Rolex watches. Picture: REUTERS
Rolex watches. Picture: REUTERS

1. Kellogg’s ditches serial underperformer Venezuela

Cereal maker Kellogg’s has pulled out of Venezuela due to its "current economic and social deterioration". Venezuela’s economy has been hit by falling oil revenue and the plummeting value of its currency. Kellogg’s joins multinationals including Bridgestone, Kimberly-Clark and General Mills that have closed or reduced operations in the country, which has one of the highest rates of inflation in the world.

2. Rare Rolex sells for $5.9m

A one-of-a-kind Rolex has sold at auction for US$5.9m, making it the second-most expensive Rolex ever sold — after actor Paul Newman’s, which fetched $17.8m. The 1970 white gold Cosmograph Daytona (known as "The Unicorn"), offered for sale by collector John Goldberger, is considered the rarest and most luxurious Cosmograph Daytona manufactured by Rolex during that era.

3. Airbnb surfs the wave

Airbnb has partnered with the World Surf League, the professional sport’s global governing body, to introduce more than 75 surf activities (at a cost of $50-$100) to its Experiences category. The home rental and travel company’s service allows travellers to book activities and tours with Airbnb hosts in more than 20 destinations worldwide.

4. Burberry plans buyback

London-based Burberry plans to buy back £150m worth of shares as part of its turnaround plan under new boss Marco Gobbetti. The trench-coat maker reported pretax profit of £413m in the 12 months to March 31. Revenue was up just 2% to £2.66bn. Growth trailed that of luxury rivals LVMH and Kering. Burberry said it was on track to deliver cost savings of £100m.