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According to Futures News on April 29, as of 8:30 AM Beijing time, spot platinum rose 0.09% and spot palladium fell 0.12%.Note: The Tokyo Stock Exchange is closed today.Futures News, April 29th - According to foreign media reports, palm oil futures on the Malaysian Derivatives Exchange (BMD) are likely to open higher on Wednesday morning, following gains in external markets. International crude oil futures continued to rise on Tuesday, gaining nearly 3%, due to ongoing concerns about supply constraints caused by the closure of the Strait of Hormuz. This, coupled with a firm rise in Chicago soybean oil futures, will boost the early performance of Malaysian crude palm oil futures. However, weak palm oil export demand will limit the upward momentum. The Indian Refiners Association (SEA) stated that increased biodiesel production in global palm oil exporting countries, diverting more palm oil for domestic energy use, will lead to a reduction in export supply.On April 29th, Futures News reported that Chicago Board of Trade (CBOT) corn futures closed higher on Tuesday, with the benchmark contract rising 1.3%, primarily due to stronger international crude oil futures, robust corn demand, and the possibility that rainfall in the Midwest might slow spring planting. Traders stated that continued rainfall in the US Corn Belt, strong corn export demand, and rising crude oil prices supported corn prices. High fertilizer costs are expected to lead farmers to reduce corn planting area, which also supported corn futures prices. Soybean and corn planting in the US is progressing well, but storms in the Midwest may delay planting in some areas. A report from the US Department of Agriculture showed that as of Sunday, US corn planting progress was 25%, well above the five-year average of 19%. The report also showed that among the 18 major producing states, only North Dakota has not yet made any progress in planting.On April 29th, HSBC stated in a research report that the UAEs exit from OPEC+ will have a limited impact on the oil market in the short term, but may weaken the organizations supply discipline and price management capabilities over time. HSBC expects little change in global oil supply in the short term, as crude oil exports from the Gulf region have remained restricted since the end of February. The UAEs room for production increases is limited during the period of restricted shipping routes. The Abu Dhabi crude oil pipeline has a daily capacity of approximately 1.8 million barrels and is likely already operating at full capacity. Once the Strait of Hormuz reopens, the UAE will no longer be bound by OPEC+ production quotas and can gradually increase production. The bank estimates that Abu Dhabi National Oil Company (ADNOC)s daily production could rise to over 4.5 million barrels, while OPEC+s quota until May 2026 is approximately 3.4 million barrels per day. HSBC stated that any supply increases are expected to be released in stages over 12 to 18 months, rather than immediately.

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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