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President Draghi Emphasizes Euro Area Recovery | US Retail Sales Rise by 0.4%

Published September 13, 2019
  • US retail sales increased more than expected in August, pointing to solid consumer spending that should continue to support a moderate pace of economic growth. The Commerce Department published the report earlier this morning. Retail sales rose 0.4% last month, lifted by spending on motor vehicles and building materials.
  • The European Central Bank decision continues to make waves globally as the proposed stimulus package has divided governing council members. While the package of measures announced was broad, President Draghi emphasized the need for fiscal policy to do its share to stimulate the region’s recovery.
  • The first estimate for euro area exports of goods to the rest of the world in July 2019 was €206.5 billion, an increase of 6.2% compared with July 2018. As a result, the euro area recorded a €24.8 billion surplus in trade in goods with the rest of the world.

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.