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Qatar Airways forced by regulators to ground 13 aircraft

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13 aircraft within the Qatar Airways fleet have been grounded by authorities

Qatar Airways has been instructed by its regulator to ground 13 Airbus A350 planes due to a “faster than expected deterioration” of the fuselage surface below the paint on the jets.

The state-owned Gulf airline stated that it had been told to ground the planes until “the root cause can be established.”

The airliner says a satisfactory solution will need to be made available to permanently correct the underlying condition of the jets, and they will remain grounded until then.

Qatar Airways has been locked in a months-long public dispute with Airbus

The carrier is insisting it would not take any deliveries of the carbon-composite widebody jet until the problem was resolved.

“With this latest development, we sincerely expect that Airbus treats this matter with the proper attention that it requires,”

Qatar Airways Chief Executive Akbar Al Baker said in a statement announcing the regulator’s grounding of the jets.

“Qatar Airways expects Airbus to have established the root cause and permanently corrected the underlying condition to the satisfaction of Qatar Airways and our regulator before we take delivery of any further A350 aircraft.”

According to reports, an Airbus spokesperson has stated that the planemaker was always in talks with its customers but those discussions were confidential, declining to comment further.

Qatar Airways said in June it had grounded some of its A350 jets until the issue could be understood and fixed, without disclosing how many aircraft had been pulled from service.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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BlockFI the latest crypto collapse

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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

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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

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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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