LONDON | Thu May 23, 2013 9:45am BST. LONDON (Reuters) - Britain's economy grew 0.3 percent in the first quarter as originally estimated, but consumer spending rose at its weakest pace since the third quarter of 2011.

China's manufacturing is contracting in May for the first time in seven months, adding to signs that economic growth is losing steam for a second quarter.

Thursday 09.10 BST. Global stocks are in sharp retreat, led by a savage plunge in Tokyo, as traders are spooked by the prospect of reduced central bank support and a slowing Chinese economy.

Speaking after he delivered the annual British Retail Consortium lecture, Tim Steiner said the reaction of Waitrose to Ocado's tie-up with Morrisons has been a �joke�.

The company sold its slots at the London airport to Easyjet for �20m, blaming an increase in airport charges. Flybe said it would continue all flights between the islands and other UK airports.

Halfords Group Plc (HFD), the U.K.'s biggest seller of bicycles, fell the most ever after announcing a surprise dividend reduction to boost investment in training workers, revamping stores and improving its Web business.

Mark Carney, says the UK is a "crisis economy" as it struggles to emerge from the global recession and the IMF says George Osborne needs to change tack.

Mothercare posted another big loss in the last financial year, but the UK retailer said it was making good progress with its turnaround plan.

The Euro STOXX 50 Volatility Index surged 18% to a 3-week high on Thursday, as weak Chinese macro data and worries the U.S. Federal Reserve could soon trim its stimulus measures dented investors' appetite for risk.

IMF chief Christine Lagarde has arrived at a court in Paris for questioning over a payout to a controversial tycoon during her time as finance minister.