Saturday Papers: Euro pares gains as risk rally slows - other news

Financial Times

* The FTSE All-World equity index was up 0.7 per cent; the S&P 500 also ended up 0.7 per cent; the FTSE 100 closed higher by 0.5 per cent; Hong Kong added 1.6 per cent and the Nikkei 225 in Tokyo rose 0.5 per cent.

* The global money market funds enjoyed their biggest weekly inflows in 18 months, absorbing $33.5bn, EPFR Global said, amid fears that a double-dip recession in the developed world could send financial markets tumbling.

* Michael Page International shrugged off concerns over a double-dip recession and reported a rise in demand for permanent staff; the company said hiring activity had increased in the banking, sales, retail and legal professions, bolstering its second-quarter profits by a third.

* The UK commercial property market will not regain the value lost during the crash for more than 15 years, says BNP Paribas Real Estate in a report published on Friday.

* Berlin and Paris are pressing ahead with their bank levy plan and have raised the issue for discussion at the EU’s next meeting of finance ministers.

* Google said on Friday that Beijing had renewed its operating licence.

* The European Central Bank has given the clearest hint yet that its controversial government bond purchases could end as

financial market tensions ease and economic prospects improve.

* Many more iTunes accounts have been hacked than the 400 Apple depicted as an isolated case of fraud by a rogue iPhone app developer, experts believe.

* The UK medicines regulator approved Botox for the prevention of severe migraine.

* Coalition ministers have told Britain’s leading arts figures to embrace US-style fundraising techniques to make up for a sharp reduction in public subsidy.