THE DAILY BRIEFING
TAX WOE Wall Street lender Citibank has been hammered with a £16bn tax bill because of reforms announced by President Trump. At the end of last year, Trump slashed the corporate tax rate from 35pc to 21pc. Firms can offset money lost in bad years against profits in better ones. But the lower rate means the gains from this practice are smaller than once hoped.
HEALTH BLOW Industrial behemoth General Electric could break itself up after taking a £5.5bn hit over a health insurance scheme.
The business has been stung by increased pay-outs from policies which cover long-term care costs at its financial services arm GE Capital. This is because Americans are living longer than expected, driving up bills.
PROPERTY CHIEF Jeremy Helsby, the boss of Savills, is standing down after nearly 40 years at the property group. The 62-year-old will retire as chief executive at the end of the year, having joined Savills in 1980. Helsby has earned £16.5m since 2008.
CHOC DEAL Swiss food and drink giant Nestlé is selling its US confectionery business to Ferrero for £2bn. Ferrero owns Ferrero Rocher, Kinder and Nutella. It will take charge of brands including Butterfinger, Crunch and Laffy Taffy.
FOOTBALL AUCTION Investment bank Berenberg says its analysts are split on whether Amazon will wade into the auction for Premier League football broadcasting rights. The internet giant has reportedly held talks with league officials.
FESTIVE CHEER Sales at Littlewoods and Very owner Shop Direct jumped by 6.3pc in the run up to Christmas as it was boosted by online sales.
JOBS BOOST Businesses are set to increase investment and hire more staff as fears over Brexit fade, according to research by banks UBS and JP Morgan.
EURO BASE Insurance market Lloyd’s of London will open an office in Brussels later this year as it tackles disruption from Brexit.
USEFUL APP A money app called Emma that helps young people keep track of their spending has won approval from the city watchdog, the Financial Conduct Authority. Run by Emma Technologies, it aims to help customers avoid overdrafts and cancel unwanted subscriptions.