Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
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[Airlines] Ryanair recorded its steepest ever loss in its 35-year history, as the pandemic continues to take its toll on the travel industry. Even though the company recorded an €815 million loss in the financial year ending March 2021, the company expects an uptick in European travel as vaccinations and receding third wave progress into the summer. Ryanair recorded a net profit of over €1 billion in the year before the pandemic struck.
[M&A] Indonesian startups Gojek and Tokopedia have agreed to merge and form an $18 billion enterprise spawning from food delivery to ride-hailing to eCommerce. The new entity, GoTo, will seek a dual listing in Indonesia and the US, targeting a valuation of $40 billion. The merger is touted to be the largest deal in Indonesian history.
[Food and Beverage] Godiva, the Belgian chocolatier, has decided against its plan of expansion via its own stores and has instead decided to focus on selling via grocery stores and other retail outlets. Godiva benefited from lockdowns as chocolate consumption in the US rose by 4.2%, pushing Godiva’s eCommerce revenue by 22% in 2021.
[M&A] AT&T has agreed to spin off WarnerMedia and combine it with rival Discovery, to create a streaming giant which will be valued at $132 billion. AT&T had purchased WarnerMedia, which included CNN, HBO and Warner Bros, for $85.4 billion three years ago. Discovery and AT&T expect to benefit from synergies worth $3 billion per year.
Over60: Economic Times
[Cryptocurrencies] The price of Bitcoin dropped below $45,000 for the first time in three months as Elon Musk suggested that Tesla might dump its $1.5 billion worth of Bitcoins. The price of Bitcoin has dropped by more than $10,000 in the last week after Elon Musk announced that Tesla would no longer be accepting it as payment for its cars on account of its high energy consumption to mine and validate transactions.
Over60: Business Insider
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