universal is the world's biggest music label — the most prized asset of french media giant vivendi.g to vivendi's latest results — the paris based group says the share sale will go ahead by early 2023 at the latest. uk construction equipment maker jcb is cutting production and working hours as it faces a shortage of components from china due to the coronavirus outbreak. it says there will be reduced working hours for the 4,000 staff from monday and an immediate suspension of overtime. more than 25% ofjcb‘s suppliers in china are closed, while others are working at reduced capacity. and now, what's trending in the business news this morning. the sec is looking into tesla's finances, according to business insider. in its annual report tesla revealed it had been subpoenaed by the wall street regulator in december asking for information on its financing arrangements. 0n the wall street journal, coronavirus 0utbreak slams iran's embattled economy. iran's crude—oil sales have been battered by a sudden downturn in demand from its last big trading partner, china. and, strangely, on valentin

universal is the world's biggest music label — the most prized asset of french media giant vivendi.o vivendi's latest results — the paris—based group says the share sale will go ahead by early 2023 at the latest. british prime minister boris johnson's new cabinet will meet for the first time later today, without the finance minister, or chancellor, sajid javid, following his unexpected decision to quit during yesterday's reshuffle. mrjavid said he could not accept a demand to sack his advisers, and in his resignation letter, pointedly told the prime minister it was "important to have trusted teams that reflect character and integrity". you can see his successor there. the new chancellor — rishi sunak — says he has "lots to get on with", that is an understatement! but downing street is refusing to confirm that the budget will be delivered as planned on the 11th of march. joining us now is jane foley, senior currency strategist, rabobank. it was quite a shocker in the course of thursday. a lot of people having to work out what that meant. what do the markets make of it all? we saw ste

haidi: vivendi is planning an initial public offering for a music group by early 2023.usic is a. -- is a big public driver. vivendi is selling as much as 20% of the company to the chinese tech giant tencent, and a deal that values the business at $33 billion. shery: take a look at markets across asia, we are seeing downsizing pressure, falling after the yen strengthened and saw the largest rise in almost two weeks. the nikkei headed for weekly loss, while the hang seng index and shanghai composite, as well as small caps on the china, are gaining ground. one of the sectors under pressure is oil. s&p now saying global oil is poised for a short coronavirus crisis that the later global credits will come through this crisis rather quickly. haidi: coming up in the next hour of bloomberg markets asia, we have an exclusive interview with twitter's head of asia-pacific. she'll be discussing how twitter is boosting investment in the region. we'll also be talking to lorraine 10 to get her outlook when it comes to asian equities. this is bloomberg. ♪ ♪ >> almost 11:00 in singapore,

french media giant vivendi is planning to sell shares in its universal music group in a couple of yearst, drake and lady gaga. and another topical story from us. sales of engagement rings are up, not unexpected you might say, but you might be surprised to hear that poundland claim to have sold 40,000 of them. twice as many as last year. they are called "bling rings" and "man bands" and cost a pound. they are meant to be used as "placeholders" for proper rings, says poundland. that is all the business news, apart from a quick look at the markets. we see a slight rise from the ftse 100 see a slight rise from the ftse100 index, and we were going to show you rbs shares which are down, but we haven't managed to enter that into the market data board. we will do that next hour. a group of british business people helped the italian mafia make millions of pounds through fraud. that's according to an ex—mafia boss who's spoken exclusively from prison to the bbc. gennaro panzuto is a state witness whose evidence has helped convict former camorra associates in naples. this report from dominic casci

vivendi is selling as much as 20% of the company to tencent. it values the business at $33 billion.osoft from working on the $10 billion pentagon cloud computing contract after amazon asked for the delay. amazon is challenging the validity of the so-called that i cloud contract over claims president trump interviewed in the bidding -- interfered in the bidding process. they say it's disappointed by the ruling. coming up, his honesty really the best policy for global central banks dealing with virus concerns? this is bloomberg. ♪ >> when it comes to customers, at this very moment, it's mainly on chinese customers, the chinese allies, which are very impacted by the situation. we are in a dynamic discussion with them to see how we can support them, and on our side, there is a risk that could come from the supply chain. we have a lot of presence in china. airbus presents. i am very happy we have started operations at the beginning of this week. >> the large majority of these plants have reopened earlier this week. the products are essential, so it is in everyone's interest that we have