Daily Briefing Oct 31, 2016

Mark Carney to Call it Quit?

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Brexit is still inflicting damages four months after the fateful EU referendum on June 23, as Mark Carney, the governor of the Bank of England, is ready to quit his job based amid humiliation over Brexit-bashing prophecies based on some sources within the City of London. Sentifi will bring you all the latest updates from the crowd, so stand by.

sentifi top attentions october 31

Mark Carney: Sets to step down from his post

As early as Thursday is when the announcement will be made. The reputation of Carney was damaged after he made an unprecedented intervention in politics in the lead-up to the Brexit vote as he tried to warn the population about the impacts of Brexit. He predicted that the U.K. would suffer material slowing in growth, a notable rise in inflation, and a challenging trade-off. Since Brexit, he has been more upbeat, but what’s done is done. Due to the BoE’s bureaucracy, Carney can only leave his post in July 2018. Sources have claimed that Prime Minister Theresa May wants to keep him in his current position to keep the investors reassured.

Nissan Motor: Brexit deal could be a precedence for a “flexible Brexit”

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The U.K. government has agreed to secure a deal “without tariffs and without bureaucratic impediments” for the automotive industry. This could be huge for companies as they would be able to stay invested in the U.K. while doing business with the EU without any political or economic hurdles. All this stemmed from the latest deal between the U.K. government and Nissan Motor in order to keep the Japanese carmaker in the U.K.

Tata Group: Claims former Chairman Cyrus Mistry destroyed the group’s value

NRI businessman C. Sivasankaran accused Cyrus Mistry destroying the group’s value that had been built over 100 years through a series of baseless allegations against the group. And that led to a fall in the group’s market capitalization. But that’s not all. The sacking of Mistry might trigger a claim under the Directors & Officers insurance cover purchased by Tata Sons. The policy “covers the top management of an organization from legal actions initiated by employees, shareholders or authorities against the decisions taken by the top brass in the course of their duties.” That means Mistry will not have to pay a dime for all the legal issues regarding his ouster.

PetroChina: Suffers a 77 percent drop in third-quarter net profit

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Oil and gas prices remain soft while demand stays sluggish. And that causes PetroChina, China’s leading oil and gas producer, to take a huge dip in their Q3 earnings. In the first three quarters of 2016, China’s natural gas and pipeline segment took a record net loss of 10.573 billion yuan, or about $1.5 billion. China has been trying to reign in the costs as global oil prices still remain below their 2014 levels. This is particularly damaging for energy producers as gas prices in China has always been very low. China is working towards an efficiency drive to help rebalance the oversupplied global market.

Royal Mail: Secures a contract with Sweden-based West Atlantic Group

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The five-years contract will allow the Swedish company to operate some freighters for Royal Mail across the U.K. The process will start in January 2017 and run through 2022. Royal Mail’s board will give the final contract a review and is expected to issue its approval in the upcoming weeks.

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