Bloomberg Richard Branson’s Virgin Orbit agreed to go public through a reverse merger with NextGen Acquisition Corp II that will value the satellite-launch company at $3.2 billion. Investors including Boeing Co and AE Industrial Partners committed $100 million to Virgin Orbit through a private investment in public equity, according to a statement. The merger is expected to provide the new …

Bloomberg Best Buy Co rose after it raised its full-year sales outlook on continued strong demand for its gadgets and services. The key metric of US same-store sales rose 21% in the second quarter, the retailer reported in a statement. That’s above the 18.4% average estimate from analysts compiled by Bloomberg. It now sees companywide same-store sales growing in a …

Bloomberg Walmart Inc will start delivering goods for other companies, a bet that its logistics prowess will let the world’s largest retailer broaden its business. The new service, dubbed Walmart GoLocal, will offer merchants ranging from local bakeries to national auto-supply stores deliveries across the US at what the company calls “competitive pricing.” The retailer already has some contracts with …

Bloomberg China’s central bank chief vowed to stabilise the supply of credit and boost the amount of money supporting smaller businesses and the real economy, after both credit and economic growth slowed in July. The People’s Bank of China (PBOC) will keep monetary policy stable with a good cross-cyclical design and will support high-quality economic expansion with “appropriate money growth,” …

Bloomberg Citigroup Inc is facing a lawsuit for pulling support from a European credit fund as the Covid-19 pandemic roiled the markets, then giving its own traders a potential profit at the fund’s expense. The New York-based bank was sued by Ver Capital Partners in London for forcing the fund to default on a 224 million-euro ($263 million) loan in …

Bloomberg New Zealand’s central bank decided not to raise interest rates last week because of communication challenges, not economic risks, Assistant Governor Christian Hawkesby said. It would have been difficult to explain an increase in the official cash rate on the same day the country entered a lockdown to combat a Covid-19 outbreak, Hawkesby told Bloomberg in a telephone interview …

Bloomberg Goldman Sachs Group Inc is boosting the pay of junior staff in its sales, trading, research and asset management divisions as the wave of pay rises spreads beyond investment banking, according to Financial News. Goldman Sachs will pay starting salaries of $110,000 in these units, up from $85,000, while second years will receive $125,000, Financial News reported, citing people …

Bloomberg Hungary will probably raise interest rates for the third time in as many months as policy makers continue their campaign to stem one of the European Union’s highest inflation rates. The central bank is poised to increase benchmark rate by 30 basis points to 1.5%, matching the pace of hikes in June and July, according to all but one …

Bloomberg HSBC Holdings Plc Chairman Mark Tucker, speaking in Hong Kong after passing through the city’s rigid three-week quarantine, said the opportunities in China are “too big to ignore” even as geopolitical tensions escalate. “We’re moving to a new status quo in Sino-US relations,” Tucker said in a video obtained by Bloomberg News of a discussion last week at a …

Bloomberg Singapore Exchange Ltd (SGX) is planning a maiden dollar bond offering, which would make it the latest entrant in a rush by Asian firms to lock in cheap borrowing costs. The city-state’s sole equities bourse hired banks for a potential US currency note and will hold investor calls from on Tuesday, according to a person familiar with the matter, who …