Richard Branson’s space-tourism venture Virgin Galactic plans to go public as part of a deal with a special purpose acquisition company (SPAC) created by Social Capital LP chief executive officer Chamath Palihapitiya, a person familiar with the matter said.
The deal was earlier reported by the Wall Street Journal, which said the SPAC, Social Capital Hedosophia Holdings Corp, would invest about US$800 million for a 49 percent stake in Virgin Galactic.
The deal could be announced as early as yesterday morning, said the source, who declined to be named because the matter is confidential.
Virgin Galactic and Social Capital Hedosophia did not respond to requests for comment outside regular business hours.
Branson’s company is racing against Blue Origin, the space business of Amazon.com Inc founder Jeff Bezos, to bring tourists into space.
Virgin Galactic in February soared to the edge of space with a test passenger for the first time, nudging the company closer to its goal of sub-orbital flights for space tourists.
After Branson founded the company in 2004, his ambitious timeline for taking passengers into space suffered delays and a fatal setback when the original SpaceShipTwo crashed on a test flight in 2014 that killed the copilot and seriously injured the pilot.
Branson has said he plans to be the first passenger on SpaceShipTwo’s first commercial flight in the middle of this year.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained