Most correct way to do this would be to use WordPress translations.
You should replace this static text with:
<?php _e('YOUR TEXT', 'your_text_domain'); ?>
And add text domain to your theme.
More on this topic: http://codex.wordpress.org/I18n_for_WordPress_Developers
You can also…
… use qtrans_useCurrentLanguageIfNotFoundUseDefaultLanguage
function.
Just use it like so:
<?php echo qtrans_useCurrentLanguageIfNotFoundUseDefaultLanguage('<!--en:-->Latest News<!--:--><!--fr:-->dernières Nouvelles<!--:-->'); ?>