you just completed your first test flight out of virgin galactic's new home on friday.t's the timeline now for service to become operational? when are we going to see sir richard branson and those first paying tourists actually get to go up to the edge of space >> well, you know, we're taking it step by step, as you know i think the main thing is that i was incredibly heartened that we were able to successfully fly a great test flight for the first time over new mexico and space port last friday that was a big accomplishment. we really had to over the course of april go through every single one of our procedures to make sure that they were covid-19 compliant, in terms of the ground crew, in terms of the pilots and all of this we also, as you may have seen, we tested everybody in our facilities all of our pilots, everyone else and i think that gave people a little bit of, you know, comfort coming back to work. so what's going forward, you know, we have to look at the data from friday's flight. we'll do a data review over the next couple of weeks and then we will see what

last october, virgin galactic became the first space tourism company to go public.in asia. thestors volleying over uncertainty ahead, as economies reopen. the csi index and negative territory on the back of the cpi numbers, rising less than expected, three point 3% versus 3.7%. the kospi currently down. investors keeping a watch on the recent outbreak linked to the clubs in seoul. it will be interesting to see how india opens p rishaad: -- opens. rishaad: yes. letting more to come, including a look at digital wallets and bitcoin as well, as volatility for the cryptocurrency continues. this is bloomberg. ♪ ♪ haslinda: it is almost on. welcome to "bloomberg markets: asia." rishaad: lots of trading in hong kong for the morning. this is a look at our top stories. trade tensions making headlines again. china may terminate the phase one deal or at least demand new terms. president donald trump saying he is not interested. the coronavirus continues to spread with new infections in will hand, where it was forced reported. south korea's strategy in question as covid-19 strik

if you've got less deep pockets there are companies such as virgin galactic in origin who are looking taking people on rides. not all the way up to orbit just into space and back. they are coming. perhaps we might even see that sort of thing coming monday. because we are developing spacewalk that will enable to launch capability. so i say to children today and i do mean it, i think if they start saving they may in their lifetimes be able to go. not every day, i think that's some way off yet. but when i grew up i dreamt of a trip on concord and we are certainly entering a new era space travel. and the young people to dream of going into space becoming a much more possible thing for many, many more people. let'sjust quickly speak to jane o'brien who is there in the blazing sunshine. there will bea in the blazing sunshine. there will be a lot of people celebrating there tonight. i think they're really well. i think the celebrations have actually already started. it has been an extraordinary day for the kennedy space centre, as well. they have been planning for this for so long and it was

he has richard branson with virgin galactic and amazon's jeff bezos is backing blue origin.avy hitter names behind those companies. traditional military contracts are becoming invested in it. boeing working on it, orbit call sciences, northrop grumman. all in all u.s. companies lead the way in terms of investment. don't count the chinese out. they accounted for 34% of investment in the final quarter of last year when it comes to space exploration. 120 million for virgin galactic. 140 million for a china-based station intelligence company as well. also consider this, as a profession, a lot of people are looking for new things to do right now, especially at this time. you know, anecdotally within the space industry they're say they're growing so fast they can fill all the positions. guys? melissa: wow. jackie, thank you. connell. cool stuff. connell: we'll switch gears a little bit right now as we're told the president is as well. moments ago he boarded air force one making his way back to washington after the launch had been scrubbed. we also have other stories to cover. rent

mattel we've got virgin galactic's results.gan brennan has the numbers morgan >> good to see you that's right virgin galactic report iing a n loss of $60 million. this was narrower than the 73 million we saw in q4 not going to give you estimates because there's only two out there. keep in mind this is a company that hasn't yet launched its commercial space tourism service so it's not yet technically operational. revenue was 238,000. cash and cash equivalence on hand at the end of march $419 million to down slightly from what we saw at the end of 2019 some of the key points here for virgin galactic. strong interest in the one small steph initiative this is that initiative for refundable thousand dollar down payments for people interested in buying a ticket to go to the edge of space. to be able to be in line in the cue in the next tehran ch of ticket sales are released later this year. over 400 deposit payments receive d from individuals in 44 county trays as of the end of april and if they can convert all these customers, that'

but because of their big news which was 1st up today but of course there's virgin galactic and blue origin as the other big players as well are their plans to actually make these companies profitable and how exactly would that work. well. i think we have to remember that all of these firms are dealing in transportation right so yeah we're going from the from earth to space and that's very big and powerful but the way to be profitable and transportation when the transportation industry is to be able to leverage economies scale to be efficient and be able to increase your frequency of deliveries so they'll get there just brought a stage at this point where their concepts showing that they can do this safely and reliably and to the point where as we see that we're going to see them become more profitable because they'll get better and better and overcome that learning curve and now rick obviously this flight was set but one of the big things that we've heard about it is tourism and i think to what you kind of mention a i want to this is a bigger term but colonization maybe is not the right on

blue origin has a rocket called the new shepherd and virgin galactic. s were selling tickets. virgin is right now. the era of commercial spaceflight is literally around the corner. taylor: has this changed at all, the collaboration between public and private sector with nasa and spacex coming together? you have boeing getting involved. what does this mean of the public-private partnerships in the collaboration you are seeing? -- and the collaboration you are seeing? >> nasa always used private companies to build their vehicles. they did not have a factory to build the space shuttle. it was like north of -- north american, rockwell. the difference is the relationship between the government and the private sector. now it is more of an equal whereas in the past it was the government in charge and the ability of the private companies and intellectual property to own and operate, that is different from what we have done in the past. newoes open up possibilities and it is something that has been affected -- has already in this program billione taxpayer $20 or

there is virgin galactic and a lot of companies working on this.t the competitive landscape and how much of a chance these other companies have of catching up to our spacex is today. chad: it is undoubtedly a success. they were hoping to get to space in 2017 and they are obviously a little bit delayed, but not by much. when it comes to the commercial spacex goteing and the contract. boeing was supposed to be the safe bet. spacex was an up and comer, not a lot of track record to speak of. if spacex can do this, you know, it is a great way for us to save the money but let's also do a contract with boeing because they are more likely to get us to space. fast forward 15 years, spacex is on the pad. they did a full rehearsal today. get to thefailed to space station in their demo one mission and that sets them back a year behind to sais -- a year behind spacex. it is not just a lower cost but it is also innovation and the vast number of tests allowing spacex to really advance what we are doing in the space industry. emily: chad anderson of space capital,

virgin group says it is considering a half $1 billion sale of shares in the space travel company galacticne and travel businesses. virgin says the proceeds would go towards supporting the -- and hitthat is it by covid-19. virgin galactic became the first space tourism company to go public. are reboundinges in early trading. they fell on monday after saudi arabia cut output in a move that was meant to support prices. james joins us on the line from sydney. what is behind the improvement in sentiment? while prices fell there are concerns about what that says about the weakness in underlying demand. james: i think that is right. to a certain extent we need to look through the saudi output cuts. there are doubts, with how long it could take them to turn around these cuts. it speaks to the underlying weakness in the market. one analyst mentioned if they could find buyers for the oil they wouldn't be cutting production. that says everything. by this amount, it would is some of the pressure on the storage levels that would -- that are brimming to full capacity. that is why we saw this dramatic g

yoda in stores in time for the holidays by the way, mattel ceo will be on mad money tonight and virgin galactic reporting a first quarter loss and touting the potential for millions in future revenue because so many people have put down a deep for a ticket once space venture returns. >> new results from the cnbc survey on the take of the job crisis and job security. a barron's advisor will join us with some real world advice. >>> before that, let's get some news on the food supply chain. tyson announcing, it will resume limited production at the largest u.s. pork plant. tyson suspended operations at the waterloo plant said all employees that do return will be tested and any employee who tests positive will remain on sick leave until released by health officials cnbc is back rig aerhihtft ts. d. mmm, it shows! so good. oh hey, did you say you needed help with investing? because i know someone who's really great. and you trust him? totally. yeah. we went to school together. i'll check him out on investor.gov. so, what'll it be? i'll just have the burger. before you invest, get the full report. ch

richard branson may sell more than a quarter of his stake in virgin galactic space travel firm to supportt of his empire. the sale would raise half $1 billion. branson is trying to save virgin atlantic airways. the airline has struggled to qualify for a loan program supported by the british government. shanghai disneyland has reopened after an almost four month coronavirus shutdown. visitors have to wear masks and have their temperatures stand good -- have their temperatures stand. they have to show their health status using a smartphone app. it is disney's first theme park to reopen. that is your latest bloomberg business flash. this is bloomberg. ♪ there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working togethe

last october, virgin galactic became the first space tourism company to go public.p in the next hour, wells fargo asset senior portfolio manager tells us that the worst is over. join us for that conversation. this is bloomberg. ♪ >> welcome to "bloomberg daybreak: asia." down to theunting market open in australia, japan and south korea. trade tensions rise again and china may terminate the phase one deal. coronavirus cases continue to rise with new infections in the chinese city where it was first reported. new york state will reopen partially this week.

you look at some of the funding. $140 million for 3d printed rocket system, $120 million for virgin galactic, $140 million for a chinese-based company as well. it's a lot of money globally that is being focused on space travel. what's interesting here, too, especially at a time like this when so many people are out of work, they are growing and expanding so rapidly that they can't even fill all the positions for folks to consider private space travel, for example, as a career in the future is even just something we couldn't have thought about ten years ago. neil: yeah. you think about it, spacex had like half a dozen workers work in a warehouse, so obviously it's a different world. today over 7,000. thank you very very much. it's a world my friend gene tiernan wouldn't recognize but it would impress him. we have yet to return. other countries are looking at returning, india, china, maybe russia. not us. how do you feel about that? >> pretty disappointed. i think i feel empty inside. we cracked the door open half a century ago, you know. we were challenged to do something no one thought we co

now, sir richard branson's space tourism company virgin galactic which just went public in october, there's the stock for you up 6% today, looking at that company, another part of this corporate space race, if you will, and then you've got boeing, whose starliner capsule lost out this time to spacex for today's flight. they had a series of mishaps that has pushed it a bit further out of nasa's orbit. now, separately, the aircraft maker announced it is planning to lay off more than 6,000 employees this week. that is the cost-cutting move really coming in the middle of this pandemic as the devastation continues for the commercial airline business. there is boeing's stock, up about 2.25% right now. we are watching boeing. again, they also got funding from nasa but that launch today is spacex's to take. the spacex sister company tesla, lowering the price of its electric vehicles in north america and china about 6%. this is a bid to boost sales which had dropped during the pandemic and subsequent lockdown. tesla, as you can see, is flat, up just a fraction there. we love to give the excitement o

i'm 24 years old i have 422 shares of virgin galactic in a roth ira should i hold, should i sell >> you've me. this is what could go right in the future involving space travel and why not why not own some to me, it's overvalued, i think the time frame may take as long as you mentioned but if you want space travel and you believe in this guy, then you should own it. let's go to bill in georgia. >> jim, how are you? >> i am good how about you? >> fine, thank you my question is, what do you think about the blackstone group? >> you know, this one, stephanie link, who is my great friend, recommended in the 20s and 30s and 40s and then it went all the way up to 60 it's come back down to 50. i want it lower. i think it can go lower. >> jim, hey, i wanted to ask about cin, especially since the book value per share is way above the -- >> i don't trust the book value, i don't trust the stock. i don't want you to own it i don't want you to own it let's go to spencer, please, in washington spencer. >> hi, jim happy friday >> i know. wow, happy friday to you >> yeah, i'm interested in your views on car

. >>> reaching for the stars, virgin galactic gaining at this hour after the space tourism firm announced that it has signed a space act agreement with nasa to help develop high speed technologies. there's no money that's been mentioned, no financial terms, but the stock is getting a nice financial turn to the upside of about 12.33% here. >>> as we mentioned, we are waiting on the details of the president's meeting that is expected to happen at any moment with the iowa governor. this as the hawkeye state's meat plants have morphed into worrisome hot zones of sickened workers and havoc in the meat supply chains. just an absolutely devastating for the workers. approximately 60% of the workers at iowa's tyson foods plant in perry, iowa have now tested positive for the coronavirus. they're not the only ones experiencing this horrific situation. meat plants nationwide are experiencing mass cases of the virus, sparking a 35% reduction in the production of all kinds of meat. that's led to shortages that are forcing names like costco and shop-rite, kroger, albertson's and more to limit customers'

because spacex is privately held but if you look at the handful of more pure play space names, virgin galactic, not affiliated with any of this right now but represents space tourism play is higher today also the ufo space etf is trading higher ahead of the launch it's scheduled to happen a few minutes after 4:30 p.m. eastern right now but we'll see how the weather and everything else plays out here, john. >> you talk about space a lot, its a an important story, an important technology story also. i can't help but look at what's happening to silicone valley and tech at large over this incredible year especially that we've had. if you think back over the past decade, the elon musk brand of tech that is hardware, big hardware, difficult engineering, it's tesla, spacex, that wasn't the popular thing. it was more the instagrams, the airbnbs, the we works. i think we've seen in this, you know, virus crisis that swept the globe it's some of those investments in physical infrastructure, what amazon has done with warehouses and logistics. what tesla has done. what spacex is doing those are things that

virgin galactic, richard branson's group, they are looking at space exploration. blue origin, jeff bezos' project mostly focused on rocket and rocket engines. at the moment, elon musk, richard branson, jeff bezos, billionaires. where else in the world can you take the ingenuity of the mind and focus it like a laser on a rocket for a new era? >> to torture a metaphor, the old adage that the sky's the limit in america. isn't that what this is proving? the sky is not the limit. we can go above the skies. that's what competition, capitalism, entrepreneurialism, that's what it's all about. competing who can do it bigger, better, best most reasonable cost. these are the innovations that make us great. i was listening to a lecture about how brave it was when columbus came across in 1492 and the perils that his crew went through on the ocean. that's the marvel of exploration. you don't know what's on the other side. you don't know how risky it is but there are brave souls saying i'm doing it anyway, and that is the american spirit. it's a wonderful thing particularly here

you see 100 print at some point in the summer >> pete, tommy in california wants to know about virgin galacticng-term stock >> i think at least in the short-term i actually own the stock itself. i don't own calls. it's not in the options world. i think it is going to blast off. i think it's going to go to the upside we just had the ceo on just before we came on. and very impressive, a lot of different details about what they're doing to get themselves going into the future. i think this is a very name that could very easily get over 2025 and not too terribly long, scott. i like this name a lot >> carrie, allen in new jersey wants to know about home depot what do you tell him >> allen, home depot is a great company, great stock, we own it, but it's up 50%. i think exactly 50% from the bottom recently. and so, if you start a position, don't buy too much, in terms of fundamentals, things are going well they've opened most stores they have really mastered the curbside delivery, dyi is very strong when people are at home we think it's a fantastic franchise, but not a hold position right here. >> ok

points, s&p about 23 and the nasdaq about 78 points higher among stocks to watch this morning, virgin galacticloss, touting potential future revenue as people put down a deposit to reserve a ticket once space venture resumes sails after the first glide flight on the space ship over its home in new mexico becky, are you going to be buying a ticket? >> not a chance. happy and healthy here what about you, andrew, would you do it? >> tom cruise wants to do that movie. >> tom cruise is either the bravest or the stupidest the stunts that he has done already. i was thinking about it. can you imagine taking a camera crew to space. can't you feign weightlessness there are special effects. andrew, you are not going up to space. you would be the 500,000th passenger. >> i said a couple of years from now. they'll get the thing up and running and i'll go a couple of years from now >> what if there's a baby crying in first class >> that's a problem, as you know but those are high-class problems to have at this point >>> when we come back, the ceo of u.s. foods on the health and safety of the u.s. supply chai

chamath is the chairman of virgin galactic. great to see you this morning.big news of today and what's become a debate the fed planning to buy up etfs backed by bonds and what that means and what you think it says about our economy and what kind of debate you think there's going to be in this country about the steps the government's taking. >> well, i think that if there was any doubt before, there should be no doubt now that we have completely divorced the economy from the stock and bond markets. the fed has been the principle agent of that obfuscation. what these guys are doing now is with the ballooning balance sheet and all of this money going in to prop up companies, what you are going to start is a really bad -- or you're going to accelerate a really bad deflationary super cycle if you think about this, andrew, like the best technology companies in the world have literally been training billions of consumers to not really spend money, right the whole idea is if you wait, tomorrow you'll get more for less whether that's youtube or facebook or google or

. >> and does this all mean that spacex has far more clean routes to monetization than virgin la la galacticoes? >> virgin xwa laga lack tir is tourist play right now but essentially with cr"crew dragon" and this crew program with nasa, this is a space taxi if you will. so nasa goes from being a specialist in operations and owning its own hardware to now helping invest in and develop the hardware alongside spacex but essentially becoming a customer, one of potentially many customers and by the way, spacex is already partnering with other companies to potentially as soon as next year start sending some paying tourists up to the international space station and into orbit as well there is even plans for a movie with tom cruise on the iss in the coming years so, yes, there is a lot of opportunity not only with nasa, but in terms of commercialization of space and low earth orbit. and of course bragging rights for spacex too as it looks to develop a next generation starship rocket and eventually make it to the noon and mit moos >> and would have the distinction of the first private company to send