Richard Branson Feels World Will Not Face Double-Dip Recession
In an article on CNBC, Richard Branson, founder of the UK's Virgin Group, said that the global economy is unlikely to face double-dip recession. He added that the "world is getting back on its feet."
According to Branson, “Obviously there is the worry of the vast amount of debt out there. But, I think we're all just going to have to work a little bit harder and we'll avoid a double-dip recession."
When queried about his plans to sell his stake in carrier Virgin Blue, Branson, who is currently in Australia, stated, “I've always been delighted with my involvement in Virgin Blue and (there are) certainly no plans to sell it."
The British entrepreneur has gone to Australia to launch the first phase of the group's financial services subsidiary, Virgin Money. The subsidiary will become the country’s fifth bank, which will offer highly competitive interest rates and attractive credit card services to Australians. Branson aims to "shake up" Australia’s bank industry through Virgin Money.
Referring to various synergies available to Virgin Money, Branson said, "We'll use our airlines and our other businesses here to give you great deals, free tickets and free companion tickets and so on to build a great credit card."
Read more on CNBC.
