By Richard Hubbard. LONDON | Thu May 23, 2013 3:08pm BST. LONDON (Reuters) - World stocks fell and measures of investor risk aversion surged on Thursday on signs the U.S.

The boss of Flybe has hit out at "punitive" charges and taxes that have pushed the troubled regional airline to end flights in and out of London from next March.

The group's total pre-tax loss fell to �21.5m in the year to March 30, from �102.9m a year ago when it was hit by a �55m impairment charge related to its acquisition of the Early Learning Centre.

The updated figures from the Office for National Statistics showed that the UK's dominant services sector, which accounts for three quarters of national output, drove the recovery - growing 0.6pc over the three months.

Concern the Federal Reserve is poised to reduce its program to stimulate the U.S. economy hit European financial markets hard after causing turmoil in Asia.

The new regulator said the unit was unable to show it was giving clients the right advice. "Although no detriment to customers has been identified to date, the failings exposed customers to the risk that they would be given incorrect advice and inappropriate ...

SABMiller, the world's number two brewer, lifted group revenues 7 per cent to $34.5bn in the year to March 31, despite an outburst of social unrest in Colombia that prompted the government to curb trading hours in bars.

The rules, known as "Solvency II", would have required schemes to hold more much money in reserve. Experts say that their introduction would have caused every remaining pension scheme in the private sector to close.

The benefits of UK investment in renewable power that will add �100 a year to household energy bills are in jeopardy and should be bolstered with an approach that would add a further �20, the government's climate watchdog has said.

The veteran investor's private equity fund Quantum Strategic Partners has backed the infrastructure effort. Hyperoptic is extending its fibre optic cables all the way into homes, allowing it to provide internet access at one gigabit per second, more than 10 times ...