US announces easing visa and family remittance restrictions for Cuba
May 17, 2022, 5:29 am

US announces easing visa and family remittance restrictions for Cuba

USA-Santa Barbra-California-Flag of USA/Pixabay

The Arabnews reported, citing the Associated Press, the United States said Monday (May 16) it is easing restrictions imposed during former president Donald Trump’s administration on travel to Cuba and sending of family remittances between the United States and the communist island.

The State Department said: “The Cuban people are confronting an unprecedented humanitarian crisis and our policy will continue to focus on empowering the Cuban people to help them create a future free from repression and economic suffering."

The loosening of the embargo on Cuba will see increased visa processing, including at the Havana consulate, but with most visas still handled at the US embassy in Guyana.

Havana, the capital city of Cuba (Photo: Pixabay)

The statement said it will “facilitate educational connections” between the two countries, as well as support for professional research including “support for expanded Internet access and remittance process companies.”

To boost the flow of remittances, the US government will lift the current limit of $1,000 per quarter for each sender, and also allow non family remittances to “support independent Cuban entrepreneurs.”

US criticizes Cuba's regime for failing to meet people's basic needs

Senator Bob Menendez, chairman of the Senate Foreign Relations Committee and a member of President Joe Biden’s Democratic Party, denounced the lifting of some restrictions, saying that the Cuban regime “continues its ruthless persecution of countless Cubans from all walks of life” following unprecedented street protests last year.

He said in a statement, the easing of travel “risks sending the wrong message to the wrong people, at the wrong time and for all the wrong reasons. Those who still believe that increasing travel will breed democracy in Cuba are simply in a state of denial. For decades, the world has been traveling to Cuba and nothing has changed.”

The thaw comes in the wake of a series of mysterious illnesses suffered by US personnel and family members in Cuba in what has become to be known as “Havana Syndrome.”

US condemns targeting peaceful protesters in Cuba

US officials say they have yet to determine exactly what happened in the incidents but a senior official told reporters that there is an “appropriate security posture.”

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.