Incoming EU chief vows to build green superpower as MEPs vote
November 27, 2019, 9:23 am

Incoming EU chief vows to build green superpower as MEPs vote

Von der Leyen urged lawmakers to approve her 27-strong commission so that she can get to work on December 1 File photo AFP

Brussels' next top official Ursula von der Leyen set out an ambitious plan for a green and digital transformation of the EU economy Wednesday, as she urged MEPs to approve her top team.

The 61-year-old conservative takes office with Europe challenged to find its new role in a dangerous world, and with Brussels' power undermined by Franco-German rivalry and Britain's imminent exit.

But, addressing the European Parliament in Strasbourg, the former German defense minister endeavored to strike an upbeat note, urging lawmakers to approve her 27-strong commission so that she can get to work on December 1.

"I ask for your support to give Europe a new start," she said, in a largely well-received speech attended by the massed ranks of the nominated commissioners and in which she shifted fluently between English, French, and German.

"Our union will embark on the transformation that will touch every part of our society and economy and we will do it because it will be the right thing to do, not because it will be easy," she said.

Hailing the Dutch vice-president that she was obliged to pick as her deputy by EU member states, socialist Frans Timmermans, as the right man for the dossier, she promised a "European green deal... for the health of our planet, our people and our economy."

As well as promising measures to combat climate change, von der Leyen insisted that Europe has the heft to lead the world in a digital economic revolution.

"We are the world's trading superpower," she boasted. "We are the largest source and destination of foreign direct investment anywhere in the world.

"We should harness this twin power of digitalization and climate transition to boost our industrial base."

Von der Leyen can expect to see her commission approved, but her appointment to succeed Jean-Claude Juncker as president was approved in July with only nine votes more than she needed, a narrow margin in EU politics.

Three of her initial nominees to the commission were rejected during the parliamentary confirmation process -- an unprecedented snub -- weakening her from the outset.

Nevertheless, EU diplomats and parliamentary leaders are cautiously optimistic she will clear Wednesday's hurdle, a public vote of MEPs at 12:30 pm (1130 GMT).

"Our priorities are a crucial part of the von der Leyen commission," said Manfred Weber, head of the parliament's center-right EPP bloc and himself a disappointed former presidential hopeful.

"In 2024 Europe will have the most ambitious and inclusive climate policy in the world, a European border and coast guard, transformed Europol into a European FBI, a master plan to fight cancer and created millions of jobs."

The July vote to confirm von der Leyen was conducted by secret ballot, allowing many MEPs to vote against her in protest at the EU leaders' political tactics.

But Wednesday's roll-call to approve the commission as a whole will be conducted openly, helping the main center-right, social democratic and liberal factions to whip support.

The commission has members from across the political spectrum and 12 out of 27 of the members will be women, not quite the parity that was promised but the highest number ever in the European Commission.

There will nevertheless be opposition. The parliament's eurosceptic, far-left and right-wing populist parties will vote against, and the skeptical Greens have said they will abstain.

"Having heard the von der Leyen speech in the European Parliament today, I already miss Juncker," sighed German MEP Reinhard Buti Kofer. Five French socialists will also sit on their hands.

And there is one more potential cloud hanging over the investiture: the absence of a British commissioner.

Prime Minister Boris Johnson plans to pull Britain out of the EU on January 31, after Brexit was repeatedly delayed amid wrangling in Westminster over the divorce terms.

But in the meantime, he has refused to fill Britain's seat on the commission and is now standing for re-election in a December 12 vote.

Von der Leyen expressed regret at Britain's decision and was markedly more conciliatory than her predecessor Juncker, who often made jokes about what he saw as London's great mistake.

"I have made no secret that I will always be a remainder. But I will also always respect the decision taken by the British people," she said.

"And whatever the future holds, the bond and the friendship between our people are unbreakable."

source: AFP

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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.