UK travel chaos stretches into weekend with national rail strike over pay
August 20, 2022, 1:27 pm

UK travel chaos stretches into weekend with national rail strike over pay

Passengers queue for busses outside Victoria Station London, on August 19, 2022, as strike action on Buses, National Rail and London Underground affects services. (AFP)

Disruptions to Britain’s transport system are extending into the weekend as train workers seeking to preserve jobs and earn higher pay hold another nationwide walkout, the Bloomberg reported, tha al-Arabiya English said.

The latest action comes a day after London’s subway network ground to a halt as its workers went on strike, and follows an earlier stoppage by train staff on Thursday (August 18).

Only about 20 percent of Britain’s rail network will be open on Saturday (August 20), with a skeletal service running between 7:30 a.m. and 6:30 p.m., according to Network Rail, which manages the UK’s stations and tracks. More disruption is expected on Sunday as a knock-on effect from the walkout, the group said on its website.

The labor actions come against a worsening economic backdrop, with inflation at a four-decade high driving up the cost of everything from food to energy and clothing.

The Bank of England expects price growth to top 13 percent in the coming months, while real wages are falling at a record pace.

Britain’s rail industry has been hit particularly hard. Even as inflation soars, the government is pressing companies to scale back costs to reflect lower ridership after the COVID-19 crisis.

Only about 20 percent of Britain’s rail network will be open on Saturday (August 20), with a skeletal service running between 7:30 a.m. and 6:30 p.m. - Photo. Pixabay

Further transport upheaval is due Sunday, when dockworkers at Felixstowe, the largest UK container port, start an eight-day strike.

There’s been little sign of progress toward a resolution of the rail disputes, raising concern they will drag on, undermining the economy.

Thousands of workers in UK begin 4-day strike due to unfair pay

The National Union of Rail, Maritime and Transport Workers, which organized the train and Tube strikes, along with the Transport Salaried Staffs’ Association, has accused Transport Secretary Grant Shapps of blocking a deal to resolve workers’ issues.

Shapps in turn blamed union chiefs for failing to present settlement offers to members.

He told Sky News on Friday: “It’s time for the union bosses to get out of the way and put the deals on the table."

Labor unrest has spilled over into other industries as well. Some 115,000 Royal Mail Plc postal workers begin a series of strikes on August 26. Barristers have staged walkouts in England and Wales and even nurses are planning to hold a strike vote.

Source: alarabiyaenglish

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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.