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.

LONDON | Thu May 23, 2013 1:16pm BST. LONDON (Reuters) - Financial Conduct Authority (FCA) said it has fined a wealth management unit of U.S.

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.

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.