Markets: The global retreat in equity markets continued on Friday, with bourses weakening across Asia-Pacific. FT Global Market Overview The dollar soared on the first trading day of 2014, as expectations of a resurgent U.S. economy lured investors from around the world. The euro was the most high-profile victim of the greenback's surge. Its 0.6% drop, to $1.3670, was the biggest one-day percentage decline against the dollar since November. Conditions in China's services sector dropped to their weakest point since August last month, consistent with a slowdown in the manufacturing sector seen earlier this week. The non-manufacturing index fell from 56 in November to 54.6 in December, the survey from the China Federation of Logistics & Purchasing says. FastFT The world's factories roared into life towards the end of 2013 as manufacturing activity delivered its fastest growth in almost three years, fuelling hopes that the global recovery will accelerate this year - the global purchasing managers" index for December rose to its highest reading since April 2011 at 53.3 last month, up from 53.1 in November. UK energy chiefs face Labour accusations of overcharging: A disputed Labour analysis of official figures says consumers have been overcharged by £4bn, £150 a household, over the past three years because energy suppliers are inflating prices to make extra profits from their own power plants, or striking expensive deals that cost more than the average market rate. Mandiant, a US cyber security company at the forefront of fighting a new wave of cyber attacks, has been bought for more than $1bn, in a deal that highlights the growing concern about government-backed online spying from China and the US National Security Agency. In the largest US cyber security deal in recent years, FireEye, a New York-listed cyber threat detection company, has acquired Mandiant, the security technology company that last year accused the Chinese military of hacking more than 100 US companies. Rémy Cointreau, the Cognac producer, said on Thursday that Frédéric Pflanz would step down as chief executive after three months at the helm. British department stores group House of Fraser expects to be listed by the end of the year even as it remains in exclusive talks regarding a potential takeover by its French counterpart Galeries Lafayette, the Times of London reported the chief executive officer of the department store chain as saying. Reuters China's biggest producer of rare earths, the Inner Mongolia Baotou Steel Rare Earth Group, has acquired nine regional mining companies as part of a government masterplan to consolidate the sector. JPMorgan halts Latvia dollar deals after probes, group Says: The bank "which has been told by U.S. regulators to bolster money-laundering safeguards, has stopped clearing dollar transfers for Latvian lenders, according to the Baltic nation's banking association... The exit of the U.S."s largest bank leaves Deutsche Bank AG and Commerzbank AG as the only two Western lenders Latvian banks can use for international dollar transfers." Bloomberg Puerto Rico, whose bonds face a downgrade to junk, plans to issue long-term debt in the next few weeks, according to a spokeswoman. It will be its first sale since August. (Bloomberg) Archives 1984: Redwood's (fairy) tale of the Big Bang (Financial Times) The sacred cow of Indian politics (Financial Times) Let's treat the jobless like animals (Financial Times) Bong bonds (Lex) Casinos" worrying knack for consumer manipulation (Financial Times) China's runaway train is running out of track (Bloomberg Chovanec)