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5 Things You Need To Know, Today, on Thursday 25th May 2023
1. A significant fall in domestic energy bills in July will be confirmed later when the regulator sets the next price cap in England, Wales and Scotland.
Analysts predict Ofgem's decision will mean a £450 drop in a typical household's annual gas and electricity bill, to about £2,050.
2. The UK is set to win a battle with Spain to host a multi-billion-pound electric car battery plant in Somerset.
The boss of Jaguar Land Rover-owner Tata is expected to fly to London next week to finalise the deal, which some in the car industry have described the plant as the most significant investment in UK automotive since Nissan came to Britain in the 1980s.
3. The number of cars made in Britain rose by 9.9% year-over-year in April as easing supply chain snarls helped boost production of electric vehicles, while exports to Europe strengthened.
European Union remained a top market with more than half of all exports to the region, while electric vehicle volumes were well over a third of total car output, the Society of Motor Manufacturers and Traders (SMMT) said.
4. The new owner of Silicon Valley Bank's (SVB) US operations, First Citizens, is cutting around 500 roles held by former SVB workers.
Two months ago, First Citizens bought the business after SVB's collapse. and calls itself America's biggest family-controlled bank. It has been one of the largest buyers of troubled banks in recent years.
5. A ship that was grounded in the Suez Canal, has been been refloated, shipping agent Leth Agencies says.
Tugboats had been working to refloat the vessel, named Xin Hai Tong 23, the company said earlier. Two years ago, the Suez Canal, one of the busiest waterways in the world, was impassable for almost a week after a giant container ship became stuck.