NEW YORK--U.S. stocks joined a global selloff, opening lower as concerns that the Federal Reserve could tap the brakes on its stimulus measures mixed with fresh worry that economic growth in China is slowing.

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 rand, the worst performing emerging-market currency this year, halted its longest losing streak against the dollar in 25 years after the benchmark rate in Africa's largest economy was maintained.

British households will save �45bn, or �1,600 apiece, if the government hitches its electricity supply to low-carbon sources such as wind and nuclear rather than gas, a parliamentary advisory committee has estimated.