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US Jobless Claims Increase | Iran Willing to Close Strait of Hormuz

Published July 18, 2019
  • Filings for US unemployment rose slightly this morning while remaining around a historically low level. Jobless claims rose to 216,000, according to Labor Department figures with the four-week average edging down to 218,750.
  • UK retail sales data indicated growth this month as the quantities purchased increased by 0.7%, with development across all sectors except food stores and department stores. However, this was a slowdown from the stronger growth of 1.6% in May.
  • Iran’s Foreign Minister stated that the country could close the Straits of Hormuz but that it doesn’t want to as it is a lifeline for the country’s economy. He went on to state that the US had “shot itself in the foot” by withdrawing from the 2015 nuclear deal.
  • President Trump’s ongoing grievances about Beijing’s resolve on the easing of trade restrictions on technology giant Huawei Technologies could mean that progress towards significant discussions remain unlikely.

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.