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5 Things You Need To Know, Today, on Friday 6th May 2022
5. Swiss police say they have seized 500kg of cocaine from a shipment of coffee that was sent to a Nespresso factory.
Workers at the plant in Romont alerted the authorities after finding white powder in sacks of coffee beans.
4. Britain will give statutory powers to a new technology regulator so it can enforce pro-competition rules and prevent tech giants like Google & Facebook from using their dominance to push out smaller firms and disadvantage consumers.
“The government will introduce legislation to put the Digital Markets Unit on a statutory footing in due course,” the Department of Culture, Media and Sport said in a statement on Thursday.
3. Convenience store chain McColl's is on the brink of collapse, potentially placing thousands of jobs at risk.
The retailer said it was "increasingly likely" it would fall into administration unless talks around a rescue deal were successful.
2. Stock markets in Asia and America have tumbled after the US central bank this week announced the biggest interest rate rise in 22 years.
The sell-off comes as worries intensified over how rising prices - and the Federal Reserve's steps to rein them in - will affect economic growth.
1. The Bank of England has warned the UK faces a "sharp economic slowdown" this year as it raises interest rates to try to stem the pace of rising prices.
Rates rose to 1% from 0.75%, their highest level since 2009 and the fourth consecutive increase since December.