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☆ Mothers may know best when it comes to money
▼ + stars: | 2023-05-10 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

For Mother's Day, we asked a few business leaders about the best money advice they ever got from their moms. Founder & chief investment officer, Ariel Investments"My mom was Deputy Solicitor General, and was a pioneer in serving on corporate boards. "When I started Ariel in 1983, when I was 24, my mom gave me whatever liquid cash she had. We can't always control how much money we make, but we can control maximizing the value of the things we already have." "The best financial advice my mom gave me was to be financially minded at a young age.

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.

☆ German regulator warns of a 'nervous time' for banks, predicts stress in the property market
▼ + stars: | 2023-05-09 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Photo: Arne Dedert/dpa (Photo by Arne Dedert/picture alliance via Getty Images)Germany's financial regulator on Tuesday warned that the country's banking system is undergoing a real-life stress test amid the current volatility, also predicting significant weakness for the commercial property sector. Pressures facing the sector have intensified as many central banks push up their benchmark rates, leading to specific market dislocations. Mark Branson, president of the German regulator BaFin (Federal Financial Supervisory Authority), told CNBC that Germany has seen the same impacts from higher rates as many other nations around the world. He said that the German banking system "has taken some pain," but highlighted that there is "no systemic danger" and the financial system has managed to absorb the impacts of higher rates well. However, problems can arise when banks take on additional risk and fail to keep up with a continued and sharp increase in rates.

☆ Virgin Galactic quarterly loss widens while company preps for spaceflight return
▼ + stars: | 2023-05-09 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Virgin Galactic is aiming to fly its first spaceflight in nearly two years later this month, but the company's first quarter loss widened dramatically as it funds its fleet growth. Virgin Galactic cited "increases in research and development expenses," in a press release. It paused launches for a lengthy refurbishment period of its vehicles, with Virgin Galactic aiming to fly its first commercial mission in "late June." The space tourism company reported an adjusted EBITDA loss of $140 million, compared with a $77 million loss in the same period a year ago. Shares of Virgin Galactic stock slipped more than 1% in after-hours trading, from its close at $4.09 a share.

☆ BaFin president: 'We don't have a global banking crisis at the moment'
▼ + stars: | 2023-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBaFin president: 'We don't have a global banking crisis at the moment'Mark Branson, president of the German regulator BaFin (Federal Financial Supervisory Authority), told CNBC's Annette Weisbach that Germany has seen the same impacts from higher rates as many other nations around the world.

☆ China lands its secretive space plane after 9 months in orbit
▼ + stars: | 2023-05-08 | by ( Natalie Musumeci | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +3 min

China landed its mysterious reusable space plane after nine months in Earth's orbit. The space plane launched from the Jiuquan Satellite Launch Center in August 2022. The nine-month mission was the longest yet for the new space plane. In the absence of photos or details from China, multiple news outlets have suggested that the Chinese space plane may resemble the X-37B space plane developed by Boeing for the US military. Adam Shanks/US Space ForceThe Chinese space plane took off from the Jiuquan Satellite Launch Center in August 2022 and in October mysteriously ejected something into orbit, according to Space.com.

☆ Virgin Galactic set for first spaceflight since Richard Branson's trip two years ago
▼ + stars: | 2023-05-08 | by ( Jackie Wattles | ) edition.cnn.com time to read: +5 min

The flight, slated for late May, will carry two pilots and a crew of four Virgin Galactic employees, the company announced Monday. If all goes well, Virgin Galactic expects to begin commercial services out of its spaceport in New Mexico in late June. At the time Virgin Galactic went public in 2019, it had also been touting plans to start commercial service in 2020. They include two pilots — CJ Sturckow and Mike Masucci — as well as four Virgin Galactic employees who will ride in the passenger cabin. Virgin Orbit, a sister company to Virgin Galactic that is focused on launching satellites to space on a small rocket, filed for bankruptcy in April.

☆ Virgin Galactic to start commercial flight in late June, shares rise
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Space-tourism company Virgin Galactic Holdings (SPCE.N) said on Monday that a four-member test flight will take place in May and that it aims to launch its first commercial flight in late June. Shares jumped 4% after the company said the May mission would be the final test of the spaceflight system and astronaut experience before it opens up for commercial services. After completing a lengthy upgrade for its centerpiece tourist spacecraft in February, Virgin Galactic re-opened ticket sales for spacecraft flights, setting the price at $450,000 per person with an initial deposit of $150,000. "Returning to space is what we have all worked towards," said Mike Moses, president of spaceline missions and safety. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Virgin Galactic Aims for Space Tourism Launch After Years of Delays
▼ + stars: | 2023-05-07 | by ( Micah Maidenberg | ) www.wsj.com time to read: 1 min

WSJ explains what led to the Virgin spinoff’s collapse. Illustration: Jordan KranseIn July 2021, to much fanfare, Virgin Galactic Holdings flew founder Richard Branson and three other crew members to the edge of space. The company’s next flight—a test operation—occurred last month, nearly two years later. Over that time, challenges have mounted for the company.

☆ Virgin Orbit: How Richard Branson’s Satellite Startup Went Bankrupt
▼ + stars: | 2023-05-05 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Why Starship’s Explosion Is Part of SpaceX’s Process SpaceX’s Starship exploded minutes into its first flight into space, but the fiery ending wasn’t entirely unexpected. Here’s what led up to Starship’s inaugural flight, and what the explosion could mean for SpaceX going forward. Illustration: Jordan Kranse

☆ Billionaire Richard Branson defends space travel, argues it can benefit planet
▼ + stars: | 2023-05-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

Richard Branson on board Virgin Galactic's VSS Unity in July 2021. The billionaire believes the environmental costs of space travel are set to "come down even further." British billionaire Richard Branson believes space travel can be beneficial for the planet, arguing that trips like the one he undertook in 2021 open doors and cut red tape. During his interview with the BBC, Branson described space travel as being "incredibly important" for the Earth and made the case for it to continue. "Communication between people is being transformed because of space travel and satellites up there," he said.

☆ Singapore executes citizen for cannabis trafficking
▼ + stars: | 2023-04-26 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, April 26 (Reuters) - Singapore on Wednesday executed a man convicted of drug trafficking, a representative for his family said, despite pleas from his relatives and activists for clemency. Tangaraju Suppiah, 46, had been convicted for abetting the trafficking in 2013 of more than 1 kg (2.2 pounds) of cannabis, double the threshold for the death penalty in the city-state, which is known for its tough laws on narcotics. The Singapore government did not immediately respond to a request for comment. The United Nations Office for Human Rights had also called for Singapore not to proceed with the execution and to "adopt a formal moratorium on executions for drug-related offences". Singapore executed 11 people last year and says the death penalty is an effective deterrent against drugs and that most of its people support the policy.

☆ Russia’s war on Ukraine redrew the map of the sky – but not for Chinese airlines
▼ + stars: | 2023-04-25 | by ( Xiaofei Xu | ) edition.cnn.com time to read: +7 min

He told the newspaper that airlines flying over Russia were indirectly helping the Kremlin’s war effort. Safety implicationsVirgin's Richard Branson has called for a ban on Chinese airlines flying to Europe via Russian airspace. CNN has reached out to the three main state-owned Chinese airlines – Air China, China Eastern and China Southern – for comments. For now, Chinese airlines have yet to return to full pre-pandemic capacities. But as Chinese airlines gradually return to normal and the war in Ukraine continues to rage on, European airlines could potentially face more fierce challenges on routes between Europe and East or Southeast Asia, creating some interesting choices for passengers.

☆ Tangaraju Suppiah: Singapore executes man for trafficking two pounds of cannabis
▼ + stars: | 2023-04-25 | by ( Heather Chen | ) edition.cnn.com time to read: +8 min

Tangaraju Suppiah, a 46-year-old Singaporean, was hanged early on Wednesday in Changi Prison and the family have received a death certificate, his sister Leelavathy Suppiah told CNN. Tangaraju was first sentenced to death in 2018 for “abetting the trafficking of more than one kilogram of cannabis (1,017.9 grams),” according to a statement from the Central Narcotics Bureau (CNB). The court found he was in phone communication with two other men caught trying to smuggle cannabis into Singapore. “As is the case for many people currently on death row in Singapore, Tangaraju was forced to represent himself to seek a review of the Court of Appeal’s decision to uphold his conviction. Singapore has a strong reputation as a rule of law country so this concerning omission is not normal,” Perrett added.

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.

☆ SpaceX and Rocket Lab are the only consistent and reliable launch companies as other space stocks have trouble raising capital, Bank of America says
▼ + stars: | 2023-04-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Meanwhile, most other companies have had trouble raising capital in the risk-averse environment. "Fast forward to 2023, and there are truly only two launch companies that have proven consistent and reliable operations, only one of which is publicly traded Rocket Lab," analysts wrote. "When presented this reality, most satellite companies expressed their reluctance to being over reliant on certain launch companies, namely SpaceX." But other launch companies like Richard Branson's firm Virgin Orbit have run into trouble. "Also, contrary to popular belief, the space industry is not blind to the importance of profitability, and most are aggressively seeking this milestone," the note added.

☆ 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.

☆ Virgin Orbit blames 'dislodged filter' for January launch failure
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Virgin Orbit building is seen after the company paused operations last week, in Long Beach, California, U.S., March 22, 2023. REUTERS/Mike Blake/File PhotoApril 19 (Reuters) - Virgin Orbit Holdings Inc on Wednesday blamed a dislodged filter for its failed rocket launch in January and said it was planning a flight later this year as the issue has been fixed. The satellite launch company, founded by billionaire Richard Branson, filed for Chapter 11 bankruptcy protection earlier this month as it struggled to secure long-term funding following the failed launch. The January mission using Virgin Orbit's centerpiece LauncherOne rocket, the first rocket launch out of Britain, failed to reach orbit and sent its payload of commercial and defense-related research satellites plunging into the ocean. "Ground test results matched flight data, confirming the dislodging of the filter as the initiation event of the January launch failure," Virgin Orbit said on Wednesday.

☆ 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.

☆ Richard Branson’s Space Company Virgin Orbit Files for Bankruptcy
▼ + stars: | 2023-04-04 | by ( Dave Sebastian | Benjamin Katz | ) www.wsj.com time to read: 1 min

Richard Branson ’s Virgin Orbit Holdings Inc. has filed for bankruptcy after the satellite-launch venture said it wasn’t able to secure sufficient funding to continue in what has become a hypercompetitive market. The company on Tuesday said it was working to sell itself. Just three months ago, it was poised to make history by delivering the first satellites into orbit from the billionaire’s home country of the U.K.—before the high-profile launch ended in the destruction of its satellite payload.

☆ 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.

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