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Canadian jailed on spying charges linked to Chinese tech giant



Canadian man, Michael Spavor has been jailed by a Chinese court on spying charges in case linked to Huawei

FILE – In this file image made from a March 2, 2017, video, Michael Spavor, director of Paektu Cultural Exchange, talks during a Skype interview in Yanji, China. The Canadian entrepreneur who was charged with spying after his government arrested an executive of Chinese tech giant Huawei faces a possible verdict Wednesday, Aug. 11, 2021 as Beijing steps up pressure on Canada ahead of a court ruling on whether to hand over the executive to face U.S. criminal charges. (AP Photo/File)

The court found the Canadian businessman guilty on spying charges. He will spend 11 years behind bars.

He was detained in 2018 in an apparent retaliation for Canada’s arrest of a Huawei executive on a US extradition warrant.

Canadian diplomats were barred from entering the trial earlier this year.

Canada’s Ambassador to China was at the Dan-dong Detention Centre as the verdict was handed down.

Canada has said the detentions are linked to Meng’s case, which China has denied.

The verdict comes with Meng’s case due to conclude on August 20.

Yesterday, former US President Donald Trump allegedly asked for a “ransom” for the release of former Huawei executive, Meng Wanzhou

It comes as Meng Wanzhou’s head lawyer summarised the alleged abuses encountered by the executive throughout an extradition case that started almost 3 years ago.

The lawyer says the whole case was “anti-ethical to Canadian values” and rule of law… and Trump’s abuse of power throughout the entire matter was so bad, the case should be scrapped altogether.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.


BlockFI the latest crypto collapse



The contagion from the FTX crypto collapse has claimed another major scalp.

Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy.

BlockFi claimed more than 100,000 creditors with liabilities up to $10 billion.

BlockFi was founded in 2017 and is now hoping bankruptcy protection will allow it to stabilize the company and restructure.

In a statement, the company says:

“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,”

“From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector.”

Days after FTX declared bankruptcy, BlockFi said it had significant exposure to FTX and its other corporate entities.

BlockFi is now the fourth crypto-focused company to seek bankruptcy protection this year, following FTX, Voyager Digital, and Celsius Network.

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It’s Musk v Twitter in tech war



A war has broken out between Elon Musk in his battle against Apple.

In a tweet, owner Musk says Apple may ban Twitter from the App store, which would be devastating for his company, and wonders if it has to do with free speech. He even tagged Apple boss Tim Cook.

Musk says: “Apple has threatened to withhold Twitter from its App Store, but won’t tell us why.”

This all comes in the wake of other organisations allegedly following Apple’s suit and cutting back their advertising spending since the $44 billion Musk takeover.

General Mills and Pfizer have been two companies that have gone down this path and diverted their spending elsewhere.

Right now users can still see ads in their Twitter feeds.

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China protests hit global markets, crypto



Investor watches markets

The protests in China are having a negative impact on cryptocurrencies and markets around the world.

Bitcoin failed to break its descent and fell more than 3 percent.

The global crypto market cap fell over 2%, sending major cryptos into the red.

Over the last 24 hours, overall crypto market volume grew by 22%.

It comes amid a round of investor nervousness in global markets spurred by protests in China against Covid restrictions.

Protesters outraged by harsh COVID-19 regulations called for China’s strong leader to quit.

China is the world’s second-largest economy and has a significant impact on global financial markets.

Stocks and cryptos aren’t considered safe havens, leading to bearing price action.

Analysts are hoping for a sharp bullish reversal if and when the protests end.

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