LONDON | Thu May 23, 2013 6:09am EDT. LONDON May 23 (Reuters) - The Federal Reserve should stick with its asset-buying programme and adjust the pace depending on how economic data comes in, a top policymaker at the U.S.

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.

Thursday 10.30 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.

Ford is to cease production in Australia by 2016 and cut about 1,200 jobs - almost half its local workforce - after concluding the business case for producing vehicles locally �did not stack up�.

Flybe has announced the sale of all its take-off and landing slots at London Gatwick airport to Easyjet for �20m. The sale is part of a cost-cutting programme for the airline.

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.

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

A euro-area services and factory output gauge increased more than economists forecast in May, adding to signs the currency bloc is starting to emerge from its record-long recession.

Dairy Crest lifts full year profit LONDON (SHARECAST) - Cathedral City cheese maker Dairy Crest revealed improved full year adjusted pre-tax profit and said trading in the current year is in line with expectations.

United Utilities Plc (UU/), the U.K.'s largest publicly traded water company, said fiscal full-year profit rose 8.7 percent as higher prices helped counter lower volumes and a shift by customers to meters from fixed rates.