Britain gives France 48 hours to back down or it will face tortuous legal action
November 1, 2021, 2:39 pm

Britain gives France 48 hours to back down or it will face tortuous legal action

Fisherman-Fishing nets/Pixabay

Reuters reported, Britain gave France 48 hours on Monday to back down in a fishing row that threatens to spiral into a wider trade dispute between two of Europe's biggest economies or face tortuous legal action under the Brexit trade deal.

Post-Brexit bickering over fish culminated last Wednesday in the French seizure of a British scallop dredger, the Cornelis Gert Jan, in French waters near Le Havre. Paris has threatened sanctions from Nov. 2 that could snarl cross-Channel trade.

The measures could include increased border and sanitary checks on goods from Britain and banning British vessels from some French ports.

Fishing boat-Fisherman in the sea/Pixabay

British Foreign Secretary Liz Truss told Sky News: "The French have made completely unreasonable threats, including to the Channel Islands and to our fishing industry, and they need to withdraw those threats or else we will use the mechanisms of our trade agreement with the EU to take action."

Truss said: "The French have behaved unfairly. It's not within the terms of the trade deal. And if somebody behaves unfairly in a trade deal, you're entitled to take action against them and seek some compensatory measures. And that is what we will do if the French don't back down."

Asked over what time frame France should back down, Truss said: "This issue needs to be resolved in the next 48 hours."

DEADLOCK

Britain and France have bickered for decades over the rich fishing grounds around their northern coasts but a fresh row erupted in September after Paris accused London of failing to allocate enough licences to French boats to fish in the zone 6-12 nautical miles from UK shores.

Britain says it is issuing licences to vessels that can prove they have previously fished in its waters - a key demand from British fishermen who fear French boats could wipe out their own profits.

French President Emmanuel Macron and British Prime Minister Boris Johnson discussed the fishing spat on Sunday on the sidelines of a Group of 20 summit in Rome, but failed to narrow their differences.

Johnson said he had been "puzzled" to read a letter from Paris to the European Union. Sent by French Prime Minister Jean Castex, it called on the bloc to demonstrate there was "more damage to leaving the EU than to remaining there".

Relations between London and Paris have become increasingly strained since Britain voted to leave the EU in 2016. London's recently struck security pact with the United States and Australia did little to rebuild trust with Paris.

The dispute also risks distracting from Britain's hosting of the United Nations COP26 climate talks that have now started in Glasgow

Pressed on Monday on why the fishing issue had again soured bilateral ties, Truss suggested it might have something to do with next year's presidential election in France.

While fishing accounts for just a tiny fraction of Europe's second and third largest economies, it is of vital importance to coastal communities in both Britain and France who say their way of life is threatened by foreign fishermen.

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.