And finally…Japan’s richest man loses £1.15bn in a single day

Japan’s richest man, lost $1.4bn (£1.15bn) on Friday after his company Fast Retailing, which owns international fashion retailer Uniqlo, saw its shares crash by 6.7 per cent.

Shares of the retailer tumbled 6.7 percent, leaving casual clothing mogul and Fast Retailing Co. Chairman Tadashi Yanai with the biggest wealth decline among the world’s 500 richest people on the Bloomberg Billionaires Index.

Yanai’s net worth currently stands at $17.7 billion.

Uniqlo Japan announced a December slump on Friday, blaming unusually warm weather which it said had hit sales of winter clothing.

Overall receipts were down five per cent.

Yanai’s Friday losses caused him to slip six places down the global rich list to 44th.

Sixty-seven year-old Yanai opened the first Uniqlo store in Hiroshima in 1984, and has since steered the firm to rapid growth.

Yanai has predicted the retailer will eclipse rivals H&M and Inditex, which owns Zara, to become the biggest clothing retailer in the world by 2020.

He has also pledged to uphold the ethical values for which his company is known.