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IMF chief 'under investigation' over negligence claims

International Monetary Fund chief Christine Lagarde has been placed under formal investigation for negligence relating to a long-running political fraud case, an unnamed source has told Reuters.

Lagarde will appeal the French magistrates' decision to place her under formal investigation, saying the allegation of negligence was unfounded, the source stated.

IMF chief Christine Lagarde.
IMF chief Christine Lagarde has said the allegation of negligence was unfounded. Credit: Laura Lean/PA Wire

The inquiry into French businessman Bernard Tapie has embroiled several of former president Nicolas Sarkozy's cabinet members, including Lagarde, who was finance minister.

Tapie was awarded €403 million (£321 million) in a 2008 arbitration payment under Sarkozy's presidency to settle a dispute with the now-defunct state-owned bank Credit Lyonnais over a share sale in 1993.

French government offers resignation to president

France's prime minister Manuel Valls has presented the resignation of the government to the president following a row over economic policies.

Reuters
President Hollande has been dealt a blow with the resignation of his government. Credit: Reuters

A statement from Francois Hollande's office said a new government would be formed on Tuesday in line with the "direction he (the president) has defined for our country."

The news comes after two ministers publicly criticised the government's economic path over the weekend.

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France calls for coordinated action against Islamic State

France has said it would like the permanent members of the UN Security Council and regional countries, including Arab states and Iran, to coordinate action against Islamic State militants.

France has called for coordinated action against Islamic State militants.
France has called for coordinated action against Islamic State militants. Credit: REUTERS/Stringer

"In our minds and we hope that it will be possible, Foreign Minister Faurent Fabius said.

The UN Security Council's five permanent members are the US, UK, France, Russia and China.

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Cocaine worth £2m 'disappears from Paris police HQ'

The disappearance was reported to have taken place at police HQ in central Paris.
The disappearance was reported to have taken place at police HQ in central Paris. Credit: Reuters

Nearly 52 kilos of cocaine has disappeared from police headquarters in Paris, according to reports in the French press.

Le Parisien reports that the drugs - worth an estimated £2 million - were last seen on 23 July but were reported missing on Thursday, prompting an immediate inquiry.

The cocaine had reportedly been seized during a number of raids in July, and was said by France24 to have been kept in a room with an armoured door within the headquarters in the heart of Paris.

Le Pen refuses to endorse presidential candidate

National Front leader Marine Le Pen Credit: ITV News

The French far-right leader Marine Le Pen has addressed a rally in Paris. She told her voters to make their own choice in the May 6th presidential election runoff. The two leading candidates - Nicolas Sarkozy and François Hollande - have been competing for the votes of her supporters.

Marine Le Pen addressing crowds in Paris Credit: ITV News
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