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US Shutdown Continues | Oil Sinks

Published January 22, 2019
  • The longest government shutdown in US history entered its 32nd day as President Donald Trump’s latest funding proposal for a border wall in exchange for extending temporary protections to immigrants was swiftly rejected by Democrats. However, Senate Majority Leader, Mitch McConnell, said he intended to bring it to the floor this week.
  • Oil prices fell more than two percent on Tuesday, pressured by a weak economic forecast by IMF and on signs that an economic slowdown in China is spreading, stoking concerns about global growth and fuel demand. WTI crude prices have hit a low of $52.68.
  • The UK’s main opposition Labour Party moved a step closer to paving the way for another referendum on European Union membership by trying to use Parliament to grab control of Brexit from Prime Minister Theresa May. Lawmakers will debate and vote on the next steps on Jan. 29.
  • The spending power of British workers increased to its highest level in two years in November following the biggest rise in real pay since September 2016. Data showed average weekly earnings, excluding bonuses, rose 3.3 percent year on year in the three months to November, in line with economists’ expectations.

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.