LONDON (MarketWatch) -- Bowing to pressure from students and unions, French President Jacques Chirac on Monday unveiled plans to scrap a controversial youth-labor contract that spawned weeks of strikes and led to a complete political stalemate. The first-job contract, also known as CPE, will be replaced by an initiative focused on youths from troubled backgrounds. "The president of the republic has decided to replace Article 8 of the law on equal opportunities with measures in favor of the professional insertion of young people in difficulty," a statement from Chirac's office said. The move comes as a terrible blow to Prime...