1. Burn, Burberry, burn

Burberry in its annual report says it burnt $37.8m of unwanted products last year in an attempt to protect its brand.

Designer brands often destroy unwanted stock to stop it from being discounted on the grey market, which reduces the brand’s appeal. The move has spurred criticism from shareholders and consumers who worry about waste and environmental impact.

2. Amazon in its prime

Amazon says this year’s Prime Day was its "biggest in history", with Amazon Prime members buying more than 100 million products during the event. The retailer had more sign-ups for the 36-hour event on July 16 than on any other day in the company’s history.

According to estimates from Wedbush Securities analyst Michael Pachter, shoppers spent $4.2bn during the sale, up 33% from a year ago. Amazon doesn’t disclose revenue from the event.

3. Rolls-Royce looks for a lift

British carmaker Rolls-Royce has revealed plans to develop a hybrid electric vehicle, dubbed the "flying taxi", which will take off and land vertically and could be airborne within five years.

The ride will seat four or five people, with a flying range of about 800km and a top speed of about 320km/h. The hybrid vehicle, will use a traditional gas turbine engine with an electrical system wrapped around it.

4. You can be Iron Man

Department store Selfridges is now selling custom Iron Man suits — named for the Marvel character — for about $443,000.

The suit, designed by British inventor Richard Browning, comprises five mini jet engines that allow the wearer to hover in the air for about four or five minutes before refuelling.

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