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On August 18th, the General Office of the Sichuan Provincial Peoples Government recently issued the "Implementation Opinions on Accelerating the Integration of the Three Networks: Transportation Network, Logistics Network, and Data Network." The opinions propose to orderly promote the development and expansion of unmanned logistics. Unmanned logistics scenarios will be expanded in areas such as urban and rural distribution, trunk transportation, industrial park short-haul transportation, warehousing and sorting, and loading and unloading. The opinions also actively cultivate intelligent air-ground collaborative scenarios combining "unmanned vehicles + drones" and "manned vehicles + drones." Focusing on the "new three categories" of products—lithium batteries, photovoltaic modules, and new energy vehicles—the opinions promote the government and market to collaboratively build a carbon emission accounting and carbon footprint management system, guide enterprises to establish carbon asset management systems and participate in carbon trading, and drive the green and low-carbon transformation of the entire production, distribution, and consumption industries.According to the latest data from the General Administration of Customs, China exported 6.02 million tons of steel plates in July 2026, a year-on-year decrease of 1.8%; cumulative exports from January to July reached 38.26 million tons, a year-on-year decrease of 9.9%.According to data from the General Administration of Customs, China imported 791 tons of polysilicon in July 2026, a year-on-year decrease of 32.4%; cumulative imports from January to July totaled 8,572 tons, a year-on-year decrease of 30.8%.According to data from the General Administration of Customs, China imported 42.73 million tons of coal and lignite in July 2026, a year-on-year increase of 20.3%; cumulative imports from January to July reached 268.11 million tons, a year-on-year increase of 4.3%. On the export side, China exported 770,000 tons of coal and lignite in July, a year-on-year decrease of 1.6%; cumulative exports from January to July reached 3.53 million tons, a year-on-year decrease of 14.1%.On August 18th, three analysts from DBS Groups research department stated in a commentary that the Bank of Japan (BOJ) may accelerate its interest rate hike pace from the current once every six months to once every three to four months. The analysts noted, "We have moved up our expectation for the BOJs next rate hike to September, and anticipate two more rate hikes each in the first and second quarters of 2027, bringing the overnight call rate to 1.75% by mid-2027." They also pointed out that the BOJs recent statements have become more hawkish, and the Japanese government seems less opposed to raising rates earlier than anticipated. DBS Group also raised its 2026 GDP growth forecast for Japan from 0.5% to 0.9%, and its 2027 GDP growth forecast from 0.5% to 1.0%.

Ex-CFO pleads guilty to stealing from SPACs to trade meme stocks, cryptocurrencies

Skylar Shaw

Jan 04, 2023 14:13

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An ex-chief financial officer (CFO) of several special purpose acquisition companies (SPACs) pled guilty to stealing more than $5 million from them and losing almost all of it in joke stocks and cryptocurrencies.


Tuesday in federal court in Manhattan, Cooper Morgenthau, 35, of Fernandina Beach, Florida, entered a plea of guilty to one count of wire fraud. The judge was U.S. District Judge Paul Engelmayer.


When Morgenthau is sentenced on April 25, the suggested federal guidelines call for a jail term of between six and seven and a half years.


The U.S. Securities and Exchange Commission also resolved related civil allegations against him in exchange for his agreement to lose $5.11 million and pay an equivalent amount in restitution.


A representative for Morgenthau, Michael Bowen, refused to comment.


According to the authorities, Morgenthau stole more than $1.2 million from African Gold Acquisition Corp between June 2021 and August 2022, covered it up by fabricating account statements, and either spent it all in securities trading or lost it all.


The SEC said that Morgenthau then solicited $4.7 million from investors in SPACs known as Strategic Metals Acquisition Corp to make up for his losses, only to lose the majority of it in cryptocurrency trading.


African Gold, a New York-based company formed to purchase a gold mining company, raised $414 million in an IPO in February 2021.


According to the SEC, it dismissed Morgenthau in August of last year when he ran out of money and its suppliers refused to do business with him.


At the time, African Gold said that it fired Morgenthau after becoming aware of his "improper withdrawals" and efforts to hide them.


According to a statement from Manhattan U.S. Attorney Damian Williams, Morgenthau "confessed that he betrayed the trust that he owed to his public and private investors."