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.

Thursday 14.30 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.

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.

... Off. � US jobs numbers better-than-expected; markets down � US manufacturing falls to seven month low � UK Q1 GDP unrevised at 0.3pc in second estimate � Markets tumble after unexpected China figures � China factory activity falls for first time in 7 ...