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Brexit Talks Grind on | Oil Price Hits 10-Week High

Published February 4, 2019
  • Prime Minister Theresa May said she intends to return to Brussels with new ideas on the Irish backstop. Members of parliament, who last month rejected May’s Brexit deal with the EU, have instructed her to return to Brussels to renegotiate the arrangements for the post-Brexit border between the United Kingdom and Ireland.
  • Oil prices hit roughly two-month highs, bolstered by OPEC-led supply cuts and US sanctions against Venezuela’s petroleum industry. The combination of better than expected economic data and reduced supply sent oil prices to a peak of $55.75 in the early morning trade.
  • German Chancellor Angela Merkel and Japanese Prime Minister Shinzo Abe met on Monday in Tokyo, where the two leaders pledged to further strengthen the bilateral relationship as the world faces growing protectionism and the United Kingdom’s potentially turbulent exit from the European Union.
  • Venezuela’s President Nicolas Maduro has warned US President Donald Trump that he will leave the White House stained with blood if he insists on pursuing what he called a dirty imperialist conspiracy to overthrow him. Maduro also asked Trump for mutual respect and asked the US President not to repeat Vietnam in Latin America.

To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.