Australia to compensate France after ditching billion-dollar submarine deal

Australia recently unveiled a substantial compensation deal with French submarine maker Naval Group. The deal ended a contract dispute that soured relations between Canberra and Paris for almost a year. Australian PM Albanese said the French firm agreed to a 'fair & equitable settlement' of 555 million Euros. The dispute erupted when Australia ended a decade-old multi-billion-dollar submarine contract. The spat caused leader-level recriminations & threatened to torpedo talks on E.U.-Australia trade agreement. French Defence Minister said, the compensation deal 'permits us to turn a page in Australia ties & look to the future'. The Australian pm stated he'd travel to France soon to 'reset' a relationship beset by 'pretty obvious' tensions.