PRESS DIGEST- Financial Times - May 6

The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines

UK ministers retreat from giving new tech regulator statutory backing https://on.ft.com/38Yt2NO McColl's convenience stores on brink of collapse https://on.ft.com/3yhpsZD

Orbán says EU unity undermined by Russia oil embargo plan https://on.ft.com/3OYZFLD Bank of England warns of UK recession this year as it lifts interest rate https://on.ft.com/3FiVTbu

Overview Britain ministers will not legislate in the next parliamentary session to empower a new technology regulator to police big tech companies like Facebook and Google , Whitehall officials said on Thursday.

Convenience store operator McColl's said on Thursday that it is likely to enter administration, putting up to 16,000 jobs at risk. Hungary's prime minister Viktor Orbán has accused Brussels of threatening EU unity with its plans to impose an embargo on Russian oil imports. The Bank of England has warned that UK economy will slide into recession this year as higher energy prices push inflation above 10%, a forecast that pushed sterling to a 2-year low.

(Compiled by Bengaluru newsroom)

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