THE DAILY BRIEFING

TURMOIL TELLS Market turmoil around the world triggered a fall in revenues at US bank Citigroup in the last three months of 2018.

Citi brought in £13.3bn, down 2.3pc on a year earlier, but it made profits of £3.4bn – up from a loss of £13.6bn in the same period of 2017.

PASTRY PAIN Another director has left the troubled parent of Patisserie Valerie, marking the latest change to the board in the wake of its brush with collapse last year. Non- executive director James Horler will leave immediately. VAT TAKE More than a fifth of Britain’s tax take comes from VAT, after receipts surged to a record high, according to accountant UHY Hacker Young.

The taxman collected £125bn from the levy on sales in 2017/18, up from £78bn a decade earlier.

The figures show that HMRC is increasingly reliant on customers to rake in revenues. VAT is 20pc on most products. LONDON BOOST £3.9bn hedge fund Orchard Global Asset Management is moving its headquarters from Singapore to London to take advantage of the City’s top- class debt markets, it revealed. TUB DEAL Private equity firm

Investindustrial, which recently floated Aston Martin, has bought hot tub producer Jacuzzi Brands from a group of investors.

OIL LINK Supermajor BP has teamed up with Italian energy group Eni to work with the Oman oil ministry to explore an onshore field in the country.

GOLDEN SHOT Tanzania-focused gold miner Acacia said its fourthquarter production of 130,581 oz exceeded expectations but was still down 12pc on the previous year. MINER TIE-UP US gold miner Newmont Mining is buying Canada’s Goldcorp in a £7.8bn deal.

FASHION BOOST Cornish womenswear firm Seasalt posted a 9pc jump in sales in the last five weeks of the year.

WEALTH FIRM Broker Arden Partners has launched its own wealth management firm, Arden Wealth, which will be headed by Henry Algeo, a former director of Brewin Dolphin.

CHIPPING IN London-listed Gresham House has invested in Rockfish, the seafood restaurant group founded by chef Mitch Tonks, to increase its presence from six to 16 locations in England.