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The UKs three-month GDP growth rate for February, seasonally adjusted goods trade balance for February, and industrial and manufacturing output growth rate for February will be released in ten minutes.On April 16th, European Central Bank (ECB) Governing Council member Demarco stated that the Eurozone economy may be heading towards the ECBs "adverse scenario," but policymakers need to remain patient and avoid hastily adjusting interest rates to curb inflation. "If the adverse scenario materializes, then the markets expectation of two rate hikes would be a reasonable expectation," he added. However, Demarco downplayed the urgency of immediate action, pointing out that long-term inflation expectations remain stable, the ECBs credibility in combating inflation is high, and that the monetary policy stance was already sound before the crisis – interest rates were at a neutral level, and inflation was in line with the target.Alibaba (09988.HK) rose more than 5% on the news that Alibaba Cloud has raised the service price of some MU (ModelUnit) model units on its large model service platform, Bailian.On April 16th, Pacific Investment Management Company (PIMCO) reportedly made significant purchases of European government bonds after a sell-off triggered by the Middle East wars caused a sharp decline in bond prices. According to Andrew Bowers, Chief Investment Officer of PIMCOs Global Fixed Income division, the company had previously under-invested in the regions debt but has since increased its holdings. The company has added to its global bond fund investments. Bowers stated, "There are a lot of crowded trading positions in the market, which has likely led to a price readjustment." He specifically highlighted the significant volatility in UK and European short-term bond prices, the volatility of European interest rates, and changes in the euro interest rate swap curve.ECB President Demarco: Patience is needed; dont rush into making decisions.

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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