France to reduce debt

BRUSSELS: French finance minister Thierry Breton pledged on Friday that the country would start to reduce its excessive debt this year. “I made a commitment that the weight of the debt on GDP would be reduced by 2006,” Breton told media during a conference on the economic impact of ageing. The French debt in 2005 was bigger than expected, at 66.8 per cent of GDP, higher than 2004. — AFP

GM, union dispute

DETROIT: A federal judge dismissed a legal challenge to a deal that GM Corp reached with its main union to reduce the struggling automaker’s health care bills. A group of retirees had mounted a challenge to the deal because it would require them to pay more for their health care. While the retirees can appeal, the ruling means GM can now implement it. — AFP

Portugal meets target

LISBON: Portugal on Friday posted a public deficit of six per cent of GDP in 2005, twice the level allowed under EU rules but in line with the government’s target for the year. — AFP