The 10 biggest business stories on Friday April 1

National Living Wage comes into force; Losses more than double at the Co-operative Bank

The new mandatory National Living Wage (NLW) has come into force, requiring employers to pay workers aged 25 and over at least £7.20 an hour (Getty Images Europe)

1. The board of Argos owner Home Retail Group has unanimously approved Sainsbury's £1.3 billion takeover bid and recommended it to shareholders.

2. The new mandatory National Living Wage (NLW) has come into force, requiring employers to pay workers aged 25 and over at least £7.20 an hour.

3. Co-operative Bank reported a nearly doubled annual loss on Friday to £610 million ($875 million), as it shed unwanted assets at a loss in a bid to restore itself to viability following its near-demise in 2013.

4. McDonalds is expanding in Asia. McDonald's said it plans to open more than 1,500 restaurants in China, Hong Kong and South Korea over the next five years and wants partners in the Asia expansion.

5. The media tycoon Richard Desmond is close to ending his long commercial association with the adult entertainment industry by selling a group of television assets to their management team, according to Sky News.

6. Monaco has raided the homes and offices of oil company Unaoil after a UK request for assistance in an investigation into alleged corruption involving foreign companies in the global oil sector, the principality said in a statement.

7. BHP Billiton has more than tripled its staffing in Brazil , adding two top executives to the mix to oversee a push to restart operations as it faces the prospect of billions of dollars in damages and debt obligations after the Samarco mine disaster, Bloomberg reports.

8. Elon Musk, Tesla CEO unveiled the $35,000 (£24,000)Tesla Model 3. Over 115,000 fans placed orders, and stores attracted lines out the door.

9. Apple is celebrating its 40th birthday on Friday April 1st.

10. Global smartphone sales are expected to grow in single digits in percentage terms for the first time ever and PC shipments are forecast to decline in 2016, according to research firm Gartner.