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On January 2nd, Barclays maintained its forecast of a Federal Reserve rate cut in 2026. In a report, the banks US economists stated that the Fed is expected to cut rates twice in 2026, each time by 25 basis points, in March and June respectively. They believe that the risk of delaying rate cuts is greater compared to this baseline scenario. Information from the Feds December policy meeting minutes aligns with Barclays expectations, namely that the January meeting may hold rates steady, with economists noting that "the Federal Open Market Committee needs time to assess the impact of recent rate cuts."On January 2nd, Louis Navellier & Associates, Chief Investment Officer, stated in a report that the Federal Reserve will cut interest rates four more times in 2026 to bring the level down to the neutral point. He pointed out that weakening home prices are exacerbating deflationary concerns, a problem the Fed needs to address. He stated, "Furthermore, given that the US economy hasnt created many jobs, theres no reason for the Fed to maintain a tight stance." Navellier also noted that if deflationary pressures intensify further, more rate cuts may be necessary.On January 2nd, Changan Automobile announced that its sales volume in 2025 will reach 2.913 million vehicles, a year-on-year increase of 8.5%, setting a new high in nearly nine years. Among them, sales of new energy vehicles will reach 1.109 million vehicles, a year-on-year increase of 51%.Hong Kong-listed tech stocks continued their upward trend in the afternoon, with Baidu (09888.HK) rising over 8.6%, NetEase (09999.HK) rising over 6%, Trip.com (09961.HK) and Alibaba (09988.HK) rising over 4%, and Tencent Holdings (00700.HK), Kuaishou (01024.HK), and JD.com (09618.HK) rising over 3%.January 2nd - According to calculations by the Financial Times, European Central Bank (ECB) President Christine Lagardes total income in 2024 is approximately €726,000, about 56% higher than the €466,000 "base salary" disclosed in the ECBs annual report, and almost four times that of Federal Reserve Chairman Jerome Powell. The ECB is not bound by the strict rules applicable to EU-listed companies, which require companies to provide "comprehensive and reliable information on directors compensation." In addition to her base salary, Lagarde receives approximately €135,000 in housing and other benefits. She also receives approximately €125,000 in income for her role as a member of the Bank for International Settlements (BIS) board. These benefits and additional salaries are not mentioned in the ECBs annual report. The Financial Times calculations are based on the ECB and BIS annual reports, as well as a technical document outlining the "terms and conditions of compensation" for senior ECB officials. Due to a lack of relevant data, this estimate does not include the ECBs pension contributions, healthcare, and insurance contributions for Lagarde.

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."


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