1st Jun 2023


Australia to pay France €555m for submarine fiasco

Australia has agreed to pay France €555m in compensation for walking out of a nuclear submarine deal in September 2021 in favour of a rival US bid, causing a diplomatic rift. "We are re-establishing a better relationship between Australia and France," Australian prime minister Anthony Albanese said Saturday. "I'm looking forward to taking up [French] president [Emmanuel] Macron's invitation to me to visit Paris at the earliest opportunity," he added.

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ECB: eurozone home prices could see 'disorderly' fall

The European Central Bank in its Financial Stability Review warned EU home prices could see a 'disorderly' fall as high mortgage rates are making houses unaffordable for households and unattractive for investors.

Adapting to Southern Europe's 'new normal' — from droughts to floods

Extreme weather events in recent months have worsened agricultural production in southern Europe, prompting concerns for authorities in Portugal, Spain, France and Italy. As countries will likely face dryer conditions, experts urge adaptation measures for the 'new normal'.

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