The snapshot of the week showcases the “sakura”, or cherry blossom, season hitting Japan. The breathtaking flowers were spotted by a visitor on the Chidorigafuchi Moat in Tokyo on 2nd April. The Japan Meteorological Agency (JMA) notes that this year, the blossoms were seen five days later than an average year and were 15 days late compared to 2023.
While cherry blossoms signal the onset of spring in Japan, they also mark a less universally favoured event: corporate bashes. Japanese firms have a tradition of organising cherry blossom viewing parties, known as “hanami”, which will act as employee gatherings. Staff members are often instructed/invited to have picnics in parks while the trees are at their peak bloom, often on their days off.
However, this isn’t without issues. A survey carried out by career consultancy Laibo and featured in Japanese daily Mainichi indicated that 60% of staff members would instead choose to forgo these parties. Employees often view these parties as an extension of their work. It appears their wishes may come true, as hanami parties have seen a decrease in popularity ever since the pandemic exposed a world without obliged social gatherings to everyone, including HR managers.
“In figures: The rise and fall of FTSE
8,000
The FTSE 100, London’s leading index, crossed this mark earlier this week, buoyed by a post-Easter surge which soon waned.
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It’s been this many months since the FTSE 100 last hit the milestone of 8,000. It concluded 2023 with a 3.8% increase closing at 7,733 for the year. In contrast, this figure was moderate compared to the booming tech-driven increases experienced on Wall Street.
8,015.60
The highest ever FTSE 100 level was reached on Tuesday due to a boost in mining and commodity stocks. The index started in 1984 at a base level of 1,000. As recent as 2009, it plummeted below 4,000.
Get to know: Alex Kroes”
Leading a football club is no simple task, fraught with fan frustrations and the incessant search for new club managers. However, Alex Kroes has been temporarily released from these issues after being temporarily removed from his role as CEO of Ajax, following a minor tenure in role.
After obtaining information suggestive of insider trading, Ajax announced an intent to terminate Kroes’ contract. It is alleged that Kroes procured more than 17,000 of the club’s shares just one week prior to the public announcement of his new position on the 2nd of August.
The past Ajax youth team player and now businessman refutes this decision and plans to consult the Dutch fiscal authority for an unbiased perspective. To him, acquiring shares represents a display of trust in fellow shareholders and interested parties.
Nevertheless, his subsequent reflections weren’t entirely assertive. Post-legal consultation, Kroes admits that his decision may not have been the most judicious, despite his intentions being pure.
Transitioning from the football field to the world of high finance, Forbes magazine’s recent annual survey has revealed changes in the global billionaires’ scene. They extend goodwill to the 189 personas who have fallen off the list and hope their reduced wealth brings about increased joy, whether to themselves or the rest of the world. Here are five newest entrants to the coveted “three-comma club”.
1. Christian Louboutin: Despite being recognised for his red-soled footwear, Louboutin’s finance is in the green zone – Forbes estimates his net worth at $1.2 billion.
2. Magic Johnson: Former globally-renowned basketball star Earvin “Magic” Johnson matches Louboutin’s net worth of $1.2 billion, largely thanks to investments in sports, cinema, real estate, healthcare, plus Starbucks franchises.
3. Maggie Gu, Molly Miao and Ren Xiaoqing: The creators of popular Chinese fast-fashion app Shein have each accrued an estimated net worth of $4.2 billion, largely due to the app’s popularity amongst Gen Z.
4. Andrea Pignataro: Founder of the London-based software company ION Group, the Italian entrepreneur tops the ranks of the fresh billionaires with a staggering fortune of $27.5 billion — so vast that it permits ownership of a colossal Caribbean estate spanning 1,280 acres.
Being the inaugural recording artist to amass billionaire status purely due to the proceeds from her musical creations and on-stage performances, Taylor Swift boasts an estimated net worth of $1.1 billion. Swift expressed her fears of being murdered for her fortune by her future daughter-in-law through a lyric in her song Anti-Hero, singing, “I have this dream my daughter-in-law kills me for the money”.