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January 27th - European car sales are projected to grow for the third consecutive year in 2025, driven by consumers opting for more affordable electric and hybrid models. Data released Tuesday by the European Automobile Manufacturers Association (EASA) shows that European car sales rose 7.6% in December, marking the sixth consecutive month of growth and pushing total new car registrations up 2.4% to 13.3 million units for the year. While this is good news for the automotive industry, which has been struggling with tariffs and increased competition, sales are still about 15% lower than pre-pandemic levels. The overall growth was partly driven by a rebound in electric vehicle sales last year. Data shows that pure electric vehicle registrations surged 30%, accounting for about one-fifth of the overall market share. In the first half of 2025, consumers were hesitant due to market turmoil and economic uncertainty caused by Trumps tariff policies, only returning to the market in the second half as registrations continued to recover. Analyst Gillian Davis predicts that European car sales may climb again this year, thanks to a new round of subsidies and the launch of several new-generation models.January 27th - According to the Financial Times, sources revealed that the Trump administration has indicated to Ukraine that its security guarantees will be contingent on Ukraine first agreeing to a peace agreement, which could potentially involve ceding the Donbas region to Russia. Two sources stated that the US has also hinted that if Ukraine agrees to withdraw its troops from the eastern regions it controls (as a price for peace with Russia), the US will commit to providing Ukraine with more weapons to bolster its peacetime military capabilities. Ukrainian President Zelenskyy had hoped to sign a document with the US as early as this month regarding security guarantees and a post-war "prosperity plan," giving Kyiv leverage in future negotiations with Moscow. However, the current US signals indicate that its security commitments depend on a compromise with Russia. Ukrainian and European officials believe this US stance is an attempt to coerce Kyiv into accepting painful territorial concessions demanded by Moscow in any agreement.According to the Financial Times, British politicians are calling for a competition review of Netflixs (NFLX.O) acquisition of Warner Bros.The Russian Ministry of Defense stated that since the beginning of January, troops have captured 17 settlements in Ukraine.According to the Financial Times, the United States is linking security guarantees in Ukraine to a peace agreement that would cede territory.

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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