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Real-time News
On October 24, U.S. electric car maker Rivian (RIVN.O) agreed to pay $250 million to settle an investor lawsuit and said it hopes to put the legal dispute behind it. Rivian said the settlement will be paid through a combination of $67 million in directors and officers liability insurance and $183 million in existing cash. The core allegation in the case is that Rivian deliberately failed to disclose material information - including plans to increase the price of its first models. In after-hours trading, Rivians stock price was little changed. The stock has fallen about 1.6% so far this year, but it is trading well below its post-IPO high of $172. On the same day that Rivian announced the settlement, the electric car maker also said it would cut 4.5% of its workforce, the second round of layoffs since September.Japans preliminary manufacturing PMI for October was 48.3, compared with 48.5 in the previous month.Japans preliminary composite PMI for October was 50.9, compared with 51.3 in the previous month.Japans preliminary services PMI for October was 52.4, compared with 53.3 in the previous month.On October 24th, according to sources and an internal memo, US oil giant ConocoPhillips (COP.N) will begin layoffs at its Canadian operations next month as part of a 25% global workforce reduction announced last month. The memo did not specify the number of layoffs, but stated that the layoffs would begin in Canada during the first week of November. According to ConocoPhillips website, the company will employ 950 people in Canada by the end of 2024, with production in Canada projected to be 164,000 barrels of oil equivalent per day in 2024.
