EU says Ukraine on course for EU candidacy amid Russia’s invasion
June 22, 2022, 8:10 am

EU says Ukraine on course for EU candidacy amid Russia’s invasion

Kiev in Ukraine/Pixabay

Ministers and diplomats said on Tuesday (June 21) that Ukraine is set to become an official candidate for European Union membership on Thursday (June 23) in a symbolic but morale-boosting decision following Russia’s invasion.

Three diplomats told Reuters that EU leaders in Brussels are expected to sign off on last week’s recommendation by the European Commission, the EU executive. After several days of internal EU discussions no opposition among the 27 member states has surfaced.

Luxembourg’s foreign affairs minister Jean Asselborn told reporters before a meeting with other EU ministers: “We are working toward the point where we tell (Russian President Vladimir) Putin that Ukraine belongs to Europe, that we will also defend the values that Ukraine defends."

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Moldova is also almost certain to be given candidate status, the diplomats said, although Georgia must fulfil conditions, namely that it overcome political deadlock in the country.

A French presidential official, whose country heads the EU until the end of June, told reporters in a briefing he was confident none of the 27 would block candidacy status for Ukraine and Moldova.

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“We are forging consensus. At this moment I can’t say all 27 are agreed but there is reasonable hope to quickly get an agreement on Ukraine and Moldova at the EU Council.”

France’s Minister for Europe Clement Beaune told reporters after a ministerial meeting in Brussels there was “total consensus” among the 27, but it would not be up to heads of state to confirm it.

Despite some misgivings among northern EU countries that taking in Ukraine, which suffers from endemic corruption, is unrealistic, Denmark’s foreign minister said he welcomed giving it candidacy status.

European Commission's head 'confident' Ukraine will be granted EU candidate status

Jeppe Kofod told reporters in Luxembourg: “It’s very good and it’s something that Denmark whole-heartedly supports; we want to help Ukraine to achieve its European dream."

While the candidacy will mark a strategic eastward shift by the EU in the face of Russia’s war in Ukraine, Kyiv would likely take years to become a member of the bloc, if at all.

The Arabnews reported, citing Reuters, Ukraine already has a free trade pact with the EU but applied to join days after Russia’s invasion. Moscow says its “special military operation” was partly necessitated by Western encroachment into what it characterises as its rightful geographical sphere of influence.

Putin has so far played down the issue of Ukraine’s EU membership.

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.