GLOBAL MARKETS: Branson’s Galactic pitch
Richard Branson’s Virgin Galactic plans to go public via a New York cash shell led by former Facebook executive Chamath Palihapitiya
Richard Branson’s Virgin Galactic plans to go public via a New York cash shell led by former Facebook executive Chamath Palihapitiya. The company, with an enterprise value of $1.5bn, would open space to more investors and to "thousands of new astronauts", Branson said. The cash shell, Social Capital Hedosophia, raised $700m and was pitched as a way to bring tech companies to the market without the hassle of an IPO.
In its latest efforts to restructure itself, Deutsche Bank is laying off 18,000 staff, a fifth of its workforce. Essentially a local bank that tried to become (and for a while became) a global investment bank, Deutsche never recovered from the 2008 financial crisis. Now, after a decade of scandals, fines and a falling share price, it has decided to go back to its old-fashioned business of helping small and medium-sized German businesses. It is sticking about $300bn in risky assets into a so-called "bad bank".