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The Intelligence from The Economist

Net losses: plunder of the oceans

The Intelligence from The Economist

The Economist

Global News, Daily News, News

4.53.7K Ratings

🗓️ 30 October 2020

⏱️ 21 minutes

🧾️ Download transcript

Summary

The staggering extent of illegal fishing, and its human and environmental costs, are only just becoming clear. We ask how to put a shadowy industry on a more even keel. The old guard likes to mock millennial investors, but they’re changing finance, possibly for the better. And as Berlin’s shiny new airport opens we ask: why is it nine years late? For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer

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Transcript

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0:00.0

Hello and welcome to the Intelligence on Economist Radio. I'm your host, Jason Palmer.

0:09.5

Every weekday we provide a fresh perspective on the events shaping your world.

0:18.5

Where do people get their stock tips? Well, it depends on how old they are. We take a

0:23.2

look at the habits and trends among millennial investors, how they're changing the day trading

0:28.4

game and what kinds of companies will be getting their attention.

0:32.4

And, seventh time lucky. Tomorrow, a new airport in Berlin will launch after six planned

0:39.5

grand openings. It's nine years behind schedule. Our correspondent goes along to a dress rehearsal

0:46.0

of sorts and explains that the airport's headaches aren't over yet.

0:50.2

But first, the world's oceans are under increasing pressure from fishing. Just a fifth of the

1:05.7

world's commercial species are sustainably caught. But the legal, known end of the industry

1:11.3

might literally be only the half of it. 20 to 50 percent of the global catch is illegal

1:17.3

or isn't reported or is woefully unregulated. That comes at an enormous cost and not just

1:24.0

to dwindling species. It robs poor coastal states of billions in revenue and much of it

1:29.6

wreaks havoc on underwater ecosystems. And the crews of all those ships are subject to

1:35.8

dangerous conditions, abuse and worse. Much of the illegal trade is just coming to light

1:45.6

thanks to new ways of spotting it. In particular, revelations about the vast number of what are

1:50.8

called dark fleets. Well, for a number of years, hundreds of rickety wooden fishing boats from

1:59.2

North Korea have washed up on Japanese shores. And it's been a mystery because the big question

2:05.9

is why these unseeworthy vessels have put so far out to sea in the sea of Japan, which is notorious

2:12.1

for its storms. Dominic Ziegler writes Banyan, the economist to column on Asian affairs.

2:19.9

Well, only this year has the mystery been solved. It turns out that nearly a thousand large industrial

2:26.2

sized Chinese fishing vessels have been heading every year into North Korean waters to suck up

...

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