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Morning Wrap: need to know business stories

Top stories from around the web.

UK watchdog swoops on asset managers (FT)

The UK’s new City regulator is swooping on the London offices of the world’s biggest banks and asset managers in a new probe aimed at a lucrative City business – helping pension funds make big changes to their investment portfolios.

The site visits, people familiar with the situation said, are the most dramatic example yet of the Financial Conduct Authority’s focus on ensuring that wholesale markets participants protect the interests of end users, such as retail fund investors and pensioners, when contracting for services.

Coke acts to fend off obesity criticism (FT)

Coca-Cola has moved to head off rising concerns that sugary drinks are contributing to an obesity epidemic by adopting clearer calorie-count labels, promoting diet drinks and renewing a pledge not to market to children under 12.

The policy, announced on Wednesday, comes as the world’s largest beverage company and its rivals draw fire from health experts and lawmakers over the high calorie content of their flagship products.

Tesla Motors sparks up first profit in 10-year history (BBC)

The electric car maker, Tesla, has made the first profit in its 10-year history.

The company said it made $15m (£9.65m) in the first three months of the year, thanks to sales of its Model S electric sedan. Total revenues hit $562m, a huge rise on the $30m reported a year ago.

Tesla said it was receiving worldwide orders for the Model S in excess of 20,000 vehicles per year.

Groupon results better-than-expected (BBC)

Daily deals firm Groupon has reported first-quarter results ahead of market expectations.

Revenues in the first three months of the year came in at $601.4m (£387m), up 7.5% on a year ago. Analysts had forecast revenues of $590m.

Europe on verge of trade war with China over cheap solar panels (Telegraph)

The European Commission has proposed a tough 47pc “anti-dumping” tariff to penalise the imports, it emerged on Wednesday.

The move would benefit European manufacturers, who allege their Chinese rivals - whose panels are as much as 45pc cheaper - are unfairly subsidised by Beijing.