Daily Archive: November 8, 2023

EV maker Rivian shares have record drop after convertible bond offering launched

By Chibuike Oguh and Abhirup Roy

NEW YORK (Reuters) -Shares of Rivian Automotive Inc fell by nearly 23% on Thursday, the biggest daily percentage decline since their debut in 2021, after the electric vehicle maker unveiled plans to issue $1.5 billion worth of convertible green bonds.

Irvine, California-based Rivian expects the bonds, which mature in October 2030 and can be converted to either cash or its shares, will help it to “de-risk” the launch of its R2 sports utility vehicle in Georgia, a company spokesperson told Reuters on Wednesday.

It is the second time in less than a year that Rivian is issuing such a green bond, which raises capital from investors seeking to back climate-focused projects. The company had issued a $1.3 billion convertible green bond in March to support the launch of its smaller R2 vehicle family.

Rivian’s shares fell by 22.9% to close at $18.27, a three-month low. The stock, which is down about 1% year-to-date, has now dropped 77% from its initial public offering price of $78 in November 2021.

“The raise came earlier than expected,” said Elliot Johnson, chief investment officer at Evolve ETFs, which manages over $5.2 billion in assets, including investments in EV startups such as Rivian.

“So, shipping the same number of cars, earnings are in line, they’re raising cash earlier than people thought and the cash flow could be dilutive – I think that’s a concern because it’s still seen as a speculative business,” Johnson added.

Rivian, which is backed by e-commerce giant Amazon (NASDAQ:), has been burning through cash to ramp up production and keep up with market leader Tesla (NASDAQ:) Inc, which has slashed prices. The company beat estimates in the third quarter by producing 16,304 vehicles and delivering 15,564 vehicles to customers.

It said on Monday it was

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Multiple cases of wire thefts found at Federal Parliament construction site in Singha Durbar – myRepublica

KATHMANDU, Aug 24: Multiple instances of wire thefts have been uncovered at the under-construction Federal Parliament building within Singha Durbar. Following the revelation of these thefts occurring on different occasions, the authorities took action by apprehending several workers for questioning.

Through thorough investigation, it was unveiled that the thefts were orchestrated in collaboration with the workers themselves. The police identified individuals involved in the case as Jeevan Kumar Tharu, Prem Tharu, Ram Bahadur Tharu, Sanjay Chaudhary, the owner of a scrap collection center named Shyam Rai Yadav, and a minor.

CCTV footage and other substantiating evidence prompted the police to make arrests, as it indicated their involvement in the wire thefts. The stolen wires were being dismantled for their rubber content, which was then sold to scrap collectors.

The parliament complex, situated on an expansive area of 173 ropanis 8 anas (equivalent to 88,271 square meters), encompasses the construction of 12 distinct buildings. These structures include the House of Representatives, National Assembly, a common lobby connecting the two, offices for esteemed officials, a library, parliamentary party office building, parliamentary committee building, Parliament Secretariat building complete with a canteen, press printing facility, parking area, and quarters for security personnel.


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Information Technology & Services

Company size

2-10 employees

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PPKUKM Agency Sends MSMEs to International Exhibition in Singapore

The Jakarta Agency of Industry, Trade, Cooperatives, Small and Medium Enterprises (PPKUKM) has dispatched its MSMEs to the international exhibition FIND – Design Fair Asia at Marina Bay Sands Singapore.

This is expected to increase competitiveness on the global stage

Those four MSMEs in question are Mammu Handmade, La Vida Home Indonesia, Viro Build, and Indovickers.

Jakarta PPKUKM Agency Head, Elisabeth Ratu Rante Allo said their participation in the exhibition is to support the development of domestic MSMEs by increasing brand awareness and expanding marketing of local products.

“Their participation is believed to be able to boost people’s economic activity through increasing the competitiveness of local products on the global stage,” she expressed, Wednesday (10/11).

As for the information, this exhibition is a forum for professionals or business actors in the contemporary design sector ranging from suppliers of furniture, lighting, kitchens, bathrooms, and household appliances to be able to penetrate the dynamic Asian market.

“This is expected to increase competitiveness on the global stage, to increase Jakarta’s GRDP which is dominated by the trade sector,” she stated.

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