You can finally hug and party: UK opens again for business
May 17, 2021, 12:56 pm

You can finally hug and party: UK opens again for business

By Guy Faulconbridge, Kate Holton

Friends will hug, pints will be pulled and swathes of the UK economy will open again on Monday providing 65 million people a measure of freedom after the gloom of a four-month COVID-19 lockdown.

Most of the British will be free again to hug, albeit cautiously, drink a pint in their pub, sit down to an indoor meal or go to the cinema after a series of lockdowns that put the strictest restrictions in peacetime history.

The biggest public health crisis in a century was accompanied by a drastic extension of state power; during England’s lockdowns police broke up parties and protests alike, shut down religious services and handed out fines of up to 10,000 pounds ($14,000) to youngsters for partying.

As freedom beckons once more, there is excitement.

“I shall be hugging literally everyone I can get my hands on,” British actress Joanna Lumley told The Telegraph newspaper. “I shall snatch babies from their mothers, and lean over zimmer frames.”

“I shall hug girls at the till, the picture framer, and lads playing footie in the park. Much later obviously I shall be hugging police personnel as I am charged at the station. Hugger-mugger, that’s me.”

Beside the euphoria, though, there is also anxiety.

PM Johnson, who before he imposed three national lockdowns had railed against the “nanny” tendencies of the British state, advised people to cuddle cautiously and served notice that the spread of the coronavirus variant first identified in India meant that the final UK reopening in June could be delayed.

“Together we have reached another milestone in our roadmap out of lockdown, but we must take this next step with a heavy dose of caution,” Johnson said in a statement.

There is rising concern about variant B.1.617.2 which British scientific advisers say will become the dominant variant in the United Kingdom and which is more transmissible than B.1.1.7 (the variant first identified in Kent, England).

Broadly, from Monday in England gatherings of up to 30 people will be permitted outdoors, two families will be allowed to meet indoors; cafes, bars and restaurants will open again for indoor service; care home residents will be allowed to have five visitors; and face coverings will no longer be compulsory in schools.

“It’s been a long, long time this one,” said Clare Smyth, the chef of London restaurant Core who won her third Michelin star in January during lockdown.

“I’m super excited, can’t wait to get the guests through the door, it’s going to be quite emotional,” she told Reuters. “London is opening up and exciting times will be ahead and it will bounce back.”

Though the rules are slightly different in the United Kingdom’s four constituent parts, restrictions are being eased in England, Scotland and Wales from Monday while they will be eased slightly later in Northern Ireland.

The scars of COVID-19 remain.

The UK’s official death toll is 127,679 - Europe’s highest figure and the world’s fifth highest, after the United States, Brazil, India and Mexico, according to Johns Hopkins University.

The British economy last year had its worst decline in three centuries while the government spent hundreds of billions of pounds to save jobs and companies and the Bank of England doubled its bond buying programme.

Source: Reuters

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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.