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WILL BRITAIN BE MORE ‘GLOBAL’ AFTER BREXIT?

Britain’s stormy general election campaign has not focused much on foreign policy issues or the country’s role in the wider world, though it has of course been dominated by Brexit and the economic implications of leaving the European Union after 45 years of membership.
Still, last week’s Nato summit near London was a vivid reminder of the fractious and turbulent times we live in. Boris Johnson, the Conservative prime minister, was photographed at a Buckingham Palace reception laughing along with France’s Emmanuel Macron and Canada’s Justin Trudeau about the “jaw-dropping” behaviour of Donald Trump, who occupied centre-stage at the meeting of the Atlantic Alliance on its 70th anniversary.
Johnson had feared above all that the ever-unpredictable American president would say something that might affect the outcome of the December 12 election – especially about discussions over the highly sensitive issue of whether Britain’s revered National Health Service might form part of a post-Brexit UK trade deal with the US. Trump insisted, to audible sighs of relief in 10 Downing Street, that this was not so.
Macron had warned in advance that Nato was “brain-dead” because of its inability to deal with Vladmir Putin’s Russia. He was angry too over Trump’s “green light” to Turkey to mount an offensive into northern Syria against the Kurdish fighters who had spearheaded the defeat of Isis – without consulting other allies.
And the weekend before the summit a convicted Islamist extremist killed two young people in a knife attack on London Bridge in the heart of the capital – a bleak example of mounting concerns about radicalization and terrorism.
If Britain does end up leaving the EU, Nato will matter even more than before. “Ultimately, keeping terror off our streets and deepening our security cooperation with our Nato partners are two sides of the same coin,” commented the foreign secretary, Dominic Raab.
In recent days there have been other disturbing observations about the implications of leaving. Donald Tusk, the outgoing president of the European Council, described Brexit as “the real end of the British Empire” and warned that if it happened then the UK would be relegated to a second-rate global player. Later he described Brexit as “one of the most spectacular mistakes” in EU history after a campaign marked by “an unprecedented readiness to lie.”
Ahead of the 2016 referendum Brexiteers, including Johnson, described their vision as a way to “seize back control” from Brussels and forge a path to a “Global Britain.” Those views were challenged at the time by the Remain camp. But evidence that has accumulated since then suggests neither ambition is achievable.
Analysts argue that one option is for Britain to fall back on bilateral relations with individual countries, especially the “big five” of France, Germany, Italy, Poland and Spain, though that would not bring automatic access to collective, members-only, EU consultations.
The “Global Britain” concept is associated with the Anglosphere – especially the “Five Eyes” intelligence group of Australia, Canada, New Zealand, the UK, and the US – perhaps extending to the 53-member Commonwealth. But that geographically-dispersed virtual community is no substitute for full membership of a highly successful regional organisation that is also the largest single market on earth.
In an increasingly inter-connected world Britain is no longer uniquely qualified to act as hub – especially if it chooses to detach itself from its own immediate neighbourhood. It is also struggling to find the resources to support ambitious foreign and defence policies given the chaos of the past three years. The old claim about the “special relationship” with the US – and about serving as a bridge between America and Europe – is tired and unconvincing.
It is true that in the Middle East Britain has maintained its support for the 2015 nuclear agreement with Iran, along with the EU, despite Trump’s abandonment of the deal. The UK also denounced the US decision to recognise Jerusalem as Israel’s capital and its announcement that Israeli settlements in the occupied Palestinian territories were not in fact illegal. But it is legitimate to ask if those policies will survive Brexit.
And if the biggest challenge facing the world in the coming decades (as Nato leaders agreed) is the inexorable rise of China as an economic and military power, then how will “Global Britain” deal with that? The US has already applied pressure to ensure security of communications, including new 5G mobile phone networks, and wants allies to ban equipment from the world’s biggest telecoms manufacturer, the Chinese firm Huawei. Johnson insisted at the summit that he would not compromise Britain's national security over whether to give the telecoms giant a role in building the UK's 5G network. It was thus amusing to see, just the next day, when he gave another TV interview, that he took a selfie with the programme’s presenters with his smartphone and posted it on Instagram. That detail too, generated scornful headlines, as the phone turned out to be a Huawei.
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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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