Britain's red postboxes are going check.

Live from the UK, this is the Marketplace Morning Report from the BBC World Service.

I'm Leanna Byrne. Good morning. So when you imagine Britain, you might think of the bright red postboxes on the streets or the Royal Mail van and the uniformed mail carrier making their rants.

It's a service that's been woven into the

fabric of the UK for over 500 years, stretching back to the days of Henry the 8th. The government

listed the service on the stock market just over 10 years ago. Now it's entering a new chapter,

moving into foreign ownership for the first time. After Czech billionaire, Daniel Kutanski

bought it for approximately $4.5 billion. Here's the BBC's Simon Jack.

Daniel Kretinsky's proposed takeover of Royal Mail was called in for a security review in the summer

as the 500-year-old company is considered a vital part of national infrastructure.

The government has approved the deal after Mr Kratinsky's EP group made commitments, including granting the government a golden share, which would require ministerial approval for any change

in Royal Mail's future ownership, UK headquarters or tax residency.

Workers have been offered a 10% share of any future dividends

and a guarantee of no compulsory redundancies

until a planned review to the one price goes anywhere

at Universal Service is complete.

An obligation Mr Kretinsky told the BBC

he would honour, in his words, as long as he is alive.

Simon Jack there. Now, let's do the numbers.

France's economic troubles just got harder to ignore.

Moody's has downgraded the country's credit rating, which is pushing up borrowing costs.

The downgrade follows political upheaval over budget cuts.

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