• Reuters, Bloomberg

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Australian Prime Minister Malcolm Turnbull on Wednesday defended a decision to build a submarine fleet in partnership with France in Australia rather than opt for a faster build with initial work offshore.

Turnbull said Australia planned to sign a full contract with France’s DCNS Group by the end of the year after announcing that the state-owned naval contractor beat bidders from Japan and Germany to win one of the world’s most lucrative defense contracts, valued at 56 billion Australian dollars ($43 billion).

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