No one has ever been this excited for the release of an 880-page document that Brandon Sanderson didn’t write. The Federal Aviation Administration (FAA) published its final regulations on Tuesday for electric vertical takeoff and landing (eVTOL) vehicles, better known as air taxis, clearing the runway for a brand-new, multibillion-dollar transportation category.

Flying cars, you say? Air taxis, eVTOLs, Advanced Air Mobility aircraft, and yes, flying cars—there are a lot of names to represent the new type of vehicle that Superman will be mistaken for. These electric aircraft take off and land vertically like helicopters, but transition to fly on fixed wings like airplanes, so they don’t fit into existing FAA categories.

The nascent industry clears a huge hurdle with these new regulations, which include rules on pilot training and other operating requirements. This is the first time the FAA has approved a new type of aircraft since 1940, when it welcomed the helicopter to the skies.

Air travel of the future

The FAA said air taxis can be used for cargo, passengers, and even emergency medical transportation. Startups like Joby and Archer Aviation have courted millions in investments from airlines hoping to offer customers faster rides to the airport above congested city streets:

• Delta Airlines said in 2022 that it would invest $60 million in Joby, and United Airlines promised to order at least $1 billion worth of aircraft (200 total) from Archer in 2021.
• Carmakers are also interested: Toyota invested an additional $500 million in Joby this month, for a total of $894 million, while Stellantis, which owns Chrysler and Fiat, is Archer’s largest shareholder.

It’s not a sure bet: Germany-based startup Lilium was once one of the most promising air taxi companies. At its height, it was worth as much as $3.3 billion. But the German government denied the company’s $54 million loan request, leaving it in dire need of cash.—MM

Striking Boeing workers reject new contract proposal. Boeing machinists voted against a revised labor deal proposed by the company, extending a strike that has lasted more than one month and halted most plane production. Nearly two-thirds of union members said no to the new contract, which included a 35% wage increase over four years and more contributions to retirement plans. It’s a big setback for new CEO Kelly Ortberg, who said that ending the strike was key to his turnaround plans. Earlier in the day, Boeing said it lost $6.1 billion last quarter, its biggest quarterly loss since 2020.—NF

US confirms North Korea deployed troops to Russia. Defense Secretary Lloyd Austin verified reports that North Korean troops are training in Russia, likely in preparation to fight against Ukraine. South Korean lawmakers said that North Korea has already shipped 3,000 troops to Russia with plans to send a total of 10,000 to assist in the war effort. North Korea has been supplying Russia with munitions after the two countries signed a mutual defense pact in the spring. Austin noted that it’s unclear whether the North Korean soldiers will end up on the front lines, warning that it would be a “very, very serious” issue for Europe and Asia—but also a manifestation of Russia’s desperate manpower shortage.—SK

Apple is cutting production of Vision Pro due to slow sales. The tech giant is scaling down production of its $3,500 Vision Pro VR headset and might halt assembly of new ones next month, The Information reported yesterday. Apple’s suppliers shared that the parts for the 500,000 to 600,000 headsets produced so far are likely enough to meet demand. Earlier, Apple CEO Tim Cook told WSJ Magazine that people weren’t exactly lining up for the eye-poppingly pricey gadget, calling it an “early-adopter product.” Apple reportedly plans to release a more affordable VR headset by 2026, but in the meantime, budget-conscious consumers who want a face computer can snag a Meta Quest 3 for $500.—SK

Don’t call it a comeback, because it isn’t one. Less than two months after bringing in Chipotle veteran Brian Niccol as CEO to turn things around at Starbucks, the struggling coffee chain reported dismal quarterly earnings this week that might make you feel bad enough to go buy a mocha frappuccino.

Same-store sales fell 7% in Q3 this year, declining for the third consecutive quarter, with a 6% slump in North America and a 14% fall in China. Shares tumbled as much as 5.5% following the news before ending the day in the green, as Starbucks said that its attempts to get customers to the till with more offerings and in-app promotions didn’t work.

Niccol just needs some time. The CEO says he has a plan to right the ship:

• His strategy is focused on simplifying the “overly complex” menu, adjusting pricing, and addressing bottlenecks.
• Niccol especially wants to tweak timing and staffing in stores to speed things up for morning orders, which app users often decide not to place due to long wait times.

On the other side of the world…Niccol has to reckon with business in China, the company’s second-largest market, where expansion plans are falling short due to competition from Chinese chains that are rapidly growing their store count.—CC

It’s not just your friend group: Across the board, white-collar workers are applying to business school in droves to try and outmaneuver a corporate hiring slowdown that’s leaving recent college grads in the lurch, the Wall Street Journal reported.

Applications to MBA programs are up 12% in 2024 after declining for two years, according to the Graduate Management Admission Council, which surveys business school admissions offices. For this year, the nonprofit reported:

• A 32% spike in applications for in-person, full-time MBA programs, bringing the applicant pool to its largest size in a decade.
• Higher demand for online and part-time business schools, including a 10% increase in applications to flexible MBA programs among women.

Why? More workplace AI and less job-hopping among older professionals have contributed to a hiring slowdown for bachelor’s degree roles that’s intensified in recent months, according to the payroll service ADP. Young Excel experts on the job hunt are trying to upskill into the ideal candidates—and so are many of their employed counterparts, who fear more layoffs in tech, banking, and professional services.

Zoom out: Unemployment is still low overall at 4.1%. Job growth in retail, dining, healthcare, and government carried the labor market over the past two years while white-collar hiring watched from the sidelines.—ML

Saying “Mary Jane” instead of marijuana makes more sense now. For the first time, more women are consuming cannabis than men, leading to a major shift in how companies market their products, Reuters reported. Women make up 55% of users on the weed-centric app Jointly, while women aged 19 to 30 are blazing more often than men in the same age group, per a survey from the US National Institute on Drug Abuse (NIDA). Experts say this could be due to the rise in using cannabis to treat anxiety, which is more common in women than men. As a result, pot companies are reportedly devoting more resources to products that are popular with women and rebranding to appeal to the new majority of their consumers.—AE