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Justin Trudeau Wins Canada’s General Election | Canada Retail Sales Decline

Published October 22, 2019

  • Canadian Prime Minister Justin Trudeau has won a second term in Canada’s federal elections, securing enough seats to form a stable government with support from smaller parties. However, falling short of a majority meant the Liberals would have to rely on an opposition party to pass legislation.
  • The Canadian dollar has slightly weakened against the greenback this morning and is trading lower at 1.3110 levels. The data published by Statistics Canada on Tuesday revealed that retail sales in Canada contracted by 0.1 percent monthly in August against the market expectation of +0.4 percent.
  • President Donald Trump said in Washington that their work towards ending the United States-China dispute was going well. They are likely to seal the mini deal which he announced earlier this month.
  • Prime Minister Boris Johnson will try again today to get the first stage of withdrawal bill through Parliament after he failed to get a vote on his Brexit deal. If the House of Commons votes in favor of the deal, then a transition period that last until 31st December 2020 would begin, however, If the deal gets rejected, then there is a possibility of an early UK election.

 

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.