follow us on twitter @elitebizmag find us on facebook connect with us on linkedin google+ page

In the loop: Burberry sets fire to merchandise, Google gets fined $5bn and Rolls-Royce to soar with flying taxis

Written by Varsha Saraogi on Friday, 20 July 2018. Posted in Insight, Analysis

Donald Trump’s UK and Russia visits may have grabbed headlines but a lot of developments have taken place in the business world too as, Burberry burnt goods worth £28.6m, Google was fined by the EU and Rolls-Royce started making flying taxis a reality

In the loop: Burberry sets fire to merchandise, Google gets fined $5bn and Rolls-Royce to soar with flying taxis

Burberry burns £28.6m of its luxury products to keep brand exclusive

While the luxury sector caters largely to celebrities and influencers, there are many who satisfy their desire to own a Christian Dior bag or Louis Vuitton shoes by buying a fake. Or some wait for the Boxing Day sale to get their hands on the haute couture.

This is what drove Burberry to burn more than £28m worth of clothes, accessories and perfumes – in a bid to protect the brand from lowering its prices as well as fabricators. It’s a rife practice in the luxe industry but Burberry’s actions sparked criticism from insiders.

In defence, a spokesperson from the brand told the BBC: "Burberry has careful processes in place to minimise the amount of excess stock we produce.” Ironically, the brand joined the Ellen MacArthur Foundation’s Make Fashion Circular initiative to prevent waste in the industry.

Although increased illegal counterfeiters are a challenge, is burning resources and harming the environment the right way to tackle it?

Rolls-Royce taking the automobile industry to another level with flying taxis

After autonomous cars and electric vehicles have taken off, it’s of no surprise that technology is set to lift the industry beyond the sky. And Rolls-Royce took that seriously.

The British automotive firm unveiled the electric vertical take-off and landing (EVTOL) vehicle at the Farnborough International Airshow 2018. The hybrid vehicle can travel at speeds of up to 402 km/h for approximately 500 miles. However, this is not the first time the idea has taken flight. Uber, Porsche, Airbus and Kitty Hawk too have been investing in vertical take-off technologies to make transport easier.

Indeed, we’re at the threshold of a new era. So while the crowded underground and traffic was a great excuse to be late, a ride to work through the skies in a driverless electric cab is a better alternative.

Google fined by the EU over “illegal practices” with Android phones

There’s no doubt every company today faces competition and has a desire to be the best.

However, for Google it proved to be expensive. On Wednesday, July 18, the US tech giant was fined by the European Commission for $5bn as it was trying to reinforce its position as a search engine and its “illegal practices” by breaching EU antitrust rules. The fine was imposed after the EU found that the firm required smartphone manufacturers to pre-install Google’s search apps on devices, the investigation for which began in April 2015.

The issue saw president Donald Trump attacking the EU with a tweet.

Given Google’s dominance on the web, it’s unlikely that Android will change significantly from a single ruling.

AI to create as many jobs as it allegedly displaces

Robots who were supposed to assist us are now doing the most complex jobs such as data analysis and processing as well. While professionals live in fear of losing their jobs to technology and artificial intelligence (AI), it may not be the complete end of their career, said a report by PwC.

The study said that while seven million jobs will be eliminated, AI will also create 7.2 million jobs. The professional services firm predicted the healthcare sector will see a 22% increase in jobs and employment could increase by a million as patients would still want the human touch from doctors and social care workers.

Even with the advent of self-driven vehicles and virtual assistants, robots may not take all our jobs and machines will be a win for the UK job market.

Epic startup fails in the US

Entrepreneurs make mistakes while scaling up. But here are some US startups that had a tragic and unexpected end before they could see success.

Entrepreneurs stuck in the VC cycle

New business leaders are inevitably looking for funding and venture capitalists have been the traditional way for finances. But we look into some other modern alternatives

VCs are looking beyond the UK borders to Africa

According to research by Weetracker, more startups from Africa are attracting investments, given the increase in technological knowledge and consumer demand. 

Luxury travel startup gets funding

Secret Escapes seals £52m in a funding round which will see the company spreading it’s wings to Central and Eastern Europe. 

Female veterans battle employment difficulties

Business leaders ask inappropriate and unrelated questions to ex-female soldiers in a job interview, such as if they act feminine.

What you need to know to grow your fintech startup

Gary Turner who was responsible for scaling up Xero UK to become a success gives tips for Elite Business readers to solve startup challenges.

About the Author

Varsha Saraogi

Varsha Saraogi

As junior feature writer and a recent MA Journalism graduate, Varsha has joined the Elite team to fuel her passion. Along with being immersed in the money making sector and ranting about women’s rights, she will be hunting for news about everything business related. And burying her head in economic magazines. Follow her on twitter at @msvarshasaraogi for her mundane musings.

Our Partners

Event Media Partners