Aviation

Bloomberg Billionaire Richard Branson’s Virgin Galactic aims to go public later this year and become the world’s first listed space-tourism venture. A stake in Virgin Galactic will be sold to a shell company that already trades on the New York Stock Exchange, raising about $800 million as the project nears its first commercial flights, a person familiar with the matter ...

Bloomberg An Indian court denied Naresh Goyal, founder of India’s once largest airline by market value, permission to fly overseas after the government told the court a $2.6 billion fraud investigation involving Jet Airways India Ltd is underway. The Delhi High Court’s single-judge bench of Justice SK Kait expressed apprehension Goyal may not return like others facing allegations of fraud. ...

Bloomberg Shares of Philippines’ largest budget carrier plunged to their biggest drop on record, wiping out as much as 21.3 billion pesos ($415 million) from its market value in what traders said was likely a fat finger. Cebu Air Inc slumped 38 percent to the lowest since August 2014 in the last few minutes of trading and volume was below ...

Bloomberg European Union Trade Commissioner Cecilia Malmstrom signalled that she expects the US and EU to hit each other with tariffs as retaliation over illegal government aid to Airbus SE and Boeing Co. Malmstrom said the US is entitled to strike first by the end of summer and the EU would follow suit five to six months later after the ...

Bloomberg The UK plans to fine British Airways 183.4 million pounds ($230 million) over computer attacks that exposed customer data, marking the first major application of far-reaching European Union rules requiring companies to tighten anti-hacking measures. The proposed penalty relates to data theft affecting about 500,000 customers between June and September last year, the UK Information Commissioner’s Office (ICO), which ...

Bloomberg Chuck Hughey braves security lines at Pittsburgh International Airport at least once a week. Not to catch a flight, but to get an ice cream cone or cruise a few of the concourses. Is he nuts? Not at all, he will tell you, just a doting grandfather. He and 3-year-old Cleo spend quality time there, riding the trams between ...

Bloomberg Boeing Co is offering $100 million to support the families of victims and others affected by two crashes of its 737 Max jetliner, which killed 346 people and have led to scores of lawsuits. The money will go towards “education, hardship and living expenses for impacted families, community programmes and economic development in impacted communities,” Boeing said in a ...

Bloomberg British Airways owner IAG SA said it has no plans to revive a bid for discount rival Norwegian Air Shuttle ASA following a Spanish report that an offer was likely to be made in the next 15 days. The airline group, which also owns Madrid-based Iberia, intended to make an approach worth about $1.2 billion, according to Okdiario newspaper. ...

Bloomberg Troubled Scandinavian Airlines operator SAS AB is now smaller than a bus company. Its market value has dropped to just 5.09 billion kronor ($546 million), after its shares slumped almost 40 percent so far this year. That means that Nobina AB, the Nordic region’s largest public-transport service provider, is now bigger, with a market capitalisation of 5.11 billion kronor. ...

Bloomberg United Technologies Corp’s Pratt & Whitney unit is chronically late delivering engines for the Pentagon’s costliest programme, the F-35, raising questions about whether the company is ready for a surge to full-rate production scheduled for next year. Pratt remains under a previously unreported “Corrective Action Request” from the Defense Contract Management Agency that cites “poor delivery performance” on its ...