Company Briefs: Virgin Galactic

Virgin Galactic Holdings Inc, the space-tourism start-up that is nearing the start of commercial flights, detailed plans to outsource major parts of future spacecraft assembly to help lower costs and speed up production. The company will focus primarily on design work and final assembly, allowing it to produce as many as six new "Delta class" spaceships per year, chief executive Michael Colglazier said on Tuesday as Virgin Galactic reported fourth-quarter results.

The Delta vehicles, carrying six passengers, will be able to fly weekly, a higher frequency than the company's two older designs.

BLOOMBERG

HSBC Holdings said it will be closing all of its retail branches in Hong Kong temporarily on Saturdays starting from March 5 as the Asian financial hub scrambles to contain its worst wave of Covid-19 outbreak. The city's largest lender will also shut 11 more outlets starting from Wednesday as several staff tested positive for Covid-19, the London-based bank said in a statement.

HSBC, which operates about 100 outlets in Hong Kong, last week closed some branches, including the one in its main office building in the Central district.

BLOOMBERG

Facebook is launching its short video feature Reels to more than 150 countries, its owner Meta Platforms said on Tuesday, in a move to expand its fastest growing content format.

The social media giant, which recently lost a third of its market value after a dismal earnings report, has highlighted Reels as a key priority.

Meta launched Reels on Instagram in 2020 and on Facebook last year as its answer to the explosively popular short-video app TikTok, which is owned by Chinese tech giant ByteDance.

REUTERS