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NEWS ABOUT: Richard Branson

Move to Nationalize UK Bank Sparks Fury

Shareholders expected to battle public ownership

(Newser) - Furious shareholders concerned about the risk to their investments are blasting the British government's decision to nationalize ailing Northern Rock bank. The British Treasury is expected to face lengthy legal action from investors once the government formally announces details of the takeover today. Trading in bank shares is being suspended,... More »

UK Nationalizes Northern Rock

Bank takeover marks desperate move for British ministers

(Newser) - British ministers plan to nationalize Northern Rock as part of a bold, desperate move to rescue the struggling bank, the BBC reports. Chancellor of the Exchequer Alistair Darling said two private bids to take over Northern Rock failed to offer “sufficient value for money to the taxpayer,” adding... More »

RIP, Steve Fossett

Daredevil declared dead five months after disappearance

(Newser) - He vanished on a routine flight five months ago, and now daredevil Steve Fossett has been declared dead at the age of 63, the AP reports. The famous world record breaker was last seen flying a small plane over western Nevada where 15-20 private planes have disappeared since 1950. The... More »

Nationalization May Loom for Northern Rock

Branson's Virgin bid for troubled bank needs improvement, UK gov't says

(Newser) - Troubled British mortgage lender Northern Rock’s share price plummeted 8% today as rumors of government nationalization grew after the Treasury panned rescue plans offered by Richard Branson's Virgin Group and a competing version from the bank’s management team, the BBC reports. Though shareholders reportedly prefer management's bid, the... More »

Branson Unveils SpaceShipTwo

Double-hulled plane will carry rocket to high altitude

(Newser) - Richard Branson has unveiled the ship that will carry paying passengers to space. Slightly different from its original prototype, SpaceShipTwo will be carried to high altitude by a double-hulled plane called White Knight, where the rocket will then separate and launch. Branson's Virgin Galactic startup hopes to start test flights... More »

Northern Rock Bailout Plan a Money Shuffle

Deal pays back government loans, but public still on the hook

(Newser) - The British government today unveiled its last-gasp plan to hand off the Northern Rock hot potato and prevent nationalization, the London Times reports. Under the plan, the bank would immediately pay back the £25 billion it owes the government by selling the debt to private investors as bonds. But... More »

Space Tours to Northern Lights

Virgin Galactic to offer flights into heart of aurora borealis

(Newser) - Virgin Galactic plans to launch sightseeing tours into the heart of the northern lights—a first for humans—within three years. If all goes to plan, passengers willing to pay $200,000 a ticket will board spacecraft from north of the Arctic Circle to head for the edge of space,... More »

Brits Hatch Secret Plan to Bail Out Northern Rock

No good options for struggling bank

(Newser) - Worried that the state might be stuck nationalizing Northern Rock, Britain has worked up a contingency plan behind closed doors to divide the troubled bank among the country’s commercial banks. A private buyout is still preferable, the Guardian reports, but some now fear the main bidders will back out,... More »

Northern Rock Boss Quits as Fall Continues

$570M writedown posted; sale of troubled bank months away

(Newser) - The CEO of collapsing British bank Northern Rock quit this morning without comment, reports the Financial Times. Adam Applegarth resigned last month but had pledged to stay on as CEO until the end of January to guide the struggling company through its upcoming sale. But investors are troubled by the... More »

Googler Preps for Lavish Island Nuptials

Search giant's co-founder to wed in Branson's private digs before 600

(Newser) - Google co-founder Larry Page didn’t have to use his popular search engine to scout out locations for his upcoming wedding. He just asked his best man, and fellow billionaire, Richard Branson, Reuters says. Page will wed girlfriend Lucy Southworth Saturday on Branson’s private Caribbean getaway, Necker Island. Six... More »

Northern Rock Looks to Virgin as Savior

Stock soars as Branson leads consortium to buy stricken lender

(Newser) - A consortium led by billionaire Richard Branson is the government’s “preferred bidder” in an effort to rescue embattled UK mortgage lender Northern Rock, Bloomberg reports. Virgin Group says it will immediately pay back $22.5 billion of the $50 billion the Bank of England loaned Northern Rock to... More »

Google Founder's Wedding Date Suppressed

Published, retracted without explanation

(Newser) - Valleywag reports that somebody leaked Google founder Larry Page's wedding date to a Fortune editor, but the info was later scrubbed from the story in which it had appeared. And the old version of the article doesn't show up in the Google cache of the page. Yahoo cached the original... More »

Branson's Virgin Group Bids for Northern Rock

Beleaguered British mortgage lender's stock jumps 7% on news

(Newser) - Richard Branson’s Virgin Group is officially making a bid for Britain’s Northern Rock, the Times of London reports. Branson hopes to merge the bank with Virgin Money and then rebrand it, keeping the company independent. “If we are successful we'll be able to create an exciting new... More »

Space Race Goes Private

Branson, tech peers are 21st century answer to NASA

(Newser) - Today’s wildest-eyed entrepreneurs were kids when Sputnik launched 50 years ago today, and they’re picking up the government’s slack by taking their inspiration spaceward. Men who made millions in technology are privatizing spaceflight, even egging each other on to compete: Google is offering $20 million to the... More »

Branson Starts Legal Fund for Maddy's Parents

Virgin chair donates $200K to couple's defense, seeks donors

(Newser) - Colorful Virgin chair Richard Branson has donated $200,000 to help Maddy's parents plead their case. He had already contributed to a $2 million fund to help find their daughter,  Madeleine, who disappeared in Portugal on May 3. Branson stepped up his support when he heard that the couple... More »

Branson Wants Google Earth in Fossett Search

Satellite images could hold clues to aviator's disappearance

(Newser) - Richard Branson said today he hopes to use Google Earth in the search for missing aviator Steve Fossett, whose small plane disappeared Monday over Nevada. The British billionaire and flying enthusiast wants to see if Google's satellite photos show where Fossett might have been heading, Reuters reports, and whether there... More »

Branson Dumps Water on Stephen Colbert

Spat was unplanned and awkward, say audience members

(Newser) - Tycoon Richard Branson one-upped Stephen Colbert when he threw a glass of water at the fake news anchor on last night's Comedy Central show. Branson was miffed that he didn't get to plug his new airline on the Report, even after christening an airplane for the host. Colbert, always thinking... More »

NY Storm Delays New Airline's First Flight

Low-cost Virgin America is billionaire Branson's domestic US entry

(Newser) - Highlighting the difficulties of the US domestic market, inclement weather delayed today's first flight of Virgin America, the airline backed by impish British billionaire Richard Branson. The airline, which aims to provide first-class amenities at budget-friendly fares, operates from its San Francisco hub to Los Angeles and New York's JFK... More »

3 Dead in Space Center Blast

(Newser) - A third person has died from injuries suffered in an explosion at a Mojave Desert airport where part of billionaire Richard Branson's private space program is being developed, AP reports. The blast occurred during testing of a nitrous oxide propellant system for a space tourism vehicle. Three people were hospitalized,... More »

Mojave Spaceport Blast Kills 2

Four others hurt at company behind first manned rocket

(Newser) - An explosion killed at least two people at a remote desert plant attempting to develop billionaire Richard Branson's space tourism program. The blast at Mojave Air and Space Port was in part of the facility where SpaceShipTwo is being built for Virgin Galactic—to be used for $200,000 trips... More »

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