Business
Apple announces foldable iPhone, new smartwatches and AirPods at 2026 launch event
Stuart Varney discusses Apple’s annual hardware event and the potential AI cycle. Angelo Zino from CFRA Research joins to analyze whether the iPhone 18 cycle can lead to an artificial intelligence redemption for the company.
Apple is adding a long-awaited device to its product lineup.
The tech giant announced the iPhone Duo during its annual fall keynote on Wednesday, marking the company’s foray into the foldable phone space.
The iPhone Duo starts at $1,999 and will be available with storage options from 256 GB to 2 TB.
The launch is Apple’s attempt to rival previous Android releases of foldables, including the Samsung Galaxy Z Fold and Google Pixel Fold, released in 2019 and 2023 respectively.
APPLE UNVEILS LOWER COST IPHONE 17E, RAISES PRICES ON MACBOOKS

The iPhone Duo, Apple’s first-ever foldable smartphone. (Apple Inc.)
Apple also announced the release of the iPhone 18 Pro and 18 Pro Max phones on Wednesday, as well as a revamped version of Siri called Siri AI, which acts as a personal chatbot for users.
The iPhone 18 Pro starts at $1,199 and the iPhone 18 Pro Max starts at $1,299 with lease options through Apple Upgrade.

Apple CEO John Ternus speaks during the keynote address at Apple’s “Surprise and Shine” event at the company’s corporate headquarters, Apple Park, on Sept. 9, 2026 in Cupertino, California. (Benjamin Fanjoy/Getty Images)
New iPhones weren’t the only focus of the event – Apple also introduced AirPods 5 and the Apple Watch Series 12.
AirPods 5 feature “industry leading” active noise cancellation, improved sound quality, hands-free Siri AI and live translation. The latest AirPods start at $129.

Apple unveiled the AirPod 5 Hero headphones on Sept. 9, 2026. (Apple Inc.)
The Apple Watch Series 12 boasts an updated health sensing system, including higher-frequency heart rate and heart rate variability measurements. The new health tracking updates pair with the redesigned Health app to track users’ workouts, sleep, heart health and more. The Apple Watch Series 12 starts at $399.
Apple has recently hiked prices across its overall product lineup. The tech giant said the surge is brought on by ongoing global chip shortages driven by a growing demand for artificial intelligence.
APPLE TO LEASE IPHONES, OTHER PRODUCTS TO USERS THROUGH KLARNA PARTNERSHIP

Different color phones in Apple’s iPhone 18 Pro lineup. (Apple Inc.)
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Apple’s iPhone division reported $54.25 billion in revenue in the third fiscal quarter, up 22% and outperforming analysts’ expectations of $53.86 billion.
Business
Mane acquires Cvista | Food Business News
RIVERVIEW, FLA. — Mane has acquired Cvista, a supplier of citrus oil fractions and natural essences in Riverview. Financial terms of the transaction were not disclosed.
Established in 2010 by Hadi Lashkajani, Cvista uses its technology to produce citrus-derived flavor ingredients, specialty fractions and standardized apple and fruit essences for the food and beverage, fragrance, pharmaceutical and industrial cleaning industries.
“This acquisition is a strategic catalyst for Mane’s growth in citrus, particularly in the beverage sector,” said Samantha Mane, president of Mane Group. “Cvista is a recognized leader with a proven ability to transform natural raw materials into high-value ingredients.”
The acquisition will enable Mane to establish a global citrus and beverage center in Riverview and combine its team with Cvista’s operations, which include capabilities for distillation, extraction, resin-based processing and molecular distillation
The company’s Riverview campus includes integrated facilities for research and development, pilot scaling, production and warehousing.
Business
Pirro unveils crackdown on Chinese-language scam marketplace
Jeanine Pirro, U.S. Attorney for the District of Columbia, called Xinbi Guarantee a platform where vendors create tools for scammers to steal money from Americans.
U.S. Attorney for the District of Columbia Jeanine Pirro announced new sanctions Wednesday against Xinbi Guarantee, an online platform she described as “an illicit scamming marketplace” used by Chinese cybercriminals.
According to officials, Xinbi helped facilitate scams targeting Americans by laundering money that victims sent to anonymous individuals online, many of whom were promoting fraudulent cryptocurrency investment opportunities.
Tara McLeese, a special agent with the Secret Service, told reporters that one Virginia resident reported losing $800,000 in a scheme like this.
“Our team was able to follow the funds as they were laundered through the Xinbi Guarantee Network,” McLeese said.
ALLEGED CRYPTO SCAM RINGLEADER SET FOR PLEA HEARING IN $240M BITCOIN THEFT

U.S. Attorney for the District of Columbia Jeanine Pirro speaks during a press conference on Sept. 9, 2026, in Washington, D.C. (Finn Gomez/Getty Images / Getty Images)
Pirro said her Scam Center Strike Force restrained $52 million in cryptocurrency that was being used in digital wallets across the Xinbi network.
The Treasury Department designated Xinbi a transnational criminal organization, accusing it of being tied to North Korean hackers and other criminal syndicates.
The designation effectively cuts Xinbi off from the U.S. financial system by prohibiting Americans from doing business with the organization and requiring any blocked assets to be reported to the Treasury’s Office of Foreign Assets Control (OFAC).
Pirro said Xinbi operated as a primarily Chinese-language marketplace on Telegram where scammers could purchase fake investment websites and money laundering services.
Pirro said there was also evidence of Xinbi recruiting trafficking victims to work at scam compounds operating primarily in Southeast Asia.
“It’s where vendors market their services to scam us,” Pirro said. “Once the scammer purchases a service from the vendor, Xinbi holds the money for the vendor until the vendor’s services are complete.”
“It is a double protection to make sure that Americans are scammed properly and unwittingly,” Pirro added. “Xinbi sells tools of industrial fraud, including custom-built fake investment websites designed to look like real brokerages.”
The U.S. government seized Telegram channels used by Xinbi, cutting off their ability to operate for a time, prosecutors said. This came after a federal court in Washington, D.C., authorized the action on Monday.
In response to a reporter’s question about whether Xinbi could relocate to another platform, Pirro acknowledged it would be “very easy” for the group to establish a new operation.

Boxes of phones from scam compounds in Madagascar allegedly run by Chinese nationals. Over a dozen such compounds were raided by local authorities in collaboration with U.S. officials. (U.S. Department of Justice / Unknown)
MINNESOTA BANS CRYPTO ATMS AFTER SCAM SURGE
“Old crimes are being committed in new ways,” Pirro said. “They’ve got this figured out, and it took us a while to understand where it was coming from, who was doing it, how they were doing it. And now that we understand that we will keep pace, and we will beat them.”
Officials at the press conference repeatedly said Americans should be wary of any investment schemes being freely offered by people they don’t know on social media.
“If you know someone that thinks they’ve got an opportunity that’s too good to be true, or that they’ve been contacted by someone who’s got the in on cryptocurrency,” Pirro said.
She continued: “You’ve got to tell them to stop. Whether it started on a mistaken phone call or WhatsApp or any of the other social media websites. A text, a wrong number. Do not send a dollar. Do not send a penny.”

A scam center in Madagascar that was raided by local authorities with assistance from the U.S.-based Scam Center Strike Force and the FBI. (U.S. Department of Justice / Unknown)
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Separately, Pirro announced that her team, as well as the FBI, recently traveled to Madagascar and assisted local authorities in shutting down 13 scam centers allegedly being run by Chinese organized crime groups.
Pirro said 500 people were arrested, adding that 30 Chinese leaders of the scam compounds were repatriated to China.
Pirro also said President Donald Trump has been briefed on the cryptocurrency scam operations targeting Americans. To date, the U.S. government says it has restrained $938 million linked to such schemes.
Business
How Regulated Platforms Compare in 2026
British retail traders comparing providers in 2026 run into an unusual problem: on paper, the offers look nearly identical. That is by design.
The 2018 product intervention by the European Securities and Markets Authority, retained and then extended by the Financial Conduct Authority after Brexit, standardised most of what used to separate one firm from another. Leverage on major currency pairs is capped at 30:1 for retail clients and lower elsewhere. Negative balance protection is mandatory. Margin close-out triggers at 50 percent of the required margin. Bonuses and trading incentives are banned outright.
Strip out everything the regulator has already fixed, and what remains is a narrower, more technical comparison than most review sites are willing to make.
Authorisation is a filter, not a feature
Any firm marketing to UK retail clients should appear on the Financial Services Register with permissions covering retail derivatives. The check takes ninety seconds and rules out the clone-firm problem, where a fraudulent operation borrows an authorised firm’s registration number and address. What the register cannot tell you is anything about the service itself. It is a gate rather than a grade, and treating an FCA number as a quality signal is the most common analytical error in this market.
Where the variance actually sits
Cost comes first and is routinely misread. Headline minimum spreads describe conditions that exist for a few hours a day in quiet markets. What matters is the typical spread on the instruments you trade at the hours you trade them, plus overnight financing, which, on a position held for several weeks, will quietly exceed everything paid at entry.
Platform range comes second. A serious online CFD trading platform now generally means a proprietary web and mobile interface alongside MetaTrader 4 or 5 and, increasingly, TradingView integration, because traders arrive with established charting habits and no intention of abandoning them. Instrument coverage across indices, shares, commodities, and bonds ranges from a few hundred to several thousand contracts depending on the firm.
Execution transparency comes third and separates the field more than either of the others, because only a minority of firms publish fill quality, slippage distribution, or rejection rates in any form. Under best execution rules, every firm must have a policy. Publishing meaningful data about how that policy performs in practice is a choice, and a revealing one.
Read the risk warning as data
UK providers must display the percentage of their retail accounts that lose money, and the figures typically land between 65 and 80 percent. Read across a dozen firms, this is one of the very few standardised, directly comparable datasets British retail traders are handed for free.
It is not a quality ranking, since client mix and product mix both move the number. But a figure at the top of that range at a firm marketing heavily to beginners tells you something worth knowing about who is on the other side of that order flow, and about what the firm’s economics depend on.
One structural detail to settle before opening an account
In the UK and Ireland, spread betting is a functionally similar product to CFDs with different tax treatment for most retail participants and separate documentation. Several firms offer both under one relationship; others offer only one, and the structural differences between spread betting and CFD trading run deeper than the tax line most comparisons stop at.
That distinction will affect post-tax outcomes more than a fraction of a pip in spread ever does; it depends on individual circumstances, and it is effectively decided at account opening rather than revisited later.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Tax treatment depends on individual circumstances and may change in the future. This article is for informational purposes only and does not constitute investment or tax advice.
Business
Six Flags to revive fan-favorite ArieForce One roller coaster
The steel roller coaster is set for a comeback after Six Flags acquired the attraction from the now-closed Fun Spot America Atlanta. (Credit: American Coaster Enthusiasts)
Six Flags is giving a popular roller coaster a second life after acquiring ArieForce One, the fan-favorite steel coaster that operated at Fun Spot America Atlanta.
The amusement park operator announced Tuesday that it plans to reopen the attraction at one of its parks during the 2028 or 2029 operating season. However, it has not yet revealed which location will get the ride.
“From the moment ArieForce One closed, we knew how much this coaster meant to the enthusiast community and to guests who traveled from around the world to experience it,” Mark Pauls, chief operating officer of Six Flags, said in a statement.
“This is a ride that consistently generated excitement, acclaim and passionate fan support. We are thrilled to preserve its legacy, invest in its future and bring this extraordinary attraction to a new generation of guests. This acquisition represents our commitment to delivering world-class thrills and creating unforgettable experiences across the Six Flags portfolio.”
DISNEY SPOTLIGHTS AMERICAN BUSINESSES POWERING ITS MAGIC IN NATION’S 250TH YEAR

Six Flags plans to reopen the attraction at one of its parks during the 2028 or 2029 operating season. (American Coaster Enthusiasts)
ArieForce One originally opened at Fun Spot America Atlanta in March 2023 before the Fayetteville, Georgia, park permanently closed in August 2026.
Earlier this year, Fun Spot America announced it would shutter its Atlanta-area location, while keeping its Orlando and Kissimmee, Florida, parks open.
Built by Rocky Mountain Construction, ArieForce One earned a reputation for its “relentless pacing, massive airtime moments, innovative elements and unforgettable ride experience,” according to Six Flags.
The coaster stands 154 feet tall, features a 146-foot first drop at an 83-degree angle and reaches speeds of 64 mph.
DISNEYLAND VISITORS FACE GROWING WAVE OF RIDE CLOSURES, SHOW SHUTDOWNS HEADING INTO SUMMER 2026

Six Flags said it plans to keep the ArieForce One name when the coaster is rebuilt at its new location. (American Coaster Enthusiasts)
The ride also features the largest zero-gravity stall element in the world, according to Six Flags.
Six Flags said it plans to keep the ArieForce One name when the coaster is rebuilt at its new location.
“When we built ArieForce One, we wanted to create something truly special. Something that would put Fun Spot America on the map with coaster enthusiasts and families around the world and create memories that would last a lifetime,” Fun Spot America CEO John Arie Jr. said in a statement.
“Seeing ArieForce One preserved and finding a new home with Six Flags means a great deal to me and my family. Its story isn’t ending, it’s beginning a new chapter and we are excited that future generations will get to experience ArieForce One.”
SIX FLAGS ROLLER COASTER TO BREAK 6 WORLD RECORDS WITH ‘TERRIFYING AND AMAZING’ RIDE

Six Flags said it will announce the coaster’s future location and construction timeline at a later date. (American Coaster Enthusiasts)
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Six Flags said it will announce the roller coaster’s future location and construction timeline at a later date.
“Until then, the coaster community’s biggest mystery remains unsolved,” Six Flags said.
FOX Business’ Eric Revell contributed to this report.
Business
Trump strikes new drug pricing deals with nine midsized drugmakers
President Donald Trump on Monday said he struck new drug pricing deals with nine drugmakers to voluntarily sell their medications for less, building on his push to link the nation’s pharmaceutical prices to cheaper ones abroad.
The drugmakers signing the new deals are Alcon, Astellas Pharma, BeOne Medicines, BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals and UCB, according to the White House. Shares of most of those companies closed relatively flat on Monday, while Teva and BeOne fell around 1%.
Under the new deals, the nine companies agreed to provide discounts on outpatient drugs to every state Medicaid program so that prices states pay align with what companies charge in foreign countries. The agreements impact drugs that treat several chronic and rare diseases, such as hemophilia, liver disease, skin conditions and certain forms of cancer.
The companies committed to invest at least $19.6 billion collectively in U.S. manufacturing in the near term, according to the White House.
Astellas, Sun Pharma, Teva and UCB also agreed to donate active pharmaceutical ingredients for key products to the federal government’s strategic reserve of those ingredients, which aims to reduce reliance on foreign supply and ensure the U.S. is prepared in the event of an emergency. For example, UCB will contribute 163 tons of levetiracetam, an anticonvulsant used to control and prevent certain types of seizures.
The new agreements bring the Trump administration’s total number of drug pricing deals to 26 companies, which the president said represents 90% of the domestic pharmaceutical market. He said the other 10% of the industry is “also coming in” and “have no choice.”
Over the past year, the Trump administration reached drug pricing deals with 17 other pharmaceutical companies, including Pfizer, Eli Lilly and Novo Nordisk, as part of its “most favored nation” policy. Trump signed an executive order in May 2025 to revive that policy, calling for prices to be increased outside of the U.S. and to “end global freeloading.”
The deals add to the White House’s efforts to spotlight healthcare affordability ahead of the midterm elections.
The “most favored nation” deals that have been signed with the Trump administration have already impacted the commercial strategies, bottom lines and manufacturing pipelines of major pharmaceutical companies.
To insulate themselves from future tariff threats, drugmakers are spending billions of dollars to bring manufacturing capabilities back to the U.S. Companies are also drastically expanding direct-to-consumer channels for their products, including by offering their medicines on the president’s TrumpRx portal. Lower prices in the U.S. are weighing on bottom lines, with manufacturers like Novo Nordisk saying that it will take time for prescription volumes to offset the revenue dip.
U.S. prescription drug prices on average are nearly three times higher than they are overseas, according to a 2024 study by Rand Corp. Prices for branded drugs were more than four times higher, the report found.
The trade association PhRMA, which represents many major pharma companies, has previously said that most-favored nation pricing isn’t the best way to lower drug costs for Americans and instead blamed pharmacy benefit managers for the price disparity.
The U.S. is the single most important market for many drugmakers, regardless of their home country. Despite being based across the Atlantic, European pharma companies are heavily exposed to the U.S. market, with half of the 10 largest companies on the continent generating a majority of their sales in the U.S.
Business
NextEra secures $1.9B federal loan to restart Iowa nuclear plant for Google
S&P 500 companies report a massive 53% surge in year-over-year earnings as corporate profits boom. Taylor Riggs analyzes the market’s forward price-to-earnings ratios alongside the Magnificent Seven stock rally.
Energy giant NextEra Energy has secured a federal loan of up to $1.9 billion from the Department of Energy to restart Iowa’s Duane Arnold Energy Center, marking a major milestone as the country works to meet soaring power demand driven in part by the AI boom.
The 615-megawatt facility in Linn County operated for 45 years before closing in 2020 as Iowa’s sole nuclear power plant. The project cleared a major state regulatory hurdle in June when the Iowa Utilities Commission issued a certificate authorizing construction and operation.
NextEra aims to bring the reactor back online by the first quarter of 2029, subject to final oversight and licensing approvals from the U.S. Nuclear Regulatory Commission.
NVIDIA CEO JENSEN HUANG DECLARES ‘AGI HAS ARRIVED’ AFTER OPENAI UNVEILS GPT-6 ASTRA

The 615-megawatt facility in Linn County operated for 45 years before closing in 2020. (Reuters/Dado Ruvic/Illustration/File Photo)
The nuclear restart is anchored by a 25-year power purchase agreement with Alphabet’s Google, which will buy electricity from the plant. Surging power demand, including from AI data centers and other high-tech computing infrastructure, is pressuring the nation’s electrical grid and prompting renewed interest in extending the lives of existing nuclear plants and bringing shuttered reactors back online.

A control panel is pictured Sept. 8, 2026, at the Duane Arnold Energy Center near Palo, Iowa. (Reuters)
The project is also expected to provide significant economic benefits for Iowa. An economic study estimates the restart will generate more than $9 billion in economic value for Iowa over 25 years; create thousands of construction and refurbishment jobs; support more than 400 permanent, high-paying operational positions; and generate approximately $75 million in tax revenue.
State leaders have backed the effort, with Iowa Gov. Kim Reynolds signing legislation to provide incentives for nuclear power development.

The nuclear restart is anchored by a 25-year power purchase agreement with Alphabet’s Google, which will buy electricity from the plant. (Rolf Vennenbernd/picture alliance via Getty Images)
NextEra Energy CEO John Ketchum said bringing new generation online to serve rising demand could help keep power affordable for existing customers while ensuring Iowa families and businesses are not asked to bear the costs of grid growth.
While multiple efforts are underway nationwide to reactivate retired reactors, no shuttered U.S. nuclear power plant has yet resumed operations.
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NextEra’s project joins other high-profile nuclear revival efforts across the country, including Constellation Energy’s plan to restart a reactor at Pennsylvania’s former Three Mile Island plant for Microsoft and Holtec International’s efforts to revive Michigan’s 800-megawatt Palisades facility.
Business
LARRY KUDLOW: Never bet against Trump to tell the economic boom story
President Trump will speak to the nation tonight from the GOP midterm convention at Dallas. To quote my friend Kellyanne Conway, the GOP has the money, the message, but they don’t have the right sales pitch. That’s Mr. Trump’s assignment tonight, and there’s no one who can make a sale the way he can.
We already got a preview that he’s on message, when he told reporters at the airport that “we’re heading over to Dallas. I think we’re going to have a tremendous crowd tonight. Sold out. Looks very big. It looks very exciting. And we’re going to, explain what we’ve done.”
Mr. Trump added: “We’ve done things that have never been done in the first term or the second term, frankly, of a president. The economy is very strong. The investment in our country is the biggest in the history of any country, not just our country. We have factories being built all over the world right now. And it’s very exciting to see.”
I have said again and again, we’re in an economic boom. It should be the biggest story in this election. It may be the greatest story never told up until now, but I believe Mr. Trump will tell it. And when he does, it will have a powerful impact. Now here’s some more advice from Senator Ted Cruz yesterday: “I would say, objectively speaking, the last two years, with Donald Trump in the White House and a Republican House and Senate, we have won more conservative victories in these two years than any time since you and I have been alive.”
Mr. Cruz added that we have seen “the largest investment in border security in American history, over $100 billion, and illegal border crossings dropping 99 percent. The murder rate, down 20 percent nationwide. Crime in general. The number of deaths from drug overdoses, down twenty percent. You look at the biggest tax cut in American history, no tax on tips, no taxes on overtime, no tax of Social Security.”
The Texas senator concluded: “And then two provisions that were in that bill that I think are the most consequential. The biggest federal school choice program ever enacted, and the Trump accounts, and both of those I authored”
We’re a business show, so I’m going to focus on the economic story, which is the strongest manufacturing boom in many decades. From the Federal Reserve’s production index, computer and electronics year-over-year are rising by 10 percent. High tech and semiconductors are rising by 12 percent. Business equipment overall, up 7 percent. That’s CapEx.
Institute for Supply Management indexes for manufacturing are up eight straight months. Durable goods, the heart of manufacturing shipments, are up 11 percent year over year. Orders are up 13 percent. Construction is booming. And goods-producing jobs are booming, up almost 100,000 so far this year. Construction jobs are rising by double-digit percentage points every month recently.
Total wages are up more than 4 percent and beating inflation. We just had a huge jobs report and with revisions it was up over 220,000. Since Mr. Trump has been in office, private payrolls have increased by more than a million, while federal government payrolls have fallen by more than 300,000.
Mr. Trump’s tax cuts, and lighter regulation, and “drill, baby, drill” have restructured the economy back to free enterprise, and away from President Biden’s big-government socialism. It’s a huge change. Along the way, productivity and profits have boomed, stock markets have set records, the wealth of Americans is now more than $180 trillion. And by some measures, as many as 156 million Americans have shared in the stock market wealth creation.
Here’s what Treasury Secretary Scott Bessent, taking a time out from his economic-strangulation Iran-war responsibilities, had to say about the economy at Southern Methodist University at Dallas yesterday: “I think of the working families tax cut also knows one big beautiful bill. It had great symmetry to it because on one side you had these very powerful business incentives. So full expensing of equipment, full expensing of factories, full expensing of farm structures.”
Mr. Bessent added that “on the other side, the working Americans have been able to keep more of what they make. So no tax on tips, no tax on overtime.” Some “85 percent of our seniors are paying no tax on Social Security and then deductibility on interest on American made cars. So economic boom manufacturing reshoring which we are seeing.”
It’s a great rundown by Mr. Bessent, who’s a very busy fellow indeed. So, as I’ve said, to wrap-up, now it’s really been the greatest story never told up to now. Now’s the time for Mr. Trump to tell it. He can swing the midterm election. I believe this is possible, and I think he’s going to make a case that we do not need big-government socialism from the far-left crazies. We’ll stick with free enterprise and markets and yes, capitalism. And I’ve warned many, many times regarding Mr. Trump, never bet against him.
Business
Slideshow: Global flavor trends shaping condiment innovation
Business
I’m 27 and I’ve already written my will – here’s why
Writing a will can seem daunting and expensive. But there are ways to get one written for free or at a lower cost.
For example, every November, Will Aid, external works with solicitors who volunteer their time and waive their fee for writing a basic will.
Members of a trade union may also benefit from a free will writing service, according to Citizens Advice., external
For many young people, making a will may not seem necessary, particularly if they feel they have little to leave behind.
Sophia Maslin, founder of Morby, a website that allows people to create wills online, says the idea that you need to own a lot before making a will is one of the biggest misconceptions she comes across.
“People believe they don’t own enough. But actually, if you’ve got some sort of savings, investments, pensions, your social media accounts, if you’ve got pets, even funeral wishes, these are all things to think about,” she says.
For Erin, the idea of making a will first came up when her friend bought a home.
Then she began seeing Maslin talking about wills on TikTok. Maslin had shared the story of her cousin, who died young without a will, and how complicated things became for her family.
Business
Should promotion depend on how workers use AI?
Using employees’ AI abilities as a measure of whether they should get a bonus, promoted – or even sacked – is fast becoming more common.
Accenture CEO Julie Sweet told the Rapid Response podcast in March: “Today, AI at Accenture is how we do work. So if you want to get promoted, you’ve got to do the things that we do in order to operate at Accenture.”
And big names like Disney, Meta, JP Morgan and KPMG have introduced “AI leaderboards” to track and rank employees’ usage of the array of LLMs and platforms at their disposal, according to media reports, external. Crypto trading platform Coinbase has already fired engineers who didn’t complete AI training, as requested by the chief executive, Brian Armstrong, external.
It demonstrates how eager business leaders are to see a return from their AI investments, especially when 94% of companies have yet to see significant value from AI, according to a report, external by consultants McKinsey.
Employees feel they have to get on board, thanks to the current state of the jobs market – in the UK, vacancies have hit a five-year low.
Meanwhile, 75% of the 1,881 UK jobseekers polled in July by recruiter Gi Group say they would not be put off applying to an organisation that had introduced AI proficiency into individual performance reviews. Around 22% said it would be off-putting.
“It’s like being in the sea and you see a giant wave coming. You can get out a surfboard and try and ride it as long as possible, or you can just let it take you under. But you can’t stop the wave,” says Trevithick.
But what’s going on at the large consultancy Pamela (her name has been changed to protect her identity) works for isn’t sitting right with her.
She’s a US-based senior executive who has observed that, while there isn’t a formal mandate for employees to use AI, it’s obviously determining who is rewarded, and who is left behind.
“The ground is shifting under us. You’ve got to demonstrate [AI] fluency and fluidity as one of your key achievements. It’s kind of quiet where nobody’s saying, ‘learn AI or else’. But let me tell you, in performance reviews, they reward who uses it well,” says Pamela.
That shift, she adds, means that AI capabilities are now counting for more than actual experience, which is creating a “two tier workforce”.
“You’ve got the same job title, same tenure, but different value based on whether someone treats AI as a threat or a tool – that gap widens really quickly once leadership notices it,” says Pamela.
“AI fluency beats credentials every day. Somebody that has 15, 20 years of experience and no AI fluency will be passed over for those that have, say, three years, but are fast with the tools.”
She adds: “If you’re not visibly using AI, you see slower promotion timelines. It’s harder to be seen, and it’s harder to fight being on that shortlist.”
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