• US President Donald Trump will meet Chinese Vice Premier Liu He at the White House today, as Beijing and Washington draw closer to a new deal on trade. If an agreement is not reached this week, the two countries could opt to extend negotiations, potentially until the G20 summit in Japan at the end of June.
• German manufacturing orders fell at their fastest pace in two years in February, a new warning sign over the health of the Eurozone’s largest economy. New factory orders fell 4.2% from the previous month as foreign orders slumped, the biggest fall since January 2017.
• British Prime Minister Theresa May has met opposition leader Jeremy Corbyn in an attempt to break the impasse over Brexit. Earlier British members of parliament have voted by a majority of one to force the prime minister to seek to delay Brexit further, to prevent the UK from leaving the EU without a deal.
• Minneapolis Federal Reserve Bank President Neel Kashkari, most consistent opponents of interest-rate increases, said that US central bank is in the right place and it is not the appropriate time for the central bank to cut borrowing costs.
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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.