• United Airlines CEO says he wants to see a competitor break the Airbus-Boeing duopoly, but isn’t convinced by Chinese upstart Comac

    United Airlines CEO Scott Kirby takes part in a panel discussion at the International Air Transport Association's (IATA) Annual General Meeting in Boston, Massachusetts, U.S., October 4, 2021.
    Scott Kirby, CEO of United Airlines.

    • United Airlines' CEO called for an end to the Airbus-Boeing duopoly.
    • Scott Kirby said he thinks Boeing made the 737 Max instead of a new model because there wasn't enough competition.
    • He doubts the potential of China's Comac to become a world player, instead preferring Brazil's Embraer.

    The CEO of United Airlines said he wants to see the end of the Airbus-Boeing duopoly, in an interview on "The Air Show" podcast.

    "I think we need more competition in the aerospace business," Scott Kirby said.

    He pointed to the Boeing 737 Max as an example of the duopoly's negative impact. Kirby said building on the 737 model — which was first produced in the 1960s — instead of creating a new one was a "fundamental mistake."

    "The reason they haven't done it is because, I think — I'm almost certain — is they look at the world and say, 'Well, we have a duopoly. Why would we invest $10 billion in a new airplane in a duopoly?'" he said.

    "If there'd have been five aircraft manufacturers, they'd have built an airplane 15 years ago," Kirby told "The Air Show."

    "We wouldn't be sitting here today with some of the challenges they've had with the Max," he added. "It's a platform that's older than I am."

    Kirby made headlines in January when he said United would take the Boeing 737 Max 10 out of its plans. That came in the wake of the Alaska Airlines blowout, when a Max 9 lost its door plug in midair and sparked huge scrutiny of Boeing.

    Certification of the 737 Max 10 has been much delayed, and United's chief financial officer later said the airline would replace them with Max 9 and Airbus A321neo jets.

    One potential new competitor to Boeing and Airbus has arisen in China, where Comac has built the country's first homegrown airliner, the C919.

    Orders have so far been limited to China and Southeast Asia — although Reuters reported that Saudi officials held discussions with Comac as well.

    Kirby, however, is unconvinced. He told "The Air Show" that Comac becoming a global player is "not inevitable, I think it's unlikely."

    Instead, he's more bullish about Embraer, the Brazilian planemaker. Its E175 and E190 narrowbody jets are operated by the likes of SkyWest Airlines, the US' largest regional carrier, which is contracted by American, United, and Delta.

    Last month, Embraer denied The Wall Street Journal's report that it was looking to build a new narrowbody jet to compete with Boeing and Airbus.

    "Embraer certainly has the capability to develop a new narrowbody aircraft. However, we have a young and very successful portfolio of products developed in recent years, and we are really focused on selling those products and making Embraer bigger and stronger," a spokesperson said.

    Read the original article on Business Insider
  • French military instructors in Ukraine would be a ‘legitimate target’ and may already be active, says Russia

    Russian Foreign Minister Sergey Lavrov in talks with Minister of Foreign Affairs of the Republic of Burkina Faso in Oyo, Congo
    Russian Foreign Minister Sergey Lavrov, June 4, 2024.

    • Russia's foreign minister said French military instructors in Ukraine would be "legitimate targets."
    • Sergey Lavrov said he had reasons to think some were already active in Ukraine.
    • Russia has threatened nuclear strikes on countries that are considering sending troops to Ukraine.

    French military instructors operating in Ukraine would be a "legitimate target" for Russia, Russia's foreign minister, Sergey Lavrov, said on Tuesday.

    Lavrov was speaking at a press conference in the Republic of the Congo when he was asked about reports that French instructors would shortly be sent to Ukraine.

    "Regardless of whether they are French Army service personnel or just mercenaries, they are an absolutely legitimate target for the Russian Armed Forces," he told reporters, per an official transcript from Russia's Ministry of Foreign Affairs.

    "I have reasons to think that they are already active in Ukraine," he said, without giving specifics.

    Lavrov's comments came after French President Emmanuel Macron said he was not ruling anything out, including the deployment of NATO troops to help defend Ukraine.

    Oleksandr Syrskyi, the commander in chief of Ukraine's armed forces, said in a Telegram post late last month that he had already signed documents allowing French instructors to visit training centers, per a translation by the Kyiv Independent.

    Stephen Bryen, a deputy undersecretary for the Department of Defense during the Reagan administration, wrote last month that France had already sent its first troops officially to Ukraine.

    But France's Ministry for Europe and Foreign Affairs pushed back in a post on X, saying France had not sent troops to Ukraine, while calling out disinformation campaigns.

    Even so, the prospect of sending troops to Ukraine appears to be gaining traction among NATO members.

    The Baltic States said they could send troops to Ukraine if Russia made considerable gains on the battlefield, per Der Spiegel.

    And Poland's foreign minister said in March that the presence of NATO forces in Ukraine "is not unthinkable" and that he appreciated Macron for not ruling out the idea.

    Ukrainian leaders have asked the US and other NATO allies to assist in training 150,000 recruits closer to the front lines for speedier deployment, The New York Times reported last month.

    Last month, former Russian President Dmitry Medvedev threatened nuclear attacks on Western capital cities if NATO sends any troops to Ukraine.

    He said the "choir of irresponsible bastards from among Western elites calling for sending their troops to the nonexistent country is expanding."

    But Estonia's prime minister, Kaja Kallas, a staunch supporter of Ukraine, told the Financial Times that NATO members should not be concerned that sending troops to train Ukrainian soldiers would risk a wider war with Russia.

    According to unnamed sources quoted by Le Monde, French authorities are seeking to set up a coalition of countries willing to send military trainers to Ukraine, with a possible announcement coming during the anniversary of the D-Day landings on June 6 and 7.

    Read the original article on Business Insider
  • Texas is poised to get its own stock exchange — with less red tape than the NYSE or Nasdaq

    Texas flag
    • Texas is set to get its own stock exchange, The Wall Street Journal reported.
    • BlackRock and Citadel have backed the TXSE group, which has raised $120 million, per the report.
    • The exchange plans to impose fewer rules and regulations than its New York-based rivals.

    Texas is set to get its own stock exchange to rival those in New York, The Wall Street Journal reported.

    BlackRock and Citadel are among the backers of the TXSE, which has raised about $120 million from investors and plans to register with the Securities and Exchange Commission later this year, CEO James Lee said.

    He told The Journal the exchange would be based in downtown Dallas and aimed to open for trading in 2025.

    The group's founders have pledged to have fewer rules and regulations than the New York Stock Exchange and the Nasdaq. Since gaining the SEC's approval in August 2021, the latter exchange has imposed diversity quotas on its constituents.

    They're also hoping to appeal to large-cap companies' desire to incorporate in the Lone Star State, which has fewer regulations and more favorable tax policies.

    Texas is now home to more Fortune 500 companies than any other state, including mega-caps like Exxon Mobil, AT&T, and Phillips 66.

    Tesla CEO Elon Musk said in a post on X earlier this year that he'd call a shareholder vote on moving the electric car-maker's state of incorporation to Texas after a Delaware judge voided his $55 billion pay package.

    Lee said that the TXSE would be apolitical, but its proposed launch comes at a time when right-wing culture warriors have taken aim at mainstream financial markets.

    Republican presidential candidate Vivek Ramaswamy set up an "anti-woke" investing firm in 2022. Some GOP members have called for funds to pull their money out of BlackRock due to its pro-ESG policies.

    Read the original article on Business Insider
  • Designers share 4 home trends that will be in this summer and 4 that will be out

    A sofa with a pink back and pillows, a ceiling made with straw and other natural materials, and several arched doorways with glass doors
    Designers said trends like maximalism and curved doorways will be on the rise this summer.

    • Designers shared the home trends that will be in and out this summer.
    • People are gravitating toward bold styles, curves, and water features.
    • Minimalism, all-white kitchens, and soft monochromatic looks are falling out of favor.

    Renovating a home can be pretty expensive. In fact, the average cost of a project is over $40,000. Before spending that kind of money on upgrades and shopping for new pieces, take a look at what trends are in and out this summer.

    To figure out which updates are worth the splurge, Business Insider spoke to four designers. Here's what they said.

    Bold styles and patterns will be thriving this summer.
    A lounge chair with floral pattern, orange pillows with a circular pattern, a funky floor lamp with an orange shade, and floral wallpaper
    More people are creating interesting spaces by mixing patterns and colors.

    The designers we spoke to said home design is all about taking risks this summer.

    "2024 has been about not playing it safe, design-wise," said Sunita Ritesh, founder and principal designer at House of MDC. "I see more textures, bold colors, and patterns."

    Designer Elle H-Millard also told BI that bold styles are becoming more popular, citing maximalism luxe — a mix of many pieces to create a luxurious, abundant feel — as a new defining trend. According to H-Millard, more people are mixing color, shape, and patterns to create visual drama.

    Greens and blues are making a comeback.
    A light-green sofa with blue and lime-green pillows and several prints of plants in frames on wall
    Green and blue hues are trending in homes.

    Charmain Bibby, owner and principal designer at Bibby Fine Interiors, predicts that bold greens and blues, especially mixed into colorful and geometric patterns, will make a comeback this season.

    H-Millard also thinks nature-inspired colors are on the rise.

    "Floral patterns mixed with animals or birds lean into the need to be surrounded by nature, which connects with the biophilic trend that's been increasing since COVID," said H-Millard.

    Curves and archways are on the rise.
    Home with a white walls, a rocking chair with a beige and white blanket, and an archway leading to living room with entertainment center, a plant, and a white chair
    Curves add a visual softness to a living space.

    H-Millard said curves and arches will become more popular in the home this summer. According to the designer, the curves in archways, doors, and hallways create visual warmth and softness in shape.

    Indoor and outdoor water features are gaining traction.
    Indoor plunge pool with ice around the sides and two large white planters with green plants sticking out the sides of them
    Plunge pools are becoming more popular.

    Ritesh has seen an increase in water features in the home. Though these features are more commonly seen outdoors, the designer predicts a rising demand for indoor fountains and highlight-wall waterfalls.

    According to designer Gillian Ley, founder of Ley Art and Interiors, plunge pools are also trending in outdoor living areas. "Their compact size creates an optimal addition to any outdoor space, which can be used for cold-water plunges, health, relaxation, and well-being," she said.

    The designer also told BI that plunge-pool sanctuaries surrounded by outdoor furnishings like speakers, atmospheric night lighting, and decorative privacy panels are becoming increasingly popular.

    On the other hand, minimalism is waning.
    White bedroom with bed with white sheets,  a small night table, and a dresser with white and wood drawers
    Fewer people are leaning toward minimalist styles.

    Though the less-is-more trend has been popular for years, H-Millard said minimalism is out this summer. 

    Ritesh also predicts homeowners will move away from the safety of simple minimalism in favor of bolder and louder choices.

    White kitchens are losing appeal.
    A mostly white kitchen with some wooden detailing on the counters. A large rectangular white light fixture hangs over a kitchen island
    Designers expect patterns and colors to replace all-white kitchens.

    White kitchens have long been a staple in home design, but the designers we spoke to said this trend is waning.

    "Don't gasp for air — white will be around forever," said H-Millard. "However, white is now being woven into patterns and composed with positive and negative space."

    Ritesh also told BI that she expects white kitchens to fade away and has seen a greater demand for colored cabinets.

    Straight lines and narrow spaces are falling out of favor.
    A narrow kitchen with beige cabinets and counters. The flooring is a light wood-colored chevron and the area leads to a dining area with a small black table and two black chairs
    More people are opting for open, airy concepts instead of narrow spaces with linear designs.

    Many people are also moving away from straight lines and narrow spaces this summer. According to H-Millard, sharp lines and linear designs lack the open, airy vibe that many people want.

    Monochromatic looks are going away.
    A beige living room with a light-brown couch, a boho-inspired coffee table with a vase and coffee cup on it, and a planter and lamp either side of the couch
    Beige and white monochromatic concepts are falling out of favor.

    Popular for its calming ambiance and subtlety, the monochromatic, tone-on-tone look offered serenity during the winter. But as summer heats up, the designers said these subtle looks aren't hitting the sweet spot.

    "The vanilla, tone-on-tone monochromatic interiors are definitely fading," said Bibby. The designer expects cream and beige hues to be replaced with more colorful options.

    Read the original article on Business Insider
  • A Russian military planner says he doesn’t tell the men he’s sending out to fight that they are very likely to die

    In this photo released by the Russian Defense Ministry Press Service on April 15, 2024, Russian soldiers participate in a military exercise somewhere in Russian-controlled Donetsk region, eastern Ukraine.
    In this photo released on April 15, 2024, Russian soldiers participate in a military exercise somewhere in Russia-controlled Donetsk, eastern Ukraine.

    • A Russian military planner said he doesn't sleep well after sending troops to almost certain death.
    • "I can't tell the men, otherwise they wouldn't fight with the hope of winning," he said.
    • Russia is known for treating some of its soldiers as disposable, letting them die to make progress.

    A Russian soldier who plans offensives as part of the invasion of Ukraine said he finds it difficult sending men into situations where he knows they will probably die.

    The soldier, Pavel, told The Moscow Times that: "I draw arrows on a map, and the soldiers move forward."

    According to the report, Pavel's job is to manage antiaircraft systems and plan offensives. This means he sometimes has to send men into an attack knowing that they are unlikely to survive.

    "I can't tell the men, otherwise they wouldn't fight with the hope of winning," he said.

    The Moscow Times said his eyes were "glistening with emotion" as he spoke about it.

    "After all this, you don't sleep well," he said.

    According to the report, Russia is sending soldiers forward in these attacks in the hope of distracting Ukrainian forces, with the aim of getting them to send soldiers away from its main offensives.

    Russia has previously been accused of treating its soldiers as highly disposable.

    This includes using "meat wave" tactics, where Russia sends waves of men forward to try to overwhelm Ukrainian positions, to then allow better-trained or more elite soldiers to progress.

    Russia is believed to have suffered a much higher casualty rate than Ukraine in the war.

    The UK Ministry of Defence said late last month that 500,000 Russian soldiers had likely been killed or wounded since the full-scale invasion began in February 2022.

    It also said that Russia's average daily casualties were 1,200 in May, the highest numbers so far reported in the conflict.

    Pavel spoke to The Moscow Times on a train near Ukraine's border. Some soldiers on the train were going to the front lines, while others were on a short leave break.

    Pavel joined Russia's military as a volunteer, The Moscow Times reported, after hearing some of his family had been killed by Ukrainian soldiers at the start of the invasion.

    He previously worked as a senior specialist at one of Russia's largest companies, the report said, and had asked for his army salary to be given to an orphanage.

    "I don't want to be paid to kill people," he told the outlet.

    The Moscow Times reported that most soldiers on the train were drinking, including Pavel, and that a fight almost broke out between one of the soldiers and another passenger.

    Other soldiers on the train described brutal conditions, with huge Russian losses.

    "Many young guys I knew are dead, they weren't even 30," one soldier, Yegor, said.

    Another who was on his way back to the front line showed a gunshot wound in his chest that was not properly healed yet.

    "I probably won't make it this time," he said.

    Read the original article on Business Insider
  • The tattoo industry is facing a reckoning, with customers fed up with bad artists, overpricing, and sexism

    Tattoo artist creating a tiger on a client's arm.
    People are becoming more discerning about the tattoo artists they go to, which has led to a "tattoo recession" (stock image).

    • The high cost of living for Gen Zers and millennials appears to have impacted the tattoo industry.
    • Clients seem to be becoming more selective, preferring respectful and accommodating artists.
    • Several stories of tattoo consultations gone wrong have spiraled into viral outrage on TikTok.

    Tattoo artists and enthusiasts on social media have been debating whether there is a "tattoo recession" afoot over the past few weeks.

    Some believe the number of clients wanting to get inked has declined, while others claim there's simply been a shift in how discerning people are when choosing an artist.

    Jason John Miles, a tattoo artist and content creator, said the industry is in a "bad state." Artists are struggling to fill their books.

    Almost a third of all adults in the US have at least one tattoo, a study from Pew Research Center found. According to data from Fortune Business Insights, the tattoo industry is expected to reach $3.92 billion by 2030.

    However, according to a BoldData study, the number of people getting tattoos in the UK has started to decline for the first time in a decade, which may be an early indicator of a more global trend.

    @jasonjohnmiles

    Like it or lump it, we're in a recession and tattooing is a luxury industry, I'm seeing a lot of excuses and very few solutions being posted online. Q. What should artists be doing to ensure they survive this recession? #tattooartist #digbeth #birmingham

    ♬ original sound – Jason

    https://www.tiktok.com/embed.js

    Barry Hua, a New York-based tattoo artist who goes by the alias "Unloveable" on social media, told Business Insider the tattoo industry has "undergone significant changes" and is "experiencing a downturn."

    "Over the past year, I have observed a decrease in the number of individuals seeking tattoos, largely attributed to the rising inflation rates in the United States," he said. "As a result, clients are now more discerning in their decision-making processes, opting to schedule appointments months in advance to financially plan for their desired tattoos."

    Clients becoming more selective and an abundance of artists gaining prominence on social media is also "intensifying competition," Hua said.

    Several other artists and tattoo shop owners spoke to BI, saying they have noticed "a dip" and that the industry seems "slow." They also pointed to budgeting under more financial constraints, and more selectivity as the reasons behind the trend.

    Allan Buhl, a Florida-based tattoo artist, told BI the industry has "felt the slowest season we've had in many years."

    A decade ago, there were only a few shops in a 10-mile radius, Buhl said. Now, "there are hundreds."

    The recession has played out on TikTok

    On TikTok, videos about an apparent tattoo industry recession are racking up views, with some artists saying they've noticed a downward trend and expressing their opinions on what's to blame.

    One creator, Dominique, said she believes the perceived crisis is "a culmination of a few things."

    She said it has nothing to do with people not wanting tattoos anymore. They're just being more picky, especially as tattoos have become so expensive.

    "Consumers are less likely to put up with bullshit from tattoo artists and tattoo shops," Dominique said.

    According to Statista, Gen Zers and millennials are the biggest cohorts likely to have one or more tattoos. Both generations have been hit by the rising cost of living and debts racking up.

    There's also been some discourse around how appropriate visible tattoos are for securing interviews and landing a job amid conversations about how much of a part appearance and "pretty privilege" play in career success.

    Several stories of tattoo consultations gone wrong have spiraled into viral outrage on TikTok, often due to miscommunication between the client and artist about what is possible in the allotted timeframe and budget.

    One woman named Courtney Monteith turned to TikTok when she ended up thousands of dollars out of pocket last year.

    She said the artist overcharged her and designed a piece that looked nothing like what she wanted. The internet responded, flooding the studio with negative reviews.

    Another creator, who makes content under the name Tattoo Red Flags and works as a tattoo artist, said the tattoo market is incredibly saturated, and clients are choosing to go to female artists more because they feel "a lot more welcome."

    "They're feeling like they are being tended to in a nicer manner. They're being checked on during the tattoo. They're being given snacks. They're not being belittled for the things that they're asking for, the styles that they want," she said.

    There are tons of good male tattoo artists, she said, and there is still a market for them. But they are the ones who are likely to be experiencing the shift most intensely, as the industry has been "male-dominated" for so long.

    "Maybe it's because they're treating people like shit," she said. "Or half of their clients are female, and they're just not making the space comfortable enough."

    Another artist and creator, called Electric Elaine, said she didn't see the shift as a "tattoo recession."

    "Many clients are choosing artists very carefully because they really have to prioritize getting tattooed when everything has been going up in price," she said.

    Tattoo artists have to work hard and learn how to be better with people, Elaine added, because clients will sometimes want to change designs and will be much more likely to return for future pieces if the artist is flexible.

    Despite the current challenges, artists who spoke with BI said they were hopeful about the tattoo industry.

    One artist, named Kee Kee James, said they are "still going strong."

    Buhl said the artists who will survive are the ones who "evolve and roll with the changes."

    "More importantly, those that care about their craft and genuinely want to make great tattoos for their clients day in, day out," he said.

    Mikhaila Friel contributed reporting.

    Read the original article on Business Insider
  • A Texas HIFI couple made $200,000 last year. Their budget for vacations and restaurants keeps shrinking despite ‘making more money than ever.’

    Couple listening to music at a concert
    HIFIs — people who are high income, financially insecure — often earn six figures but struggle to afford their growing cost of living. The subject of the story is not pictured.

    • Joe, 38, feels financially strained despite a six-figure household income.
    • Joe is a HIFI, a group of Americans who are defined as high income, financially insecure.
    • Many are experiencing an unsustainable lifestyle creep.

    Joe doesn't think he lives an extravagant life. Sure, he and his wife enjoy spending their disposable income on concert tickets, takeout, and travel when possible, but they try to live within their means.

    When the millennial couple bought a house in Austin a decade ago, they thought they were doing everything right: building their careers in a big city, raising two children, and working toward retirement. They loved Austin's music scene, could afford leisure activities, and saw themselves settling in their home long-term.

    Joe tries to be smart about money, but he feels like his bills keep piling up. Daily life is expensive, and those concerts and plane tickets are drifting further out of reach.

    "We want to make sure that we're actually enjoying our time in our youth," said Joe, whose identity is known to BI but he asked to use his first name due to fear of professional repercussions. "But we know that we need to be saving more but it feels incredibly daunting to try to do so."

    The 38-year-old earned $119,764 last year in his job as a senior product designer, according to documents reviewed by BI. Combined with his wife's accountant salary, he said his household earns over $200,000 — "more money than ever." But with the rising cost of living, Joe is apprehensive about the future.

    His experience echoes that of many HIFIs, a group of Americans who are defined as high income, financially insecure. HIFIs are often Gen Zers and millennials, tend to earn six-figure salaries, and feel stressed by their major living expenses. However, the group also has an affinity for luxury spending: fashion, real estate, vacations, and experiences. And many are experiencing an unsustainable lifestyle creep.

    People under 40 are accumulating more wealth earlier in life than previous generations, but 48% of Gen Zers and 59% of millennials say they feel behind financially, according to a Credit Karma survey of 1,006 US adults published in December.

    Debra Kaplan, a licensed therapist and financial expert, told BI that HIFIs often have a disconnect between how they spend their money and what they can afford.

    "What it costs to live day to day is more now, and people are feeling that sense of 'Oh, money may not go as far,"' Kaplan said. "They don't feel as comfortable or financially secure even though their financial situation has not appreciably changed."

    Joe said his family isn't living paycheck to paycheck — but they're also not saving.

    "We're not taking as many vacations as we used to, we're not going through as many shows as we used to," Joe said. "We still feel like we're just treading water, and we can't get any traction to get to build any wealth."

    Joe doesn't feel wealthy, despite a six-figure income

    Right before the pandemic, Joe estimates he and his wife made about $150,000 together. While their combined income is now over $50,000 more a year, they "just feel like we're living worse," Joe said.

    Joe said his biggest expenses are his mortgage, utilities, and groceries. His two children are now young adults, but they're still enrolled on his insurance and aren't fully financially independent. A few years ago, he finished paying off about $100,000 in student debt, but the payments made it difficult for him to build long-term savings.

    Joe understands that America's economy is doing well, but he said he doesn't feel the benefit. With growing expenses, he feels like his family can no longer afford the full amenities of Austin. His family's budget for restaurants and travel keeps shrinking. And, despite his household income, Joe doesn't feel wealthy.

    "We're really making educated and important choices for us to feel like we're living a fulfilled happy life," he said. "We're not going into the store and buying up all this stuff to 'keep up with the Joneses' or anything."

    Looking forward, Joe is worried about retirement. He doesn't feel like he's saved enough in his 401(k), and he worries his current spending will hurt his future. Joe hopes he can stop working someday, but he doesn't think he will have any extra money to give his children.

    "Not being a financial burden to my kids in my old age would be a great accomplishment," he said.

    Are you a HIFI? Do you struggle to afford your lifestyle, even with a high income? Are you open to sharing your story? If so, reach out to this reporter at allisonkelly@businessinsider.com.

    Read the original article on Business Insider
  • A San Francisco Gen Xer quit his job to escape 60-hour workweeks and spend his time being an ‘older dad’: ‘I’ll be 70 when my son graduates from high school’

    stay-at-home dad with son
    Randy Gerstbacher quit his job to spend less time at work and more time with his son.

    • A San Francisco Gen Xer quit his job to escape the long hours and spend more time with his son. 
    • Being an "older dad" and a cancer survivor made him want to prioritize family time. 
    • He's among the American men who have at least temporarily stopped looking for work

    A San Francisco Gen Xer quit his job to escape 60-hour workweeks and spend his time being an 'older dad': 'I'll be 70 when my son graduates from high school'

    In June 2022, Randy Gerstbacher made a decision that was years in the making: He quit his job as a project manager.

    And he's not in a rush to return to the workforce.

    Gerstbacher, a 50-year-old based in San Francisco, was "really unhappy" at work, he told Business Insider via email.

    "I grew tired of being coerced into working 50- and 60-hour weeks without overtime, then only getting a 1.5% raise at year-end, a minimal or no bonus, and only lateral position movement opportunities within the company," he said.

    However, he said there were a few other key reasons he left his job.

    First, he's an "older dad," and he wanted to maximize the time he could spend with his three-year-old son. He said the male lifespan data he's seen has provided additional motivation: US male life expectancy was 74.8 years as of 2022, according to the CDC.

    "I felt that I should take the quality time now since I'll be 70 when my son graduates from high school," he said. Gerstbacher, a cancer survivor, added that his "brush with death" a few years ago also pushed him to prioritize family time.

    And perhaps most crucially, his financial situation made it possible for him to forego his previous income. Gerstbacher said his wife is the "breadwinner" in the family and that she was on board with him leaving his job. He's also generally been responsible with his finances, which has allowed him to accumulate a solid amount of savings, he said.

    While the vast majority of working-age American men have a job, Gerstbacher is among the rising share of men over the last several decades who've — at least temporarily — stopped looking for work. In 1950, roughly 97% of American men ages 25 to 54 had a job or were actively looking for one, according to the Bureau of Labor Statistics. As of April, this figure had fallen to about 89%.

    !function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();

    Some men have dropped out of the workforce because they've struggled to find well-paying jobs. While some people without a college degree have seen strong wage gains in recent years, the employment and earnings prospects of this cohort have still taken a hit over the last few decades. Other factors, like disabilities and health issues, can make working difficult for some men like Gerstbacher — he said he had lingering physical limitations after surgery related to his cancer treatment.

    However, the decline in working men is also due to some positive developments, like the growth of women in the workforce. This has made it possible for some men like Gerstbacher to become stay-at-home dads. Additionally, some men have stashed enough money for retirement to call it quits ahead of schedule.

    Gerstbacher shared how he's getting by financially and how he went about dipping his toe back into the workforce.

    It was only worth returning to work for a job that's flexible and interesting

    In addition to his past focus on budgeting, saving, and investing, Gerstbacher said the income he receives from an investment property and his low mortgage rate on his home also helped him quit his job.

    Gerstbacher said spending more time at home hasn't saved him and his wife money on childcare, as they were already fortunate to have an "amazing support group" around them that effectively provided free care. However, he and his wife's decision a few years ago to cut down from two cars to one has been a big money saver.

    "My wife drives our family car to work while the baby and I walk, ride bicycles, and use public transportation to get around," he said.

    In the years ahead, the family's finances could also benefit from Gerstbacher's return to the workforce. He said he never intended to say goodbye to work forever — he just wanted to return on his own terms.

    Ever since he left his job in 2022, Gerstbacher has monitored job boards for roles that "really interest" him and don't seem too demanding, he said. He's intrigued by recycling and composting, which led him to monitor the local job listings at the waste management company Recology.

    But until a couple of months ago, he said he'd only sent out roughly a dozen applications and done a few interviews, in part because the job search process can be very time-consuming. He said he worked briefly as a substitute teacher but isn't doing so anymore.

    However, Gerstbacher recently began more actively looking for jobs and in June, he accepted a temp consulting job at a brokerage firm — the role involves data migration work. He also said he took an exam to become a San Francisco park ranger, and that he's currently on a waitlist. He said his son starts preschool soon, which means he'll have a bit more time on his hands.

    Even though he's in the process of returning to the workforce, Gerstbacher said he's continued to prioritize spending time with his son.

    "The most valuable thing to me at this point is time," he said. "The company I'm working at is very flexible with start and stop times, which allows me to be available after work to get the baby."

    Are you a man who's not looking for work or has struggled to find a job? Are you willing to share your story? If so, reach out to this reporter at jzinkula@businessinsider.com.

    Read the original article on Business Insider
  • The Great Concert Ticket Bust

    A woman singing to empty seats
    There are plenty of reasons big musical acts are canceling tours: high ticket prices, overestimating their own popularity, and an overcrowded market.

    It's probably really great to be Jennifer Lopez. Of my running mental list of people whose lives seem absolutely awesome, she easily falls within the top 10. But just because she lives a charmed life doesn't mean things go great all of the time, and, lately, things have been a little less than ideal for the actor/singer/dancer from the Bronx. Her relationship with Ben Affleck is said to be on the rocks, and beyond any personal woes, she's got professional pains, too. Namely, JLo is apparently having a hard time selling tickets.

    Lopez announced a tour to support her new album (and truly wild accompanying movie), "This Is Me … Now," earlier this year, but she wound up canceling a bunch of dates amid weak sales. She then rebranded the tour as a greatest-hits show, but fans still weren't tripping over themselves to see her. At the end of May, JLo decided to cancel her tour, saying she was "heartsick" but needed to spend time with her family and friends.

    In JLo's defense, she's not the only one having trouble packing venues. The rock duo The Black Keys scrapped a planned arena tour and are expected to announce a "revised" set of dates at smaller venues. On social media, fans have noted that some shows from the pop artists Troye Sivan and Charli XCX as well as the band Wallows appear to be undersold. The Latin trap artist Bad Bunny recently pulled out of a show in Minneapolis, reportedly amid weak sales. Coachella lagged this year, and there's been chatter about a variety of acts not hitting home runs sales-wise, including Cardi B, Justin Timberlake, and Pink.

    This doesn't mean the entire concert industry is in disarray. Taylor Swift is unstoppable. As is Beyoncé whenever she is on the road. Acts such as Luke Combs, Zach Bryan, and Olivia Rodrigo are selling a ton. Dead & Company, the successor band to the Grateful Dead, is adding dates at the Las Vegas Sphere. Live Nation, which owns Ticketmaster and rules the roost in the live-events space, had a huge 2023, estimating that 145 million fans attended more than 50,000 events, a 20% increase in fans over the year before. However, not everything is going smoothly for everyone. For some artists, conditions aren't so favorable, and they're struggling to pull in the crowds they anticipated, at least right out of the gate.

    "Concert promotion is a betting business. You don't always win. And sometimes, you can be humbled," said Jarred Arfa, the head of global music at Independent Artist Group, whose client roster includes Billy Joel, 50 Cent, and Metallica.

    Ticket prices are just astronomical right now.

    There are a combination of factors that are dragging down some artists' ticket sales. For one thing, a lot of acts are on tour at the moment. In the wake of the pandemic, artists have been eager to get back out there and recoup lost time and money. Even if the return hasn't been smooth, basically anyone who can be touring is, meaning the space is crowded and oversaturated.

    "You'd never before had a moment in time where all the horses lined up at the starting gate and they all went out on the road at the same time," said Gary Witt, the CEO and co-owner of The Pabst Theater Group in Milwaukee.

    The world really is your oyster right now when it comes to catching a show. But it also means that people have a ton of options, and there is only so much time to go around. Maybe you already saw your favorite artist when they first went on the road after the worst of COVID passed, and you don't feel especially inspired to go see them again. Or you like the band or singer in question plenty, but not enough to go through all the rigamarole of seeing them live. Either way, the once feverish demand for that ticket has probably cooled.

    Pricing is also a factor. Anyone who's looked for concert tickets recently has probably been gobsmacked at the cost. Many consumers have been spending through inflation, even if begrudgingly so, but no one's budget is limitless, especially as prices for basically everything — including tickets to live events — remain elevated. Pollstar calculated that the average ticket price for the top 100 tours in the first quarter of this year was $123.25, an all-time. Its data indicates that the average ticket price for a Bad Bunny ticket is $290, for Justin Timberlake $216, and for Nicki Minaj $149.

    "Ticket prices are just astronomical right now," said David "5-1" Norman, an industry veteran who has toured with Prince, Green Day, and Alicia Keys. "And if you're bringing a child with you, and then you have to stay overnight and gas and hotel and then food, that stuff adds up."

    Just having the big song doesn't necessarily always translate into ticket sales.

    Going on tour is always a gamble based on numerous factors including ticket history, streaming performance, email list sizes, and online attention. But there are no guarantees that any of that will translate to hard ticket sales. There are artists who might have massive numbers online but whose fans are only surface-level and don't really care enough to appear at a show. The way artists break out on social media nowadays makes it even harder to figure out whether that might be the case. Having a couple of hits on Spotify or TikTok doesn't mean someone can sell out a stadium.

    That's why, in some cases, there seems to be a degree of overshooting. Artists (and their agents and managers and promoters) are trying to sell out bigger venues than they can. A more conservative approach would be to book a handful of big venues and see how it goes before committing to more, but that's not the approach everyone is taking.

    "We have some hard-rock artists who you've never even heard of and they sell out everywhere, but they have that loyal fan base," Arfa said. "Just having the big song doesn't necessarily always translate into ticket sales." For every five or six acts that are doing great touring, one is a little clunky, he added. "We're having a couple conversations where we're thinking it may be best to push into Q1 of next year because of a high level of traffic on the road right now."

    Every artist and situation is unique. Bad Bunny may not have been able to sell such high-priced tickets in Minneapolis, but he's sold a ton of other places. JLo seems to have a lot more on her plate than trying to tour right now, and the Black Keys will probably do fine in smaller venues. A representative for Live Nation, which is producing the Troye Sivan/Charli XCX show, said the tour had sold out some dates and was 70% sold across the board, implying there had been misconceptions about sales online. (They said Wallows is selling "well" without providing on-the-record specifics and pointed to public statements from the Black Keys and Lopez, the tours of which Live Nation all produced.) Hiccups are not all about ticket sales, either. Kid Cudi canceled his tour this year because he broke his foot jumping off the stage during Coachella, and many acts aren't specifically saying the problem is sales when they do cancel.

    There are strategies acts undertake to try to freshen things up for fans and boost sales, such as combining forces or bringing in special guests. Def Leppard is touring with Journey this year, and last year it toured with Mötley Crüe. There's always good old marketing. Live Nation recently wrapped its "concert week," which offers a variety of tickets at $25 — a good way to push tickets that aren't moving.

    There is, of course, a huge issue that undergirds the entire conversation: Buying tickets is supremely annoying. You have to really want to see a show to try to navigate the labyrinthine purchase process. Live Nation-Ticketmaster dominates the market, which critics — including the Department of Justice, which is suing the company over claims of anti-competitive practices — say stifles innovation, allows for unfair markups, and contributes to an overall negative experience for fans. Fees on tickets are confoundingly high and seemingly endless. Bot armies snatch up tickets when they go on sale and flip them on the secondary markets for exorbitantly high prices. (One piece of silver lining here is that this year's lowered demand has resulted in lower resale ticket prices. SeatGeek says the average resale ticket price to attend a summer concert this year is $214; last year, it was $257, though a lot of that was due to Taylor Swift and Beyoncé.)

    "The time when customer experiences aren't good is usually when there's a monopoly involved," Witt, from The Pabst Theater Group, said.

    JLo, of course, will be fine — she is very rich, famous, and beautiful after all. Her fans will survive and will probably have a chance to see her perform again. But next time she hits the road, they'd be wise to scoop up her tickets fast so "This Is Me … Whenever In the Future" doesn't get axed, too.


    Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy.

    Read the original article on Business Insider
  • These are the states where it may be hardest to buy an EV

    Hyundai Ioniq 5
    The Hyundai Ioniq 5 was in short supply in Arkansas, for example.

    • Buying an EV may be more difficult in some states than others.
    • Dealers in some rural states have limited supplies of electric cars,  data from CarGurus has shown.
    • The data included EVs in dealerships, but not those sold directly to customers, like Teslas.

    Buying an EV is more difficult in some states than others, new data has suggested.

    Data from car-listing platform CarGurus shows that over one-third of new electric vehicles are going to California, Texas, and Florida.

    The data, which tracks EV inventory in dealerships and doesn't include companies like Tesla, Rivian, and Polestar that sell their vehicles to customers directly, showed that 14 states had less than 500 EVs available through dealerships at the end of March 2024.

    Five of those states — North Dakota, Montana, South Dakota, Alaska, and Wyoming — had fewer than 250 EVs available, with potential buyers in Wyoming able to choose between just 62 vehicles. Bloomberg initially reported the CarGurus data.

    The data comes amid a nationwide slowdown in demand for electric vehicles, with rural areas already having lower rates of EV adoption.

    The US Department of Transportation estimates EV adoption is roughly 40% lower in rural areas, and has previously warned a lack of exposure to electric vehicles risks harming EV uptake in these regions.

    Now, the scarcity of dealer supply has made it more difficult to acquire some of America's most popular electric cars in the country's rural states.

    Hyundai's Ioniq 5, for example, reportedly sold 6,822 units in the first three months of the year and set a new record, per Electrek. However, the dealership data shows only 10 Ioniq 5s available in West Virginia at the end of March and seven in Iowa, for example.

    Volkswagen reportedly sold 6,167 of its ID.4 electric SUV in Q1 and nearly 40,000 in 2023. But would-be EV buyers in Louisiana had two ID.4 vehicles to choose from. Maine, Mississippi, Arkansas, Michigan, and South Dakota had 23 available between them.

    !function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();

    Both West Virginia or Nebraska, meanwhile, had just a single Nissan Arriya on offer, the data showed.

    The data also suggests that in some states, EV inventory is lagging behind the rate at which people are buying them.

    EVs accounted for 18% of total vehicle sales in Colorado in the fourth quarter of 2023 and 13% in Nevada, according to data from the Alliance of Automotive Innovation, an industry trade body. But EVs made up only 10% and 6% of new car inventory in the two states in CarGurus' data.

    The findings come as automakers in the US reckon with slowing sales and faltering demand for EVs.

    Ford and General Motors have shaken up their ambitious EV plans in response, and many companies are prioritizing the development of more affordable electric models that may appeal to a broader range of customers.

    Read the original article on Business Insider