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5 Things You Need To Know, Today, on Wednesday 1st March 2023
5. Tesla is planning to build a new factory in Mexico, joining other carmakers bulking up their presence south of the US border.
Mexico President Andres Manuel Lopez Obrador said the plant for the electric car firm would be in Monterrey, which is about a three-hour drive from Texas.
4. Inflation in major British store chains hit a new record in the 12 months to February, reflecting the rising cost burden for retailers and consumers, the British Retail Consortium (BRC) said.
Prices rose by the largest annual amount across all the main categories monitored by the BRC since records started in 2005. Overall shop price inflation rose to 8.4% from 8.0% in January.
3. Sainsbury's is planning to close two Argos depots over the next three years in a move that will impact more than 1,400 jobs.
The supermarket giant aims to shut its Argos warehouse in Basildon, Essex, and a depot in Heywood, Greater Manchester by 2026.
2. Chain stores are closing at their slowest rate for eight years, new research shows.
A total of 11,530 outlets shut across Great Britain in 2022. That's an average of 32 closures a day a big improvement compared with the previous three years, according to data compiled for the accountancy firm PwC.
1. Energy firms will begin writing to customers within days to warn them of bill increases from the start of April.
Firms have to give customers reasonable notice of price increases or changes that will leave them worse off, according to Citizens Advice. Typical household energy bills are set to rise to £3,000 per year from April.