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US Durable Goods Orders Slump | Brexit Deadlock Continues

Published April 2, 2019
  • US durable goods orders contracted by 1.6 % in February, this biggest drop in four months and business investment slackened again due to a sharp decline in civilian aircraft orders, although the overall drop was smaller than expected.
  • Members of Parliament have rejected all remaining alternatives to Theresa May’s Brexit deal after the prime minister’s own agreement failed to pass three times in a row. The failure to find an alternative to the prime minister’s deal means that Britain remains in political deadlock with less than two weeks to go until Britain is due to leave the EU on April 12.
  • Oil price rises further as OPEC continues to keep the squeeze on production and comments from Iranian Oil Minister Bijan Namdar Zanganeh that OPEC and its allies could extend production cuts beyond the current June deadline without difficulty. WTI crude prices have hit a high of $62.19.
  • Bank of Canada Governor Stephen Poloz said that the economic outlook continued to warrant an interest rate below the neutral range to overcome domestic and global economic hurdles, though he predicts the country’s recent economic weakness will only be temporary.

 

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.