img CDN
img AUS
img NZ
img US
Call us now: 1.844.363.7297
imgExpress Login

Foreign Investors Reduce Holdings in Canadian Securities… Again | EU Posts Trade Surplus for June

Published August 16, 2019

  • In Canadian economic data this morning, foreign investors reduced their holdings of Canadian securities by $4.0 billion in June, the third divestment in four months. At the same time, Canadian investment in foreign securities increased to $6.6 billion, the largest investment since October 2018.
  • The first estimate for euro area exports of goods to the rest of the world in June 2019 was €189.9 billion, a decrease of 4.7% compared with June 2018. As a result, the euro area recorded a €20.6 billion surplus in trade in goods with the rest of the world for the month of June.
  • The leader of the Liberal Democrats in the UK stated that senior lawmakers from the Conservative Party and opposition have indicated willingness to lead an emergency government to prevent a no-deal divorce with the European Union. This comes as Prime Minister Boris Johnson has indicated that he will force Britain out of the EU on October 31, with or without a negotiated transition.
  • The US Department of Housing and Urban Development published new residential construction statistics for July 2019. Building permits authorized for privately‐owned housing units in July were at a seasonally adjusted annual amount of 1,336,000.

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.