France is set to nationalise its biggest shipyard at St-Nazaire rather than allow it to pass into Italian ownership. The future of the STX France shipyard has provoked controversy, after the collapse of its South Korean owner, STX last year. Such a deal would allow the Italian firm to control a site of strategic interest for France, as well as potentially leaving thousands of French jobs more vulnerable in a downturn. Macron’s economy minister, Bruno Le Maire, had withdrawn that agreement and instead proposed a 50-50 share with the Italians, an offer that expired on Thursday, prompting nationalisation. Macron’s approval ratings in France have plunged as he starts to enact parts of a manifesto that promised tax and benefit cuts.

Source: The Guardian July 27, 2017 12:11 UTC