Emirates Airlines cancels Airbus A350 order worth $16 billion

The A350 is intended as Airbus' best hope for catching up in the long-haul market that is dominated by Boeing.

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    An Airbus A350-900 aircraft performs a flight pass during the Singapore Airshow in Singapore, in Feb. Airbus suffered what could be the jet industry's worst cancellation and a setback to its newest aircraft on June 11, when Dubai's Emirates scrapped a $16 billion order for the A350, hitting shares in the planemaker and engine firm Rolls-Royce. Emirates was among the first buyers for the A350 when it placed the order for 50 A350-900s in 2007.
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Emirates Airlines has cancelled its order for 70 Airbus A350 aircraft, a blow to the manufacturer that has seen its share price sink 4 percent in morning trading.

The A350 is intended as Airbus' best hope for catching up in the long-haul market that is dominated by Boeing's 777 and 787 but has been plagued by years of delays and a multibillion dollar revamp.

In Wednesday's announcement, the companies said Emirates cancelled the order after a "fleet requirement" review. The carrier is owned by the government of Dubai and is by far the largest in the Mideast.

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Emirates has been rapidly adding the Boeing 777 to its fleet, and last year placed an order for 150 of the planned 777x model in a deal valued at $55.6 billion.

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