How Virgin Galactic Space Business plans to raise funds? | Market Update

  • May 12, 2020 BST
  • Team Kalkine

Richard Branson has agreed to sell shares worth around AU$765 million in his Virgin Galactic space business to raise funds for his struggling airline and leisure businesses. The businessman, who has previously suggested he would be willing to re-mortgage his private Caribbean island home on Necker Island to raise funds, said the cash would be reinvested into firms including Virgin Atlantic. Announcing the plans via the New York Stock Exchange, Virgin Group said it would sell 25 million shares via Credit Suisse, with the process expected to cost the business AU$255,400.

P&O Ferries has announced plans to make 1,100 of its staff redundant. The ferry operator, based in Dover, Kent, said the reduced number of vessels and downturn in business had forced its decision to lay off staff. are officers and shore-side staff on the same routes.

Morrisons has become the first major retailer to cut the price of petrol to below the £1 per litre threshold at all of its forecourts across the UK. The move comes after oil prices fell to an 18-year low last month, with some questioning why it took retailers so long to pass on the saving. The AA said it hoped more retailers would follow Morrisons' move.

#UK #jobsnow #petrolpricedecrease


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