Friday newspaper round-up: Reddit, Virgin Galactic, rail cuts

(Sharecast News) - The government is being urged to "get a handle" on the supply chain crisis, as the chair of a cross-party commission created to scrutinise the UK's post-Brexit trade deals said ministers need to act now to avoid empty shelves in the run-up to Christmas. "Red tape and labour shortages from Brexit have exacerbated problems that are being acutely felt across production, processing, manufacturing, retail and of course logistics," said Aodhán Connolly, who chaired an extraordinary session of the UK Trade and Business Commission, a group of cross-party MPs and business representatives set up as an independent adviser to government in April. - Guardian Reddit is seeking to hire investment bankers and lawyers for an initial public offering in New York, two people familiar with the matter told the Reuters news agency. Reddit was valued at $10bn in a private fundraising round last month. By the time the IPO would take place early next year, the online message board company is hoping it will be valued at more than $15bn, one of the sources said. - Guardian

Virgin Galactic has been grounded by US authorities after the plane carrying Sir Richard Branson to the edge of space veered off course on its return to earth. The Federal Aviation Authority is investigating the mishap involving SpaceShipTwo that occurred over New Mexico on its return to Spaceport America on July 11. - Telegraph

Cuts to commuter rail services threaten London's faltering recovery from the pandemic, business leaders have warned the Transport Secretary. Bosses said in a letter to Grant Shapps that service reductions would lead to overcrowding on the network, forcing commuters to travel to work by car or continue working from home. - Telegraph

One in ten shoppers opting for "buy now, pay later" services are being chased by debt collectors amid surging demand for this form of credit, according to a Citizens Advice report. Regulators urgently need to crack down on the offerings and ensure that there are clearer warnings to online shoppers who are entering a formal credit agreement and could be pursued for the money, the charity said. - The Times