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  • Don’t feel too sorry for Gen Z — they’re outpacing boomers on income and millennials on home ownership

    Gen Z
    Gen Z is doing better than past generations on some measures.

    • Gen Z is feeling disillusioned over the prohibitive cost of having kids or buying a home.
    • Past generations earned less, owned homes at lower rates, and spent more of their money on housing.
    • But Gen Z is living at home for longer and received a financial boost during the pandemic.

    Gen Z may not be thrilled with the state of the world or their position in it — but they are faring better than past generations on some key measures.

    Gen Z, born between 1997 and 2012, have had to contend with pandemic disruptions and shutdowns, inflation spiking to 40-year highs, and interest rates surging to 2007 levels in recent years — with less time than their predecessors to build up resources to ride out the storms.

    Many Zoomers feel that having kids or buying a home is out of reach given the increased expense of everyday living, the brutal cost of childcare, and the painful combination of near-record home prices and much higher mortgage rates. Stocks are also trading close to record highs, depressing long-term returns for new investors.

    But things might not be as bad for Gen Z as they seem. A recent Federal Reserve working paper found that the median 25-year-old in the US earns a real household income of more than $40,000 after taxes and government transfers. That's a higher average sum than any of the past six generations earned at that age.

    Moreover, a Redfin study last year found that 30% of 25-year-olds owned their home in 2022, compared to 28% of millennials and 27% of Gen X at that age. Baby boomers came out on top with 32% ownership.

    Members of Gen Z are projected to spend more on housing costs like rent, mortgages, insurance, and utilities after inflation between the ages of 22 and 30 than millennials did, a recent RentCafe analysis found.

    Yet Gen Z's typically higher earnings mean they'll only spend an estimated 30% of their income on housing compared to 36% for millennials.

    It's a similar story if you include college loans. On average, under-25s spent 43% of their after-tax income on housing and education (including interest payments on student debt) in 2022 — less than what the typical under-25 paid between 1989 and 2019, per The Economist.

    Success may be short-lived

    It's worth digging into why Gen Z is doing well financially. They may be better educated and qualified than previous generations. They've also enjoyed above-average wage growth and high employment levels in recent years, reflecting in part the labor shortages caused by the pandemic, the pay increases and bonuses offered by desperate employers, and historically low unemployment overall.

    Stimulus payments, temporary and permanent relief from student-loan repayments, and saving on rent by living with family during lockdowns also helped the generation amass cash for down payments and other expenses.

    The latter trend has continued with the Fed paper finding that more than 30% of Gen Zeds aged 24 live in the homes of their parents or their spouse's parents, versus about 15% of boomers when they were that age.

    Gen Z's relatively high homeownership rate might also be less impressive than it seems. Young people tend to buy smaller, cheaper houses, as they're usually more flexible regarding how many rooms they need and where they're located if they don't have kids or a commute.

    Rock-bottom mortgage rates before 2022 undoubtedly helped too, and now they've risen sharply it'll be far tougher for younger members of the cohort to afford their own place.

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  • Elon Musk’s plan for a cheap EV seems to have hit another major snag

    Elon Musk
    Tesla CEO Elon Musk.

    • Tesla has quietly backed away from plans to build EVs with a revolutionary new "gigacasting" method, per Reuters.
    • This manufacturing innovation was seen as a key part of Tesla's plans to produce cheaper EVs. 
    • It raises further doubts over Elon Musk's plans for an affordable EV. 

    Elon Musk's transformation of Tesla continues at pace.

    The automaker has reportedly pulled back on plans to roll out a revolutionary new manufacturing method for its electric cars, per Reuters. A move that casts further doubt on Elon Musk's low-cost EV ambitions.

    Tesla had been developing a new "gigacasting" method that would allow it to use enormous presses to cast the underbody of an EV in a single piece to simplify manufacturing and cut costs in the long term.

    However, sources told Reuters that the company had backed away from the plans and decided to stick to the method of casting that it used to build the Model Y and the Cybertruck, with the underbody made in three separate pieces.

    The gigacasting innovation was seen as a key part of Tesla's plans to produce cheaper EVs. Tesla's top engineers told investors last year that the company's next generation of electric models would cost 50% less to make.

    Musk has been hinting at plans to build a $25,000 electric vehicle for years. In December, he told automotive expert Sandy Munro that plans for an affordable Tesla were "quite advanced."

    "The revolution in manufacturing that will be represented by that car will blow people's minds," Musk said. "It is not like any car production line that anyone's ever seen."

    However, reports earlier this month suggested that the billionaire had abandoned plans to build a cheaper model in favor of a Tesla robotaxi.

    Musk denied this and said in Tesla's latest earnings call that the company would accelerate construction of cheaper EVs.

    While sales of EVs continue to rise in the US, hitting record levels last year, EVs remain more expensive on average than their combustion counterparts — something that has proved an issue for many consumers.

    That has made the race to build an affordable mass-market electric car the crucial next frontier for automotive companies, with Ford also pursuing its own cheap EV plans.

    It's especially important for Tesla, which has come under pressure from Chinese manufacturers abroad, such as BYD, which offer cheaper models.

    The Musk-run automaker has experienced significant upheaval in recent weeks, with Tesla conducting layoffs and being hit by a recall of nearly every Cybertruck shipped to customers.

    Tesla did not immediately respond to a request for comment made outside normal working hours.

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  • First Tim Cook, now Satya Nadella is also wooing Indonesia — the world’s 4th most populous nation

    Satya Nadella and Joko Widodo
    Microsoft CEO Satya Nadella meets Indonesian President Joko Widodo in Jakarta.

    • Microsoft plans to invest $1.7 billion in cloud and AI infrastructure in Indonesia.
    • CEO Satya Nadella visited Indonesia this week The investment is the largest in Microsoft's 29-year history in the country.
    • Apple's Tim Cook also appears to be eyeing the country as a potential manufacturing base.

    Microsoft is the latest tech giant to eye up Indonesia as a new business hub.

    This week the company said it would invest $1.7 billion over the next four years in cloud and AI infrastructure in Indonesia.

    "This new generation of AI is reshaping how people live and work everywhere, including in Indonesia," Microsoft CEO Satya Nadella said on Tuesday. "The investments we are announcing today — spanning digital infrastructure, skilling, and support for developers — will help Indonesia thrive in this new era." 

    According to a blog post from Microsoft, the investment will help the government achieve its Golden Indonesia 2045 Vision, which focuses on various aspects of development, including economic, cultural, and political.

    Microsoft cited a growing demand for cloud computing services in Indonesia as part of the reason for its investment.

    According to research from consulting company Kearney, AI could add up to $366 billion to Indonesia's GDP and nearly $1 trillion to Southeast Asia's GDP by 2030.

    Apple CEO Tim Cook also appears to be eyeing Indonesia — the world's fourth most populous nation with about 280 million people.

    Last month, he met with Indonesian President Joko Widodo in Jakarta. Later, Cook said Apple would "look at" manufacturing in the country as it looks to reduce its reliance on China.

    Apple did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

    The Indonesian president suggested that Microsoft base its new data centers on Bali or the country's new capital city, Nusantara, Reuters reported.

    Indonesia is building the capital at a cost of some $35 billion because Jakarta is partially sinking due to overextraction of groundwater and rising sea levels.

    Satya Nadella and Srettha Thavisin
    Satya Nadella with Thailand's Prime Minister Srettha Thavisin in Bangkok on Wednesday.

    Nadella also made stops in Malaysia and Thailand on a tour of Southeast Asia this week. Microsoft will invest in AI infrastructure in Thailand and build an Azure data center there.

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  • The US spent so much time fighting insurgents that it forgot ‘what it means to actually fight a war,’ a US vet in Ukraine says

    Ukrainian servicemen fire an artillery in the direction of Siversk, Donetsk Oblast, Ukraine on April 01, 2024.
    Ukrainian servicemen fire an artillery in the direction of Siversk, Donetsk Oblast, Ukraine on April 01, 2024.

    • An American veteran who fought in Ukraine said the US "kind of forgot what it means to actually fight a war."
    • He said US training has long been heavily focused on fighting insurgents in places like Iraq and Afghanistan.
    • He said his own training wouldn't have prepared him for a war like Ukraine.

    An American veteran who fought in Ukraine said the US military spent so long focused on fighting insurgents that it forgot "what it means to actually fight a war."

    "We have neglected a lot of the training" on "how to fight and survive in a peer-on-peer adversary war," the veteran, who spoke on the condition of anonymity, told Business Insider.

    He said that "in the US military, we mostly have been focusing on a guerilla war" and battling insurgents, with places with Iraq and Afghanistan in mind. The US military invested decades, billions of dollars, and thousands of lives into fights in these places.

    The former soldier spoke about how his training with the US military a number of years ago compared to what he saw in Ukraine, where he started fighting when Russia's full-scale invasion began in February 2022 and left last December.

    He said he fought in Iraq as a contractor after leaving the US military, and in Ukraine, he fought in hotspots like Kharkiv and Bakhmut. He served as his unit's combat medic, treating comrades when they were injured in the fight.

    Bakhmut, Ukraine
    An aerial view of the city of Bakhmut totally destroyed from heavy battles in September 2023.

    "We've gotten so used to the idea of just fighting guerilla wars and fucking fighting terrorists and everything else that we kind of forgot what it means to actually fight a war," he said.

    The conflicts in Iraq and Afghanistan were real wars that came at a severe cost in human lives, but the war in Ukraine is industrial warfare at levels of destruction like the world has not seen in a long time.

    With the focus on the wars in the Middle East during much of this century, the US and some of its NATO allies in Europe allowed the skills needed for this kind of conflict to atrophy.

    The veteran said that when he went through training, he never got any real training for peer-on-peer conflict. "A little bit of talking about it and just a little bit of training, but nothing to the point that would have prepared me for the war in Ukraine," he recalled.

    He said that he has seen a lot of Western soldiers struggle in Ukraine as "they already have a set idea about how things should be and everything, and it's just not that way out in Ukraine."

    He said that US soldiers are used to fighting at an equipment and manpower advantage, but against Russia in Ukraine, "a lot of time I've fought at a disadvantage compared to the enemy."

    In the US military, he explained, "I believe that a lot of the training that we have is tailored more to fighting in a guerilla warfare nowadays than it is to actually fighting a near-peer adversary like it would be with Russia or China." He said that it is an issue that many NATO members face.

    Another American veteran in Ukraine told BI this month that he had similar concerns. He said that his friends still in the US Army ask him for tips on how to fight with drones or in trenches, as they aren't getting training that fully reflects what is happening in Ukraine.

    A Ukrainian serviceman walks in a trench at a position
    A Ukrainian serviceman walks in a trench at a position near the frontline town of Bakhmut, Ukraine, in May 2023.

    Questions about Western training

    Multiple NATO countries have trained Ukrainian soldiers, but the veteran said that some of the Ukrainians he fights with described some of that training as irrelevant or inadequate.

    The veteran said that some Ukrainian soldiers who were trained in the UK told him that when they asked how to get through Russia's vast minefields, they were told to just go around them.

    But the problem is that Ukraine says that some of Russia's minefields stretch for miles, making such a strategy all but impossible. Furthermore, open areas that are not mined may already be targeted by artillery or other battlefield threats.

    He described some of the training that Ukrainians have gotten as making sense on paper, but it "doesn't work [in Ukraine] because it's not the same type of warfare."

    A sapper of the State Emergency Service carries an anti-tank mine as he inspects an area for mines and unexploded shells, as Russia's attack on Ukraine continues, in Kharkiv region, Ukraine March 21, 2023.
    A sapper of the State Emergency Service carries an anti-tank mine as he inspects an area for mines and unexploded shells in Ukraine's Kharkiv region in March 2023.

    Russia's invasion of Ukraine has repeatedly led to questions about Western training. Some Ukrainian soldiers trained abroad said the training they received was not suited to the kind of fighting needed for this war.

    A Ukrainian commander who was trained by US, British, and Polish soldiers said last year that if he had followed those countries' advice exactly, he would have been killed.

    Many Ukrainian units used NATO training and tactics when Ukraine launched its counteroffensive last summer, but some of the approaches, such as an overemphasis on maneuver warfare without air support in the face of dense minefields and other daunting barriers, ultimately failed. The Ukrainians then changed their tactics after experiencing serious losses in a switch praised by some war analysts, but it wasn't enough.

    Another US Army veteran who has been fighting and training soldiers in Ukraine told BI last year that Ukraine's forces would have been worse off if they had followed US battlefield doctrine.

    He said the Ukrainians were actually better at understanding some aspects of modern fighting than the US, though they have also made costly mistakes at times in their execution, but such can be the nature of any war.

    A different type of war

    The veteran said that a lot of foreign fighters have come to Ukraine expecting the same advantages they have had in previous conflicts and that many have been killed as a result of having the "wrong mindset."

    Other US veterans who have fought in Ukraine said they found the fighting there far worse than in Afghanistan and Iraq, describing Ukraine as being at a disadvantage the US never was and recalling ceaseless attacks by Russia.

    One previously told Business Insider that the relentless fighting in Ukraine often means that, unlike in Afghanistan and Iraq, there is no break or chance to relax. It's a kind of fighting that takes a severe toll, both mentally and physically, on a soldier.

    He said that in many places where he fought in Ukraine, "there is nowhere that is safe," while when he was in Afghanistan and Iraq, if you were half a mile behind the front line, "you could stand outside and have a barbecue, a sandwich, and drink."

    Ukraine is fighting in conditions very different from what the US and its NATO allies have fought through in recent decades. And while there is renewed interest in readying for a near-peer or even peer-level fight against an adversary like China or Russia, rebuilding the skills for great power conflict isn't something that happens overnight.

    Lessons from the Cold War and World Wars have to be relearned, and some modern developments demand learning new ways of war from scratch.

    A Ukrainian soldier in combat gear and a helmet squats and covers his ear beside a M101 howitzer
    Ukrainian soldiers fire a M101 howitzer towards Russian positions at the frontline, near Avdiivka, in Ukraine's Donetsk region in March 2024

    The war has often devolved into a grinding fight that features trench warfare and both sides relying on decades-old equipment.

    Many soldiers have described the war in Ukraine as resembling World War I and II more than any modern conflict, though there are also modern elements like drones and missiles.

    It's a comparison the veteran made, too. He said that fighting to clear Russian trenches made him feel like he was "fighting World War I." The overwhelming role of artillery speaks to that as well.

    Ukraine has largely been praised for its ability to fight back against Russia, which has a much larger military, and many experts say Ukraine has a lot it can teach the West about fighting Russia.

    The veteran said that "I believe that the Ukrainians could teach some things to the Western militaries, to NATO, just because we haven't fought a conventional war in fucking forever."

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  • Peloton’s CEO steps down as the company cuts 15% of staff

    Peloton Bike smart stationary bike
    Peloton.

    • Peloton CEO Barry McCarthy is stepping down, the fitness company announced on Thursday.
    • It also said that it was laying off 400 workers, or 15% of its total workforce.
    • After reaching new highs during the pandemic, the company has recalled products, laid off workers, and seen sales and its stock tank.

    Peloton CEO Barry McCarthy is stepping down, the fitness company announced on Thursday.

    It also said that it was laying off 400 workers, or 15% of its total workforce.

    Peloton said that the layoffs were part of comprehensive restructuring efforts, including reducing its retail showroom footprint and rethinking the company's international approach.

    McCarthy replaced John Foley as Peloton CEO and president in February 2022.

    Peloton, one of the darlings of the pandemic, boomed in business during waves of lockdown. But since then, the company has recalled products, laid off thousands of workers, and seen sales and its stock tank.

    This is a breaking news story. Please check back for updates.

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  • A new Saudi-US deal to reshape the Middle East is taking shape — but Israel can’t join while it’s still at war

    Biden and MBS
    President Joe Biden and Saudi Crown Prince Mohammed bin Salman at the Jeddah Security and Development Summit in Jeddah, Saudi Arabia, in July 2022.

    • A new Saudi-US security deal is being negotiated, reports said. 
    • It resembles the deal that was forming before it was derailed on October 7 by the Hamas terror attacks.
    • A deal dubbed "plan B" Israel is, for now, excluded because of its war on Gaza.

    The US and Saudi Arabia are said to be drawing closer to a historic deal that could reshape the Middle East — by sidestepping the vexed issue of Israel's war in Gaza.

    According to Bloomberg, the deal would involve the US providing security guarantees to Saudi Arabia and sharing key technology in areas like AI, nuclear energy and quantum computing.

    The deal would allow the US to counter growing Chinese influence in the region and provide the Saudis with a bulwark against Iran.

    The surprise part of the deal is that, for now, it would exclude Israel.

    The proposed new deal closely resembles an earlier deal, under which Saudi Arabia would've agreed to normalize relations with Israel in exchange for security and technology guarantees.

    But the October 7 Hamas attacks on Israel, and Israel's retaliatory war on Gaza, derailed that process.

    Some analysts believe this was exactly the plan: that Hamas wanted to ruin any chances of Israel-Arab normalization.

    Saudi Arabia afterward said it would only agree to normalize relations with Israel if it brought its attacks on Gaza to an end and agreed to the creation of a Palestinian state.

    That appears to be a big roadblock. Israel would likely reject the Saudi demand for a Palestinian state, and its Gaza campaign shows no signs of winding down.

    So for now, The Guardian reported, the Saudis are proposing a "plan B" containing many of the benefits of the original deal but leaving out Israel.

    According to the report, Israel will be invited to join the pact, but if it refuses, it could be agreed upon anyway.

    Under the deal, the Saudis would agree to exclude China from key technology, reported Bloomberg. Last year, Business Insider reported on deals between the kingdom's ruler, Mohammed bin Salman, and China for surveillance technology as Beijing seeks to supplant the US as a regional economic and political powerbroker.

    China outflanked the US in 2023 by negotiating a deal to restore diplomatic relations between Saudi Arabia and Iran, who are longtime regional rivals.

    The US has, in recent weeks, been pressing Israel to negotiate a cease-fire to its Gaza campaign amid rising domestic and international opposition to the war. According to Gazan health authorities, the conflict claimed tens of thousands of civilian lives there.

    The US has held out the prospect of normalization with Saudi Arabia as an incentive to Israel.

    But skeptics say that a US-Saudi deal that excludes Israel is unlikely to be approved by Congress, which has long seen Israel as its most important regional ally.

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  • Starting a new career in my 40s was the hardest and most rewarding thing I’ve ever done

    Woman working on laptop while boy hugging her from behind at home
    The author left her job as an accountant when she had her son, and at 40 realized that she needed to go back to work for several reasons.

    • At 35 I left my job as an accountant to take care of my newborn. 
    • To flex my brain, I started freelancing as a writer taking very few assignments
    • I'm now divorced and in my 40s and being a mom is not my only role in life. 

    Ringing in the Big 40 in 2019 triggered some weighty introspection. It wasn't reaching middle age that troubled me. I felt like I'd reached a roadblock in my life. Five years earlier, I left my job as an accountant to raise my newborn son.

    I cherished my life as a stay-at-home mom, but not working chipped away at my confidence. The more time passed and the less contact I had with other adults, the more irrelevant I felt.

    According to Hilary Berger, founder of Work Like a Mother, a career counseling method integrating careers and motherhood, that's a familiar feeling for moms who leave the workforce. "When we're focused on raising kids and running a household, we lose touch with our professional identity. The loss of ourselves becomes a real obstacle," she told Business Insider.

    I started writing for a local parenting publication once or twice a month to flex my brain. Returning to a finance role wasn't for me, and since I have a Journalism degree (and am a parent), it made sense. But when my marriage got rocky, I felt trapped — I was financially dependent on my spouse. I wasn't confident in my ability to support myself, so I stayed put.

    I had lost touch with myself

    When 2020 hit, I fell into a deep depression, and it wasn't only because of the pandemic. In my marriage, I felt more like an employee than a partner or even a friend. I couldn't deal with the constant chaos of fighting, so I checked out emotionally.

    I was sleeping more, walking for hours every day to escape, and felt myself getting physically sick. I felt so drained and exhausted that I was sure I had an autoimmune disease.

    I'd lost touch with so much of myself that I was afraid there'd be nothing of "me" left soon. I needed out of my marriage. But that meant finding a way to support myself and, most importantly, convincing myself that I could. Driven by self-preservation, I hit the ground sprinting.

    I started writing more and more

    Berger said experiencing evidence of your competence and capabilities helps build your relevance and confidence. She advises getting support from a professional or peer group to sharpen your focus on the kind of work you truly yearn for.

    For me, that's writing. I joined a few Facebook writing groups and signed up for a couple of online writing classes. I took a low-paying gig from a content mill writing non-bilined medical articles for popular health websites.

    Over the next year, I pitched dozens of publications. Most of the time, I received a kind rejection or no response. But each time a new editor gave me a chance, it sparked the fire that kept me going. Landing my first major national byline in 2021 — followed quickly succession by several more — gave me the self-assurance to break free.

    Now, I'm not 'just' a mom

    Three years later, I'm divorced and hustling. I take on as much work as possible because part of me is still terrified that I won't make it. I contribute regularly to a few publications and do part-time editorial work for a healthcare company. Making money has to take precedence over passion projects, which I need more time to pursue. That can be frustrating.

    Berger emphasizes the importance of patience when you're juggling work with parenting — there may be weeks, months, or even years when you need to put some aspects of your career goals on a shelf. "Look at what you can accomplish across 20 or 30 years versus this year. If you allow yourself to keep moving and growing, you'll be totally ready and positioned for the next stage," she told BI.

    While I'm not pursuing new bylines every week, working remotely and setting my schedule lets me show up for my 10-year-old when he needs me. "Mom" is no longer my sole role but is still the most important. I know this precious time during his childhood is limited. I feel guilty that I have to work, and on really tough days, I feel like a total failure. But my home is a safe space full of love, and that's not nothing.

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  • Uber is being sued for over $300 million by thousands of London’s iconic black cab drivers

    London classic vintage cabs in the streets of the center of the City of London in England, UK.
    A black cab in front of the Houses of Parliament.

    • Uber is being sued by thousands of London cab drivers over claims it operated illegally.
    • "Uber deliberately misled Transport for London," London's transport authority, a firm representing the drivers said.
    • Uber has dismissed the claims made in the lawsuit as "completely unfounded."

    Thousands of taxi drivers in London are suing Uber for £250 million ($313 million), numerous media outlets reported.

    The lawsuit alleges Uber improperly got its license to operate in the British capital, and that it intended to unlawfully gain market share — taking business away from the existing black cabs, which have become an icon of the city.

    "Uber knew this at all material times; and that in order to obtain its licence Uber deliberately misled Transport for London as to how that operating system worked," said RGL Management, the legal firm representing the drivers, per Bloomberg.

    An Uber spokesperson told Bloomberg the claims are "completely unfounded."

    More follows …

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  • Nearly half of all aircraft noise complaints in Australia last year were filed by a single person, who complained 20,716 times

    A view of Airbus against the sky from below.
    A view from below of an Airbus against the sky.

    • A Perth resident accounted for nearly half of Australia's aircraft noise complaints in 2023.
    • There were 51,589 in total, with one person who lives under a flight path complaining 20,716 times.
    • Research indicates aircraft noise can impact health, well-being, and even someone's finances.

    Someone living under a flight path in western Australia is a prolific complainer.

    In fact, their complaints amounted to nearly half of all complaints about air traffic noise pollution made in Australia last year.

    According to data provided by Airservices Australia, the unidentified person from Perth complained about the sound of overflying aircraft 20,716 times last year.

    The West Australian was one of the first media outlets to report this.

    In comparison, according to Airservices Australia's data, the runner-up complainant from near Brisbane made 4,071 complaints.

    There were 51,589 complaints in total last year, data shows — more than double the 2022 tally of 25,178.

    Airservices Australia, responsible for managing air traffic in Australian airspace, provided the submission to a Senate inquiry into the impact of aircraft noise on cities and regional centers.

    Those living under flight paths can be adversely affected by traffic passing overhead.

    According to the UK Civil Aviation Authority, noise pollution from planes can harm a person's health and well-being.

    Besides causing general annoyance, research indicates it can impede children's school performance, disrupt sleep quality, and even elevate the risk of cardiovascular disease, the CAA said.

    Research about one specific airport in the US, Baltimore-Washington International Thurgood Marshall Airport, found that loud noise from aircraft also has financial implications on residents, owing to lost productivity and the need for medical treatment.

    The study estimated that the combined medical cost burden for those living near the airport would be $800 million over 30 years.

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  • Jensen Huang’s 6 a.m. starts and 14-hour workday helped him turn Nvidia into a $2 trillion company

    Nvidia's CEO Jensen Huang
    Jensen Huang is CEO of Nvidia.

    • Jensen Huang's 14-hour workday begins after he wakes up at 6 a.m. and exercises. 
    • The Nvidia CEO has an engaged leadership style with 60 direct reports, which he says empowers others. 
    • Huang often eats in the company cafeteria to connect with staff and be the "custodian of culture." 

    Running a $2 trillion company comes with early morning starts — just ask Jensen Huang.

    The Nvidia founder and CEO last week said that he wakes up at 6 a.m.

    Huang, who's one of the longest-serving tech CEOs, starts his day by exercising before embarking on a 14-hour workday, the Financial Times reported.

    Bloomberg's Billionaires Index places him as the 20th richest person in the world, with an estimated net worth of $73 billion, up $29 billion since the start of the year.

    Being that rich brings its burdens, it seems. He told last year's New York Times DealBook Summit: "I don't wake up proud and confident — I wake up worried and concerned."

    That's because Nvidia almost went bankrupt in the late 1990s, a memory he says is hard to shake off. The company is now worth more than $2 trillion, however, behind only Microsoft and Apple. The stock surge has been driven by demand for Nvidia's chips needed for AI applications.

    Huang also has very high standards. In a recent interview with "60 Minutes," Huang said the description of him being "demanding, perfectionist, not easy to work for," fitted him perfectly.

    Here's a look at how Nvidia's CEO spends his time and his leadership style.

    Huang works holidays but finds it relaxing

    Nvidia CEO Jensen Huang.
    Nvidia CEO Jensen Huang.

    At 61 years old, Huang doesn't seem to be showing signs of slowing down anytime soon and he certainly isn't workshy.

    Nicolai Tangen, CEO of Norges Bank Investment Management, who interviewed Huang last year, said he asked him how much he works. On the "20VC" podcast in March, Tangen said Huang told him, "'Nicolai, there is hard work and then there's insanely hard work.'"

    Tangen added that Huang said he works every weekday and every holiday, and that he relaxes all the time because he loves what he does.

    Huang's been vocal in the past about how struggle and pain is character-building and helps to achieve greatness.

    Last week at the Stripe Sessions conference he told Stripe CEO Patrick Collison that some people think the "best jobs are the ones that bring you happiness all the time," but he doesn't agree with that take.

    "I work from the moment I wake up to the moment I go to bed. I work seven days a week. When I'm not working, I'm thinking about working, and when I'm working, I'm working. I sit through movies, but I don't remember them because I'm thinking about work."

    Huang thinks it takes suffering and struggle to "really appreciate what you've done."

    He eats in the company cafeteria to connect with employees

    Huang on stage wearing a microphone and black leather jacket
    Huang has 50 direct reports

    Huang also takes time to talk to staff: "People are surprised how much time I spend eating in the cafeteria, whether it's lunch or dinner, people are surprised how much I spend in meetings of all kinds with all the employees."

    His emphasis on communication allows him to get back to what he sees as primary role — being the "custodian of the culture."

    Unlike many Big Tech CEOs, Huang thinks you can't do that if you're constantly doing press interviews.

    "If you want to be the custodian of the culture you can't do it through CNN or do it via Forbes magazine articles. You have to do it 1% of the time unfortunately, or large crowds at a time, so I spend my time that way."

    He has 60 direct reports

    Huang is known for his engaged leadership style and has about 60 direct reports, he told the Stripe Sessions conference. He also encourages people across the company to send him the five top things on their minds.

    "I don't do one-on-ones, my staff is quite large, and almost everything I say, I say to everybody all at the same time."

    In his view, that helps with problem-solving and allows others to learn by giving them "equal access to information" and hearing "the reasoning of the solution," which in turn "empowers people."

    Huang told Stanford School of Business that CEOs should have the most people reporting directly to them in an organization because they can help to "lead other people to achieve greatness, inspire, empower other people."

    He sometimes clears his calendar to get time back

    Jensen Huang sat wearing a black leather jacket, black tshirt and trousers whilst crossing his legs
    Huang at the 2023 DealBook Summit

    Speaking to Stanford University students in 2003, the Nvidia chief said he tried to spend his time on areas he thinks will have a long-lasting influence on the company.

    "As a CEO, your time is not always yours and so you need to have the discipline to make it yours," he told them.

    "I'll often come into the office and tell my admin to clear my calendar so that I can have that time back and oftentimes, you also come to the conclusion that as a CEO not sleeping is a good choice. That's always a good option, it creates more time when you don't sleep."

    Huang said one area he spends time on is product planning and strategy planning, which he enjoys "a great deal."

    Nvidia declined to comment.

    Do you work for Nvidia? Got insights into what it's like working for Jensen Huang? Reach out to this reporter from a nonwork device at jmann@businessinsider.com

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