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Germanys seasonally adjusted unemployment increase in December was 3,000, compared to a forecast of 5,000 and a previous reading of 1,000.Germanys seasonally adjusted unemployment rate in December was 6.3%, compared to a forecast of 6.30% and a previous reading of 6.30%.Germanys seasonally adjusted total number of unemployed in December was 2.977 million, compared with 2.973 million in the previous month.On January 7th, reports surfaced that Honda would extend its production halt in China by two weeks, with production scheduled to resume on January 19th. On the same day, Honda China and GAC Honda responded, stating that after considering factors such as semiconductor supply and production line upgrades, GAC Honda decided to adjust its production schedule for January 2026, extending the production halt for another two weeks. Honda China and GAC Honda further stated that the impact of this short-term production adjustment is relatively controllable, and the expected recovery of lost production throughout the year will not affect product deliveries to customers. GAC Honda will adjust its production schedule accordingly and prepare for the entire years production plan.January 7th - Traders were not particularly panicked by the US military intervention in Venezuela and the threat of further military action in the region, but they remained closely watching the events subsequent impact on the oil market. US President Trump stated that Venezuela would "deliver" up to 50 million barrels of oil to the US, which would be sold at market prices. This statement led to a further decline in oil prices. However, a senior foreign exchange analyst at MUFG Financial Group stated that the expectation of near-term pressure on oil prices "often bodes well for emerging Asia," as most economies in the region are net oil importers.

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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