Paris

French investment bank says loss not as large as reported

Natixis LogoParis - After denying that it had lost nearly 1 billion euros (1.26 billion dollars) in trading last month, French investment bank Natixis on Wednesday said it had incurred losses of about one fourth that amount.

In a statement, Natixis said its trading losses for October totalled about 250 million euros and were due to an "extremely difficult (market) that was without precedent for its activities."

The investment bank also said it had made provisions of another 250 million euros in October because of the risks associated with the finance crisis.

Algerian parliament approves third presidential term

Algiers, Paris - As expected, lawmakers in both houses of the Algerian parliament on Wednesday voted by an overwhelming majority in favour of a constitutional amendment allowing President Abdelaziz Bouteflika to serve a third term.

A total of 520 deputies voted yes on the five amendments presented - which would also severely limit the powers of the prime minister - while 21 voted against the measures and 8 abstained.

To be passed, the project had to receive the support of at least three quarters of the lawmakers sitting in both houses of the parliament.

As a result of the vote, the 71-year-old Bouteflika could take up his third five-year term in the spring of 2009, if his health allows him to stand again.

Algerian parliament to vote on third presidential term

Floods kill at least 33 in AlgeriaAlgiers, Paris - Both houses of the Algerian parliament convened on Wednesday to vote on a constitutional amendment allowing President Abdelaziz Bouteflika to serve a third term.

The five amendments up for vote - which would also severely limit the powers of the prime minister - must receive the support of at least three quarters of the 525 lawmakers sitting in both houses of the parliament.

French railway attack suspects belong to radical left-wing group

Paris, FranceParis - Ten people arrested for a recent series of attacks on French railway lines are said to belong to a small left-wing extremist group intent on carrying out acts of disruption, French media reported on Wednesday.

Five of the 10 suspects - including the alleged leader of the group, a 34-year-old names Julien - were living in a small village in the department, or region, of Correze in central France when they were taken into custody early Tuesday. Others were arrested in Paris and Rouen.

French investment bank denies massive trading loss

Paris - French investment bank Natixis on Wednesday denied a media report that it had lost 975 million euros (1.23 billion dollars) in trading last month.

The business daily La Tribune had reported the massive loss earlier Wednesday, and claimed that Natixis is to issue a fourth-quarter profits warning.

According to the report, the losses were registered in trading with shares as well as currencies and interest rates.

There was no indication in the report that the alleged loss was due to unauthorized deals carried out by a small group of traders, as was the case with Natixis's parent company Caisse d'Epargne, which lost 751 million euros in early October.

Segolene Royal set to announce candidacy for party leadership post

Paris - Segolene Royal, the defeated Socialist Party candidate in last year's French presidential election, is expected to announce later Wednesday that she is a candidate to replace her former partner as party chief, French media reported.

The party will elect a successor to its current head, Francois Hollande, during its next congress, which is due to begin Friday in the city of Reims.

Royal's heavy defeat at the hands of President Nicolas Sarkozy in May 2007 threw the Socialists into disarray, with many of the party's old guard, such as former prime minister Lionel Jospin, harshly criticizing the campaign she ran and her attempt to forge an alliance with centrist Francois Bayrou.

Pages