Italian authorities arrested 68 people, including a priest and the head of a huge Catholic volunteer group, “Mercy,” and accused them of being in cahoots with a major mafia clan that allegedly skimmed millions in public funds destined for asylum-seekers at a welcome center in southern Italy. Source The Seatle Times
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France is to nationalise its biggest shipyard at St-Nazaire rather than allow it to pass into Italian ownership, its economy minister has announced. The nationalisation, which was confirmed on Thursday afternoon, will mark President Emmanuel Macron’s first major industrial policy intervention, and appears a far cry from the former banker’s usual philosophy. Source The Guardian
Spain’s economy grew by 0.9% in the second quarter thanks to improved exports and household spending.The growth figure, a first estimate from the National Statistics Institute (INE), suggests the country’s economy has finally grown back to the size it was before the credit crunch of 2008. Source: BBC News
U.K. lender Barclays reported a net loss of £1.21 billion ($1.58 billion) for the first half of 2017, hit by the fall in sterling, a charge from the mis-selling of payment protection insurance and a loss from the sale of its Africa unit. Source: CNBC