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As it seeks to diversify its asset base, Qatar Airways has announced it has agreed to acquire a 10% stake in Hong Kong’s Cathay Pacific for around $600m. On the one hand, the move follows Qatar’s aborted attempt to buy a similar-sized stake in American Airlines, while for Cathay it ought to bring access to funds as it seeks to protect itself against growing competition from Chinese and other Asian carriers snapping at its heels, especially in the cargo business.

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