Virgin Orbit crew poses at the opening bell ceremony as a 70 foot model rocket with satellites is placed in front of the NASDAQ in Times Square of New York City, United States on January 7, 2022. Tayfun Coskun | Anadolu Agency | Getty Images Not too long ago, Virgin Orbit was in rarified air among U.S. rocket builders, and executives were in New York celebrating its public stock debut. The scene was true to the marketing pizazz that has helped Sir Richard Branson build his Virgin empire of companies, showcasing with a rocket model in the middle of Times...

Virgin Orbit is ceasing operations ”for the foreseeable future” after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting Thursday afternoon. The company will layoff nearly all of its workforce. ”Unfortunately we’ve not been able to secure the funding to provide a clear path for this company,” Hart said, according to audio of the 5 p.m. ET meeting obtained by CNBC. ”We have no choice but to implement immediate, dramatic and extremely painful changes,” Hart said, audibly choking up on the call. He added that this would be ”probably the hardest all-hands that we’ve...

An Electronic Arts (EA) video game logo is seen at the Electronic Entertainment Expo Lucy Nicholson | Reuters Electronic Arts is cutting 6% of its workforce, equal to about 800 jobs, and reducing office space, the video game company said Wednesday. ”As we drive greater focus across our portfolio, we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams,” CEO Andrew Wilson wrote in a note to employees. Layoffs are ”the most difficult part, and we are working through the process with the utmost care and...

Lucid Motors CEO Peter Rawlinson poses at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, July 26, 2021. Andrew Kelly | Reuters Struggling EV maker Lucid said in a regulatory filing on Tuesday that it plans to cut about 18% of its workforce, or roughly 1,300 employees, as part of a larger restructuring to reduce costs as it works to ramp up production of its Air luxury sedan. Lucid said it will incur one-time charges totaling between...

Confetti falls as Lyft CEO Logan Green (C) and President John Zimmer (LEFT C) ring the Nasdaq opening bell celebrating the company’s initial public offering (IPO) on March 29, 2019 in Los Angeles, California. The ride hailing app company’s shares were initially priced at $72. Mario Tama / Getty Images Lyft’s cofounders, CEO Logan Green and president John Zimmer, will soon step back from their day-to-day roles, the company announced on Monday. David Risher, a former retail executive at Amazon, will be CEO of the ridesharing company beginning April 17, when Green will step aside to serve as chair of...

Ukrainian President Volodymyr Zelenskyy stands while listening to the Ukrainian national anthem on his arrival at the European Parliament on February 09, 2023 in Brussels, Belgium. Omar Havana | Getty Images NATO condemned Russia’s ”dangerous and irresponsible” nuclear rhetoric Sunday after President Vladimir Putin shared plans to station tactical nuclear weapons in Belarus. Putin announced the deal during an interview on Russian television on Saturday, and he said it will not violate non-proliferation agreements. He said the announcement is ”nothing out of the ordinary” and that the U.S. has been doing something similar by stationing weapons in Europe, which a...

First Republic Bank headquarters is seen on March 16, 2023 in San Francisco, California, United States. Tayfun Coskun | Anadolu Agency | Getty Images The surge of deposits moving from smaller banks to big institutions including JPMorgan Chase and Wells Fargo amid fears over the stability of regional lenders has slowed to a trickle in recent days, CNBC has learned. Uncertainty caused by the collapse of Silicon Valley Bank earlier this month triggered outflows and plunging share prices at peers including First Republic and PacWest. related investing news The situation, which roiled markets globally and forced U.S. regulators to intervene...

A First Citizens Bank branch in Dunwoody, Georgia, on Thursday, March 23, 2023. Elijah Nouvelage | Bloomberg | Getty Images Regulators again assured the public that the banking system is safe, which came as fresh data showed customers recently pulled nearly $100 billion in deposits. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and more than a dozen other officials convened a special closed meeting of the Financial Stability Oversight Council on Friday. A readout from the session indicated that a New York Fed staff member briefed the group on ”market developments.” ”The Council discussed current conditions in the...

U.S. Treasury Secretary Janet Yellen testifies before a Senate Finance Committee hearing on Capitol Hill in Washington, March 16, 2023. Mary F. Calvert | Reuters WASHINGTON — Treasury Secretary Janet Yellen said Thursday that the federal emergency actions to back up Silicon Valley Bank and Signature Bank customers could be deployed again in the future if necessary. ”We have used important tools to act quickly to prevent contagion. And they are tools we could use again,” Yellen said in written testimony before a House Appropriations subcommittee. ”The strong actions we have taken ensure that Americans’ deposits are safe. Certainly, we...

Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, DC, on March 22, 2023. Olivier Douliery | AFP | Getty Images Federal Reserve Chair Jerome Powell said Wednesday that the U.S. banking sector is strong but that the recent failure of some regional banks could cause ripple effects that slow down the economy. At a press conference after the latest Federal Open Markets Committee meeting, Powell described the banking system as ”sound and resilient” but said the central bank was monitoring a change in the availability of credit for consumers and businesses....