US official to visit Lithuania to support Baltic nation over Chinese ‘coercion’
January 29, 2022, 5:43 pm

US official to visit Lithuania to support Baltic nation over Chinese ‘coercion’

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The Arab News reported, a senior US official will visit Lithuania next week to discuss enhancing economic cooperation with the small Baltic nation, which has faced pressure from China for boosting ties with Taiwan.

The State Department said in a statement, under Secretary for Economic Growth, Energy and the Environment Jose Fernandez will be in Vilnius from Sunday to Tuesday, and in Brussels from Wednesday to Friday, where he will also discuss efforts to counter economic “coercion” with EU officials.

The statement said, in Vilnius, he will discuss bilateral economic cooperation, and US “strong support for Lithuania in the face of political pressure and economic coercion from the People’s Republic of China."

According to the statement, Fernandez will be accompanied by US Export-Import Bank officials to discuss implementation of a $600 million memorandum of understanding to expand opportunities for US exporters and Lithuanian buyers in areas such as high-tech manufacturing, business services and renewable energy.

The statement said, in Brussels, Fernandez will discuss transatlantic trade and investment through the US-EU Trade and Technology Council.

The United States, which is seeking to push back against growing Chinese influence worldwide, has backed Lithuania in its dispute with China over Taiwan, a self-ruled island Beijing claims as its own.

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China downgraded its diplomatic relationship with Lithuania and pressed multinationals to sever ties with the country after Taiwan opened a representative office in Vilnius last year called the Taiwanese Representative Office in Lithuania, rather than using the word Taipei as is more common.

EU authorities launched a challenge at the World Trade Organization (WTO) on Thursday, accusing China of discriminatory trade practices against EU member Lithuania that they say threaten the integrity of the bloc’s single market.

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Lithuania’s Foreign Ministry said on Thursday it hopes its trade dispute with China will be solved with consultations between China and the EU.

Commenting on the WTO case, Taiwan’s Cabinet’s Office of Trade Negotiations said late Friday it “fully supports” the EU and Lithuania and opposes China’s “inappropriate economic coercion.”

Lithuania to open trade representation office in Taiwan to boost economic diplomacy

It added in a statement: “Our country will work with other like-minded partners such as Lithuania and the EU to prevent China from using coercive economic and diplomatic measures, to maintain a rules-based international trading system."

Source: arabnews

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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.