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Covid’s Globalisation Variant

It has been over a year since the world started to lockdown starting with the city of Wuhan in China. Throughout that time a majority of the globe’s leaders have painted a picture of the Coronavirus moment as a blip – almost as if a pause button has been pressed that makes the normal rules cease to apply.
The scale of what governments were asking people to do was justified initially by fear of the unknowns around the disease itself, who could be affected and how. Suddenly billions of people were obliged by law; not to leave their homes, not to leave the country, not to see their friends and their families. Restrictions never used before that were first viewed as drastic short circuit breakers lasted for days, then weeks, then months and now over a year into the crisis many parts of the world are still in the midst of.
How people work, how they educate their children, how they meet and fall in love – all fundamentals of life that suddenly were forced into a funnel of new rules and restrictions. They have of course been small scale protests, and many have flouted or interpreted many of the rules to their own interests, but in the main this way of life has been adapted to. Much of this adherence is linked to the sense of their being light at the end of the tunnel, when vaccines started getting approved for use and then put into people’s arms in late December suddenly hopes of a return to ‘normal’ jumped.
Yet the power of hope doesn’t shape the mutations in a virus that could turn a ‘Covid moment’ into a ‘Covid forever’. The simple logic of a country celebrating its successful rates of vaccinations, then looking in horror as a variant in another country massively reduces the protections of that jab are becoming more and more clear. Variants from South Africa and Brazil are forcing Governments to take further steps at their ports of entry.
Over the Christmas period the borders between France and the United Kingdom were backed up with truckers waiting to be tested as the new more infectious ‘Kentish variant’ caused chaos. Today the United Kingdom is belatedly joining the likes of New Zealand and other countries in the world that are asking travellers to quarantine in hotels for two weeks at their own expense before entering the country.
The gears of a world system designed to allow seamless travel and ‘just in time’ delivery is having to adapt to a medium term where supply lines are disrupted the moment a new variant is discovered. It is worth remembering it is entirely predictable for a virus to mutate and that not all countries around the world have the same ability to identify what has happened to the virus and what that means for vaccine effectivity.
‘Covid forever’ means a virus like influenza that we will be forced to live with. It will mean constant redesign and improvement to vaccines and of course a myriad of treatments and therapies to prevent and mitigate serious illness. But more than that it means that what can appear a pithy statement that “we’re not safe until we’re all safe” is actually true. Whist rich countries have secured the equivalent in vaccines to meet their entire populations several times over, much of the global south and poorer nations remain adrift.
Yet unless there is a proposal to redesign globalisation from its bottom up and create new systems of vaccine passports and permissions that will dramatically redraw borders and the relationship between the planet, there needs to be a reinvigorated effort at mapping out how the global strategy towards Covid is proceeding rather than obsessing as to the successes in each of our own backyards.
That the British success as a large country vaccinating a quarter of its adult population within two months should be celebrated, the fact that it could be cut off at the knees by variants we’ve not yet witnessed is a reminder of the fallacy of vaccine nationalism.
All eyes are understandable looking at Washington and the new Biden administration to provide global leadership and no doubt the US re-joining the WHO is a step in the right direction. However, the cleavages of the last few years and the disfunction of multilateralism cannot be fixed overnight especially when the US is struggling with the highest Covid burden itself.
James Denselow
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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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