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Tesla sues over Model S crash in New Jersey that killed 3
The estates of the three people who died in September last year when their 2024 Model S equipped Autopilot and Full Self-Driving Features crashed on New Jersey’s Garden State Parkway, Tesla was sued by the estates on Monday. The lawsuit, filed in federal court in Camden in New Jersey, blamed the deaths of David Dryerman (54), his wife Michele (54), and their daughter Brooke (17) on the "defective design and unreasonable danger" of the vehicle. Max Dryerman is Brooke's elder brother. He was not in that car and is also a defendant. The lawsuit is seeking unspecified punitive and compensatory damages. Tesla, led Elon Musk by billionaire Elon Musk did not respond immediately to requests for comments after market hours. Plaintiffs' attorneys did not respond immediately to similar requests. Musk's Austin-based company has faced concerns about its self driving technology for years. Tesla says that its features are designed for "fully-attentive" drivers who keep their hands on steering wheels, and they do not make the vehicles autonomous. Tesla, under pressure from the National Highway Traffic Safety Administration (NHTSA), agreed to recall in December 2023 more than 2,000,000 vehicles in the United States in order to add safety measures to its Autopilot advanced driving-assistance system (ADAS). According to published reports the Dryermans, who were returning from a concert festival in Woodbridge Township (New Jersey) on September 14, 2024 when their Model S ran of the road, striking a sign and guardrail, as well as a concrete bridge support, hit the road. The complaint stated that the defective design of the car caused it to drift from its lane and failed to apply emergency brakes, which resulted in the accident. The lawsuit also claimed that Tesla failed to warn David Dryerman who was driving that his Model S Model S was unsafe. It cited Musk's 2016 statement that Autopilot is "probably better than human drivers". According to the complaint, The Dryermans wore seat belts. The complaint stated that "Thousands of Tesla Drivers have relied upon Tesla's ADAS Technology as though it was capable of safe and fully autonomous self driving with minor software upgrades when it is in fact incapable of safely handling a range of routine road scenarios without driver input." Dryerman et al v Tesla Inc., U.S. District Court District of New Jersey No. 25-11997. (Reporting and editing by Les Adler, Matthew Lewis, and Jonathan Stempel from New York)
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US Safety Agency contacts Tesla about robotaxi issues seen on online videos
After reviewing videos online of a robotaxi that was allegedly driving in the wrong lane, and another driverless car speeding up, the National Highway Traffic Safety Administration has requested information from Tesla. The U.S. Auto Safety Agency said that it "is aware of the incidents referenced and is in contact the manufacturer to obtain additional information." NHTSA regularly asks automakers to provide additional information when they receive reports about questionable driving behaviors by automated driving systems or advanced driver assistance systems. Tesla launched a limited robotaxi service in Austin, Texas, on Sunday. The company deployed about a dozen self-driving vehicles. The company will avoid bad weather and difficult intersections. It won't accept anyone under the age of 18 NHTSA stated that the law "doesn't pre-approve" new technologies or vehicles systems. Instead, manufacturers certify each vehicle meets NHTSA safety standards and the agency investigates incidents that may involve safety defects. Bloomberg News reported NHTSA query to Tesla on Monday. The EV manufacturer did not respond immediately to a comment request. Tesla said Monday that its answers to NHTSA's questions about the safety of its robotaxi deployments in Texas were confidential business information, and therefore should not be made publicly available. NHTSA is reviewing responses to questions from the agency about safety of the self-driving roboticaxi in bad weather, among other issues. Since October, the agency has investigated collisions between Tesla vehicles equipped with Full Self-Driving Software and conditions of low visibility. The investigation covers 2.4 millions Tesla vehicles with FSD after four reported accidents, including one fatal accident in 2023. Reporting by David Shepardson, Washington; Harshita Varghese, Bengaluru. Editing by Maju Sam and Sonali Paul.
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Heat warnings issued in the East and Midwest of the US
On Monday, tens of millions of Americans were forced to endure record heat in the Northeast and Midwest of the United States. This caused electricity supply disruptions and train travel. In many parts of the United States, heat warnings began on the weekend and will continue into the coming week. East Coast officials warned of conditions "feeling" like 110 degrees Fahrenheit in many places as heat and humidity combine. National Weather Service warns that the nighttime temperatures will not provide much relief from the "oppressive" heat, with temperatures forecast to be in the 70s or even 80s at night for East Coast cities. Amtrak announced in a press release that the cars of its East Coast trains would be operating at lower speeds because of heat restrictions. Amtrak heat restriction kicks in when temperatures exceed 95F (35C). Amtrak also reduces train speed when the track itself reaches 128F (54C). Health experts advised employers to modify the working hours of outdoor workers, ensure that they have adequate breaks, hydration opportunities, and monitor for signs such as heatstroke or exhaustion. Howard Frumkin is an expert on environmental and occupational health at the University of Washington. The police departments of Raleigh, North Carolina and Washington D.C. are taking measures to protect officers stationed outside. They encourage them to drink water or stay in the shade if possible. The U.S. electrical network operators told power plants to prepare to run at full force. They expected a spike in electricity demand as people use fans and air conditioners for cooling. New York City's temperatures are expected to reach 97F (36C) on Tuesday, breaking the previous record set over a century earlier when the mercury reached 96F in June 1888. Scientists warn that extremes like these are becoming the norm, and also challenge assumptions about regions that may be spared from the worst effects of climate change. Many people ask, "Where is it safe?" Frumkin stated that the answer to this question is most likely - nowhere. "We didn't think that the upper Midwest would be susceptible to extreme heat." Last week, Alaska's Arctic state registered its first heat advisory. China's temperatures soared last month. NEW NORMAL Extreme heat is the most dangerous of all weather effects linked to climate changes. It's more deadly than hurricanes and floods. The world experienced its warmest year ever last year. Temperatures are expected to rise for several decades, as emissions that cause climate warming continue to increase. Este Geraghty is chief medical officer at Esri and director of health solutions. She uses data and mapping to analyze climate risks and determine where help is most needed. According to a quick analysis conducted by a UK team of scientists, this week's extreme heat in England could lead to hundreds of deaths. This forecast was made after a report from the UK Met Office, which found that extreme heat is now 10 times more likely than it was in previous decades. Swiss Re Institute's report on insurance risks this month found that extreme heat can have a serious economic impact. It could threaten crop yields and livestock, cause electrical outages, wildfires and disrupt utility services, healthcare and transportation systems. Nina Arquint is CEO UK & Ireland of Swiss Re Corporate Solutions. She said that the global heat event taking place this week "sounds an alarm for society." Arquint stated that "these events are more dangerous in terms of the human lives lost than natural disasters, but their true cost has only just begun to be revealed." Reporting by Patrick Wingrove and Katy Daigle, both in New York City; editing by Rosalba o'Brien
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Virgin Australia shares to debut following $439 million IPO
Virgin Australia returns to the Australian Securities Exchange (ASX) on Tuesday, after raising A$685m ($439m) in a public offering. Dealmakers are hoping that this transaction will help revive a stagnant listings market. After Bain Capital saved it from bankruptcy, Australia's second largest airline in terms of market share will be delisted by 2020. The airline sold 236.2 millions shares at A$2.90 per share, which equates to A$2.32billion on a fully-diluted basis. The IPO prospectus revealed that Bain, who bought Virgin for A$3.5billion including liabilities, would see its stake reduce to 39.4%, from around 70%. Qatar Airways, which has recently purchased into the airline will retain 23%. A term sheet that was seen by. Fund managers said that the shares were priced at a discount of almost 30% to Qantas's. This was an incentive for investors to purchase. A report by the Australian Competition and Consumer Commission showed that Qantas had a market share of 37.5% compared to Virgin's 34.4%. From our perspective, Virgin's IPO pricing was attractively discounted compared to Qantas. This allowed shareholders to profit from Virgin's operational improvements and structural tailwinds such as the increase in premium ticket demand. Virgin's focus on domestic markets and its hedged fuel positions provide resilience against geopolitical risks and commodity market risk. Virgin reduced its international business while Bain owned it. The airline has resumed its long-haul service to Doha via a lease with Qatar, the state-owned carrier. Prospectus revealed that the IPO would bring a windfall of fees to Goldman Sachs and UBS, as 2% of the proceeds will be paid to underwriters. The prospectus offers the option of paying an additional 1% incentive fee. LSEG data shows that the IPO volume has been flat in Australia over the last few years, with only one listing worth $6.4 Million so far in 2025, down from $319 millions worth of listings at the same time last Year. Liu stated that "a successful Virgin debut would help revive Australia's subdued IPO markets," Fresh equity supply is essential for a healthy market, especially from high-profile, well-supported listings. GemLife, a retirement resort group, is set to begin trading on July 3, after raising A$750 Million in its IPO earlier this month.
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Brazil's BNDES returns after a decade to the equities markets
The Brazilian state development bank BNDES said Monday that it will restart investments in equities following a nearly decade-long pause. It hopes to spend at least $5 billion reais (907.13 million dollars) this year in the "green" economic sector. The bank's investment arm BNDESPar will distribute the funds, according to the statement. BNDES plans to invest an additional 5 billion reais through investment funds. However, it did not give a timeframe for these investments. In a press statement, the bank stated that this move came after almost 10 consecutive years of no new direct investment from BNDES. "A long period focused primarily on massive divestment" and portfolio demobilization was also a part of their strategy. BNDES was once known for its massive funding of some of Brazil's biggest firms, such as oil giant Petrobras. The Development Bank of Canada announced its latest development last month. Trimmed its stake JBS has increased its share of the market to 18%. BNDES also has stakes in the planemaker Embraer and oil company Brava, as well as the logistics firm Hidrovias do Brasil. Its portfolio includes private companies, investment funds, and debentures. Aloizio Mercadante, the head of BNDES, said that the Lula government was resuming BNDESPar’s mission to strengthen the capital market and develop the country. This is a return to Lula’s strategy from 2003 to 2010. BNDESPar is a portfolio of 53 mutual funds with 8 billion reais committed capital, and an additional 27 billion reais from other investors, such as equity and credit funds. Mercadante stated that the new investments will be made to all companies, regardless of size, and will focus on decarbonization as well as green transition, innovation and other areas. It said that the bank could participate as an anchor investor in public offerings, acquiring up to 30 percent of smaller companies seeking to enter the capital markets for the first. However, it also had the option to engage in private deals.
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Wall St. ends with a higher price as hopes of rate cuts offset fears of an escalating conflict with Iran
Wall Street rose on Monday, as the prospect of the U.S. Federal Reserve reducing interest rates by as early as July offset concerns that Iran could disrupt crude transportation in the Middle East. All three major U.S. indexes ended the day higher. The consumer discretionary sector led the gains, with Tesla providing a strong boost. "The rally was a little surprising," said Jay Hatfield. He is the CEO and portfolio manager of InfraCap, a New York-based company. In a sense, the U.S. attacks have ended the uncertainty about whether or not the U.S. would attack. Hatfield said, "The market is very bullish at this time of the year because we are supposed to see a pullback in June." "People don't want to sell on this market." Michelle Bowman, Vice Chair of the Federal Reserve, said that it was time to adjust the policy rate as the risks on the job market outweighed inflationary concerns relating to tariffs. Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said that tariffs had so far had a smaller economic impact than anticipated. The financial markets expect at least two rate cuts of 25 basis points before the end of the year. It is expected that the first rate cut will occur in September. Paul Nolte is a senior wealth advisor & Market Strategist at Murphy & Sylvest, located in Elmhurst in Illinois. Powell's "wait and see" is probably a good tactic. But, of course, markets love lower interest rates. Tesla shares soared following the launch of its robotaxi service in Austin Texas. Israel continued to bomb Iran a day after the U.S. entered the war. Oil prices fell despite Iran's refusal to take action against oil and gas tanker traffic in the Strait of Hormuz. Tehran had threatened to close the Strait of Hormuz - a vital oil shipping route. Nolte stated that "the markets read this as saying 'hey we're success,'" we destroyed their nuclear capability and were able support any counterstrikes. "I believe there was much concern that Iran would act more aggressively than it did." S&P Global’s "flash" advance purchasing managers' (PMIs) indexes showed that the U.S. economic expansion is accelerating at a faster pace than analysts expected. Separately, despite the pressure of high borrowing costs, new home sales posted an unexpected increase in May. The Commerce Department's final assessment of first-quarter GDP, its Personal Consumption Expenditures and Fed Chair Jerome Powell’s congressional testimony will likely be analyzed for clues about the near-term direction of monetary policy. Preliminary data shows that the S&P 500 rose 57.20, or 0.96 percent, to 6,025.04 while the Nasdaq Composite grew 183.98, or 0.95 percent, to 19,631.39. The Dow Jones Industrial Average grew 373.48, or 0.88% to 42,580.30. Fiserv shares soared after the company announced that it was launching a digital asset platform. Northern Trust has jumped in response to a Wall Street Journal article stating that Bank of New York Mellon had discussed a possible merger. Super Micro Computer, a maker of AI-servers, dropped its stock after it announced that it would be issuing a private offer of convertible bonds for five years worth $2 billion. Later this week, Nike, a sportswear firm, and FedEx - a package delivery company - will release their quarterly results.
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Louis Dreyfus will reopen a rival's former grain terminal in Indiana
Louis Dreyfus Company, based in Rotterdam, announced on Monday that it will reopen an abandoned U.S. grain terminal in Burns Harbor Indiana, at the southern end of Lake Michigan, in early 2026. This will provide the global commodities trader with export market access through the Great Lakes Seaway and St. Lawrence Seaway. The facility, built in 1979 by Cargill, a rival grain merchant, has been closed since 2023 when it ceased operating there because of difficult market conditions. Privately-held Dreyfus is the "D" in the ABCD quartet of global grains trading giants, along with Cargill, Archer-Daniels-Midland and Bunge Global. The global grain glut and weak demand have eroded profits for all four companies. The Burns Harbor terminal can load grain ships up to 30,000 metric ton capacity at a rate of 90,000 bushels per hour. This is about half the size compared to larger terminals in the U.S. Gulf Coast or Pacific Northwest. Dreyfus stated that the facility has a storage capacity of 7.2 million bushels, 200 rail cars, and 20 barges. Burns Harbor, located on the southern shores of Lake Michigan and with easy access to regional grain markets, is a well-positioned port. LDC will use the port to increase market access for local farmers, and serve customers throughout North America and beyond," said Gordon Russell, Dreyfus' head of grains and oilseeds. The terms of the agreement with Ports of Indiana was not disclosed. The Great Lakes System exports are a small part of the total U.S. agricultural trade, valued at $176 Billion last year. Most of the crop exports leave the U.S. Gulf Coast and Pacific Northwest. According to U.S. Department of Agriculture data on export inspections, exporters have only shipped about 125,000 metric tonnes of corn and wheat this year after shipping around 1.06 million tons of soybeans, corn, and wheat at its ports in the previous year.
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Tesla seeks to keep Texas robotaxi data under wraps, regulator says
According to a letter published on Monday, Tesla informed U.S. regulators its answers on the safety and deployment of its robotaxi in Texas were confidential business information that should not be released. The National Highway Traffic Safety Administration announced on Friday that it was reviewing the answers provided to questions about the safety and reliability of Tesla's self-driving roboticaxi in bad weather. The agency stated on Monday that Tesla is invoking federal law which "restricts NHTSA’s ability to release publicly what the companies call confidential." The agency said that, "after assessing these responses and any other relevant information NHTSA will be taking any necessary action to protect road safety." Since October, NHTSA is investigating collisions between Tesla vehicles that use Full Self-Driving Software in conditions of low visibility. The investigation covers 2.4 millions Tesla vehicles with FSD after four reported accidents, including one fatal accident in 2023. NHTSA stated on Monday that the agency's investigation remains open into Tesla's FSD Supervised/Beta. Tesla says the information it provided to NHTSA was commercially valuable, as competitors could use it for their own automated and advanced driving systems. In a letter to NHTSA, Casey Blaine, Tesla's regulatory senior counsel wrote that "nefarious actors" could use the marked information in order to discredit Tesla for the sake or notoriety. In the absence of public disclosure, accessing the marked information would require significant time and resource expenditures and intimate knowledge of Tesla. Tesla released a small fleet of self-driving cabs to pick up paying passengers on Sunday in Austin, Texas. Elon Musk announced the launch of robotaxis and social media influencers posted videos of their rides. Musk believes that the Tesla EV maker will be able to survive financially if it can attract paying passengers. Tesla shares rose 8% to $347.80 in the afternoon on Monday.
Wall St. rallies on hopes of rate cuts outweighing Middle East turmoil
Wall Street gained on Monday, as fears of Iran retaliating against U.S. Airstrikes and escalating the Middle East war were offset by the prospect that the U.S. Federal Reserve would cut interest rates in July.
All three major U.S. indexes rose modestly as a result of a broad rally. The consumer discretionary sector led the gains, with Tesla providing a strong boost.
"The rally was a little surprising," said Jay Hatfield. He is the CEO and portfolio manager of InfraCap, a New York-based company. In a sense, the U.S. attacks has ended the uncertainty about whether or not the U.S. would attack.
Hatfield said, "The market is very bullish at this time of the year because we are supposed to see a pullback in June." "People don't want to sell on this market."
Michelle Bowman, Vice Chair of the Federal Reserve, said that it was time to adjust the policy rate as the risks on the job market outweighed inflationary concerns relating to tariffs. Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said that tariffs had so far had a smaller economic impact than anticipated.
The financial markets expect at least two rate cuts of 25 basis points before the end of the year. It is expected that the first rate cut will occur in September.
Tesla shares surged following the launch of its robotaxi service, which was long anticipated in Austin, Texas. Shares of the electric vehicle manufacturer were up last by 9.4%.
Israel continued to bomb Iran after the U.S. entered the war.
Still,
Oil prices fell after Iran's response did not include actions to disrupt oil and gasoline tanker traffic in the Strait of Hormuz. Tehran had threatened to close the Strait of Hormuz - a vital oil shipping route.
S&P Global’s "flash" advance purchasing managers' (PMI) indexes showed that the U.S. economic expansion is a little faster than analysts expected. Separately, despite the pressure of high borrowing costs, new home sales posted an unexpected increase in May.
The Commerce Department's final assessment of first-quarter GDP, its Personal Consumption Expenditures and Fed Chair Jerome Powell’s congressional testimony will likely be analyzed for clues about the near-term direction of monetary policy.
The Dow Jones Industrial Average gained 305.71, or 0.72 %, to 42512.53. The S&P 500 rose 44.70, or 0.75 %, to 6,012.54. And the Nasdaq Composite added 177.08, or 0.91 %), to 19,624.49.
Consumer discretionary stocks were the top gainers among the 11 major S&P 500 sectors, with energy being the only one in the negative.
Eli Lilly's shares rose by 0.9%, among other companies that moved the market. Investors were not impressed with detailed trial results on Novo Nordisk’s experimental drug for obesity CagriSema. Novo Nordisk's shares dipped 5.3%.
Fiserv's share price rose by nearly 3,3% after the company announced that it was launching a digital asset platform.
Northern Trust's stock jumped 7.2% following a Wall Street Journal article that said Bank of New York Mellon had discussed a possible merger.
Super Micro Computer, a maker of AI-servers, dropped 6.8% following the announcement of a private offer of convertible bonds for ten years worth $2 billion.
Later this week, Nike, a sportswear company and FedEx, a package delivery company will release their quarterly results.
On the NYSE, advancing issues outnumbered declining ones by a ratio of 1.67 to 1. On the NYSE, there were 100 new highs. There were also 66 new lowers.
On the Nasdaq 2,389 issues rose, while 2,026 declined. The ratio of advancing to declining stocks was 1.18:1. The S&P 500 recorded 12 new highs for the past 52 weeks and 4 new lowests, while the Nasdaq Composite registered 77 new highs for this period and 105 lows.
(source: Reuters)