Posted on

How to Complain at Work the Right Way and Get Ahead

Want to advance your career? Learn to complain well.

Stay silent and you’ll stew in resentment and let burgeoning problems fester. Speak up and you can alert leaders to hidden issues, fix the frustrating parts of your job and show you’re ready for the next step up.

Of course, you have to do it gracefully—or risk becoming the department whiner.

“You really don’t want to come in as, ‘Woe is me,’” says Dina Denham Smith, a San Francisco-area executive coach who works with clients such as DocuSign Inc. and Adobe Inc.

In recent months, she has heard from leaders frustrated by hefty workloads and head counts hollowed out by layoffs. Some managers and employees are irked by negative performance reviews they see as unfair, as companies move on from an era of gentle feedback and look for new ways to cull the ranks.

Ms. Smith advises clients to approach their bosses armed with potential solutions. Stick to the facts, and the impact the problem is having on the business. If your team is too small, what projects are suffering? What opportunities are you having to forgo because of this roadblock?

Lay out what you have tried so far to show you have taken initiative. Don’t be accusatory or gossipy. Pitch your proposed fix, but leave the door open for their input.

“Do you see other paths?” Ms. Smith recommends asking. If you rally your manager’s help in figuring out a solution, she will be more bought in and fight harder to get the change done with her higher-ups.

The words you use matter, says Jim Detert, a professor at the University of Virginia’s Darden School of Business and author of a book about speaking up at work. He advises avoiding overly definitive statements such as, “It’s obvious we should fix this,” or “It’s so clear we have a problem,” so you don’t alienate anybody who might think it’s ambiguous.

Other triggering phrases involve frequency, for instance, “You never do this,” or “You always do that.” The person you’re complaining to will immediately focus on trying to disprove your point, Dr. Detert says.

“You lose credibility because now you’ve sort of exposed yourself as exaggerating or ignoring inconvenient data,” he says.

Start statements with “we,” not “I,” showing you’re on the same team. To link ideas, use “and” not “but.” For example, instead of saying “I know this is your baby, but we need to move on,” try, “We’ve had a great start, and I have some ideas to take it to the next level.” The listener will feel less threatened, Dr. Detert says.

Remember that fielding complaints can be exhausting for the boss, who is often bombarded daily by pleas for resources, gripes about teammates and vaguely passive-aggressive demands from the head of that other department.

“We’re your workplace, not your babysitter,” says Ted Blosser, chief executive of WorkRamp, a maker of training software. Over the past several years, he says he has dealt with employee grumbles about everything from the company’s optional holiday party to burnout in folks’ personal lives.

These days, with the mood in tech shifting, he advises managers to keep conversations with workers centred on the nine to five. Constructive complaints about the business are fine in doses, he says, recommending workers focus 90% of their communication to higher-ups on general updates and showing they are doing the work. For the remaining sliver that is griping, be positive and concise, he says, and come armed with data to show the problem you are highlighting matters.

For instance, one of Mr. Blosser’s managers scheduled a 15-minute Zoom chat with him to point out that the company’s sales pitch was weak. She tallied up customer reactions and pinpointed the exact slides that weren’t resonating, he says. She didn’t blame the marketing team for the original language that wasn’t working. Impressed with her candour and proposed solution (new slides that ended up closing sales), Mr. Blosser now goes to her when he needs advice.

In addition to impressing a higher-up, complaining well could improve your performance.

A recent study by researchers including Dr. Detert found that sales employees at an insurance company who vented to peers about problems posted a 10% decline in performance. When workers took issues to their bosses, their performance increased by up to 15%. Instead of wasting time grousing, they brought the problem to someone who could do something about it, Dr. Detert says.

Unleashing your complaints without restraint can backfire. When Matt Plummer was denied a promotion at a previous consulting job, he immediately launched into a speech about how being passed over sent a message to all high-performers at the firm. He warned there would be an exodus as a result.

“As you can imagine, it didn’t go over well,” says Mr. Plummer, now the head of Zarvana, a coaching and corporate training firm. Though he earned the promotion during a subsequent review cycle, he says, the senior leader he complained to ignored him for months.

Now, when frustrated by criticism or a project gone awry, he forces himself to pause before deciding what to share.

Adam Steel, a scientist in the Baltimore area, used his commute to a previous employer to vent to an audience of one. There, in the privacy of his car, he would rehearse his points out loud.

“I would have these kinds of fictional arguments,” he says.

The exercise got the emotion out, and he’d sometimes realise his concerns were petty or easily slapped down by counterpoints. At the office, Dr. Steel would stress-test his complaints again with a close circle of peers, gauging whether the offending issue was affecting only him.

If so, he would stand down. If not, he’d speak up to his bosses. Calmly.

“So much depends,” he says, “on how you do it.”

Posted on

What It’s Like to Retire in Istanbul

In 1979, my wife and I married in Detroit and immediately moved to New York City. That was our home for 25 years—until we retired and later moved to Istanbul in 2004.

Why do we live in Turkey? Turks themselves frequently ask us, often with an air of incredulity.

Even as a young child I was interested in history. It became my dream to live close to the centres of the Ancient World. I love that the district where we now live, on the Asian side of the Bosporus, across from Constantine’s acropolis, was once known as Chalcedon. The town appears on the 13th-century Mappa Mundi, whose reproduction hangs on our office wall.

But most important, we have found a sense of community here that seems increasingly rare in big cities of the West. In our neighbourhood, Moda, we walk almost every day—to our bakery, butcher and fruit-and-vegetable markets, to our restaurants and bank, doctors and barbers—all places where we are known and greeted. People stop us to say hello.

The neighbourhood is expensive by local standards, especially for housing. Our apartment cost $500,000 years ago, and we have spent $100,000 more on changes and renovations. Real-estate agents tell us that today we could ask $1.5 million if we were to sell. A monthly fee of less than $300 covers our heating, maintenance of the common areas, gardening, a large outdoor swimming pool and the salary and payroll taxes of the building’s live-in super.

Our large living-room windows look out on the Sea of Marmara and the western sky. This view is the main reason we bought our apartment. Often, cruise ships glide past, or a supertanker heading for the Black Sea. In the distance we can see the Hagia Sophia, a mighty edifice in both size and history. Built in the sixth century as an Orthodox cathedral, it later became a mosque, then a museum, only to become a mosque again in 2020.

We no longer own a car. If we can’t walk to it, there are taxis and other forms of public transportation. Istanbul’s funky street life is improvised, hectic and refreshingly unregulated. We love it and miss it when we travel elsewhere.

It’s a short walk along the seaside to the ferry that takes us to the European side of the city in 20 minutes. On the boat, vendors pass through with tea and juices. Where we disembark, more vendors sell roasted chestnuts, mussels with savoury stuffing, roast corn, and fish sandwiches. Old men sell lottery tickets, and fortunetellers use live rabbits to select slips of paper of the kind found in fortune cookies.

We didn’t choose Turkey seeking an inexpensive lifestyle, but it is what we were lucky to get. Because our income is in dollars, the plunging value of the Turkish lira has worked in our favour despite high inflation. The two of us can have a full meal without alcohol in a fine restaurant for about $25. Turkish cuisine is good and plentiful in our neighbourhood restaurants, but Chinese, Japanese and Italian dishes have become options, too.

It has been relatively easy to make friends with Turks and fellow expats. We have a social life that is easy and rewarding. Many of our friends are younger than us and are a great help at times—particularly in dealing with government bureaucracy.

To live as foreigners in Turkey requires a residence permit that the government renews every two years. It’s a Byzantine process—we can truly say that here—that is never the same twice and can become fraught with tension as we try to figure out and obtain the changing documentation required. At times like this, it is good to have a Turkish friend to help us.

We exercise at our local gym, where I pump iron three mornings a week and my wife, Kay, does Pilates. Healthcare has become a large issue as we’ve grown older. For some years I had private insurance equivalent to what I would have had in the U.S. Although Kay, who is eight years younger than I am, remains insured through the same company, that insurer cancelled me when I turned 75. Since then, I have paid my healthcare costs in a private hospital out of pocket. The wonder is that I’ve gotten first-class healthcare, including an important operation, for a cost we could easily afford. I’ll add that Istanbul’s private hospitals are very modern, comfortable and easy to navigate.

We feel safe here. It is a comforting thing to be able to walk through our neighbourhood, even at night, without fear. The city historically has been subject to destructive earthquakes, such as those that recently ravaged parts of southeastern Turkey and Syria. But, so far, we’ve experienced no tremors of any consequence.

The winter here is rainy and cold, but it rarely freezes. Spring and autumn are long, and there is plenty of heat in July and August.

There are, to be sure, some challenges.

Although public transportation is plentiful, it can be maddening as well. The system lacks the same convenience one finds in a city like New York.

Turkish isn’t a simple language to learn—at least for us. Partly this is the fault of our ageing brains and hearing. But I also find that Turks are prone to speak quickly.

As for shopping, while international products are more available than before, our choices are still limited. Also, many products are of a lesser quality than what we were used to in the U.S.

We have to manage our financial affairs by long distance, and this can be frustrating at times.

Finally, while the internet and email are great, we miss not seeing our friends and family in the U.S. more often.

On balance, though, we are more than satisfied with our lives here. Our travels have taken us to many countries, and we know that no place is perfect.

Retirement gives one the opportunity to discern the themes and through-lines of our lives. As I reflect on the key choices I’ve made in life, I realise that what I’ve chosen most often is a sense of freedom and a variety of experience. Our expatriate life is one of those choices.

Posted on

Builders blueprint calls for end to bias in construction industry to meet demand

Australia will need almost half a million people to enter the construction industry in the next three years to meet demand, Master Builders Australia said.

The MBA just released its plan to draw more people to the sector, Future-proofing Construction: A Workforce Blueprint, to address ‘critical shortages’ with the potential to  hinder economic recovery and productivity growth.

MBA CEO Denita Wawn said the blueprint outlines pathways to retaining existing workers and removing biases that deter young people from entering the industry. 

“To address the bias pushing young people toward university at the expense of VET. Critically, this includes improving the quality of careers education in secondary and senior secondary schools,” she said.   

“The construction industry attracts more male than female workers. Improving the attractiveness of the industry to women presents a massive opportunity to increase the pool of potential workers.

“Governments are urged to tackle these issues as a key aspect of the inflationary challenge facing our industry.”

Master Builders Australia estimates that 486,000 workers will be needed to enter the industry by the end of 2026 to allow for those leaving the building sector and future growth projections.

Ms Wawn said it was critical that the industry provide more flexible pathways for workers to reflect the changing nature of work and meet future demand in construction.

“Construction is the backbone of the Australian economy, employing approximately 1.3 million people, providing infrastructure, commercial and community buildings, and homes for the growing population,” Denita Wawn. “With Australia’s population projected to grow by over 50 per cent between 2022 and 2060, reaching nearly 40 million people, the industry will require a significant workforce to undertake the necessary building and construction work.”

 

Posted on

Peter Brant to Sell Basquiat’s ‘Now’s the Time’ at Sotheby’s for $30 Million

Jean-Michel Basquiat’s work will make headlines again during the marquee spring auctions in New York as a second major painting by the late artist comes to market.

Now’s the Time, 1985, Basquiat’s ode to jazz and saxophonist Charlie Parker, will be offered Thursday, May 18, at Sotheby’s contemporary evening sale on behalf of the businessman and collector Peter Brant. The 7-foot diameter painting is expected to realise more than US$30 million and is being sold without a third-party guarantee.

On Wednesday, Christie’s announced it would sell Basquiat’s triptych, El Gran Espectaculo (The Nile), 1983, for an estimate in the range of US$45 million, at its 21st Century evening sale on Monday, May 15 .

Brant, who held a 70-work Basquiat exhibition at his foundation’s Manhattan gallery space in 2019, has owned Now’s the Time for “several decades,” Sotheby’s said in a news release, noting that this is the first time the sparely wrought piece is being brought to auction. The work pictures a simply rendered vinyl record painted in matte black on rough plywood with the words “Now’s the Time” PRKR in white lettering.

According to Sotheby’s, the painting “encapsulates the importance of music on his technique and style as a painter.” The Montreal Museum of Fine Arts featured the work on a catalog of a multidisciplinary exhibition held at the institution last year that explored Basquiat’s connection to music. The show was organised in collaboration with the Musée de la musique – Philharmonie de Paris.

“His oeuvre is replete with depictions of musical instruments alongside references to opera, classical music, jazz, bebop, hip-hop, and rap,” the museum said of Basquiat in a synopsis of the 100-work exhibition titled “Seeing Loud: Basquiat and Music.”

Now’s the Time is a reference to Parker’s jazz composition from 1945, and “is the ultimate expression of Basquiat’s passion for music and the way it fundamentally impacted his practice,” Sotheby’s said. It also immortalizes Parker, an idol of the artist, whose revolutionary style “represented the spirit of freedom and improvisation” that defined Basquiat.

The painting will be exhibited at the auction house’s Los Angeles galleries Thursday through Monday, April 24, before it comes to New York on May 6, ahead of the sale.

Posted on

When Will I Retire? How About Never

Many workers of a certain age are counting down to a long-anticipated retirement date. They relish the opportunity to do things they’ve never had the time for. Or to do nothing.

Others are desperate to retire but can’t, as financial circumstances keep them in the workforce while others their age are stepping out.

But then there are the folks who dread such a day ever coming, who hope to sidestep it entirely, and plan to never retire. What drives people to keep working long past the age when they could comfortably leave the workforce? What benefits are they gaining that those who retire might miss out on?

We reached out to Wall Street Journal readers who fit into that last category, mostly 60 or older, to learn about their thinking. Here is some of what they shared.

Better than crossword puzzles

I’ll retire at my funeral. At 70 years of age, I totally enjoy my practice as an investigative attorney concentrating in locating missing people, especially long-term absentees. I am actually being paid to solve puzzles and assist people and businesses. This is more fun than doing crossword puzzles and cryptograms—although I enjoy those activities. too, when I have a spare moment.

My plan is influenced by my father’s example. He was a powerful and much-loved part of my life, and he worked three or four days a week until he could no longer do so at age 78. I have a friend who is still involved in the investigative profession in his mid-80s. A mentor of mine also worked into his early 80s and I had a law-school professor who taught well into his 90s. He lived past 100.

  • Charles-Eric Gordon, age 70, Plainview, N.Y.
An energized empty-nester

At a time when a growing share of my family, friends and former co-workers are planning for or moving into retirement, I’m going in the opposite direction. Life’s twists and turns led me to take a break from my career, to raise my children when they were young. Then I took another unplanned break for family caretaking. After this latest hiatus, I’m an energized empty-nester with new passions and interests.

I just relaunched my career in March, giving a twist to my prior track. My work now is energizing and I’m enjoying the human interaction and learning. With the new flexible workplace—one of the few positive outcomes of the pandemic—spending time with family, traveling and many of the joys of retirement are now available to the working. I’ve just bought a lakeside cabin from which I will pursue my fully remote job.

Also, my financial adviser recommends planning to live to 100. Why quit?

  • Nancy Murphy, 59, Ponte Vedra Beach, Fla.
A lesson in life and death

My father told his father, who was a judge, to retire at 66. The day my grandfather turned in the keys to his office he suffered a stroke. He died three days later. My father, who was just 33 at the time, blamed himself, thinking that he had forced his father into becoming a useless member of society.

My father is 88 now, and a doctor. Had it not been for the pandemic, he would still be working today. He had done everything necessary to stay active and up-to-date on the latest technologies. I can see how much finally being forced to end his working life has impacted him.

I myself do not plan to ever retire until I cannot physically work. Technology has made incredible advances that allow for workers to contribute without the wear-and-tear of needing to travel or commute as much. I believe there is room for old-timers for a long time, and this will only get better as virtual reality and artificial intelligence facilitate the application of experience. No to retirement. I refuse to die.

  • Juan Gallardo, 62, Miami, Fla.
I’m in demand

Why retire now? Labor demand exceeds labor supply. This is the tightest labor market I have ever seen in my career.

As a baby boomer who remembers when the competition was fierce for every position early in my career, this is a welcome phenomenon.

In this rapidly changing work world, once you leave corporate America, it will be very difficult to return should you choose. Think long and hard before you make that retirement decision.

  • Eric J. Letendre, 67, Charleston, W.Va.
No purpose, no value

You have worked in your profession for decades, perhaps even all your life. This is a part of you, perhaps too big a part. One day, you turn that part of your life off. OK, income loss aside, what are you going to do now? Get caught up on home projects? OK, after a couple of weeks, couple of months, those items are taken care of. Play some golf? Sure, but after a couple of months, that’ll get old. Travel the world? Great, if that’s your thing, but it too will get old.

So what do you do with all your free time? Just like muscles that atrophy if you don’t use them, so too will your brain and cognitive abilities. You need to have engaging, stimulating activities planned. Otherwise, you will slowly wither and die, with no purpose in life, no value to others.

My wife retired several years ago. She now believes it was one of the worst decisions of her life. Getting back into the workforce will be difficult to impossible; she has been out for a while and companies do not want to hire older folks. Volunteering is not her thing—why work and not get paid? She is at a loss for what to do with her free time.

And then there is that health-insurance conundrum: Doctors do not want to deal with you if you are on Medicare because of low reimbursement rates and slow pay.

So for me, that answer is: Keep working as long as I enjoy the work itself and until I get handed my hat and shown the door.

  • Mike Drabicky, 70, Dallas
A widower’s perspective

I am a widowed physician, age 72. I continue to enjoy the intellectual stimulation of my profession, the social contact, and the importance of the care I provide for people, which continues to give my life meaning. I have three young-adult children to whom I would like to eventually leave some type of inheritance. Working allows me to minimize depleting my retirement accounts, thus leaving more assets for them.

If my spouse were still alive, I might have retired and been able to travel or enjoy other leisure pursuits, including taking care of her in old age. Those activities complete the process of a lifelong loving marital commitment, which is a process of growth even as you age. When marital love is gone through death, love can still turn outward to others and be fulfilling in service to others. I am lucky to be a physician and in particular a Catholic physician who can bring some level of Christ’s healing touch in the most intimate of ways. Why would anyone want to stop doing that?

  • Robert Domaleski, 72, Littleton, Colo.

A question of self-worth

Retire? Why in the world would I do that to myself? Why would anyone?

As humans, our self-worth is defined by the things we do and the impacts we have on others. As biological machines we must keep moving and learning to maintain our brain and body. As spiritual beings we only flourish when we’re engaged with others. Whether our continued movement, learning and engagement comes from staying at our regular job, changing career tracks entirely, starting a new business, teaching or doing nonprofit work matters not. All that matters is that we keep pushing ourselves with the same zeal and purpose we’ve always shown in our earlier work life.

My father retired, and then sat down in front of the TV and watched his health decline as he became detached from the world. Contrast his experience with those who stayed in the game and remained actively engaged as they aged. Which path will you choose? Which path will give you the most enjoyment from the life you have left?

So, while I may change what I do (and worry less about money as I do so), there’s no way I’ll ever retire. I’ve got too much left to contribute to even think about it.

  • Robert Green, 61, St. Augustine, Fla.
A chance for personal growth

I work at the intersection of business and technology, and I find it intellectually stimulating to identify opportunities and enable growth in a field that is constantly evolving and disrupting. I often wonder why one ever really needs to retire in today’s world.

Personally, I would rather be involved in a role that builds upon my years of experience in the workforce—not for financial gain, but for my own growth and learning. I feel that these “retirement” years are a time when one’s commitments and obligations are no longer barriers to intellectual curiosity. I am free to contribute everything I have collected over my 40+ working years in a way I see as most enjoyable and meaningful to me.

By leveraging my years of experience, I can bring a unique perspective to my work and mentor younger colleagues and that can also provide a sense of purpose and fulfillment

Finally, the freedom to explore uncharted areas in my field of interest without fear and undue stress and expectations by itself is a reward in this journey.

  • Srinivasan Raghunathan, 63, Plainsboro, N.J.
Finally in control

I started formally working at 14. As I sit here today, age 73 and feeling like 30, I simply cannot imagine not working. I just enjoy it too much.

I made the decision a few years ago to change how I do it. I left my old firm and took control. Now, I select the clients, the cases I find interesting. I am now able to do a lot of pro bono work for people who simply cannot afford professional services but are desperately in need of them.

I enjoy being relevant, productive and making contributions. I enjoy being happy. I will continue to work as long as I am in control. Slowing down—YES. Changing how I work—ABSOLUTELY. Actually retiring—NEVER!

  • Kristine Arlitt, 73, Frisco, Texas
Priests only get better with age

As a 65-year-old Franciscan friar and Catholic priest, I have no intention of fully retiring. Last summer we had a gathering of “younger” friars from around the country to plan and vision for the future. “Younger” meant anyone 65 or under.

Unlike professions or trades where someone may retire because they can no longer perform their physical duties, they can no longer handle the accumulated stress, or there are young people coming up through the ranks to replace them, a priest can perform his duties at a high level into his 80s or in some cases his 90s. Even at our “retirement houses,” the guys are constantly being called upon to fill in for a priest who’s sick, or cover a parish for a pastor so he can take some vacation days. And despite the fact that at some parishes people have opted out of attending Mass in favor of watching online, there is no possibility, at least at this point, of robots replacing priests in terms of administering the sacraments.

Ideally, the most precious gifts that a priest acquires from his experience in the field are wisdom, compassion and—God willing—holiness. While you may not want to go to a surgeon whose eyes are failing, or hire a musician suffering from debilitating arthritis, assuming a priest is still mentally fit, he can actually get better at what he’s ordained to do well into his golden years.

Surveys show that nuns and priests have among the highest satisfaction levels of any profession. Most of us love what we do, and don’t want to stop. And in most parts of this country, and most places around the world, the demand is surely there.

  • Father William “Jud” Weiksnar, 65, Buffalo, N.Y.
‘Type-A weirdo’

“When I’m on the wrong side of the grass” is what I tell my colleagues. Fortunately, I love what I do as a medical professional in a big city hospital. I’m a competitive Type-A adrenaline weirdo so the usual retirement pursuits leave me bored. I thrive on chaos, confusion and disorder at work. I could have retired four years ago because my wife and I have good jobs and no kids. My wife who is “normal” (and nine years my junior) will probably retire in a few years, but I will soldier on.

  • David Li, 59, Toronto
The karate senior

For over 50 years, I owned a karate academy. The pandemic forced me to close the school. At 75, I thought my vocation would be over. But I still wanted to continue teaching. Now I go to my clients’ homes, or they come to my house where I turned my garage into a functioning dojo (gym).

I love what I do, which keeps me active and in good shape. My clients are interesting people, and some of them have been with me for over 30 years. Teaching keeps my brain sharp because I need to always think about what I’m teaching and why. My father passed away at 102 and God willing, I’ll live as long and continue to be inspired to teach.

  • Emil Farkas, 76, Los Angeles
Healthcare concerns

My husband and I have saved all of our lives for retirement, and have been assured by our financial adviser that we can retire at any time. My husband is semiretired with a flexible schedule. We both would love to travel more and spend more time with our grandson.

I would retire tomorrow if I could purchase affordable health insurance that offered adequate coverage should my husband or I be diagnosed with a serious illness. What worries me most is the effect a devastating health diagnosis would have on our future. Without good health insurance, we could lose all of our retirement savings. And, I also want to make sure my husband and I are able to choose where we get our care.

So, until I can find health insurance that offers choices on providers and adequate coverage in case of catastrophic illness, I will continue to work. Fortunately, I love my job.

  • Colleen Brown, 60, Portsmouth, N.H.
Challenged at work

I like going to my office and being surrounded by challenging bright minds. It’s not solely the young or old minds that keep me coming back, but rather a combination—a mix of the new insights I glean from long-tenured co-workers, even after 32 years, and the new ideas, methods, and visions that our recent college graduates bring.

The office is a dynamic environment: No matter the task at hand, the office is never the same two days in a row. It makes everything richer.

I feel losing that environment could be unhealthy and make me feel bored. I am not a camper. I do think of taking more trips but I like the income coming in!

  • Elizabeth Kogen, 58, Chicago
Motivated by fear

While I would really like to retire—as much for my wife as myself—I am so scared of not having enough money I just do not see any way I can. This has become especially true with the recent stock market issues.

I believe that I will have to be working to 70 at least. At times I worry about my wife and me. I have heard of plenty of couples who, when they retire, find they have nothing in common, and that scares the crap out of me.

  • Edward Fultz, 64, Littleton, Mass.
Listening to myself

I know that I am susceptible to listening to external sources rather than relying on my own internal wisdom. So I resolved a few of my own issues that made me uncomfortable around the retirement discussion.

I identified four “handrails” that are important to me in any transitional period: 1) purpose, 2) structure, 3) financial security, and 4) health.

When I looked closely, I recognized that in my current work, all four of my handrails are in place and are supporting me. And when I listen to my internal wisdom (rather than the social tropes about retirement), I realize that I love what I am doing and there is no reason for me to change anything about the trajectory of my life, unless I want to. Which I don’t.

I am very happy doing just what I do and have no plans to retire. Ever.

  • Ricka Robb Kohnstamm, 66, St. Paul, Minn.
Posted on

Review of RBA suggests board lose ability to set interest rates

The RBA board is likely to be stripped of control to set the cash rate, under review recommendations expected to be announced today. 

Treasurer Jim Chalmers  last year called for a review of the RBA board’s decision making processes, which have seen 10 consecutive interest rate rises since May 2022, as well as the way information is conveyed to the public. 

The independent review undertaken by three experts is understood to have recommended setting up a Monetary Policy Board to set interest rates and a separate Governance Board in a shake up described as the biggest in a generation.  Rather than focusing on interest rates, the report has said the RBA board should instead look to the operation of the bank as its main purpose. Meetings to discuss the cash rate will be reduced from 11 per year (there is no meeting in January) to eight. The report also recommended that the governor of the RBA appear at a press conference after each meeting the better explain its decisions to the public. 

Deloitte Access Economics partner Chris Richardson has backed the decision. His support follows comments in a Deloitte report earlier this week describing recent interest rate rises as ‘unnecessary’, as they placed further pressure on mortgage holders.

The RBA Board has repeatedly referenced high inflation as its reasoning for continuing to increase the cash rate, which lead author and Deloitte Access Economics Partner Stephen Smith said had left the Australian economy ‘finely poised’.

The decision to shift decision making from the RBA board to a separate board is in line with the modus operandi of other central banks around the world, including the UK and Canada.

The recommendations follow a tough year for mortgage holders, which have seen rates rise by 3.5 percent since April 2022. This is despite RBA governor Philip Lowe telling borrowers in 2021 that rates would remain low until ‘at least 2024’. 

Prime Minister Anthony Albanese has called for bipartisan support for the recommendations.

Posted on

Is That a Secret Michelangelo Selfie at the Sistine Chapel?

Michelangelo may have secretly painted himself onto the ceiling of the Vatican’s Sistine Chapel, portraying himself as God with arm outstretched to spark life in a lounging Adam.

The theory, if true, underscores Michelangelo’s outsize ego, or at least his cheeky sense of humour. The hunch, which is gaining traction among Italian Renaissance scholars, also places the artist’s self-portrait squarely at the center of one of the most famous images in Western art.

“Michelangelo saw himself as the Messiah of art, so it makes sense,” said Adriano Marinazzo, a curator of special projects at Virginia’s Muscarelle Museum of Art at The College of William & Mary who published the theory last December in the peer-reviewed Italian art journal Critica d’Arte.

Although the artist painted more than 300 biblical characters across 5,000 square feet of ceiling, the central action in Michelangelo’s masterpiece is “The Creation of Adam.” The section shows an elderly, bearded God twisting beneath a floating cloak so that the fingertips on his right hand nearly reach a lackadaisical Adam, who represents mankind.

Mr. Marinazzo, who has a record of Michelangelo-related discoveries, said he made the connection after studying a sheet of paper containing a sonnet Michelangelo wrote to his friend Giovanni da Pistoia between 1509 and 1511. In the sonnet, Michelangelo complains about the physical toll the job has taken on his health.

“My brush, above me all the time, dribbles the paint so my face makes a fine floor for droppings,” the artist wrote.

In the sonnet’s margins, the artist also drew a man, presumably himself, standing with legs slightly crossed while painting a ghoulish face on the ceiling with his right arm outstretched.

Scholars have long focused on how the poem now held in Florence’s Buonarroti Archive proves Michelangelo’s ornery attitude about the papal commission. Mr. Marinazzo said he instead fixated on the sketch, wondering why the artist would portray himself standing with one leg slightly crossing the other—a shaky stance for anyone standing on scaffolding.

Mr. Marinazzo rotated a digital image of the letter last year and had an epiphany: The posture and pose of the sketched man looked eerily similar to that of God on the ceiling, a move the historian is now convinced was intentional.

“He’s hidden himself in the ceiling,” he said. “The face is idealised because Michelangelo was self-conscious about his smashed nose, but this is the closest he’s ever come to presenting himself as divine.”

Not everyone is convinced. Paul Barolsky, a Renaissance art historian at the University of Virginia, said he needs corroborating proof that the sketch inspired the final product. Michelangelo left behind hundreds of letters, including several where he wrote self-deprecatingly about his looks after a rival painter punched and broke his nose. He also created preparatory drawings of the figures’ hands in that pivotal scene on the ceiling. Never once did the artist claim to have modelled the figure of God after himself. “Everybody’s got theories, but you’ve got to do better than that,” Mr. Barolsky said.

Yet other scholars who have read Mr. Marinazzo’s hypothesis see merit in the claim.

William Wallace, a historian at Washington University in St. Louis who has written eight books on Michelangelo, said Mr. Marinazzo has made a “clever connection” about an artist whose crackling sense of humor is often overlooked. Mr. Wallace said he could “totally entertain” a theory wherein the artist painted himself as God. “He liked to laugh at himself, so this could be a hint.”

Gary Radke, an Italian Renaissance expert at New York’s Syracuse University, said he is now equally curious about the artist’s stance in the sketch. “Who stands like that on scaffolding?” Mr. Radke said. “It raises questions about interpretation, and Adriano has seen something new.”

Mr. Radke thinks the artist, who prized his own skills, may have subconsciously related to the God figure he was painting at the time.

Certainly the task before him was gargantuan. At the time Michelangelo took the commission, he was in his 30s—far younger than the God he painted—and already deemed one of Florence’s greatest sculptors, having carved “David” in Florence and the “Pietà” of St. Peter’s a few years before. He famously preferred sculpting over painting and accused his peers of recommending him for the ceiling job so they could watch him fail, scholars say.

Pope Julius II only asked him to paint the 12 apostles in the triangular shapes lining the outer edges of the barrel-vaulted ceiling, leaving the centre painted like a night sky with gilt stars. Instead, Michelangelo took over the entire span, ultimately re-creating a vast, biblical story about man’s search for God and redemption.

The result was widely hailed the moment it was unveiled in 1512, with Michelangelo’s biographer Giorgio Vasari describing the artist as “something divine rather than mortal.”

Mr. Radke said it often takes time for scholars to accept new ideas involving Michelangelo’s masterpiece. Another theory gaining traction alleges that the artist modelled the billowing cloak surrounding God after the shape of a human brain, he said. Ditto the notion that the woman and toddler tucked under God’s left arm represent Christ and his mother, Mary.

When it comes to Michelangelo selfies, there’s also precedent: Two decades after the artist finished the Sistine Chapel ceiling, Michelangelo returned to the same room to paint a wall-spanning view of Christ’s Second Coming. In 1925, a scholar first suggested that Michelangelo likely painted himself in the flayed skin held by St. Bartholomew in that work, “The Last Judgment,” and the idea has since caught on.

“Michelangelo had an ego beyond belief,” Mr. Radke said, “so all his art was autobiography to him. He was a modern artist in that way.”

Posted on

The World’s Richest Person Auditions His Five Children to Run LVMH, the Luxury Empire

PARIS—Once a month, Bernard Arnault gathers his children for lunch inside a private dining room at the headquarters of LVMH Moët Hennessy Louis Vuitton SE, his globe-spanning luxury goods company.

The meal, which lasts exactly 90 minutes, begins with the French billionaire reading aloud discussion topics he has prepared on his iPad, according to people close to him. Mr. Arnault then goes around the table, asking each of his five adult children for advice. He’ll seek an opinion on specific managers at the company, the people said, or whether it’s time for a shake-up at one of LVMH’s myriad brands, which stretch from the Champagne vineyards of France to handbag-making workshops in Italy and Texas.

Mr. Arnault, 74, currently the world’s richest person, has spent decades grooming his children to run LVMH. He drilled them in mathematics growing up and brought them along on business trips and negotiations. Today, Mr. Arnault is tightening the family’s grip on LVMH, parachuting his children into senior roles and empowering them to one day take over the luxury empire.

In elevating his children, however, Mr. Arnault has also amplified a long-running dilemma: Who will succeed him as chief executive and chairman of the world’s biggest luxury conglomerate? Mr. Arnault built LVMH, valued at $480 billion, by hunting rival luxury firms for corporate takeovers while also nurturing generations of fashion designers. That combination of killer instinct and finesse is why his rivals call him the “wolf in cashmere.”

His eldest child, Delphine Arnault, 48, appeared to many in the fashion world to pull ahead of the pack in January when her father made her chief executive of Christian Dior, the second-largest brand in the group. Paris was also buzzing weeks earlier when her brother Antoine Arnault, 45, became CEO of the listed company that holds the family’s stake in LVMH.

Nipping at their heels are the three sons from Mr. Arnault’s second marriage. Alexandre Arnault, 30, is the executive vice president of Tiffany & Co., with a high-powered network that includes Jay-Z and Twitter co-founder Jack Dorsey. Frédéric Arnault, 28, runs the Tag Heuer watch brand, while 24-year-old Jean Arnault is director of marketing and development at Louis Vuitton’s watches division. All three studied at top engineering schools, a qualification their father has called crucial to his own success.

Mr. Arnault has given no indication whom he will choose as his successor, saying only that it will be based on merit. When asked about the matter in January at a presentation of LVMH’s annual results, he drew a parallel between his recent decision to raise the retirement age of LVMH’s chairman and CEO to 80 and French President Emmanuel Macron’s contentious push to raise France’s retirement age to 64.

“As to succession, you may also have noticed that the retirement age—which is very much in vogue—has been extended,” he said.

With his children looking on from the front row, Mr. Arnault quipped that he could use some free time to hone his skills at tennis, his favourite sport. “The last time I played with Roger Federer, I think I won one point in a single set. Maybe I could do a bit better than that,” he said.

Mr. Arnault pulled ahead of Tesla CEO Elon Musk late last year as the wealthiest person on the planet, according to the Bloomberg Billionaires Index. His wealth was $208 billion on April 19, according to the index.

For decades, Mr. Arnault has run the company with top lieutenants such as Sidney Toledano, who led Christian Dior, and Michael Burke, chief of his biggest brand, Louis Vuitton.

Mr. Burke, 66, stepped down from Louis Vuitton in January to be with his wife before she died from cancer. Mr. Toledano, 71, is expected to give up his role running a stable of the group’s fashion brands, including Celine, Loewe and Marc Jacobs, in the coming months.

Both played key roles in mentoring Mr. Arnault’s children. He tends to pair them with executives who keep an eye on their performance. He will then ask, Mr. Toledano said, “about some of their character traits, or if there’s a need for a little correction.”

Delphine Arnault worked for 12 years at Dior under Mr. Toledano. She then joined Louis Vuitton in 2013, paired with Mr. Burke, who has long worked at her father’s side. Speaking at a farewell tribute for Mr. Burke in January, according to people present, she said it was “impossible to recall precisely my first memory of you. That’s quite logical after all because I’ve known you since I was born.”

Days later, Ms. Arnault attended Dior’s fashion show in Paris as she prepared to take over as the brand’s chief executive. She has an uncanny resemblance to her father, possessing his genteel manners, high forehead and a frame that is tall and slender.

She went backstage, where she offered an assessment of the handbags that had just gone down the runway. Glossy materials, she said, were making a comeback. The collection, she said, was “very elegant. A bit romantic.”

Mr. Toledano looked on like a proud dad. “She survived the Toledano-Michael tandem,” he said. “She’s vaccinated now. She’s received the two doses.”

Mr. Arnault hardly ever speaks about succession in public. People close to him say it has been on his mind for decades.

In 2003, he made a hospital visit to his close friend and tennis partner Jean-Luc Lagardère, who had undergone a hip operation, the people said. Mr. Lagardère was one of France’s most respected businessmen, having built an empire that included missile-maker Matra and publisher Hachette.

Two days later, Mr. Lagardère slipped into a coma after developing an infection, and died shortly thereafter. The executive, who was 75, hadn’t adequately prepared his succession. In the years that followed, his son Arnaud gradually sold off or relinquished what his father had built.

Mr. Arnault recently took steps to tighten his family’s grip on LVMH and pass it on.

In December he transformed Agache, the private holding company that ultimately controls LVMH, into a commandite, a French corporate structure that resembles a limited partnership and allows its controlling shareholder to wield significant power with a relatively small holding.

He also created a second entity, Agache Commandite SAS, that is owned by his five children, each with a 20% stake, according to France’s stock market regulator. The new company is empowered to take over the running of Agache and effectively end Mr. Arnault’s leadership of the company. Major decisions, such as dissolving Agache, require unanimous approval from his children.

The new company has a rotating two-year chairmanship among the children, who can’t sell their shares in it for 30 years without unanimous board approval. Once that period lapses, only direct descendants of the elder Mr. Arnault will be able to hold the shares.

One businessman who has known Mr. Arnault for decades compared the situation to Jean-Paul Sartre’s play “No Exit,” where the main characters are locked in a room together for eternity as punishment.

Mr. Toledano said he was confident the Arnault children can work through any disagreements because their father taught them from a young age to put the interests of the company first. “For now, they all get on great,” he said.

The children all consider themselves siblings and don’t refer to one another as a half brother or half sister, according to people familiar with their relationship. They are careful not to create any appearance of rivalry or conflict, these people said, adding that the five would never discuss or joke about who was best at something like tennis or piano—their father wouldn’t stand for it.

Mr. Arnault is “above all a pragmatic man,” Mr. Toledano said. “You have to choose whoever is best at a given point in time considering the challenges. It’s what he does with his managers, his advisers, and I think it’s what he’ll do with his children.”

It isn’t a given that LVMH’s future leader will be one of Mr. Arnault’s children, according to Mr. Toledano. “At no moment did he tell me, ‘I must prepare my children for my succession,’” he said.

Bernard Arnault was born in 1949 in Roubaix, near the Belgian border. His father, Jean Arnault, was a manufacturer and owner of the civil engineering company Ferret-Savinel.

He excelled at school and earned a spot at the Ecole Polytechnique, a highly selective engineering and science school that has shaped the elite since the French Revolution. Napoleon Bonaparte turned Polytechnique into the military academy it remains to this day.

Mr. Arnault and the 312 other students in his class would wake at 7 a.m. to a bugle and a flag-raising. He learned to march wearing the bicorne hat of the Napoleonic era that students don each year as they proceed down the Champs-Élysées in the Bastille Day parade.

Mr. Arnault recalled in a book of interviews with a French journalist how his education at Polytechnique helped lay the foundations for his conquest of the fashion world. “It is above all a program that gives you a rational mindset, which allows you to analyse a situation or a problem very quickly,” he wrote, adding that LVMH makes a point of recruiting young talent from the school.

Antoine Arnault was more blunt about his father’s esteem for the school. In an interview with Le Monde, the contents of which were confirmed by a spokesman, the eldest son recalled how hard it was to tell his father he wasn’t Polytechnique material. Neither he nor his sister attended the school.

“For him, only Polytechnique counts,” he added.

Mr. Arnault had Antoine and Delphine with his first wife, Anne Dewavrin. As a young father, he took a rigorous approach to his children’s education. They recount how he would call them into his office and drill them on math exercises in between business meetings.

Mr. Arnault moved his family to New York in the early 1980s after the Socialist leader François Mitterrand was elected president of France and vowed to tax the rich heavily. He spent two years in the U.S. building the business he had taken over from his father.

Returning to France in 1984, Mr. Arnault made his first move into the luxury business, gaining control of a textile company called Boussac Saint-Frères that was near bankruptcy. Tucked within it was a jewel: Christian Dior.

Dior became the archetype of Mr. Arnault’s budding empire. The haute couture house had redefined womenswear in the mid-20th century with the “new look” dress, and Mr. Arnault aimed to emphasise that fashion pedigree through aggressive expansion.

He sent Delphine in her early 20s to work at the namesake fashion house of John Galliano, a star designer who was also creative director of Dior. Mr. Toledano then took her under his wing at Dior. The executive recalled huddling with Delphine and her father before making the pivotal decision to fire Mr. Galliano after he was filmed making antisemitic remarks.

Mr. Arnault divorced in 1990 and later that year met Hélène Mercier, a Canadian concert pianist, at a friend’s house. Driving her home, Mr. Arnault told her about his struggles learning to play a collection of études by Frédéric Chopin. When they met again, for tea at Mr. Arnault’s, she asked him to play Chopin for her.

“He was shaking all over with stage fright but seemed determined to go all the way,” she recalled in her autobiography. “I felt that Bernard was suffering, that he was doing violence to himself to move me.”

The couple married and had three boys. People close to the family say Mrs. Mercier-Arnault applied the same drive to parenting that made her a famous pianist. She pushed her boys in music and in school, waking them at dawn to rehearse and study.

Mr. Arnault also threw himself into their studies. Mr. Toledano recalled a flight he took with Mr. Arnault back to Paris after a particularly gruelling trip to Asia. Mr. Arnault, operating on just a few hours’ sleep, pulled out a mathematics textbook and began to study. One of his younger sons was about to take the entrance exam to Polytechnique.

“I need to refresh my memory,” he told Mr. Toledano.

Alexandre Arnault applied to Polytechnique for undergraduate studies but didn’t make the cut. He was later accepted at the school for a master’s-degree program.

At LVMH, he quickly established himself as someone with his father’s ear. When he suggested buying German luggage maker Rimowa, his father told him the brand’s family owners didn’t want to sell. Alexandre wrote to the Rimowa family’s patriarch and traveled to meet with him, according to LVMH executives.

LVMH bought the company in 2017, and Mr. Arnault installed Alexandre as CEO. He gave the brand a makeover by forging collaborations with streetwear-savvy designers. One collection had the Supreme logo emblazoned on luggage. Another had a clear case designed by Virgil Abloh for his Off-White brand.

Mr. Arnault then sent Alexandre to help shake up Tiffany & Co., acquired in 2021 for $15.8 billion. Known for its engagement rings, the jeweler has struggled to gain traction with younger shoppers. Alexandre spearheaded a collaboration between Tiffany and Nike Inc. to make $400 Nike Air Force 1 shoes in all-black leather with a swoosh the color of Tiffany’s classic blue jewelry boxes. Ads proclaiming the brand was “Not your mother’s Tiffany” were plastered across the U.S.

The moves ruffled fashion executives who worried he was tarnishing a prestigious luxury brand. “Why on earth would Tiffany want to move away from that to become just another streetwear brand is beyond me,” said Ana Andjelic, former chief brand officer at Banana Republic.

Mr. Arnault’s two youngest children have hewed most closely to their father’s career track. Both attended a Jesuit high school, where they took literature classes taught by Brigitte Macron before she became the first lady of France.

Frédéric Arnault trained in classical piano and excelled at tennis. He was accepted at Polytechnique, where he took the same courses as his father. He then co-founded an electronic-payments startup, which he sold 18 months later.

In 2018, the elder Mr. Arnault recruited Stéphane Bianchi, an executive who had groomed an heir of the Yves Rocher cosmetics company, to lead LVMH’s watches business. Mr. Bianchi said Mr. Arnault told him from the start to work closely with Frédéric, who at the time was driving TAG Heuer’s digital strategy. Two years later, Mr. Bianchi made him CEO of the brand.

“My father, of course, gives me advice, but he also gives me a lot of freedom,” Frédéric said in an interview. In meetings, he has his father’s tendency to let others do the talking while he studies them, according to Mr. Toledano.

“He looks at you and he absorbs you. Sometimes he lets you talk for 10 minutes while he just absorbs,” he said.

Frédéric has a close relationship with his younger brother Jean, according to people close to them, helping to cultivate the 24-year-old’s fascination with the watch world. Jean went to the Massachusetts Institute of Technology to study financial mathematics. He then earned a master’s degree in mechanical engineering from Imperial College London, writing his thesis on the Tag Heuer carbon balance spring, a component of its watches.

He now works at Louis Vuitton’s watches division, spending much of his time at its factory in Switzerland. In March, he announced plans to relaunch the Gérald Genta brand with the support of the watchmaker’s widow.

In recent years, Mr. Arnault has tapped his children for advice on some of the more delicate issues facing his company. As inflation began to bite last year, fuelling public anger over wealth inequality, Mr. Arnault was worried the public outrage would ripple toward their family and LVMH, according to people close to him.

He went to his eldest son, Antoine, who had been pushing him to communicate more openly with the public about LVMH’s operations, the people said. Antoine suggested LVMH launch an ad campaign publicizing how much the company paid in French taxes last year and the number of jobs it created, the people said. His father took the advice.

This year, Mr. Macron triggered massive street protests with his plan to raise France’s retirement age. Photos of Mr. Arnault began appearing on “wanted” posters at the demonstrations, and protesters stormed into the lobby of LVMH’s headquarters, waving flares and flags. In the days that followed, Mr. Arnault began running his ad campaign in Libération and other leftist newspapers.

The luxury titan also asked his children for advice on how to handle the departure of Mr. Burke from Louis Vuitton, according to people familiar with the matter.

Mr. Burke, who remains an adviser to Mr. Arnault, built Louis Vuitton into a brand with $20 billion in annual sales while navigating personal tragedy. Virgil Abloh, the brand’s creative director for menswear, was diagnosed with cancer around the same time Mr. Burke’s wife, Brigitte, received a cancer diagnosis.

Brigitte Burke and Mr. Abloh bonded over their experience in the months leading up to the designer’s death in November 2021. The designer was a trend-setter in the fashion world. Brigitte was known for bringing employees together for meals.

“She did the cooking. I did the serving,” Mr. Burke said.

Mr. Burke needed to be at his wife’s side before she died in February. Mr. Arnault decided Pietro Beccari, who was CEO of Dior, would take over at Louis Vuitton. Delphine Arnault would become the new chief of Dior.

In late January, Louis Vuitton employees gathered at the Louvre, where the brand had just held its menswear show, for a private tribute to Mr. Burke.

“I’m very touched to be here,” Delphine Arnault told the group, according to people present, as her father and Mr. Burke looked on. One of her earliest memories, she said, was of Mr. Burke’s mustache. She showed them a photo of a young Mr. Burke in the 1980s, adding: “We’ve all learned so much by your side.”

Posted on

Forget Byron Bay. This is the home of quiet luxury

Byron Bay may steal all the headlines but those in the know understand that, back from the beach, it’s the hinterland drawing the discerning buyers with deep pockets.

This property at 20 Wood Crescent sits on 2 acres at Coopers Shoot offers drop dead gorgeous views of undulating hills in a luxury environment.

Fittingly called The Retreat, the boomerang-shaped floorplan includes four bedrooms (one in a self-contained space on the lower ground floor), three bathrooms and multiple living spaces. Central to the design is the spacious open plan living area, with a well-appointed kitchen offering a commanding view of the generous alfresco space and heated infinity edge pool outside. The kitchen is kitted out with a Liebherr fridge/freezer, Miele oven and dishwasher and is serviced by a butler’s pantry with Zip tap, making it ideal for catering or quiet nights at home.

The property has everything you would expect from a luxury home, including a cinema room with surround sound Krix speakers and full HD Epson projector. The light-filled master suite offers views over the valley and includes a day-spa style ensuite, dual walk-in robes and direct access to the deck. An automated irrigation system takes care of the garden

But perhaps the greatest luxury for those with sustainability in mind are the renewable energy features, which include a generous 31kw solar system, 160 kw battery and Tesla charging station.

Just 10 minutes to beautiful Bangalow or central Byron Bay, you’re never far from the action. At the same time, Starlink internet and separate workshop and office spaces give you the option to work from home whenever the mood takes.

Quiet luxury indeed.

 

Address: 20 Wood Crescent, Coopers Shoot

Price guide: $12.5m – $15m

Closing date: Friday, May 12 5pm

Inspection: By appointment

Land size: 7442sqm

Agent: Nick Dunn, McGrath Byron Bay 0448 301 111

Posted on

Apple Opens First Retail Store in India as It Looks to Country for Manufacturing

Apple Inc. opened its first retail store in India Tuesday, with Chief Executive Tim Cook celebrating the launch in person, as the company ramps up efforts to diversify its supply chain and boost smartphone sales in the world’s most populous country.

The tech company opened a bricks-and-mortar location in Mumbai, a financial hub in India, and said it is planning to open a second location Thursday in New Delhi, India’s capital.

Mr. Cook said earlier this year that he was focused on India, where Apple has been using financing options and trade-ins to make its products more affordable compared with cheaper alternatives from China.

“India is [a] hugely exciting market for us and is a major focus,” he said on Apple’s earnings call in February.

Fuelling Apple’s push into India is an ambitious project to diversify more of its supply chain away from China. For more than 20 years, Apple’s primary base of manufacturing has been China. But recent turmoil in its China operations has propelled Apple to more aggressively move operations to other countries, such as Vietnam and India, The Wall Street Journal reported.

Outside of China, India is viewed by Apple as the main candidate for producing the iPhone, the company’s most important product that still accounts for roughly half of its sales. India currently accounts for less than 10% of global iPhone production, mostly for selling into the domestic market. Apple’s longer-term goal is to produce 40% to 45% of its iPhones from India, according to Ming-chi Kuo, an analyst at TF International Securities who follows the supply chain.

Apple has encountered problems of building up iPhone manufacturing in India, the Journal previously reported. India doesn’t have the same level top-down governmental coordination that is found in China, which has previously helped clear the way for Apple to build up operations to the scale it needs in the country.

Apple’s main manufacturing partner, Foxconn Technology Group, is also considering a major expansion into India, including expanding iPhone production in an existing plant near Chennai, in the southern Indian state of Tamil Nadu, the Journal reported last month.

Apple has struggled to gain traction in India, where the company previously had mostly been selling its products online or through resellers and retail chains.

India is the world’s second-biggest smartphone market, both in terms of annual shipments and sales, according to market intelligence firm IDC. It accounts for almost 12% of the global market.

The retail stores are among Apple’s first steps to try to increase its sales in India. Apple is projected to have a 5% share of the country’s overall smartphone market this year, up from 1% in 2019, according to Counterpoint Research.

The multi storey Mumbai shop is in a bustling commercial area. Apple said the store will use solar panels and renewable energy. It is expected to be one of the company’s most energy-efficient locations. The company has more than 520 stores worldwide, according to its website.

Mr. Cook tweeted a picture of himself outside the Mumbai store on Tuesday, saying, “The energy, creativity, and passion in Mumbai is incredible!”

Posted on

Heavy Turbulence on Flights Is Likely to Get Worse

Flights headed to Honolulu, Tampa, Fla., and Frankfurt in recent months hit turbulence so severe that some passengers and crew ended up in the hospital with injuries.

Actor Matthew McConaughey was a passenger on the Lufthansa flight to Germany. In a recent podcast interview with Kelly Ripa, he described seeing red wine suspended in midair before it crashed down.

“It was a hell of a scare,” Mr. McConaughey, who wasn’t hospitalised, said on the podcast. “A complete loss of control.”

Pilots and meteorologists say bumps are a normal part of flying. The Federal Aviation Administration is still investigating the Lufthansa flight. But meteorologists say climate change is distorting the jet stream, making a certain type of severe turbulence—called clear-air turbulence—more likely in the future.

Severe turbulence injuries are rare. Between 2009 and 2022, 163 people were seriously injured during turbulence, according to National Transportation Safety Board data. Flight attendants, who are more likely to be standing during flights, are most likely to get injured, the data show.

What the science says

Though technology that reports turbulence has vastly improved in recent decades, it can be tough to predict.

“You’re talking about a little pin drop in the atmosphere,” says Bill Duncan, head of aviation forecasting operations at the Weather Co., which supplies turbulence forecasts and weather insights to major airlines.

Turbulence happens when swirling air currents push against the wing of the plane, which then moves the wings up and down or the body of the plane from side to side, says Paul D. Williams, a professor of atmospheric science at the University of Reading in England.

Atmospheric pressure, changing wind direction, air around mountains and cold- or warm-weather fronts can cause turbulence, physicists say.

Turbulence caused by wind shear, meaning sudden changes in the speed and direction of wind, is called clear-air turbulence. It is called this because it occurs at higher altitudes in cloudless areas. Aircraft can change altitude suddenly, and pilots usually can’t detect this type of turbulence in advance.

Since 1979, the amount of wind shear in the jet stream has increased 15%, according to a study Dr. Williams co-wrote that was published in the science journal Nature in 2019. At higher altitudes where planes fly, climate change is altering temperature patterns, which creates more wind shear, he says.

Dr. Williams’s research predicts that the amount of clear-air turbulence in the atmosphere in the mid-Northern Hemisphere is expected to more than double over the next three to six decades.

Some of the more popular international flight routes from the U.S., such as New York-London and San Francisco-Tokyo, will experience more clear-air turbulence because they fly in the mid-Northern Hemisphere, he says.

Changes in procedure

Flight crews now use more specific language to address different levels of turbulence, says Dennis Tajer, a captain for American Airlines and spokesman for the Allied Pilots Association, a union. He began flying for commercial airlines about 30 years ago and says he encounters more clear-air turbulence now compared with early in his career.

American Airlines updated its flight manual in May 2022 to better define turbulence procedures for flight crews. The captain turns on the seat belt sign for all types of turbulence, but crews now take specific actions depending on the severity of the turbulence, he says.

During severe turbulence, flight attendants need to secure carts, place hot liquids in carts or on the floor and secure themselves as quickly as possible by sitting down in the nearest seat or on the floor.

American and United are among the airlines that give pilots access to software called SkyPath, which crowdsources turbulence reports from pilots’ iPads in real time.

SkyPath uses vibrations from the pilot’s iPad to measure turbulence and reports out to other nearby aircraft, providing advance warning of the conditions in real time, a United spokeswoman said in an email.

Tips for navigating turbulence
  • Wear your seat belt. Staying strapped in is the best way to protect yourself if your flight hits unexpected turbulence, pilots and flight attendants say.
  • Take precautions with children under 2. The FAA recommends passengers use an approved child-safety seat or device if traveling with a child under 2. Airlines don’t require children that young to have their own seats. Sara Nelson, the international president of the Association of Flight Attendants-CWA, and the union have renewed calls for all passengers to have their own seats.
  • Secure your electronics and other hand-held devices. Anything that isn’t tied down can become a projectile, Ms. Nelson says.
  • Remember the odds. Turbulence is scary because it is often unexpected and uncomfortable, says Todd Farchione, a clinical psychologist at Boston University’s Center for Anxiety and Related Disorders. Take a deep breath and realise you’re not truly in danger. Planes are built to withstand even heavy turbulence, pilots and physicists say.
Posted on

Australian economy ‘finely poised’ as borrowers feel impact of ‘unnecessary’ rate rises

The past two interest rate rises by the RBA were unnecessary, a new report released by Deloitte Access Economics today has said.

Lead author and Deloitte Access Economics Partner Stephen Smith said in the business outlook report that the Australian economy is now ‘finely poised’ as economic growth slows to a trickle this year, the weakest since the recession of the  early 1990s, outside pandemic conditions.

“Our view remains unchanged – the additional 50 basis points of increases earlier this year were unnecessary, and have prompted a further downgrade in Australia’s growth outlook,” Smith said. “That downgrade is centred on our households, and a ‘consumer recession’ is now forecast in 2023, with household spending expected to finish the year below where it started.”

While he said many mortgage holders were in a position to weather the interest rate rises, which will mean an increase in payments of $14,000 for a $600,000 when lenders pass on the full increases, a significant group were not. He said as many as 15 percent of variable rate, owner-occupier mortgage holders could be in negative cash flow by the end of 2023.

“On these numbers, at least 300,000 Australian households may currently be experiencing negative cash flow, with mortgage repayments and essential living expenses together exceeding household disposable income,” Smith said. “That should shock all of us.”

Smith said the pressures on the construction will also continue to impact the rental market, with commencement on new dwellings expected to be the lowest in a decade.

“Construction is expected to commence on significantly fewer houses and apartments compared to previous years – in fact, Deloitte Access Economics expects that 2023 will see construction commence on the fewest dwellings in more than a decade and almost 70,000 below the level commencements recorded in 2021,” Smith said. 

“On these numbers, new housing supply would just barely keep pace with population growth, let alone ease what is a critical undersupply. In short, we are building far too few dwellings and, with a myriad of supply side challenges unresolved, that is unlikely to change in the near term.”

Deloitte Access Economics has revised expectations for economic growth down to 1.5 percent for this year and just 1.2 percent for 2024. 

Posted on

What Do Americans Want in a European Vacation? Fewer Americans

For some U.S. travellers, this summer’s hottest European destination is one without other Americans.

American tourists mobbed Europe last year, and 2023 is looking even busier, travel advisers say. Reservations for European trips rose 8% over last summer, according to data from Hopper, a travel app. Delta Air Lines President Glen Hauenstein said last week that 75% of seats on the carrier’s international flights this summer are already booked, even with added flights and seats.

Searches for round-trip flights to perennially popular cities such as Milan and London have increased over the past year, according to data from Skyscanner, a travel-search site. Also rising are searches for relatively obscure destinations such as Split, Croatia (up 73%), and Tirana, Albania (up 57%). The biggest gainer over the past year? Oslo, Norway, with a 307% increase in Skyscanner searches.

Airfares remain expensive, with the most recent consumer-price index for airline tickets up nearly 18% compared with a year earlier. Finding a hotel room in major destinations such as Barcelona or Rome—let alone an affordable one—takes serious work, travel advisers say.

Some travellers are instead looking to less-well-visited regions such as the Balkans and other corners of Eastern Europe. That is partly because of cost and partly because these tourists have already been to Paris and London, travel pros say.

Melissa Biggs Bradley, founder and CEO of New York-based travel company Indagare, says people who visited Europe last summer are leading the push toward these new destinations.

These travellers sought out tried-and-true destinations last year, she says, when they were resuming international travel as pandemic restrictions eased. After being isolated for so long, they weren’t scared off by the size of the crowds. The composition of the crowds was another matter.

“In a lot of the great resorts in Europe, people were just surrounded by other Americans,” Mrs. Bradley says.

Travellers also encountered large-scale problems with luggage at big airports and issues with service at understaffed hotels in major cities.

Erin Thibeau, a 31-year-old marketing manager who lives in Brooklyn, N.Y., chose to visit Lisbon for her first European trip last year, since it was familiar.

“I knew I would have a really lovely time, and I could navigate around pretty easily,” she says.

Ms. Thibeau says she is seeking out places where she is “not one of countless Americans.” So she chose the country of Georgia for her next Euro trip, hoping it would offer more interaction with locals. Ms. Thibeau plans to use the capital, Tbilisi, as a base to tour the country, visiting wineries and monasteries.

Travel professionals say many clients are seeking places that closely resemble popular destinations. Albania has grown popular as a spot for Adriatic Sea vacations similar to what one might experience in nearby Croatia, says Laura Lindsay, travel trends and destinations specialist at Skyscanner.

Other substitute destinations: Slovenia for those considering vacations to Italy, and northern mainland Greece or Turkey as a swap for the Greek Isles.

It doesn’t take long for an under-the-radar destination to become a hot spot. Mrs. Bradley sent many people to Sicily last year because it had availability when the Amalfi Coast and Venice didn’t. The popularity of the HBO series “The White Lotus” has made Sicily an in-demand location this summer.

Now, she says she recommends Mediterranean islands such as Corsica and Sardinia, or regions of mainland Italy, such as Puglia.

Venturing to less-traveled parts of Europe comes with trade-offs. Major tourism hubs such as Paris or Rome have more lodging options and expansive transit networks, as well as plenty of English speakers at hotels, restaurants and shops.

For tourists, “the key there is how comfortable they are in a destination where English is going to be a bit more of a challenge for some of the locals,” says Mike Salvadore, owner and co-president of 58 Stars Travel, a luxury travel agency based in Seattle.

Going to a place such as Romania or Malta might not save much money, because direct flights can be rare, and connections take time.

Food and activities often will cost less in these regions, but hotels might not be much of a bargain. Average daily rates for hotels have risen by more than a third compared with last year in Turkey, North Macedonia and Bulgaria, among others, according to preliminary March data from hospitality analytics company STR. Apart from high demand, inflation has driven those prices higher across much of Europe.

Teressa Steinbach, a 44-year-old mother of two from Louisville, Ky., is set to venture with her family to Europe in June for her daughters’ first visit to the continent.

The family had originally planned to visit friends in Italy, an itinerary that would have cost them around $20,000, but the trip didn’t pan out, Mrs. Steinbach says.

Instead, they are taking a 10-day trip to Split, with jaunts planned to other parts of Croatia and neighbouring Bosnia and Herzegovina. Mrs. Steinbach has tapped Facebook groups dedicated to Croatian travel for advice. Locals and past visitors have suggested a boat ride to the island of Brač, with its white-pebble beaches, and rafting down the Cetina river.

The Croatian vacation is hardly a bargain. Round-trip flights in premium-economy class will cost the family of four around $11,000, while their hotel will add around $6,000, she says.

It has proved a tougher sell for her daughters, ages 7 and 11, whose classmates traveled to France over spring break, Mrs. Steinbach says.

“My oldest said, ‘I’m going to lie and say that we went to Italy,’ ” she says. “She was like, ‘Who goes to Croatia?’ ”

Posted on

They Can’t Even: A Generation Avoids Facing Its Finances

Many young adults overwhelmed by financial stress cope by ignoring the problem.

Some tune out bank and credit-card balances, lose track of their spending and rack up debt. Average credit-card debt rose 29% to $5,800 in March from a year earlier for millennials and increased 40% to $2,800 for Gen Z, Credit Karma said. Younger people were also more likely to have paid late fees or taken advances from their credit cards, a survey from NerdWallet found.

Psychologists call these behaviours financial avoidance and say it is a typical habit among younger people in any era.

But the pandemic’s economic whiplash followed by high inflation is making such avoidance more common, say economists and financial advisers. The consequences of ignoring bank and credit-card accounts include overspending, damaged credit and deep debt. Millennials in their 30s had the steepest increase in debt of any age group since the pandemic. Avoidance can complicate later milestones, such as buying a home or retiring.

Spending tends to be more satisfying than budgeting or tracking your expenses, “even if cognitively you know it’s not really the healthiest coping choice to engage in,” said Dr. Vaile Wright, a senior director at the American Psychological Association, who studies stress and anxiety.

Avoidance is a common coping mechanism for all forms of anxiety. Someone with social anxiety avoids parties. Someone with a fear of heights may avoid getting on a plane. The APA’s Stress in America 2022 survey found that 83% of adults reported inflation as a source of stress.

James Gay, 22, said he is reckoning with the effects of his financial avoidance since the pandemic.

In 2020, Mr. Gay moved from Mayo, Fla., to Tallahassee to attend Florida State University, sharing a three-bedroom apartment with two friends. With everything closed and his classes completely online, he said he ordered from DoorDash instead of cooking and shopped online to counter his uncertainty and boredom.

“That was my outlet to really enjoy my college experience,” he said.

He developed a particular affinity for Crocs, and now owns about 15 pairs.

“My budgeting plan was very loose,” said Mr. Gay, who was also responsible for his own health insurance, phone bill, utilities and car maintenance. “Sometimes I’d forget about the bills.”

He dipped into his savings to cover rent and utilities. Mr. Gay eventually received a call from his father, who had checked his credit-card account and saw he had used 90% of his $500 limit. After that he changed his ways.

Avoidance seems greatest among Gen Zs and millennials, a survey last month by Credit Karma suggests: 28% in each of those generations said they often or always feel a sense of financial dissociation. That is compared with 4% of baby boomers or older Americans.

“Our culture is really big on overconsumption. We’re constantly spending on things just to self-soothe,” said Alexis Howard, a 28-year-old financial adviser at Mariner Wealth Advisors in Emeryville, Calif.

Ms. Howard noticed this in her own spending behaviour. She ordered clothes and furniture on Amazon during the pandemic, small purchases that would snowball into bigger expenses than she realized. At one point she was spending about $500 a month on online shopping and takeout.

This year, she embarked on a challenge to keep her discretionary spending under $50 monthly. As a financial adviser, she said she knows how easy it can be to lose sight of bigger goals.

“People are really just prioritising happiness, and a lot of folks see happiness in traveling, eating out but simultaneously value larger long term goals like owning a home and retiring with wealth,” Ms. Howard said.

Young adults with lower-wage jobs may avoid budgeting and checking their bills because it makes them feel helpless, said Abigail Sussman, a professor of marketing at the University of Chicago’s Booth School of Business.

“If you feel like you’re really behind, then budgeting also is a reminder of how behind you are,” Prof. Sussman said. “If you set goals that are too high, it can be demotivating.”

It can also help to review what you spent in the past month with a financial buddy, said Jeff Kreisler, head of behavioural science at J.P. Morgan Private Bank. This should be someone who isn’t a romantic partner or family member but whom you trust enough to talk through certain purchases.

“It’s forcing yourself to examine your own decisions,” Mr. Kreisler said.

He recommends setting financial goals with friends. For example, if you are planning on going on vacation with someone, you can both agree to set aside $50 each week for the trip for the next four months, he said. That way, you are both holding each other accountable.

Posted on

10 Best Sofas That Will Elevate Your Living Room

Think of home, and think of…the couch. Family is important, sure, but a couch? That spells relax with a capital Lax. Sometimes outrageously expensive, sometimes surprisingly affordable. Check out are our top 10 sofas where you are sure to find the one that speaks your lounging language.

 

Atelier Sofa

The gorgeous, curvaceous Atelier from Coco Republic is coolly romantic in the way it wraps around you. Curves are so relaxing, and when they look this chic you’d expect to find it in an apartment on Haussman. The textures on offer are very on trend, and the optional pillows elevate the designer concept to true European elegance.

 

Barret Leather

BARRET Leather Sofa

Putting your feet up is never easier than with a little electrical assistance – take the Barret Leather sofa from Freedom Furniture. A strong piece from a design point of view, with leather stitched to perfection, and available in an amazing range of colours. It just needs a little extra space to lay on down.

 

Wilkes Modular

Wilkes Modular Sofa Group

For a home that salutes colour and energy, you could not miss trying out the Wilkes Modular by Herman Miller. A mid-century style that is at once light on its legs, while packing a huge post-modern punch. Walking in the door and seeing this in your apartment, well, you’d be so happy to be home.

 

Horizonte

Described as a ‘floating island with square lines’ the Horizonte from Marcio Kogan/Studio mk27 is a sophisticated take on lounge furniture. It really does appear to float, the idea extending to the sympatico customisation of a built-in coffee table extension. This is James Bond suave. You could see it fitting like a glove into an ultra-modern minimalist, or eccentric maximalist décor.

 

Jasper

The flagship design of the King Furniture line, the Jasper is perhaps the father of all modular design. In a range of sizes, the familiar timber armrest-tables look as clever as ever, and now they offer even more ‘add ons’ such as a wireless charging table. Cool. Very deep, very springy, they have lasted this long because they fit into every lifestyle from beach house to townhouse.

 

Finlay

Not everyone can afford the moon when it comes to sofas – but do not be discouraged. Fantastic Furniture has a really smart looking three seater with chaise that has ‘pulled in’ seat stitching, which adds interest, and a choice of timber or metal legs. Easy on the eye and the pocket, it is a non-precious, relaxed sofa solution.

 

Mateo

Rarely does one want to see something ageing – but the simple, dramatic lines of the leather Mateo sofa from Coco Republic are only going to look more beautiful in 10 years’ time. This is a confident design, with generous stuffing – especially on the arms – it would be a perfect one to fall asleep on while bingeing on Netflix. Pewter or Taupe colours – both richly rewarding.

 

Lexington

Ultra-modern is the best way to describe the angular, unique silhouette of the Lounge Life’s Lexington. One of the few sofas available that uses its mass to advantage, making a rather monumental statement. It has windswept arm rests too – perfect for lying back doing Wordle while the news is on. Combined with the adjustable headrests, this is multi-option sofa available in fabric or leather.

 

Lucia Cane

The cane detailing (which wraps around the entire piece) in the Castlery Lucia Cane sofa adds so much character that the piece just has to become a focal point in any room. The combination of the cane with the black detailing gives it an organic, breezy kind of vibe; with the potential to enhance an Asian themed  or beach house décor. If you’re looking for something different, yet stylish, it’s a definite go-to.

 

Getaway Sofa

Here’s a sofa that says family, friends, dogs and cats. In short, it says relax and have fun. From Aussie brand Koala, the five to seven seater looks at its absolute best in gum tree green, as the timber feature panels (which are actually storage drawers) and matching feet just work so well with the forest theme. Big robust fluffy cushions, and a huge ottoman on offer, this is the one for those who just love to plonk down and chill out.

 

How can you tell if a sofa is good quality?

In a word: framing. A good quality frame will ensure your sofa will not only provide comfort but will last for 10 years or more. While solid timber framing is standard, there is also steel framing available. Don’t be afraid to ask to lift the sofa to give you an idea of weight, which is an indication of the quality of the framing.

 

What is the average price for a good quality sofa?

Everyone’s budget is different and you can certainly get excellent value for money in the secondhand sofa market. For new sofas, expect to pay upwards of $4000 to $5000 for a good quality modular sofa and $2,000+ for a two or three-seater that is made to last.

 

What sofas are the most durable?

If you’re talking about upholstery, it’s leather all the way. Easy to wipe down and able to take the hard knocks, leather sofas tend to age better than fabric sofas, making them ideal for family environments. For framing, solid timber or steel frames last extremely well. When purchasing, talk to your retailer about reupholstery services when the time comes. It’s a good indication of whether they are prepared to stand behind their product over time.

 

What are the best quality sofas to buy?

This is totally subjective and will depend on what you value, and how much you can budget for. Perhaps the easiest way to seek high quality is to ask about warranties. Look for sofas that have at least a 10-year warranty. In terms of coverings, genuine leather and natural fabrics such as linen and cotton offer a superior look and feel.

 

What should you look for when choosing a sofa?

Beyond choosing the right framing and fabrics for your sofa, shape and being fit for purpose is everything. If you have a family living space to fill, a modular sofa where everyone can spread out is ideal. For smaller apartment spaces, a pair of two-seater sofas might be a better option. Make sure you measure carefully, including the entranceways, before you buy.