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Stop overfishing or we’ll buy elsewhere, top UK fish firm warns European states

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Stop overfishing or we’ll buy elsewhere, top UK fish firm warns European states

The UK’s largest seafood processor is threatening to stop sourcing fish from the north-east Atlantic unless coastal states, including the UK and countries in the EU, reach a suitable agreement on managing populations this month.

Young’s Seafood has joined Tesco, Co-op, Princes, Aldi, Asda, Waitrose, Marks & Spencer and other retailers and suppliers in calling for urgent action from ministers to manage populations of mackerel, herring and blue whiting more sustainably.

For more than a decade, states fishing in the north-east Atlantic have been unable to agree quotas in line with sustainable limits set by scientists. The result has been a decline of all three populations. In total, catches have exceeded sustainable limits by 4.8m tonnes since 2015.

The crisis has led all three fisheries to lose their sustainable certification from the Marine Stewardship Council.

Young’s said disputes over catch quotas between coastal states including Norway, Iceland, Russia and the Faroe Islands, were “risking the health” of valuable fish populations and “driving businesses to speak up” on the issue.

The company has written to mackerel-fishing countries, which are meeting in London this week to agree shared stock management for the three species, urging them to “put aside national interests” and agree to sustainable measures. It calls for following scientific advice, adopting long-term management plans and employing dispute-resolution mechanisms.

“Young’s considers that the unilateral setting of quotas is an unacceptable threat to shared-stock fisheries and that the coastal states involved in these fisheries should support securing an agreement on total allowable catches in line with ICES [International Council for the Exploration of the Sea] advice and strive for a long-term science-based management agreement,” the company said in a statement.

The company is a founding member of the North Atlantic Pelagic Advocacy group (Napa), a coalition of 50 retailers and suppliers representing nearly €250bn (£210bn) in purchasing power, set up after MSC certification was lost for mackerel in 2019.

This year alone, quotas for mackerel, Atlanto-Scandian herring and blue whiting in the north-east Atlantic have been set above scientifically advised limits by 41%, 35% and 25% respectively.

Dr Tom Pickerell, a marine biologist at Napa, said: “We are taking too much out each year. We are not yet in the position where they are overfished, but we are heading that way if things don’t change.”

The climate crisis has resulted in shifts in the distribution of the fish populations and each country has set its own unilateral quotas in their own self interests.

Rupert Howes, chief executive of the Marine Stewardship Council, said: “The most worrying thing is the stocks are trending down and that’s why they lost the MSC certification. There is a growing voice from the market, which is saying this needs to be resolved.”

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Business

NBS Says Price Of Kerosene Hit N1, 041 per Litre In October

The National Bureau of Statistics (NBS), has disclosed that the average retail price of Household Kerosene (HHK) paid by consumers in October was N1, 041.05 per litre.

The NBS stated in its “National Household Kerosene Price Watch” for October 2022 that the average price was a 9.90 per cent increase over the N947.30 per litre recorded in September 2022.

“On a year-on-year basis, the average retail price per litre of the product increased by 145.87 per cent from N423.42 recorded in October 2021.”

On state profile analysis, the report showed that the highest average price per litre of kerosene in October 2022 was recorded in Cross River at N1,304.17, followed by Enugu at N1,300.00 and Lagos at N1,294.44.

Conversely, it said the lowest price was recorded in Borno at N783.33, followed by Rivers at N804.17 and Bayelsa at N805.67.

The NBS said that analysis by zone showed that the South-East recorded the highest average retail price per litre of Kerosene at N1,191.14, followed by the South-West at N1,142.60.

It said the North-East recorded the lowest average retail price per litre of kerosene at N905.18.

The report said the average retail price per gallon of kerosene paid by consumers in October 2022 was N3,516.87, indicating an 8.67 per cent increase from N3,236.27 recorded in September 2022.

”On a year-on-year basis, the average price per gallon of kerosene increased by 126.46 per cent from N1,552.96 recorded in October 2021.”

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No Plan To Introduce N5,000 Note- CBN

The Central Bank of Nigeria (CBN) says it has no plan to introduce N5,000 denominated banknote as being speculated by some sections of the society.

Ahmed Umar, the Director, Currency Operations of CBN clarified this at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), for members of the Financial Correspondents Association of Nigeria (FICAN) and Business Editors.

The News Agency of Nigeria (NAN) reports that the workshop, which opened on Monday in Port Harcourt, has as its theme: “Building Depositors Confidence Amidst Emerging Issues and Challenges in the Banking Industry.”

Umar who spoke on the topic, “Redesign of the Naira: Benefits to the financial system and the Nigerian economy”, said the apex bank was not carrying out note restructuring.

“We are not introducing any new note because there was noise, some people have seen one N5000 note that we don’t know about,” he said.

Umar was represented by Amina Halidu-Giwa, the Head, of the Policy Development Division, Currency Operations Department of the bank.

He explained that if the apex bank wanted to carry out note restructuring, it would need to coin the lower bills, like the N100 note for example.

He also said that the apex bank had not made any provision for exchange in the redesigned note, adding that what it was printing would only replace the currencies withdrawn.

“What we are printing is going to be very limited because we want other means of settling transactions to be used.

“Because of Nigerians and cash, there seems to be a problem. And it will give us enhanced visibility and control of the currency.

“We will also be able to control the number of banknotes outside,” he said.

The News Agency of Nigeria (NAN) reports that videos of some bundles of new N5,000 notes with the name of the Central Bank of Nigeria clearly printed on them, circulated on WhatsApp immediately after the apex bank announced plans to redesign the N200, N500, and N1,000 notes in October.

(NAN)

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Business

Jaiz Bank Relocates Head Office To Abuja

Jaiz Bank Plc has relocated its Head Office to its own building, Jaiz Bank House, in Garki, Abuja.

A statement by the company on Tuesday said the movement coincides with the 10th anniversary of the bank.

The bank commenced operations in 2012, with three branches in Abuja, Kano and Kaduna.

It currently has 46 branches across Nigeria.

The statement said the new Head Office would provide the bank with more visibility, enlarged space and enhanced capacity to deliver excellent service to its stakeholders.

“The management is thankful to its esteemed customers and shareholders who have continued to support the bank all along and appreciates the hardworking staff for their dedication to duty.

“In the non-interest banking space in Nigeria, Jaiz Bank controls over 62% assets, which is supported by its robust gross income of N23.74 billion as at end of September 2022 from N18.78 billion at the end of September 2021, representing “26.34% increment.”

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