Dubai Islamic Bank profit up 14pc

KARACHI: Dubai Islamic Bank group posted net profit of Dh2.44 billion in 1HCY18, up 14 per cent, compared to Dh2.14bn in the same period last year. Total income rose by 15pc to Rs5.57bn.—Staff Reporter

Boeing, Airbus report roaring sales

LONDON: Airbus and Boeing say demand for aircraft surged at the Farnborough International Airshow amid increased passenger and cargo traffic.

The world’s biggest commercial aircraft makers reported firm orders and commitments for future purchases worth tens of billions of dollars as the show’s commercial side ended Thursday.

US-based Boeing announced a total of 673 orders and commitments for planes, compared with 571 at last year’s Paris Air Show, which alternates with Farnborough as the aviation industry’s premier showcase. Airbus said it received orders and commitments for 431 aircraft, compared with 326 at the Paris event.

Boeing says its total reflects “resurgence in demand for freighters and strong order activity for the 737 MAX and 787 passenger airplanes.” Airbus says it saw “strong market appetite for all our leading aircraft product families.”—AP

Burberry burns products to protect brand

LONDON: Luxury British fashion house Burberry destroyed tens of millions of dollars worth of its fashion and cosmetic products over the past year to protect its brand.

The company burned unsold clothes, accessories and perfume worth 28.6 million (32m euros, $37m), according to its annual report, in a practice now common across the industry to guard against counterfeiting. Retailers describe it as a measure to protect intellectual property and prevent products being stolen or sold at discounted prices.

“Burberry has careful processes in place to minimise the amount of excess stock we produce,” the company said in a statement. “On the occasions when disposal of products is necessary, we do so in a responsible manner and we continue to seek ways to reduce and revalue our waste.”—AFP

Published in Dawn, July 20th, 2018