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☆ Virgin Voyages is pitching a monthlong cruise to remote workers starting at $10K for two people
▼ + stars: | 2024-03-11 | by ( Brittany Chang | ) www.businessinsider.com time to read: +1 min

Richard Branson's Virgin Voyages says it's launching a monthlong summertime cruise pass. Passholders would get to sail on four consecutive weeklong Mediterranean itineraries. AdvertisementRichard Brandon's Virgin Voyages wants you to "WFH" this summer. The adult-only cruise line says it's launching monthlong summertime passes, aptly known as the "Scarlet Summer Season Pass," starting at $9,990 for two people in one cabin. With this pass, travelers would sail on four consecutive weeklong Mediterranean cruises.

Persons: Richard Branson's, Passholders, —, Richard Brandon's Virgin Organizations: Service Locations: Ibiza, Spain, Cannes, France, Rome, Italy

☆ Is the UK space industry about to take off?
▼ + stars: | 2023-11-14 | by ( ) www.cnbc.com time to read: +1 min

The failure of Virgin Orbit's maiden commercial satellite launch from British soil, and the company's subsequent filing for bankruptcy protection, may have seemed like a fatal blow for the U.K.'s nascent space sector. But a range of companies hope to play a key role in the business of building, launching and operating satellites, a $281 billion industry which has been growing rapidly over the past decade. Billionaire-backed companies like Elon Musk's SpaceX, Jeff Bezos's Blue Origin and Richard Branson's Virgin Orbit have been revolutionizing the space industry over the last decade, which has seen advances in re-usable rockets, the deployment of thousands of small communication satellites and new launch sites opened. To find out how smaller U.K.-based firms are looking to compete, CNBC visited a spaceport being built in the far north of the Shetland Islands, an established satellite-builder and a startup aiming to see one of its re-usable satellites finally make it into space.

Persons: Virgin, Jeff Bezos's, Richard Branson's Virgin Organizations: Elon, SpaceX, CNBC Locations: Shetland

☆ Billionaire Richard Branson's Virgin Galactic lays off 185 employees as it doubles down on efforts to build new spaceships
▼ + stars: | 2023-11-09 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Virgin Galactic has laid off 185 employees, which represented about 18% of its workforce. AdvertisementAdvertisementThe ships are designed to carry six passengers on weekly spaceflights, Virgin Galactic has previously said . Virgin Galactic completed its first commercial space flight in June and carried out a total of five commercial flights this year, Space News reported. Earlier this year, Virgin Galactic was selling tickets for its commercial flights at $450,000 each, per a brochure previously listed on its website. Virgin Galactic didn't immediately respond to Insider's request for comment, made outside of normal working hours.

Persons: —, Michael Colglazier, Colglazier, Richard Branson, Virgin Galactic didn't Organizations: Virgin Galactic, Service, Galactic, CNBC, Delta, New Mexico's, Space News Locations: Phoenix , Arizona, Phoenix, New, America

The only other U.S. high-speed line is Amtrak's Acela service between Boston and Washington, D.C., which began in 2000. Brightline began planning in 2012. A 2018 partnership with Richard Branson's Virgin Group to rebrand Brightline as Virgin Trains USA quickly soured. According to the lawsuit, Brightline says Virgin “ceased to constitute a brand of international high repute, largely because of matters related to the pandemic." He said Brightline’s accommodations “compare really well to some of the best trains” he’s taken in Europe, where high-speed rail between cities is common.

Persons: Florida's Brightline, It's, Mike Reininger, John Renne, Brightline, ” Renne, Richard Branson's, Virgin “, hasn’t, Eric Flowers, ”, ” Brightline, Reininger, ” Reininger, Robert Barr, You’ve, Barr Organizations: MIAMI, Fortress Investment, West Palm Beach, D.C, Amtrak, Florida Atlantic University's Center for Urban, Environmental Solutions, Miami -, Richard Branson's Virgin Group, Virgin Trains USA, Virgin, Orlando Locations: United States, Miami, Orlando, West Palm, Southern California, Las Vegas, Boston, Washington, Florida, Tampa, Jacksonville, Miami - Orlando, London, U.S, West, County, We’re, Vero, Brightline’s Miami, South, Florida’s, Europe

☆ Virgin Voyages raises $550 mln in Ares Management-led fundraise
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The Virgin Voyages Scarlet Lady cruise liner sits docked at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon Dawson Acquire Licensing RightsSept 8 (Reuters) - Virgin Voyages, the cruise brand from Richard Branson's Virgin Group, said on Friday it has raised $550 million in fresh capital to expand into new international markets. The funding was led by Ares Management (ARES.N) with participation from existing investors, including British conglomerate Virgin Group and venture capital firm Bain Capital. Launched at the end of 2021, Virgin Voyages operates three ships servicing the Caribbean and the Mediterranean. It plans to operate in Australia and New Zealand by the end of the year.

Persons: Simon Dawson, Richard Branson's, Tom McAlpin, Nirmal Saverimuttu, Manya Saini, Arun Koyyur Organizations: REUTERS, Richard Branson's Virgin Group, Ares Management, Virgin Group, Bain Capital, Virgin Voyages, Caribbean, Thomson Locations: Dover Port, Dover, Britain, British, Australia, New Zealand, Bengaluru

☆ How to watch Virgin Galactic's first space tourist launch 300,000 feet above the ground
▼ + stars: | 2023-08-10 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +5 min

Virgin Galactic plans to launch its first space tourist flight. Watch it here:Who are Virgin Galactic's first space tourists? These are the first commercial passengers to fly aboard Virgin Galactic's first private commercial spaceflight, due to take off Thursday. "The whole team just swarmed into my house saying 'You're the winner, you're going to space,'" Schahaff told the BBC. This is Virgin Galactic's second commercial flight and the first to carry paying customers.

Persons: Richard Branson's Virgin, Sir Richard, Jon Goodwin, Keisha Schahaff, Virgin Galactic's, Virgin Galactic Goodwin, Goodwin, Schahaff, Anastatia Mayers, Beth Moses, Richard Branson, Elon Musk, OceanGate Organizations: Virgin, Service, VSS Unity, Virgin Galactic, Sky News, BBC, University of Aberdeen, Italian Air Force, National Research Council of Italy, Galactic's, Galactic Locations: Wall, Silicon, Munich, nought, Antigua, London, Caribbean, Scotland, New Mexico

☆ A mother-daughter duo will join an 80-year-old Olympian on Virgin Galactic's first space tourism flight on Thursday. Here's how to watch live.
▼ + stars: | 2023-08-08 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +5 min

Virgin Galactic plans to launch its first space tourist flight on Thursday. These are the first commercial passengers to fly aboard Virgin Galactic's first private commercial spaceflight, due to take off Thursday. Keisha Schahaff won her tickets through a raffle while on a Virgin flight from Antigua to London in 2021. "The whole team just swarmed into my house saying 'You're the winner, you're going to space,'" Schahaff told the BBC. This is Virgin Galactic's second commercial flight and the first to carry paying customers.

Persons: Richard Branson's Virgin, Sir Richard, Jon Goodwin, Keisha Schahaff, Virgin Galactic's, Virgin Galactic Goodwin, Goodwin, Schahaff, Anastatia Mayers, Beth Moses, Richard Branson, Elon Musk, OceanGate Organizations: Virgin, Service, New Mexico's, Sky News, Virgin Galactic, BBC, University of Aberdeen, Italian Air Force, National Research Council of Italy, VSS Unity, Galactic's, Galactic Locations: Wall, Silicon, New, America, Munich, nought, Antigua, London, Caribbean, Scotland, New Mexico

☆ Google leads funding round for Indian space startup Pixxel
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, June 1 (Reuters) - Alphabet Inc's (GOOGL.O) Google is leading a $36 million funding round for Bengaluru-based Pixxel, a satellite-image startup, in the first major investment in the Indian space sector since the government launched its privatisation policy in April. Pixxel did not specify how much Google had invested or the valuation it reflected. Founder and Chief Executive Awais Ahmed said Pixxel would be "the most valued space tech company in India after this investment". Space startups, in particular, have come under pressure after the bankruptcy of Richard Branson's Virgin Orbit launch company. Ahmed has said he was inspired to launch a space startup from a visit Elon Musk's SpaceX as part of a student competition to build a demonstration "hyperloop" transport pod.

Persons: Pixxel, Awais Ahmed, Ahmed, Richard Branson's Virgin, Kshitij Khandelwal, Nivedita, Kevin Krolicki, Christopher Cushing Organizations: Google, Miner Rio Tinto Ltd, Accenture PLC, Skyroot Aerospace, Reuters, Space, Richard Branson's Virgin Orbit, Elon, SpaceX, Thomson Locations: BENGALURU, Bengaluru, Miner Rio, India

A Virgin Australia spokesperson confirmed the contents of the internal email. A Bain Capital spokesperson declined to comment. "I can also confirm the IPO planning is well advanced," Cotton said in the email to staff seen by Reuters. Virgin Australia Chief Executive Jayne Hrdlicka said on Monday that she would take several weeks of leave to spend time with family after the death of her husband from cancer. Bain Capital bought Virgin Australia in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy.

The steep drop in fresh capital has left many companies in a vulnerable state, while the failure of Silicon Valley Bank, a leading provider of venture debt, has added to the challenge, a report by venture capital (VC) firm Space Capital said on Thursday. Space Capital's report, coming on the heels of a Chapter 11 filing from Richard Branson's Virgin Orbit Holdings Inc, tracked 89 companies active in the sector. The risk threshold to invest in space companies was much higher earlier, but given recent market uncertainty, investors may not be as risk-loving and space being a nascent sector, many are dialing back, Deutsche Bank analyst Edison Yu told Reuters separately. However, Space Capital added that companies in emerging industries, like those associated with the National Aeronautics and Space Administration's Artemis mission to the Moon are seeing an increased interest. Reuters GraphicsReporting by Akash Sriram and Tanya Jain in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Branson's Virgin Orbit files Chapter 11 bankruptcy plan
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Richard Branson, founder of Virgin Group, poses for a photograph on board of his new cruise liner, the Scarlet Lady at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon DawsonApril 19 (Reuters) - Richard Branson's Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January. "We expect the filing of the plan and disclosure statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale of the company," Dan Hart, chief executive of Virgin Orbit said in the statement. The company is seeking the sale of its assets, after laying off roughly 85% of its 750 employees.

☆ Analysis: Rocket startups face adapt-or-die moment amid investment drought
▼ + stars: | 2023-04-17 | by ( Joey Roulette | ) www.reuters.com time to read: +5 min

Venture investment in space startups has dropped 50% year-over-year in 2022 to $21.9 billion, according to VC firm Space Capital. Astra Space (ASTR.O), which ditched its small Rocket 3.3 for a planned, larger Rocket 4 in the next few years, has struggled to bring its stock price above $1, facing delisting threats from Nasdaq. Despite the startups' struggles, launch demand has soared after sanctions following Russia's invasion of Ukraine cut off access to Russian rockets. Recent failures with Europe's Arianespace's Vega-C rocket have added to demand in the U.S., outstripping the number of available rockets. Private plans to deploy mega-constellations, vast swarms of satellites in low-Earth orbit, have also given launch startups hope for future demand.

☆ Virgin Orbit was a promising company that could never find a working business model
▼ + stars: | 2023-04-16 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +2 min

Virgin Orbit started as a program of Richard Branson's Virgin Galactic in 2012, before being spun off into a separate company five years later. But Virgin Orbit was dogged by delays. "Virgin Orbit did not have an anchor customer." In late March, Virgin Orbit said it was laying off the majority of its workforce and ceasing operations "for the foreseeable future" after failing to secure a funding lifeline. Watch the video to find out more about what led to Virgin Orbit's collapse.

REUTERS/Henry NichollsApril 8 (Reuters) - As the fortunes of Richard Branson's Virgin Orbit were crashing to Earth last month, a little-known investor called Matthew Brown appeared offering a $200 million rescue. Virgin Group, which owns 75% of Virgin Orbit, also declined to comment for this article. The group is providing financing to Virgin Orbit as the satellite launch company seeks a buyer in bankruptcy. Asked about this, Brown told Reuters he structured deals to protect investor confidentiality with a preference for "laying low below the radar." Virgin Orbit filed for bankruptcy on Tuesday.

☆ Robinhood traders are getting smarter with their money. The platform's head of investment strategy explained why.
▼ + stars: | 2023-04-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Steph Guild, Robinhood's head of investment strategy. RobinhoodSteph Guild is the head of investment strategy at Robinhood. Phil Rosen: How have retail investors on Robinhood changed their investing habits now compared to 2022? As the economy faces more risks like a recession and a potential credit crunch, do you think retail investors will change their strategy? What do you think of Guild's insights on retail investors?

☆ Virgin Orbit bankruptcy casts shadow over Japan's space dreams
▼ + stars: | 2023-04-07 | by ( Eimi Yamamitsu | ) www.reuters.com time to read: +4 min

Oita prefecture, home to Japan's largest number of hot springs, partnered with Virgin Orbit in 2020 to create its first Asian spaceport at Oita Airport using a Boeing (BA.N) 747 for horizontal rocket launches. Two Japanese companies, ANA Holdings (9202.T) unit All Nippon Airways Trading Co and little-known Japanese satellite development start-up iQPS Inc emerged among the top six creditors when Virgin Orbit filed for Chapter 11 bankruptcy protection on Tuesday. ANA said it was hopeful Virgin Orbit, which has said it is seeking a buyer, would be able to restructure and resume business. "We pray that Virgin Orbit will resume their business for the development of the global space industry." "It is possible that some other company will buy Virgin Orbit.

☆ What went wrong at Virgin Orbit? 4 red flags signaled trouble for Richard Branson's satellite launch firm.
▼ + stars: | 2023-04-04 | by ( Kate Duffy | ) www.businessinsider.com time to read: +5 min

Richard Branson's Virgin Orbit struggled to make a comeback after a failed launch in January. Unlike SpaceX, Virgin Orbit blasts its LauncherOne rocket into space with the help of a modified Virgin Atlantic Boeing 747 called Cosmic Girl. This funding "was not enough to counter the strong headwinds and liquidity challenges Virgin Orbit continues to face," the spokesperson added. Ultimately, Virgin Orbit has been unable to reach the rate of launches needed to meet the required revenue, per CNBC. Funding issuesSince the failed UK launch, Virgin Orbit has attempted to rake in funding from investors, per reports.

☆ Richard Branson's Virgin Orbit rocket firm files for bankruptcy
▼ + stars: | 2023-04-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Richard Branson's Virgin Orbit rocket firm has filed for Chapter 11 bankruptcy. Virgin Investments, another of Branson's firms, provided $31.6 million in fresh funds to Virgin Orbit while it seeks a new buyer, according to the company statement. Branson and the Virgin Group have supported Virgin Orbit over the long term, investing more than $1 billion in the Company — including $60 million since November 2022, according to a company spokesperson. "However, this significant funding was not enough to counter the strong headwinds and liquidity challenges Virgin Orbit continues to face," the spokesperson added. Founded by Branson in 2017, Virgin Orbit went public in a SPAC merger in 2021.

☆ Stocks making the biggest moves midday: General Motors, AMC, Virgin Orbit, Kinross Gold and more
▼ + stars: | 2023-04-04 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Virgin Orbit — Shares tanked more than 22% after the California-based satellite launch company filed for Chapter 11 bankruptcy protection. Virgin Orbit said it is looking to sell its assets and will lay off nearly all of its workforce. AMC's "APE" preferred shares gained 8.5% following the news. Etsy – Etsy shares gained 2.4% after Piper Sandler upgraded the e-commerce stock to overweight from neutral, saying that its marketplace strengths should help revamp active buyer growth. Gold miners — Shares of mining companies rallied as gold futures popped on Tuesday.

☆ Branson's Virgin Orbit files for bankruptcy, to seek buyer
▼ + stars: | 2023-04-04 | by ( Joey Roulette | ) www.reuters.com time to read: +4 min

Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected. Spun off from Branson's space tourism firm Virgin Galactic in 2017, Virgin Orbit air-launches rockets from beneath a modified Boeing (BA.N) 747 plane to send satellites into orbit. Virgin Orbit's strategy has been that launching small rockets from a 747 in flight would allow for short-notice launches from anywhere. Virgin Investments, a unit of Virgin Group, will provide $31.6 million in new money to Virgin Orbit through debtor-in-possession financing to fund operations while it looks for a buyer in bankruptcy, the companies said. Virgin Orbit's bankruptcy filing showed its largest creditor as London-based Arqit Ltd, which was owed almost $10 million for services and as a customer deposit.

☆ Morning Bid: Markets brush off OPEC as factories stall
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanRelatively calm world markets have brushed off OPEC's latest twist and focussed more squarely on stalled global manufacturing and edgy U.S.-China relations. Crude oil prices held much of Monday's pop higher on the surprise weekend production cut by the Organization of Petroleum Exporting Countries. But Brent crude remains below levels seen just before the Silicon Valley Bank bust last month and is still tracking year-on-year declines of 20%. Strikingly, both short and long-term inflation expectations embedded in the Treasury markets , have barely budged since the OPEC news. McCarthy, the third-most-senior U.S. leader after the president and vice president, is due to host a meeting in California on Wednesday with Tsai.

☆ Factbox: Virgin Orbit bankruptcy echoes Branson's past troubled ventures
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

April 4 (Reuters) - Richard Branson's Virgin Orbit Holdings (VORB.O) filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure long-term funding following a January rocket failure. VIRGIN AUSTRALIAAustralia's second largest airline filed for bankruptcy in April 2020 also battered by the pandemic before exiting voluntary administration in November that year. VIRGIN ACTIVEThe health club firm, in which Branson is still a shareholder, was forced to restructure in the UK after the pandemic hurt the business. VIRGIN CARSStarted in 2000, the Virgin brand's only foray into the online auto retail business lasted five years. VIRGIN VODKAAfter a high-profile launch in the early 1990s, Virgin Vodka was discontinued and Virgin Drinks closed in 2007.

☆ Virgin Orbit's near future in "substantial doubt" over cash position - filing
▼ + stars: | 2023-04-03 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

WASHINGTON, April 3 (Reuters) - Richard Branson's Virgin Orbit Holdings (VORB.O) in a U.S. regulatory filing on Monday said there is "substantial doubt" its cash position will allow it to continue operating for at least the next 12 months. Virgin Orbit's statement came in a notice explaining why it had yet to file its annual 2022 report. Unable to secure new funds, Virgin Orbit on Thursday moved to lay off roughly 85% of its workforce, or about 675 employees. Virgin Orbit, spun off from Branson's space tourism firm Virgin Galactic in 2017, went public in 2021 through a blank-check deal, where it raised $255 million, less than expected. It added it expects to report for 2022 roughly $33.1 million in revenue and a net loss of about $191 million.

☆ Small businesses are filing for bankruptcy at a higher rate than at the peak of the pandemic - and a looming credit crunch could make things worse
▼ + stars: | 2023-04-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Before March, the number of small- and mid-sized businesses filing for bankruptcy was already on the rise, meaning the bank turmoil only exacerbates an existing trend. What risks are you watching as far as a credit crunch in the US for the coming months? First Citizens, the company that bought Silicon Valley Bank's assets, is run by a family that's no stranger to buying failed banks. The bank is run by a billionaire North Carolina family that's bought over 20 small failed banks since 2008. With the recent takeover, it's poised to stand among the largest 20 banks in the US.

☆ Virgin Orbit to lay off about 85% of staff
▼ + stars: | 2023-03-30 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Rocket maker Virgin Orbit Holdings(VORB.O) on Thursday said it was laying off about 85% of staff because it had not been able to raise new investment. Shares of the company, which is controlled by Richard Branson's Virgin Group, fell 38% in after hours trade. About 675 employees will lose their jobs, and the company expects to take related charges of about $15 million, Virgin Orbit said in a regulatory filing. Virgin Orbit went public in 2021 through a blank-check deal, where it raised $255 million less than expected. A small group of employees returned to work on March 23 to focus on rocket engine work, an email to staff said at the time.

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