Airlines in India may post $4.1 bn loss in FY22: CAPA

Smaller weddings, bigger price tags: How COVID-19 started a new trend in weddings

Hayley Bick’s summer wedding was picture-perfect – but smaller than she imagined it to be. 

She and her husband, Joe Bick, exchanged personalized vows on a Virgin Islands beach last August. Once the two shared their first kiss as husband and wife, cheers erupted – not from the 150 friends and family they had originally planned to invite to their wedding ceremony, but from a group of vacationers wading in the ocean nearby. 

Hayley and Joe Bick on their wedding day in August 2020 in the Virgin Islands. (Photo: The Mango Works Team)

The San Diego-based couple had been looking forward to a larger wedding in Ontario, Canada, but pivoted to an island ceremony without guests after the pandemic foiled their plans. They’re set to have a second ceremony with guests once the Canadian border reopens to nonessential travel, but Bick said she was happy with their initial wedding. 

“We were smiling the whole time,” Bick said. “It was nice to not have the pressure of other people there. … I’m just here with Joe, and at the end of the day this marriage is about us, and who’s going to be here at the end of this all? It’s going to be and him.”

Uruguay's DLocal valued at nearly $4.5 bln in Nasdaq debut

June 3 (Reuters) – Shares of DLocal Ltd leapt nearly 48% in their U.S. stock market debut on Thursday, giving the Uruguayan cross-border payments company a market capitalization of $4.5 billion.

Stock Alert: Workhorse Group Gains 46%

Workhorse Group Inc. (WKHS) shares are spiking on Thursday morning trade, continuing a bullish trend since May 10. Stocks in the electric vehicle sector are gaining lost momentum, indicating a renewed interest. There have been no specific corporate announcement from the drone-integrated electric vehicles provider today.

Currently, shares are at $16.93, up 46.94 percent from the previous close of $11.52 on a volume of 53,495,612. The shares have traded in a range of $2.96-$42.96 on average volume of 13,381,914.

Tyler Technologies To Buy Cloud-based Software Provider VendEngine For $84 Mln Cash – Quick Facts

Software and technology firm Tyler Technologies, Inc. (TYL) announced Thursday that it signed an agreement to acquire VendEngine, a privately-held cloud-based software provider focused on financial technology for the corrections market.

The purchase price is approximately $84 million in cash, subject to certain customary adjustments at closing. Together, Tyler and VendEngine will be better able to respond to the evolving needs of local and state government agencies, and the residents they serve.

They will provide a complete and robust cloud-based technology system. The transaction provides significant opportunities for continued innovation and expansion of offerings in Tyler’s corrections suite. Additionally, Tyler will maintain VendEngine’s commitment to providing essential services at a fair rate.

After closing, which is expected in the third quarter subject to customary closing conditions, VendEngine’s President & CEO Silas Deane will serve as general manager, supported by the current VendEngine leadership team. The VendEngine business unit will continue to be based in Nashville.

Stock Alert: Jiuzi Holdings Up 22%

Jiuzi Holdings, Inc. (JZXN) shares are gaining more than 22 percent on Thursday morning trade. There have been no stock-specific news today to push the stock higher.

On May 20, the new energy vehicles franchisor had announced the closing of its initial public offering of 5,200,000 ordinary shares at a price of $5.00 per share.

Currently, shares are at $11.42, up 22.71 percent from the previous close of $9.31. For the 52-week period, the shares have traded in a range of $7.00-$49.01 on average volume of 5,502,000.

CORRECTED-Uruguay's DLocal valued at nearly $9 bln in Nasdaq debut

(Corrects headline and paragraph 1 to say market capitalization of $9 billion, not $4.5 billion)

June 3 (Reuters) – Shares of DLocal Ltd leapt nearly 48% in their U.S. stock market debut on Thursday, giving the Uruguayan cross-border payments company a market capitalization of nearly $9 billion.

Airlines in India may post $4.1 bn loss in FY22: CAPA

‘AI’s debt to hit $20 bn, deter bidders’

Airlines in India are likely to post a consolidated loss of $4.1 billion in financial year (FY) 2022, forecasts aviation consultancy CAPA.

This sum is similar to the losses for the financial year 2021, taking the total losses for the two years since the pandemic to $8 billion.

Airlines may require almost $5 billion in recapitalisation in FY22, out of which $1.1 billion is in the pipeline in the form of IPOs, QIPs and other instruments, says CAPA.

After a steep dive in passenger traffic in April and May following a surge in COVID-19 cases, June is likely to see a moderate recovery, followed by acceleration in traffic in the second quarter.

Various airlines are likely to record domestic traffic of 80-95 million passengers in FY22, up from 52.5 million in FY21, but well below the almost 140 million recorded in FY 2020.

CAPA has reiterated that the government needs to have a plan B in place if the privatisation process for Air India fails. It estimates an increase in liabilities of Air India to climb to $20 billion by 2025 making it unattractive to bidders.

“The equation from an investor’s perspective is a potential liability of around $20 billion before the business turns around,” CAPA says.

“The government must, therefore, keep this massive financial burden in mind and consideration should be given to making changes to the terms and conditions (of the disinvestment process),” CAPA said in the report.