Virgin Galactic’s quarterly loss increases, plans next spaceflight test for late November
Virgin Galactic’s quarterly loss increases, plans next spaceflight test for late November

  • Virgin Galactic reported a third quarter adjusted EBITDA loss of $66 million on Thursday, significantly higher than the $54 million loss in the prior quarter, although the company now has $742 million in cash on hand after completing a common stock offering in August.

  • “During the quarter we made good progress completing the final steps to prepare for VSS Unity’s first rocket-powered test flight from Spaceport America this November,” Virgin Galactic CEO Michael Colglazier said in a press release.

  • That next test flight is expected to occur between Nov. 19 and Nov. 23, the company said.

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Homebuilder sentiment sets another record high in October
Homebuilder sentiment sets another record high in October

  • Current sales conditions rose 2 points to 9, according to the NAHB/Wells Fargo Housing Market Index. Sales expectations in the next six months increased 3 points to 88, and buyer traffic was unchanged at 74.

  • “Traffic remains high and record-low interest rates are keeping demand strong as the concept of ‘home’ has taken on renewed importance for work, study and other purposes in the Covid era,” said NAHB Chairman Chuck Fowke.

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NASA is launching a 4G mobile network on the moon
NASA is launching a 4G mobile network on the moon

  • NASA has selected Nokia to build the first-ever 4G mobile network on the moon, the Finnish telecom firm announced Monday.

  • Under its Artemis program, NASA plans to send astronauts to the moon and a “sustainable” human presence by 2028.

  • Nokia’s 4G network will allow astronauts to carry out a number of activities including making voice and video calls.

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Asia-Pacific has more billionaires than any other region, as pandemic boosts wealth
Asia-Pacific has more billionaires than any other region, as pandemic boosts wealth

As of July 2020, Asia-Pacific accounted for the highest number of ultra-high net worth individuals, with 831 (38%) of the super rich residing in the region, where billionaire wealth now totals $3.3 trillion, according to Swiss bank UBS’ new Billionaires Insights Report 2020. That compares to 762 (35%) across the Americas and 596 (27%) in Europe, the Middle East and Africa (EMEA).

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Empty rental apartments in Manhattan triple, nearly hitting 16,000
Empty rental apartments in Manhattan triple, nearly hitting 16,000

  • The number of apartments for rent in Manhattan tripled in September, with nearly 16,000 apartments sitting empty, according to data from Douglas Elliman and Miller Samuel.

  • The vacancy rate in Manhattan, which is typically 2% to 3%, is now just under 6%.

  • The median net effective rents — those that include concessions — fell by 11% to $3,036.

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Total billionaire wealth surges to record high of $10.2 trillion during coronavirus crisis, research says
Total billionaire wealth surges to record high of $10.2 trillion during coronavirus crisis, research says

  • Research from UBS and PwC found that global billionaire wealth climbed to $10.2 trillion between April and July this year, up from $8 trillion at the start of April.

  • That reflected an increase in wealth of 27.5% and exceeded the previous peak of $8.9 trillion recorded at the end of 2017.

  • The number of billionaires worldwide also reached a new high of 2,189, compared to the previous record of 2,158 in 2017.

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Alibaba expects cloud business to turn profitable for the first time within the next few months
Alibaba expects cloud business to turn profitable for the first time within the next few months

  • Alibaba finance chief Maggie Wu said that Alibaba’s cloud computing business is expected to become profitable in this current fiscal year

  • Cloud computing is seen as being very critical to the Chinese e-commerce giant’s future growth.

  • Alibaba CEO Daniel Zhang called the technology a “growth engine” but said the world is in a “nascent stage of the global cloud era.”

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Taxes are likely to go up for the wealthy in these nine US states
Taxes are likely to go up for the wealthy in these nine US states

  • Legislators in New York, California, Massachusetts, Maryland and other states have renewed their efforts to hike taxes on high earners.

  • States are facing multibillion-dollar revenue shortfalls due to the costs of the coronavirus pandemic and lost revenue from shuttered businesses.

  • Democratic lawmakers argue that the wealthy — who have largely escaped the economic hardship of the pandemic — should pay more of the costs and help those who have suffered most.

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Cambridge tech scene questions Nvidia’s commitment to an A.I. lab after $40 billion Arm deal
Cambridge tech scene questions Nvidia’s commitment to an A.I. lab after $40 billion Arm deal

  • Nvidia said it would set up a new artificial intelligence lab in Cambridge when it announced that it plans to acquire Arm for $40 billion.

  • However, people at the heart of the Cambridge tech scene are confused as to why they haven’t heard more about Nvidia’s plans and some are questioning whether the company is really committed to the project.

  • Nvidia insisted that the A.I. lab is going ahead as planned.

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