Richard Branson

A new airline started by flamboyant British billionaire Richard Branson inaugurated service between Los Angeles and Australia on Friday, the latest volley in a transpacific fare war that has already cut the price of a round-trip ticket by half.

Virgin Atlantic Airways cabin crew called off strike actions over pay after the Unite union reached agreement with the British carrier controlled by billionaire Richard Branson. Two 48-hour strikes, planned for Wednesday and Jan. 16, have been canceled after a two-year pay deal was agreed upon, Virgin said. The deal includes a 4.8% pay increase in the first year and guarantees to keep pay in line with the retail price index in the second year, the airline said.

Virgin Galactic, billionaire Richard Branson's space travel venture, plans to order five more spaceships and aims to turn a profit within five years of its commercial launch in 2010, a company official said this week. Prospective space travelers have so far placed deposits totaling more than $31 million for tickets that cost $200,000 each and would give them five minutes in space, said Alex Tai, the company's group director.

A souped-up aircraft that would help boost well-heeled thrill seekers into the outer atmosphere was unveiled Monday, lifting the prospects for travelers to one day fly in a commercial spaceliner. After keeping the project shrouded in secrecy for more than three years, project developers dropped the curtain on the White Knight Two, an odd-looking aircraft with two airplane bodies joined at the wings and resembling a flying catamaran.

Random House Inc., the book publisher owned by Bertelsmann, agreed to buy a 90% stake in Virgin Books and signed Richard Branson to a five-book deal. Branson will retain a 10% stake in the London-based company through his Virgin Group Ltd., the companies said. His previous titles include an autobiography and a business book.

For a moment Wednesday, the shiny new planes seemed like a throwback to an era when flying was glamorous, service was a priority and airline food didn't cost extra. Champagne was flowing. Every seat had a tiny TV monitor of its own. Celebrities strutted through the cabin, which was lighted in cool blue and pink. It looked like an airborne discotheque. Virgin America took off in raucous style Wednesday.

boston -- British billionaire Richard Branson's Virgin USA investment firm recently acquired a majority ownership stake in a Waltham, Mass.-based venture called CircleLending that helps manage loans between family and friends and tries to avoid misunderstandings and repayment disputes. CircleLending and Branson plan to announce today in Boston that the venture is being rebranded Virgin Money USA.

HOLLYWOOD'S search for new mythologies now extends to the Indian subcontinent. One of the world's greatest stories, India's Ramayana, is being retold as a post-apocalyptic comic book, in "Ramayana Reborn," with an animated television spinoff for kids titled "The Seven Sounds."

The U.S. government requested more data about British billionaire Richard Branson's role in Virgin America Inc., delaying the U.S. carrier's plans to start flights this year. Virgin must submit more details about its ownership and financing before it will get permission to begin operations, the Transportation Department said. Burlingame, Calif.-based Virgin America is part owned by Branson's Virgin Group Ltd.

British business mogul Richard Branson pledged to invest about $3 billion over the next decade to combat global warming and promote alternative energy, saying that it was critical to protect the environment for future generations.