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Virgin Galactic announced it is postponing all its planned commercial spaceflights until 2022.
The space tourism company stated it would modify and enhance its space vehicles VSS Unity and VMS Eve for the next eight to 10 months. The company hopes to complete the updates between June and August next year. This will push back its planned Unity 23, 24, and 25 missions.
Virgin shares fell ~15% after the announcement; it closed at $20.01, down about 17% for the day. Virgin is down about 14% so far this year.
Bank of America lowered its price target for the space tourism company from $25 per share to $20 per share.
Investment bank Canaccord Genuity kept its target price at $48 per share, noting the delay won’t affect the company long-term.
About 10,000 John Deere workers went on strike on Thursday after rejecting a new contract on Sunday.
United Auto Workers (UAW), the union representing the workers across Deere’s 14 plants in the U.S., stated about 90% of its members voted to reject the new contract.
The new agreement would have increased the wages of workers who made John Deere tractors and other farm equipment by 5%; a production worker would make about $30 per hour and increase to $31.84 after five years.
Workers began picketing outside the company’s Milan, Illinois, plant on Wednesday night. The last time Deere workers went on a strike was 35 years ago.
John Deere’s VP of Labor Relations, Brad Morris, noted that the company would work day and night to reach a favorable agreement for all parties involved.
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Coinbase released its digital asset regulatory proposal on Thursday.
The crypto exchange suggested that the U.S. create a separate entity that would oversee the crypto space and that failure to do so might leave the country further behind over nations.
Coinbase’s Chief Policy Office, Faryar Shirzad, noted in the blog post that Coinbase initially tried to adjust current regulation to meet the new digital age but found it was incredibly lacking and designed for an old market structure.
Shirzad hopes Coinbase’s proposal will start a much-needed conversation on a clear and comprehensive approach to regulating digital assets.
Andreessen Horowitz, an early investor in Coinbase, released a similar digital assets regulatory proposal on Wednesday. Its executives plan to meet with government leaders in Washington
