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BUSINESS Monday 18 deceMber 2017
A25

Christmas tail: Europe deal could slow yuletide lobster biz

By PATRICK WHITTLE ment Implementation Act,
Associated Press or CETA, cleared their final
PORTLAND, Maine (AP) hurdle in May. The tariffs for
— A trade deal between fish and seafood had been
Canada and the European averaging 11 percent, and
Union could amount to a the EU is the biggest import-
lump of coal for the U.S. at er of seafood in the world,
Christmastime. importing nearly $300 mil-
The Christmas season is typ- lion in American and Ca-
ically a busy time of year nadian lobster last year.
for American seafood ex- The rules are taking ef-
porters, as the type of lob- fect as American lobster
ster that is native to North exports to some key Euro-
America is popular in some pean nations have tailed
European countries around somewhat in recent years.
the holiday. But Canada Exports to France fell from
and the EU brokered a deal more than $42 million in
this year that gets rid of tar- 2006 to less than $27 mil-
iffs on Canadian lobster ex- lion in 2016. Spain’s imports
ports to the 28-nation bloc. dipped from $51.6 million
Canada, the world’s other to $42.6 million in that time,
major lobstering nation, and business is also down
is now at an economic slightly in Italy, another ma-
advantage over the U.S. jor importer.
Members of the U.S. lob- Canada’s lobster exports to In this Thursday, Dec. 10, 2015, file photo, live lobsters are packed and weighed for overseas
ster industry, which is based the European Union, mea- shipment at the Maine Lobster Outlet in York, Maine.
in New England, said ex- sured in Canadian dollars, Associated Press
ports to Europe have been grew from about $88 million ican shippers during slower Europe. The country’s lob- for processing and even-
pretty typical this year, but in 2013 to more than $192 parts of the year, said ster fleet, based mostly in tually find their way to Eu-
they’re worried about the million last year, according Stephanie Nadeau, owner Maine and Massachusetts, rope and beyond, said
future. to statistics provided by the of The Lobster Company caught a record of 158.5 Jerry Amirault, president of
“Dealing with Christmas Canadian government. in Arundel, Maine. There million pounds (71.9 mil- the Lobster Processors As-
orders, there’s going to be The value of the Canadian might be enough demand lion kilograms) of lobster in sociation of Nova Scotia
more pressure, and then dollar has slid to about 78 to go around in busy times 2016. Some in the fishery and New Brunswick.
the next year there’s go- cents on the American dol- such as Christmas, but it suspect a lower figure in “We have a very close re-
ing to be even more,” said lar in that time. could dry up during the 2017, but statistics won’t be lationship with U.S. land-
Spencer Fuller, a lobster Meanwhile, lobster exports slow season, she said. compiled until early next ings,” he said.q
buyer for Cozy Harbor Sea- to Asia have exploded. “It puts us at a huge disad- year.
food in Portland, Maine. China imported less than vantage,” she said. “When In Canada, members of
“It’s on the horizon.” $800,000 in U.S. lobsters in it’s slow, it’s really going the lobster industry cheer
The new trade rules, called 2006 and took in more than to hurt the domestic ship- both the high catch vol-
the Canada-European $108 million last year. pers.” umes and the relaxed
Union Comprehensive Eco- The trade rules could in- The U.S. has more than trade rules. A lot of U.S. lob-
nomic and Trade Agree- stead end up hurting Amer- enough lobsters to send to sters get sent to Canada

As Bitcoin, other currencies soar, regulators urge caution

By KEN SWEET currencies. And another “The SEC has given so many but separate from the cur-
AP Business Writer federal agency is now pro- warnings now that people rencies is an event known
NEW YORK (AP) — The pub- posing to regulate bitcoin should know they are on as an initial coin offering,
lic’s interest in all things bit- trading like other regulat- notice,” said Joshua Klay- or ICO, which allow start-
coin and efforts by entre- ed commodities such as man, a lawyer with the firm ups to use the technology
preneurs to fund their busi- wheat, oil, gold and silver. Morrison & Foerster who behind bitcoin, known as
nesses with digital curren- Just this month, the SEC specializes in legal issues re- blockchain, to fund proj-
cies is starting to draw more halted two attempts to lated to digital currencies. ects.
attention from regulators. raise money through The world of bitcoin and With an ICO, a startup will
The head of the Securities what’s known as an initial digital currencies can be issue a currency, or some-
and Exchange Commission coin offering. Legal experts split into large branches. times called a token, that
this week warned investors believe this signals that a There are investors who buy can be used to buy servic-
on the risks of investing in crackdown on sketchy of- the currencies like bitcoin es with the company.q
largely-unregulated digital ferings is coming. and ethereum. Related