LONDON--Inflation in the U.S. needs to climb back toward the 2% target before the Federal Reserve should consider slowing the pace of its asset purchases, a senior Federal Reserve official said Thursday.

Cutting the number of its high street stores helped Mothercare narrow losses in its UK division as the retailer attempted to yank its struggling home market into profitability by 2015.

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 12.30 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.

LONDON | Thu May 23, 2013 12:41pm BST. LONDON (Reuters) - Britain's Financial Conduct Authority (FCA) said it has fined a wealth management unit of U.S.

Business leaders and politicians have raised concerns over the future of Inverness's links with London Gatwick. A three-times-a-day service operated by Flybe is in doubt following the airline's decision to sell all of its take-off and landing slots at Gatwick.

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.

Thu May 23, 2013 7:07am EDT. * Pretax profit falls 22 pct to 72 mln stg. * Unveils 100 mln-stg plan to invest in retail business. * Cuts dividend, profits to be hit until 2016.

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 ...

United Utilities, the country's biggest listed water company, showed today just why there is so much takeover interest in the sector with an 8.7% jump in pre-tax profit to �304.7 million.