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AUTOMOTIVE
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Tesla robotaxi videos show speeding, driving into wrong lane
A driverless Tesla robotaxi, a ride-booking service, moves through traffic on June 22 in Austin, Texas.
Eric Gay/Associated Press
Tesla Inc.'s self-driving taxis appeared to violate traffic laws during the company's first day offering paid rides, with one customer capturing footage of a left turn gone wrong and others traveling in cars that exceeded posted speed limits. In a video taken by Rob Maurer, an investor who used to host a Tesla podcast, the Model Y he's riding in enters an Austin intersection in a left-turn-only lane. The Tesla hesitates to make the turn, swerves right and proceeds into an unoccupied lane meant for traffic moving in the opposite direction. A honking horn can be heard as the Tesla re-enters the correct lane over a double-yellow line, which drivers aren't supposed to cross. In two other posts on X, initial riders in driverless Model Ys shared footage of Teslas speeding. A vehicle carrying Sawyer Merritt, a Tesla investor, reached 35 miles per hour shortly after passing a 30 miles per hour speed limit sign, a video he posted shows. In a separate live stream from Herbert Ong, a YouTuber with more than 123,000 subscribers, he commented that the vehicle was going faster than the posted limit of 35 miles per hour. 'It's going at 39 right now, which is perfect, right, because I don't want to drive at 35, and it's driving at the same flow of traffic,' Ong said. 'If everyone else is driving at this speed, you want to be at the same speed.' Representatives for Tesla, the Austin Police Department and the National Highway Traffic Safety Administration didn't immediately respond to requests for comment on the videos. The automaker recalled more than 362,000 vehicles in February 2023 after NHTSA said its driver-assistance system may allow cars to infringe on local traffic laws. Chief executive Elon Musk celebrated the start of Tesla's robotaxi operations on Sunday, congratulating employees for what he said was a successful launch. Tesla shares jumped as much as 11 percent on Monday, their biggest intraday jump since April 9. — BLOOMBERG NEWS
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REAL ESTATE
Compass sues to stop 'Zillow ban'
The Zillow website on a laptop computer.
Tiffany Hagler-Geard/Bloomberg
Compass, the real estate brokerage that sells more houses than any of its competitors in the United States, has sued Zillow, the country's largest real estate site — in a legal showdown that accuses Zillow of gatekeeping home listings and of breaking federal antitrust laws. In its suit that was filed in New York federal court Monday morning, Compass claims that Zillow is engaged in an anticompetitive conspiracy to maintain a monopoly over digital home listings. Online real estate portals have become an integral part of the homebuying process, with nearly 100 percent of buyers now reporting that they use the internet in their home searches. And Zillow, which has a database with about 160 million properties and receives about 227 million unique visitors every month, is the undisputed giant of digital real estate sites. The lawsuit between two industry heavyweights marks a significant escalation in an ever-raucous debate over who controls home listings. Brokerages like Compass have sought to find ways to make their listings stand out: Since November, the company has been heavily promoting its Private Exclusives, a marketing channel of about 7,000 home listings available only to Compass agents and the buyers working with them. But in April, Zillow announced that any home that was put on the market but not available for listing on Zillow within 24 hours would be forever banned from its site. Compass calls the action the 'Zillow ban.' 'To protect its market dominance, Zillow has retaliated against competitive threats by enacting an exclusionary policy,' Compass claims in its suit. Representatives from Zillow were not immediately available for comment on the lawsuit Monday morning. — NEW YORK TIMES
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HEALTH CARE
Lilly drug saves muscle when added to Wegovy weight-loss shot
A Wegovy injection pen.
Shelby Knowles/Bloomberg
Patients who took an experimental drug from Eli Lilly & Co. together with Novo Nordisk A/S's Wegovy maintained muscle while losing weight, offering a potential solution to one of the key problems that's emerged with popular obesity shots. The closely watched study showed that patients on Wegovy combined with bimagrumab lost 22.1 percent of their body weight in 48 weeks, with 92.8 percent of that coming from the body's fat stores, according to results shared Monday at the American Diabetes Association conference in Chicago. Those on Wegovy alone lost 15.7 percent of their weight, with 71.8 percent coming from body fat — indicating more muscle was lost when the experimental drug wasn't included in the regimen. 'This is the result we were hoping for,' said study lead Louis Aronne, a physician who directs the Comprehensive Weight Control Center at Weill Cornell Medicine. The trial was funded by Lilly, which bought bimagrumab for about $2 billion in 2023 from startup Versanis Bio. Lilly is now running additional studies of bimagrumab in combination with its own obesity shot, Zepbound. — BLOOMBERG NEWS
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ENERGY
GE Vernova to build service center for small reactors in Ontario
A view of GE Vernova headquarters in Cambridge.
John Tlumacki/Globe Staff
Ontario will have the world's first service center for a new, smaller kind of nuclear plant, as the province embraces a technology that's been touted as a way to meet surging power demand from artificial intelligence. GE Vernova Hitachi Nuclear Energy has committed $51 million to build an engineering and service center outside Toronto for small modular reactors. The announcement comes less than two months after Ontario gave the green light to a $15.2 billion project to build such reactors. The service center will be based in the Durham Region east of Toronto, near the Darlington nuclear site where new BWRX-300 reactors will be located. It's expected to add about 300 jobs, according to a statement from the Ontario government. — BLOOMBERG NEWS
FINANCE
Investors rush to pour cash into $7.4 trillion US money-market fund industry
The rush of cash into the US money-market funds is showing few signs of slowing as it secured a record $7.4 trillion in assets. Investors have poured more than $320 billion into the funds so far this year, according to Crane Data LLC, making it one of the biggest benefactors of the Federal Reserve's current monetary policy. That's something of a surprise for those on Wall Street who'd gone into 2025 assuming officials would lower interest rates and sap the attractive returns offered by the industry. The average simple seven-day yield is now 3.95 percent for government funds and 4.03 percent for prime, an 8 basis point spread, according to Bank of America Corp. It's a compelling backdrop as some 600 participants gather at the annual Crane's Money Fund Symposium, which kicks off Monday in Boston. Money funds have seen their coffers swell in recent years, notably in early 2020 for their haven appeal and again as the Fed's rate-hiking cycle boosted yields. Even as the Fed pivoted to cutting rates last year, assets continued to rise, with these funds typically slower to pass along the effects of lower rates when compared to banks. — BLOOMBERG NEWS
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