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NIO (NIO.N): Delivered 23,231 vehicles in May, up 13.1% year-on-year.June 1, at a time when Trumps trade war is hampering U.S. financial markets, Europes economic prospects are bright and European stocks have become the clear winners in the world. Five months into the year, eight of the worlds 10 best-performing stock markets are in Europe, according to data compiled by Bloomberg. Germanys DAX index has risen by more than 30% in dollar terms, with peripheral markets such as Slovenia, Poland, Greece and Hungary also on the list. Driven by Germanys historic fiscal spending plan and a stronger euro, the Euro Stoxx 600 index outperformed the S&P 500 by a record 18 percentage points in dollar terms. Market participants said that at a time when trade and fiscal debt concerns are looming over the U.S. economy, strong corporate earnings and attractive valuations make the region a safer investment with brighter prospects in the future. "Europe is back in the spotlight," said Frederique Carrier of Royal Bank of Canada Wealth Management. "Weve received more questions about Europe in the past two months than in the past 10 years."On June 1, SAIC-GM announced that its terminal sales in May were 50,002 vehicles (including exports), a year-on-year increase of 2.8% and a month-on-month increase of 17.6%; new energy vehicle sales totaled 9,117 vehicles, a year-on-year increase of 3.2% and a month-on-month increase of 66.4%.On June 1, according to the official WeChat account of Shenlan Automobile, Shenlan Automobile delivered 25,521 vehicles in May, a year-on-year increase of 78% and a month-on-month increase of 27%.June 1, according to the Financial Times, Boeing (BA.N) CEO Kelly Ortberg said in an interview that launching a new aircraft to replace the best-selling Boeing 737 Max is not a top priority. He said the market is not ready for new models and Boeings current financial situation is not suitable for investing in the development of new aircraft. Ortberg said Boeing is working with the Trump administration to ensure that the company can withstand the impact of the trade war. The current trade situation is unclear, which means Boeing will have to remain flexible and continue to communicate with the US government. He said Boeing will pay less than $500 million a year for the imports needed to manufacture its products.

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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