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The Ukrainian military has attacked an oil refinery in Ufa, Russia.On April 3, data released by the Russian Ministry of Finance on Friday showed that Russias national oil and gas revenue fell 43% year-on-year in March to 617 billion rubles (approximately $7.72 billion), but was up from 432.3 billion rubles in February, affected by falling oil prices and a stronger ruble. Oil and gas revenue is crucial to Russias national budget. Against the backdrop of high military spending, Russias fiscal deficit is projected to reach 5.6 trillion rubles by 2025, accounting for 2.6% of GDP. This revenue accounts for about a quarter of total budget revenue. These revenues are based on payments made by Russian companies up to March 30, corresponding to Februarys production, before the Middle East conflict drove up global oil prices. Revenue is expected to increase starting in April. In the first quarter of this year, revenue was 1.44 trillion rubles, a 45% year-on-year decrease. The budget projects oil and gas sales revenue of 8.92 trillion rubles this year, but current revenue progress is behind this target.April 3rd - According to the Qingmao Border Inspection Station of the Zhuhai Entry-Exit Border Inspection General Station, the Qingmao Port is experiencing a peak in both inbound and outbound passenger traffic as the Qingming Festival holiday approaches. In the week leading up to the holiday, the port saw an average of over 107,000 inbound and outbound passengers per day, an increase of approximately 8% compared to normal days. It is understood that this years Qingming Festival holiday in mainland China is from April 4th to 6th. The public holiday in Hong Kong and Macau is from April 3rd to 7th, lasting five days. Many Hong Kong and Macau residents are choosing to return to their hometowns to pay respects to their ancestors and visit relatives and friends, while mainland tourists are taking advantage of the holiday for short trips for spring outings, sightseeing, and shopping, leading to a new peak in passenger traffic at the Qingmao Port. It is predicted that from April 3rd to 7th, the passenger flow through the Qingmao Port will reach approximately 580,000, with a peak daily passenger flow of 125,000, and the peak traffic is expected to occur on April 4th.On April 3, local time, Kyiv Oblast Governor Kalashnikov announced that the region had been hit by a large-scale missile and drone attack launched by Russia. The attack has resulted in one death and one injury. Local air defense forces have launched air defense operations in the area. Russia has not yet responded.The Polish military stated that military air operations related to the Russian airstrikes on Ukraine have ended; no violations of Polish airspace occurred.

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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