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Oil Jumps on Venezuela Sanctions | Consumer Confidence Expected to Decline

Published January 29, 2019
  • President Trump is expected to meet Vice Premier Liu He during critical trade talks scheduled for this Wednesday and Thursday. This comes as US prosecutors have alleged Huawei Technologies stole trade secrets from American companies and committed bank fraud by doing business with Iran in charges placed in New York yesterday.
  • British Prime Minister, Theresa May, faces votes in Parliament today, with one of those attempting to put Brexit on hold, while another would send her back to Brussels to renegotiate the withdrawal agreement.
  • The Conference Board will release its Consumer Confidence Index this morning. Consumer confidence is expected to remain healthy despite an anticipated decline to 124.9 in January. The US economy remains in decent condition considering the continued drop in consumer confidence from decade high 137.9 reading in October 2018.
  • The United States imposed sanctions against Venezuela’s state-owned oil company yesterday, in a move to cripple the government of President Maduro. Oil prices were boosted by the US sanctions on Venezuela that will significantly reduce country’s oil export to the United States. A barrel of West Texas Intermediate crude is trading higher at $52.50.

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.