S&P 500   4,574.79
DOW   35,756.88
QQQ   379.12
S&P 500   4,574.79
DOW   35,756.88
QQQ   379.12
S&P 500   4,574.79
DOW   35,756.88
QQQ   379.12
S&P 500   4,574.79
DOW   35,756.88
QQQ   379.12

France says Australia-US submarine deal 'huge mistake'

Saturday, September 18, 2021 | Rod Mcguirk, Associated Press


In this Aug. 25, 2019, file photo, French Ambassador in charge of the G7 summit preparations Jean-Pierre Thebault in Biarritz, southwestern France. Thebault, the French Ambassador to Australia has been recalled to Paris, Friday Sept. 17, 2021, over the surprise cancellation of a submarine contract between Australia and France. (Ludovic Marin/Pool via AP,File)

CANBERRA, Australia (AP) — France’s ambassador to Australia has described as a “huge mistake” Australia’s surprise cancellation of a major submarine contract in favor of a U.S. deal, as the diplomat prepared to leave the country in an unprecedented show of anger among the allies.

French envoy Jean-Pierre Thebault delivered his comments Saturday as he left his residence in the capital of Canberra.

“This has been a huge mistake, a very, very bad handling of the partnership,” Thebault said, explaining that the arms agreement between Paris and Canberra was supposed to be based “on trust, mutual understanding and sincerity."

Paris recalled its ambassadors to Australia and the United States on Friday to protest a deal among the United States, Australia and Britain to supply Australia with a fleet of at least eight nuclear-power submarines.

The deal scraps a 90 billion Australian dollar ($66 billion) contract with French majority state-owned Naval Group, signed in 2016, to build 12 conventional diesel-electric submarines.

“I would like to be able to run into a time machine and be in a situation where we don’t end up in such an incredible, clumsy, inadequate, un-Australian situation,” the French ambassador added.

Australian Foreign Minister Marise Payne’s office earlier had issued a statement responding to the diplomat's recall and noting Canberra's “regret” over its ally's withdrawal of its representative.

“Australia understands France’s deep disappointment with our decision, which was taken in accordance with our clear and communicated national security interests,” the statement said. It added that Australia values its relationship with France and looked forward to future engagements together.

Payne and Defense Minister Peter Dutton are currently in the United States for annual talks with their U.S. counterparts and their first with President Joe Biden’s administration.

Before he was recalled, French envoy Thebault said on Friday he found out about the U.S. submarine deal: “Like everybody, thanks to the Australian press.”

“We never were informed about any substantial changes,” Thebault said. “There were many opportunities and many channels. Never was such a change mentioned.”

After the U.S. deal was made public this week, Prime Minister Scott Morrison said he told French President Emanuel Macron in June that there were “very real issues about whether a conventional submarine capability” would address Australia’s strategic security needs in the Indo-Pacific.

Morrison has not specifically referred to China's massive military buildup which had gained pace in recent years.

Morrison was in Paris on his way home from a Group of Seven nations summit in Britain where he had talks with soon-to-be-alliance partners Biden and British Prime Minister Boris Johnson. Thebault said he had also been at the meeting with Macron and Morrison.

Morrison mentioned “there were changes in the regional situation,” but gave no indication that Australia was considering changing to nuclear propulsion, Thebault said.

“Everything was supposed to be done in full transparency between the two partners,” he added.

Thebault said difficulties the project had encountered were normal for its scale and large transfers of technologies.

French Foreign Minister Jean-Yves Le Drian said in a statement on Friday that recalling the two ambassadors, on request from Macron, “is justified by the exceptional seriousness of the announcements” made by Australia and the United States.

Le Drian said Australia’s decision to scrap the submarine purchase in favor of nuclear subs built with U.S. technology is “unacceptable behavior between allies and partners.”

Senior opposition lawmaker Mark Dreyfus called on the Australian government to fix its relationship with France.

“The impact on our relationship with France is a concern, particularly as a country with important interests in our region,” Dreyfus said.

“The French were blindsided by this decision and Mr. Morrison should have done much more to protect the relationship,” he added.


7 Forever Stocks That Are Never Bad to Buy

Investors thought 2021 would be a less volatile year. That narrative has run into some problems. Sure, all the major indexes are up for the year. And that’s despite the NASDAQ’s gut-wrenching 10% drop in March.

But many investors don’t feel much like celebrating. In fact, many are concerned about the liquidity that continues to be pumped into the stock market. In 2020, the pandemic flooded the economy with $6 trillion dollars of stimulus.

However, in the last few months, the Federal Reserve has introduced another $6 trillion into the economy. We would have stopped counting, but the math is pretty easy. It’s $12.3 trillion that has flooded into the economy.

Eventually, this is going to end badly. But timing the market is an imperfect science particularly when many investors are enjoying the game.

Fortunately, there’s a way to safeguard your portfolio without abandoning equities. That has to do with investing in forever stocks. Forever stocks aren’t magic beans. They don’t go up forever. But they are stocks that have stood the test of time. And investing in these stocks will keep your portfolio heading in the right direction.

With that in mind, we’ve put together this special presentation that showcases seven of these forever stocks. These are all stocks that are household names, but that’s kind of the point. You don’t need special knowledge. You just have to recognize that these are companies that consistently do right by their shareholders.

View the "7 Forever Stocks That Are Never Bad to Buy".


Resources

Premium Research Tools

MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools.

Discover All Access

Market Data and Calendars

Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.

View Market Data

Investing Education and Resources

Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more.

Financial Terms
Details Here
MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.