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Hydraulic issue forces Air Canada flight to divert to Moncton early Saturday – CTV News

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MONCTON, N.B. —
An Air Canada Express flight with 16 passengers on board was forced to make an emergency landing at the Greater Moncton Romeo LeBlanc International Airport early Saturday as a result of an issue with its landing gear.

Flight 8724, operated by Jazz, was enroute from Gaspe in Quebec to the Magdalen Islands when the crew noticed a problem with a hydraulic system.

Teri Udle, a spokeswoman for Jazz, says as a precautionary measure, the flight was diverted to Moncton, N.B., and landed safely without incident.

Udle says the Dash 8 aircraft is equipped with multiple hydraulic systems and passengers were not at risk.

An airport spokeswoman, Julie Pondant, says emergency response crews were on scene when the plane landed around 3 a.m.

Another flight was arranged to take the passengers to their destination later in the day.

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Twitter investors sue Elon Musk over stock manipulation claims – Engadget

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Elon Musk is facing yet another lawsuit over his planned Twitter acquisition. Reuters reports investors have sued the Tesla CEO for allegedly manipulating stock prices ahead of his $44 billion takeover bid. As in an earlier suit, Musk supposedly saved $156 million by failing to disclose that he’d bought more than a 5 percent stake in Twitter by March 14th, violating SEC rules. The investors said Musk only disclosed his investments in early April, when he revealed that he owned a 9.2 percent slice of the social network.

Musk’s post-announcement statements also amounted to manipulation, the investors said. They were particularly concerned about his claim that the deal was “on hold” until Twitter could prove that bots weren’t a major problem and represented less than 5 percent of accounts.

The plaintiffs in the case are hoping for class action status, and ask for unspecified damages if they’re successful. Twitter has declined comment, and Musk hadn’t responded to Reuters‘ requests for comment.

Musk’s hoped-for purchase has already sparked a flurry of legal action. In addition to the previously mentioned lawsuit from April, a Florida pension fund sued Musk for purportedly violating a Delaware law that would bar the merger until 2025. The SEC, meanwhile, is investigating Musk’s disclosure timing. There’s no certainty any of these actions will succeed, but they still pose serious challenges to Musk’s ambitions.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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US stocks rally as Fed minutes meet expectations – Al Jazeera English

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Investors fear that overly aggressive interest rate hikes by the Fed could tip the economy into recession.

Wall Street closed higher Wednesday, boosted after minutes from the Federal Reserve’s latest monetary policy meeting showed policymakers unanimously felt the United States economy was very strong as they grappled with reining in inflation without triggering a recession.

The minutes from the Federal Open Market Committee’s May meeting, which culminated in a 50-basis-point rise in the Fed funds target rate – the biggest jump in 22 years – showed most of the committee’s members judged that further such rate hikes would “likely be appropriate” at its upcoming June and July meetings.

“The uniformity of opinion is a good thing,” said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. “There’s a lack of uncertainty of what needs to be done in the near term.”

“By the time [the Fed] gets to September, they will have plenty of economic data to make their move from there, so they continue to maintain optionality,” Mayfield added.

All three major US stock indexes gyrated earlier in the day amid increasing jitters stemming from business and consumer surveys, economic data and corporate earnings reports suggesting a cooling American economy – even as the Fed prepares to toss a bucket of cold water on it to tackle decades-high inflation.

Fears that overly aggressive interest rate hikes by the Fed could tip the economy into recession despite evidence that inflation peaked in March has driven those concerns.

“There’s some credence to the idea that inflation is doing [the Fed’s] job for them,” Mayfield said. “There’s already a cooling occurring, and financial conditions have tightened over the last month because of dollar strength and equity market weakness.”

On Thursday, the Department of Commerce is due to release its second take on first-quarter GDP, which analysts are expected to show a slightly shallower contraction than the 1.4 percent quarterly annualised drop originally reported.

The Personal Consumption Expenditures report will follow on Friday, which will provide further clues regarding consumer spending and whether inflation peaked in March, as other indicators have suggested.

The Dow Jones Industrial Average rose 191.66 points, or 0.6 percent, to 32,120.28, the S&P 500 gained 37.25 points, or 0.95 percent, to 3,978.73 and the Nasdaq Composite added 170.29 points, or 1.51 percent, to 11,434.74.

Nine of the 11 major sectors in the S&P 500 rose, with consumer discretionary stocks leading the pack with a gain of 2.8 percent.

Amazon.com Inc and Tesla Inc provided the strongest lift to the S&P 500 and the Nasdaq, rising 2.6 percent and 4.9 percent, respectively.

Department store operator Nordstrom Inc surged 14.0 percent on the heels of its upbeat annual profit and revenue forecasts.

Fast-food chain Wendy’s Co jumped 9.8 percent after a regulatory filing revealed that shareholder Nelson Peltz was considering a potential takeover bid for the company.

Shares of Nvidia Corp fell more than 8 percent in after-hours trading after the company’s second-quarter revenue forecast missed expectations.

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Gas Up Nearly 4 Cents; Price Freeze Lifts in Labrador – VOCM

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Despite predictions to the contrary, the regulated price of gas is up in most parts of the province.

Gasoline is up by 3.9 cents a litre, except along the coast of Labrador. Diesel on the island is up by 1.3 cents while diesel in Labrador has dropped by 11.6 cents a litre. Furnace oil costs over a cent a litre more on the island while stove oil on the island up by the same amount. Stove oil in Labrador is down by 23.70 cents a litre.

Propane meanwhile is down by just under 2 cents.

The suspension of maximum price adjustments on the coast of Labrador lifts as of today as fuel deliveries resume for the season—that means significant increases, in some cases by about a dollar a litre, for some fuels.

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