Sunday December 8, 2019
Home Business Virgin Galact...

Virgin Galactic to be World’s First Publicly Traded Company

The company announced the completion of the merger on Friday

0
//
Virgin Galactic, World, Company
Virgin Galactic revealed the arrangement with Social Capital Hedosophia in July. Wikimedia Commons

Richard Branson’s commercial human spaceflight venture Virgin Galactic is set to become the world’s first publicly traded company next week following the completion of its merger with venture capitalist Chamath Palihapitiya’s Social Capital Hedosophia.

The resulting company is named Virgin Galactic Holdings (VGH) and its common stock, units and warrants are expected to commence trading on the New York Stock Exchange on October 28.

Virgin Galactic revealed the arrangement with Social Capital Hedosophia in July. The company announced the completion of the merger on Friday.

Virgin Galactic already has customer reservations from more than 600 people in 60 countries representing approximately $80 million in total collected deposits, and over $120 million of potential revenue.

Virgin Galactic, World, Company
The resulting company is named Virgin Galactic Holdings (VGH) and its common stock, units and warrants are expected to commence trading on the New York Stock Exchange on October 28. Wikimedia Commons

“Today is the start of a new era for the human spaceflight industry. VG has already pioneered several important space milestones, including sending the first test passenger to space onboard a commercial vehicle, and today’s announcement is no different,” George Whitesides, Cheif Executive Officer (CEO) at Virgin Galactic Holdings, said in a statement.

“Now that VG is a publicly traded firm, anyone can invest in a human spaceflight company that is striving to truly transform the market and be part of the excitement of the commercial space industry,” Whitesides said.

As a result of this transaction, Virgin Galactic has received over $450 million of primary proceeds and at market close on Friday, the business has a market capitalisation of $2.3 billion.

Also Read- Fraud at PMC Bank Shows that there is Rot in System and Not the Bank

Virgin Galactic earlier this month unveiled the spacesuits its paying passengers will wear on space tourism, which are expected to commence in 2020. (IANS)

Next Story

Escalating Consequences of Climate Change Hit Countries Globally

India was ranked fifth vulnerable globally

0
Climate
As Climate impacts begin to result in permanent loss and damage across the world, there is still no specific UN climate finance facility to reimburse the loss of land, culture and human lives. Pixabay

The escalating consequences of Climate change are now hitting both rich and poor countries, a report published on Wednesday said. India was ranked fifth vulnerable globally.

The Climate Risk Index 2020, an annual report by Germanwatch, ranks countries according to their vulnerability to extreme weather events.

It was released in the Spanish capital on the sidelines of the 25th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) or COP25 that is being held in the backdrop of climate impact biting globally.

According to the report, India has also been badly affected, ranking fifth in the overall global vulnerability index in 2018, ranked first in terms of fatalities and second in the world in terms of losses in millions of dollars.

India’s overall ranking has drastically fallen from 14th in 2017, to fifth in 2018.

The report shows that extreme weather, linked with climate change, is affecting not only the poorer countries like Myanmar and Haiti, but also some of the world’s richest countries.

Japan is the worst-hit country in 2018, while Germany and Canada were both also in the ‘bottom 10’ i.e. the most affected.

The results reflect the increasing damage caused by heatwaves, which scientists have found are being worsened by climate change.

To explain this drastic fall in ranking in a year, David Eckstein, Policy Advisor (Climate Finance and Investment) with Germanwatch said: “India’s high rank is due to severe rainfall, followed by heavy flooding and landslides that killed over 1,000 people.”

The state of Kerala was especially impacted. The floods were described as the worst in the last 100 years.

Climate
A report shows that extreme weather, linked with climate change, is affecting not only the poorer countries like Myanmar and Haiti, but also some of the world’s richest countries. Pixabay

According to Eckstein, India was struck by two cyclones in October and November 2018 that also nearly killed 1,000 people. Last but not least, India also suffered from extreme heat. While the human death toll was kept considerably low due to public measures, the economic damage was quite severe.

Other countries ranking in the bottom 20 in the overall climate risk categories are the US at 12th, Vietnam at sixth, Bangladesh at seventh and France at 15th.

The report also points to the importance of negotiations at COP25. As climate impacts begin to result in permanent loss and damage across the world, there is still no specific UN climate finance facility to reimburse the loss of land, culture and human lives.

So far, the industrialised countries have refused to even negotiate it.

But at COP25, for the first time, financial support for climate-related loss and damage is high on the agenda.

For the poorest and most vulnerable countries, this climate summit is, therefore, of the utmost importance. They demand that states agree a deal to support those who are suffering, or at least acknowledge the necessity, with a pathway towards real help.

Otherwise the poorest countries will continue to rely on loans to cope with the consequences of climate change, which means they are threatened with excessive debts, undermining often already vulnerable economies.

In the talks that will last till December 13, India has been ambitious in its actions.

Climate
The escalating consequences of Climate change are now hitting both rich and poor countries, a report published on Wednesday said. India was ranked fifth vulnerable globally. Pixabay

It has emphasised that developed countries should take the lead in undertaking ambitious actions and fulfil their climate finance commitments of mobilising $100 billion per annum by 2020 and progressively and substantially scale up their financial support to inform parties for future action through Nationally Determined Contributions (NDCs).

ALSO READ: Upcoming Apple iPhone May Have Qualcomm Ultrasonic Fingerprint Sensor

India is also stressing upon the need for fulfilling the pre-2020 commitments by developed countries, and that pre-2020 implementation gaps should not present an additional burden to developing countries in the post-2020 period.

The Indian delegation will be led by Environment Minister Prakash Javadekar, who is attending the summit from December 9. (IANS)