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

US-China Accord Still on The Cards | Oil Retreats

Published January 23, 2019
  • White House National Economic Council Director, Larry Kudlow, dispels rumors that a planned meeting between trade representatives of the United States and China have been cancelled. Kudlow stressed that the two sides were on track to have very important high-level talks at the end of the month that will be determinative. Stocks pared some of the losses after the denial.
  • Oil prices rose about 1 percent after China and Japan said they would take fiscal stimulus measures to stem an economic slowdown which has weighed on financial markets and official data indicated slowing growth in US shale oil output in the coming years. WTI crude prices have hit a high of $53.64.
  • Canada Retails Sales fell 0.9 Percent to $50.4 billion in November more than the economist’s expectations of a drop of 0.6 percent on lower sales at gasoline stations and motor vehicle and parts dealers Statistics Canada reported on Wednesday.
  • Italian Economy Minister Giovanni Tria said Italy will meet its key budget deficit target for this year and there is no need for any corrective measures to prevent an overshoot. Tria also stated that Italy does not pose a risk for the European Union and the global economy and deficit spending was the right policy to pursue in the current economic cycle.

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.