Virgin Orbit was unable to secure the funding it needed to recover from the failure of its last mission Richard Branson’s Virgin Orbit Holdings, a California-based satellite launch company and a subsidiary of his Virgin Group, announced on Tuesday that it had filed for Chapter 11 bankruptcy protection in the US.

The boss of Credit Suisse has said he is ‘truly sorry’ about the collapse of the 167-year-old firm Credit Suisse Chairman Axel Lehmann apologized to shareholders on Tuesday for failing to contain the crisis which led to the lender’s downfall. The ailing Swiss banking giant was taken over by rival UBS last month.

Beijing condemned the upcoming sit-down as a “disastrous” mistake and vowed to retaliate US House Speaker Kevin McCarthy will meet with Taiwanese leader Tsai Ing-wen in California later this week, his office said in a statement. China has repeatedly urged against the sit-down, saying it would take tough countermeasures in response.