses tend to make a loss.

COSTLY TEST RULES SCRAPPED

Shapps’s simplification plan suggests that the so-called traffic light system which ranks destinations as green, amber and red, could go.

By reducing costs he could mean that the government will remove the requirement for fully vaccinated travelers to take a lateral flow test before departing their destination and a costly PCR test on their return into Britain, which can add hundreds of pounds per person to a trip.

Media reports have said that destinations will simply be ranked low or high risk, instead of red, amber and green and that many countries, including Turkey, will be removed from the high risk red list which currently includes 62 destinations.

Data shows that Britain’s travel recovery is lagging. UK flights were down 39% compared to pre-pandemic levels for the two weeks to early Sept. 6, while France, Spain and Italy were down between 24-28%, according to Eurocontrol.

Quarantine hotels, where people spend 11 nights in a designated facility at a cost of more than 2,000 pounds, are expected to remain in place for arrivals from high risk countries.

Source: finacialpost

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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.