France threatens to turn lights off in Jersey over Brexit fish row

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Updated 05 May 2021
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France threatens to turn lights off in Jersey over Brexit fish row

  • With a population of 108,000, Jersey imports 95 percent of its electricity from France

PARIS: France has suggested it could cut power supplies to the British Channel Island of Jersey if its fishermen are not granted full access to UK fishing waters under the post-Brexit trading terms.

Seas Minister Annick Girardin said she was “disgusted” to learn that Jersey had issued 41 licenses with unilaterally imposed conditions, including the time French fishing vessels could spend in its waters.

“In the (Brexit) deal there are retaliatory measures. Well, we’re ready to use them,” Girardin told France’s National Assembly on Tuesday.

“Regarding Jersey, I remind you of the delivery of electricity along underwater cables ... Even if it would be regrettable if we had to do it, we’ll do it if we have to.”

With a population of 108,000, Jersey imports 95 percent of its electricity from France, with diesel generators and gas turbines providing backup, according to energy news agency S&P Global Platts.

Jersey’s government said that France and the EU had expressed their unhappiness with the conditions placed on the issuance of fishing licenses. Jersey’s External Relations Minister Ian Gorst said the island had issued permits in accordance with the post-Brexit trade terms, and that they stipulated any new license must reflect how much time a vessel spent in Jersey’s waters before Brexit.

The rocky island sits just 14 miles (23 km) off the northern French coast and 85 miles (137 km) south of Britain’s shores. The French threat is the latest flare up over fishing rights between the two countries.

Last month, French trawlermen angered by delays to licenses to fish inside British waters blocked lorries carrying UK-landed fish with burning barricades as they arrived in Boulogne-sur-Mer, Europe’s largest seafood processing center.


Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

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Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.

On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.

The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.

According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.

The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.

The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.

The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.

Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.

The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.

Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.

Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.

The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.

Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.