 |
|
|
|||||
Two of the nation’s real estate titans are on a collision course. Compass, one of the largest brokerages in the country, has filed a complaint in a New York federal court against Zillow, alleging the online behemoth is engaging in “anticompetitive tactics” and violating antitrust laws. The suit accuses Zillow of banning listings that were marketed elsewhere first, saying it has “retaliated against competitive threats by enacting an exclusionary policy.” This lawsuit is about protecting consumer choice, said Robert Reffkin, Compass founder and CEO, in a statement to Fast Company. No one company should have the power to ban agents or listings simply because they dont follow that companys business model. Consumers should have the right to choose how they sell their homes. Zillow did not respond to Fast Company’s request for comment about the suit. The faceoff between the two companies has been brewing for some time. Compass has been growing steadily, most notably with last Decembers acquisition of Christies International Real Estate in a deal worth $444 million. Earlier this year, it was also reported to be in talks to buy the real estate brokerage business of Berkshire Hathaway. Compass has been promoting its Private Exclusives and Coming Soon online listings for several months, which feature thousands of homes available only to Compass agents and their buyers. Two months ago, Zillow unveiled a new policy that any home put on the market but not made available to Zillow within 24 hours would be banned from the site. “Instead of competing on the merits for home sellers, home buyers, and the agents who work for them, Zillow has sought to rely on anticompetitive tactics to protect its monopoly and revenues in violation of the antitrust laws,” the filing reads. The suit says Zillow has become the “vital, go-to destination for consumers looking to purchase homes,” through the “relentless acquisition of competitors” and “the power of network effects.” That, Compass claims, effectively makes it a tollbooth for agents, allegedly collecting up to 40% of the buyer agent commission for referring the buyer. Additionally, it accuses Zillow of charging potential buyers to tour listed propertiessomething that is typically free. “Every time a buyer requests a tour on Zillow, Zillow redirects the buyer away from the listing agent of the property, who would not charge the buyer an incremental commission,” the lawsuit states. “Instead, Zillow directs the buyer to a Zillow-affiliated buyer agent who charges the buyer an incremental commission to show the property.” Compass argues that it and other realtors should have the right to market homes themselves, without being required to send listings to Zillow. This sometimes involves an extended “coming soon” period, which Compass says allows sellers to showcase homes before they are fully market-ready, gauge early interest, and test demandwithout increasing the “days on market” count or triggering price reductions. Zillow, in April, argued that everyone should have access to that information, citing the National Association of Realtors’ long-standing clear cooperation policy, which requires agents to list homes on their local MLS within 24 hours of beginning any public marketing. “Listings shouldnt be used as leverage to control who gets to participate in the home-buying process,” Zillow wrote when announcing the new rules. “Practices that selectively share listings create confusion, harm consumers and erode trust in the marketplace. Its a bait-and-switch move, where agents or brokerages try to get the best of both worlds.” Compass, in its lawsuit, counters this argument, saying Zillow should not be allowed to ban listings that don’t align with its business model. “Zillow is so comfortable with its size and power that it has adopted a policy that governs what other real estate companies can do on platforms other than Zillow,” the complaint reads. “It effectively is leveraging its power to promulgate and enforce industry-wide rulemaking like a government regulator, despite being a private company that does not even provide brokerage services, represent home sellers and buyers, or create the listings on which it profits.”
Category:
E-Commerce
New York state will build a new nuclear power plant that will provide at least one gigawatt of electricityenough to power about a million homes. When announcing the project on Monday, Gov. Kathy Hochul said it would bring new jobs, result in more affordable electricity bills, and help provide around-the-clock power to support data centers without having to depend on fossil fuels. The plant would be the first nuclear facility built in New York state since the late 1970s and the first major U.S. plant to break ground in about 15 years. (The last nuclear plants built in the U.S., Vogtle Units 3 and 4 in Georgia, began operation in 2023 and 2024, respectively, but construction on them began in 2009.) The project comes as electricity demand is expected to soar, especially due to the increase of data centers to support AI use. Nuclear power has been seen as a clean source of 24/7 power, which wind and solar cannot provide without adequate battery storage, and also as a power source that is insulated from the volatility of oil and gas prices. But some are still concerned about nuclear powers safety. Hochul acknowledged these fears during her announcement for the new plant, pointing to the concerns and anxiety that led to the shut down of Indian Point, a nuclear power plant in Westchester County, New York. That facility was retired in 2021, but doing so turned off one-quarter of New York Citys power[which] was almost all clean energyovernight without an alternative, Hochul said. To replace that energy, New York state burned more fossil fuels, leading to a rise in emissions. There was no plan B, Hochul said, and the increase in emission is not a trade-off New York can afford to keep making. And this is not your grandparents nuclear reactor, she added, about the forthcoming project. Safety will be at the forefront of the design, she said, including automatic safety systems and rigorous environmental standards. The forthcoming nuclear power plant will provide 1,600 jobs during construction, and 1,200 permanent jobs once operational. Nuclear power is seeing a surge as the demand for electricity increases and as municipalities look to get off fossil fuels. Three Mile Island, the site of the countrys worst nuclear disaster, is set to reopen in Pennsylvania in 2028 to support Microsofts energy needs. The Trump administrations support for nuclear power is part of the presidents energy dominance agenda; Trump recently signed an executive order to expedite the licensing process for nuclear reactors. Hochul has spoken to the president about this New York nuclear project, she said, and is committed to working with the White House to build this plant. You want energy dominance. I want energy dominance. This is how we do it, she said. So with their financial planning and hopeful support, we can move as fast as possible. The average time it takes to construct a nuclear power plant is about seven years, though the process can take longer with regulatory hurdles and other financial costs. Hochul said she had suggested Elon Musk and his Department of Government Efficiency work with the Nuclear Regulatory Commission in order to make that process more efficient. There is currently no location selected for the New York nuclear power plant, though Hochul said it will be located in upstate New York. The New York Power Authority will help find a site and determine the nuclear reactors design. The state is also considering looking for private partners to help finance the plant. The number one focus of the project, Hochul said, will be customers paying their electric bills: Ratepayers must know that there’s going to be reliability, no cost escalation. And they’ll be able to see into the future what their bills will look like.
Category:
E-Commerce
With the summer travel season in full swing and next weekend’s busy July 4 holiday nearing, many airlines are feeling the pinch of softer-than-expected travel demand, as Americans find it increasingly difficult to afford the high cost of vacations made worse by inflation and a recent string of tariffs from the Trump administration. JetBlue Airways, which has been struggling financially and hasn’t made a profit since 2019, announced Saturday it would halt service out of Miami International Airport (MIA) effective September 3. The discount carrier currently has one or two flights to Boston each day. Fast Company has reached out to JetBlue for comment. A spokesperson for the airline told the Miami Herald that the move was to free aircraft for new routes.” He added: “Weve recently made the decision to end a small number of unprofitable flights, including between Boston and Miami.” And travelers booked on canceled flights will have the option to fly via Fort Lauderdale or receive a full refund to their original form of payment.” The carrier recently lost its bid for a $3.8 billion megamerger with Spirit Airlines after a federal judge ruled it would create a monopoly. Last Monday, JetBlue CEO Joanna Geraghty wrote a memo to employees that said the company was putting new cost-cutting measures into place to counter decreased travel demand, and was “unlikely” to break even on operating margins this year, as reported by CNBC. Were hopeful demand and bookings will rebound, but even a recovery wont fully offset the ground weve lost this year, and our path back to profitability will take longer than wed hoped,” Geraghty said in the staff memo viewed by CNBC. “That means were still relying on borrowed cash to keep the airline running. JetBlue by the numbers Shares of JetBlue Airways (NASDAQ: JBLU) were trading down over 1% midday on Monday. JetBlue and other airlines pulled their 2025 financial forecasts, as many companies did in the wake of Trump’s tariffs, due to overall economic uncertainty. For the first quarter of 2025, which ended March 31, JetBlue reported earnings per share (EPS) of -$0.59, beating analyst estimates, which were around -$0.61. Operating revenue was $2.1 billion, down 3.1% year over year. JetBlue has a market capitalization of $1.48 billion. The airline’s next reported earnings are scheduled for late July.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||