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On January 8th, European Central Bank Vice President Guindos stated that interest rates are currently at an appropriate level, but warned of "significant uncertainty" brought about by geopolitical events. The policymaker said, "Some of whats happening now was unimaginable just a few quarters ago." Guindos stated, "Business investment could be affected in a complex geopolitical environment, but its currently evolving in a very mild manner." He added, "Despite some improvement in real income, households are keeping savings rates high due to concerns about the future and even fiscal policy." However, he indicated that the "complex geopolitical environment," including concerns about the conflict in Ukraine, has not yet had a substantial impact on the eurozone economy. "Current interest rates are appropriate; the latest data are entirely in line with our forecasts," Guindos said, "overall inflation is at 2%," and "the services inflation we were previously concerned about is slowing."Russia claims that the military declarations of the pro-Ukrainian "Volunteer Union" are becoming increasingly dangerous.On January 8th, Morningstar, in its Q1 2026 outlook report, stated that Asian equities are expected to continue their upward trend in 2026, supported by reasonable valuations. Analysts indicated that while occasional pullbacks are possible, a sustained correction appears unlikely. Global spending on artificial intelligence remains a core driver of technology sector earnings, and valuations for AI-benefiting stocks generally remain attractive. Morningstar anticipates the Federal Reserve will lower the federal funds rate, leading to lower interest rates in Asia, excluding Japan. Japan, on the other hand, may see a gradual increase in interest rates. The report added that geopolitical tensions remain a major risk, and intermittent market volatility is possible.A spokesperson for the Russian Foreign Ministry stated that Western troops and military facilities stationed in Ukraine will be considered legitimate operational targets.A spokesperson for the Russian Foreign Ministry stated that the deployment of Western troops and military facilities in Ukraine would be considered an act of intervention that threatens security.

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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