Food, climate change, Ukraine in focus at UN General Assembly
September 20, 2022, 12:00 pm

Food, climate change, Ukraine in focus at UN General Assembly

Sri Lanka is grappling with its worst downturn on record after running out of foreign currency to buy imports, leaving scarce supplies of food, fuel and other essentials - Photo. Pixabay

The war in Ukraine, a looming food crisis and combatting climate change are the big issues confronting the international community at the 77th session of the United Nations General Assembly, the RTE reported.

UN Secretary General António Guterres, who has been heavily involved in trying to broker a deal to protect the giant Zaporizhzhia nuclear power plant from the fighting, also wants leaders to concentrate on two other pressing issues.

One is a looming global food shortage next year, with the prospect of multiple famines and social unrest from high food prices.

Part of the problem is a shortage of ammonia fertiliser exports from Russia leading to a collapse in agricultural production, especially in Africa.

The other cause has been a prolonged drought in many of the world's main agricultural regions. That is why the UN chief is pushing for more urgent action to combat climate change.

Climate change threatens people with food and water scarcity, increased flooding, extreme heat, more disease, and economic loss. Human migration and conflict can be a result. The World Health Organization (WHO) calls climate change the greatest threat to global health in the 21st century - Photo. Pixabay

The UN General Assembly is back in person after two years of the pandemic, with leaders required to show up if they wish to speak.

The General Assembly voted to make just one exception - for Ukrainian President Volodymyr Zelensky, who is leading resistance to a Russian invasion.

Russian Foreign Minister Sergei Lavrov headed to New York for the summit, where he heard an appeal yesterday from his French counterpart, Catherine Colonna, to allow a security zone outside the Zaporizhzhia nuclear plant, whose occupation by Moscow has raised mounting concerns.

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In the type of last-minute diplomacy common at previous UN sessions, Secretary of State Antony Blinken convened a first meeting of the foreign ministers of Azerbaijan and Armenia since a flare-up in fighting.

Also high on the agenda for the UN week will be Iran, whose hardline president, Ebrahim Raisi, is traveling to the General Assembly for the first time.

In a US television interview ahead of his arrival, Mr Raisi said that Iran wanted "guarantees" before returning to a nuclear deal that former president Donald Trump trashed in 2018.

"We cannot trust the Americans because of the behaviour that we have already seen from them. That is why if there is no guarantee, there is no trust," he told the 60 Minutes programme on CBS News.

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Mr Biden supports a return to the 2015 agreement, under which Iran drastically scaled back nuclear work in return for promises of sanctions relief.

But the Biden administration says it is impossible in the US system to promise what a future president would do.

Ms Colonna said French President Emmanuel Macron may meet Mr Raisi in hopes of making progress.

But she warned; "There is no better offer for Iran. It's up to them to make a decision."

Mr Raisi can expect to be dogged by protests during his visit including by exile groups that have called for his arrest over mass executions of opponents a decade after the 1979 Islamic revolution.

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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.