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5 Things You Need To Know, Today, on Friday 12th August 2022
5. Johnson & Johnson (J&J) will stop making and selling its talc-based baby powder around the world from next year.
J&J faces tens of thousands of lawsuits from women who allege its talcum powder contained asbestos and caused them to develop ovarian cancer.
4. Argentina's central bank has raised its main rate of interest to 69.5% as it tries to contain soaring inflation which has hit a 20-year high of over 70%.
The bank put up its 28-day benchmark rate by 9.5% percentage points, its second hike in as many weeks.
3. Expectations for activity in Britain's housing market have dried up quickly thanks to a worsening economic outlook and rising interest rates.
The Royal Institution of Chartered Surveyors (RICS) said its gauge of sales expectations for the coming 12 months slid to -36% in July from June's -21%, the lowest reading since the onset of the COVID-19 pandemic in March 2020.
2. Liz Truss has defended earnings at energy companies amid soaring price rises, saying profits should not be considered "dirty and evil".
The Tory leadership hopeful said windfall taxes on profits - urged by some to fund help for households - were about "bashing business".
1. Rishi Sunak has unveiled a plan to slash rising energy bills for up to 16 million vulnerable people which he hopes will propel him to 10 Downing Street.
In a dramatic move as his Tory leadership clash with Liz Truss becomes increasingly bitter, he is said to be prepared to find up to £10bn to cut bills for poorer households.