Part of loot is recovered during arrest of three suspects and more is found in bag dropped by one of two men still at large

French police have recovered some of the jewels worth an estimated €4m (£3.5m) that were looted from the Ritz hotel in central Paris on Wednesday evening, a police source has told AFP, as officers hunt for two thieves who remain on the run.

A gang of five masked men armed with axes and knives smashed the display windows of jewellery shops on the ground floor of the hotel on rue Cambon, near the Place Vendôme, at about 6.30pm (5.30pm GMT).

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