Saturday Papers: US jobs data allay double dip concerns - other news

Financial Times

* Fears of a double-dip recession in the US were allayed on Friday by data showing that the private sector had created 235,000 jobs in the past three months; the addition in August was better-than-expected 67,000 jobs.

* The S&P 500 on Wall Street is up 1.3%; the FTSE All-World equity index is up 1.2%; the FTSE Asia-Pacific index rose 0.5%; Japan’s Nikkei 225 finished 0.6% higher; South Korea’s Kospi and Australia’s S&P/ASX 200 both added 0.2%; China was mixed, with the Shanghai Composite down 0.1% but Hong Kong registered a 0.3% gain.

* Bill Gates and Warren Buffett are travelling to China to host newly minted Chinese tycoons to sell them on the value of philanthropy.

* A survey conducted by the Home Builders Federation has showed that deposits on new properties have dropped below those recorded in 2008, the nadir of the market.

* Lloyd’s bell tolls for historic practice as insurance brokers turn to iPads.

* Regulators launched the first antitrust review of Google’s search and advertising practices in the US.

* European nations approved an overhaul of how their banks and markets are supervised.

The Daily Telegraph

* Greece’s austerity measures cannot prevent default and will lead to a breakdown of the political order if continued for long, Hans-Werner Sinn, head of the prestigious IFO Institute in Munich has warned.

* UK and France won't share aircraft carriers, says Defence Secretary Liam Fox.

* The Chinese Government holds the largest stockpile of currency reserves at $2.45 trillion (£1.59 trillion), with 65% held in dollars, 26% in euros, 5% in pounds, and 3% in yen.