Going to China. Morgan Stanley has received approval from China's Financial Markets Authority to take a majority stake in its Chinese joint venture, Reuters reports.
Staff reductions. Tesla plans to reduce the number of employees at its battery production plant in Nevada by about 75% due to the coronavirus.
The auto industry is looking for financing. Daimler is in talks with its banks to obtain a credit line of at least €10bn, Bloomberg has learned. In the same sector, Toyota is seeking $9.2 billion in credit lines from its partner banks.
SIX is closing in on BME. The Spanish stock market regulator has given the go-ahead for SIX's takeover of Madrid stock exchange operator BME (Bolsas y Mercados Españoles), while leaving the door open to possible counter-proposals. Euronext could still be interested in the Madrid market until there is evidence to the contrary.
The hard way. US airlines (Delta Air Lines, American Airlines, United Airlines...) are reportedly preparing to recover cash from the US authorities to pay salaries, even though the administration has suggested that it could take a stake in the carriers' capital in exchange. A possible solution to limit the damage, provided that the transition period is not too long.
New warnings. Lululemon Athletica faced a sharp drop in sales from the second week of March. Sony also warns that these results could be affected.
Tesco limits. Britain's largest supermarket group Tesco will limit the number of items customers can order in an online shop to 80 during the coronavirus emergency, it said on Friday.
In other news. Singapore Airlines is set to raise the equivalent of $10.5bn to ensure its survival during the coronavirus crisis. Woodside Petroleum is postponing three major projects by at least a year because of the economic context. Fiat Chrysler extends its plant closures in the United States until April 14. Credit Suisse completes the sale of Investlab to Allfunds. Sika holds its annual general meeting without the physical presence of its shareholders.