Tag Archives: Business News

As a company, Virgin Orbit has a very definitive goal, and that’s to deliver small commercial satellites to Earth’s orbit. Space technology company Virgin Orbit Holdings Inc (NASDAQ: VORB) is facing one of the toughest financial strains in its history and may file for bankruptcy if it fails to secure funding as soon as possible. According to a Fox News report, the company majority-owned by Sir Richard Branson’s Virgin Group has contracted two known restructuring firms, Alvarez & Marsal...

FDIC said that the deal between Signature and Flagstar would cost the Deposit Insurance Fund an estimated $2.5 billion. On Sunday, March 19, the Federal Deposit Insurance Corporation announced that Flagstar Bank, a subsidiary of the New York Community Bancorp, has entered an agreement with US regulators to secure the deposits and loans from Signature Bank, which announced shutdown a week back. The FDIC said that roughly $4 billion of Signature Bank’s deposits and $60 billion worth of...

With the Beijing development, Baidu can now operate a driverless taxi service in three Chinese cities, including Wuhan and Chongqing. Chinese tech giant Baidu has secured the right to offer the first fully driverless taxi service in China’s capital, Beijing. On Friday, the Beijing-based company made the announcement, which also included part of its logistical rollout. Baidu said its Apollo Go service would deploy 10 fully driverless cars in a technology park developed by Beijing’s...

In addition to seeking the grace period from Nasdaq, Astra also mentioned a possessive reverse stock split. Rocket launch startup Astra Space (NASDAQ: ASTR) has drawn a plan to avoid a delisting from the Nasdaq. The stock trading platform gave the small rocket builder a deadline to exceed a share price level of $1 or face removal. This came after Astra’s share remained below $1 for 30 consecutive business days, violating Nasdaq listing rules. At press time, Astra trades at $0.42, having...

Senator Michael Bennet from Colorado said that Signature Bank didn’t make “prudentially sound” decisions while dealing with crypto. Other US lawmakers believe crypto is being made a scapegoat in the failed banking policies of the Fed. Michael Bennet, the United States Senator from Colorado, recently opened up about the shutting down of crypto-friendly Signature Bank, with the intervention of the Fed and the FDIC. He said that the bank with crypto clients didn’t make “prudentially sound”...

Marathon Digital has also revealed the nature of its exposure to the now-defunct crypto-focused Silvergate Bank. Embattled Bitcoin (BTC) mining firm, Marathon Digital Holdings Inc (NASDAQ: MARA) has released its performance report for the fourth quarter (Q4) of 2022 in which it unveiled a poorer-than-expected revenue. According to the firm, its revenue came in at $28.4 million, down by 58% from its year-ago record. Marathon Digital operates in a very strained market as the global economy,...

Stripe has retained its entity as a privately owned enterprise over the past ten years, despite persistent speculations about an IPO. Payment processor Stripe raised $6.5 billion at a $50 billion valuation, the firm announced, with a steep discount from its record valuation of $95 billion in 2021. According to the press release, the company doesn’t require money for expanding its business. The cash collection, with participation from Andreessen Horowitz, Founders Funds, Goldman Sachs, and...

When the financial woes of FTX also lead to the exchange’s bankruptcy, the deal could not proceed, pitching Binance.US as the next major favorite to bail out the company. Judge Michael Wiles, the presiding Judge over the Binance.US and Voyager Digital acquisition case with the United States Securities and Exchange Commission (SEC) has reaffirmed his order for the deal to proceed. The Judge canceled the petition from the SEC to halt the proposed sale of the bankrupt crypto brokerage...

Baidu recently saw its shares take a massive hit following a pre-recorded unveiling demo of ChatGPT rival Ernie bot.  The shares of Chinese multinational tech company Baidu plunged to an 8-week low after the company unveiled a ChatGPT rival. On Thursday, Baidu provided a sneak peek into the functionality of its Chinese-language bot but also forewarned of its imperfections. However, during a live-streamed release event, CEO Robin Li described how the Chinese-language ChatGPT would improve...

Cathie Wood praised crypto assets for proving to be safe havens as crisis unfolded in the US banking system last week. Ark Investment‘s Cathie Wood is known for making some of the bold bets in crypto. Even during the strong downfall of 2022, Cathie Wood has been a regular investor in crypto companies like Coinbase. In another such development, ARK Investment Management LLC managed to raise a staggering $16 million from investors for a new crypto-focused investments fund. On Wednesday,...