Ukraine Peace Doubts Undermine Once-in-Generation Stock Rally
Warsaw, the region's biggest capital hub, is seeing its best start-of-year performance in a quarter century, with the WIG20 index rising 24% in dollar terms, trailing only Colombia's MSCI Colcap among global equity gauges tracked by Bloomberg. Prague's PX and Budapest's BUX are both up 14% in 2025.
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Yahoo
2 hours ago
- Yahoo
CEO Says AI Is Taking On 'Soul-Crushing Jobs' With Agents That Work 24/7, Never Eat, And Never Need Benefits
Artificial intelligence is rapidly reshaping how major companies run their operations, with some executives saying it's already transforming the workforce. ServiceNow Inc. (NYSE:NOW) CEO Bill McDermott says AI agents are taking over repetitive, draining work—and doing it without lunch breaks or healthcare benefits. AI Steps Into Support Roles "We're slowing down the hiring in jobs that are, quite frankly, soul-crushing jobs," McDermott said in a recent interview with Bloomberg, pointing to IT support as an example. He said 97% of standard software is now generated by AI, and 80% of customer inquiries are fully managed by AI agents. Security and risk management tasks, patchwork, and change management are also handled by these systems. Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — Bill Gates Warned About Water Scarcity. "They work hard 24 by seven. You don't have to pay them and they don't need any lunch and they don't have any health care benefits," McDermott said. "AI is affordable and complements our workforce." While ServiceNow is still hiring, it's adding fewer people to these support roles. McDermott predicts other well-run companies will follow the same path, reorganizing around AI and moving away from traditional 20th-century corporate structures. Industry-Wide Shift Salesforce (NYSE:CRM) CEO Marc Benioff told Bloomberg in June that AI now accounts for 30% to 50% of his company's workload, calling the trend a "digital labor revolution." The company has restructured around AI and cut more than 1,000 jobs this year. Benioff says Salesforce's AI operates at about 93% accuracy and is helping employees focus on higher-value tasks. Trending: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Meanwhile, Goldman Sachs (NYSE:GS) has also warned that AI's effects on the job market are already being felt, especially by younger workers. The bank says unemployment for tech workers ages 20 to 30 has risen nearly 3 percentage points since early 2024. That's more than four times the increase in the overall jobless rate. According to Business Insider, Goldman Sachs Chief Economist Jan Hatzius estimates generative AI will eventually replace 6% to 7% of U.S. jobs within a decade, though many workers could find roles in other industries. McDermott praised the president's recent AI action plan, saying, "We need less regulation and more innovation." He said the government should run more efficiently and transparently, adding that ServiceNow has worked in the public sector for years to achieve those Over AI's Human Cost Still, the idea of replacing large numbers of human jobs with AI is deeply troubling to labor advocates, economists and even tech executives. They warn that corporate enthusiasm for machines that never tire, never demand raises, and never get sick could strip millions of people of their livelihoods. As former Google X executive Mo Gawdat put it in a podcast recently, "CEOs are celebrating that they can now get rid of people and have productivity gains and cost reductions because AI can do that job. The one thing they don't think of is AI will replace them, too." Read Next: In a $34 Trillion Debt Era, The Right AI Could Be Your Financial Advantage — UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article CEO Says AI Is Taking On 'Soul-Crushing Jobs' With Agents That Work 24/7, Never Eat, And Never Need Benefits originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
New York Post
3 hours ago
- New York Post
More US tourists visit Canada than Canucks travel to America for first time ever: report
Tourists from the Great White North are giving the US the cold shoulder. In a surprise twist to the ongoing trade war between North American neighbors, July marked the first time ever more Americans road-tripped it to Canada, than vice versa. That month saw 1.8 million US car trips into Canada, compared to 1.7 million Canadian excursions to the Land of the Free, new data from Statistics Canada released Monday found. Cross-border trips between Canada and the US slowed in July, normally the busiest month of the year. Bloomberg via Getty Images Travel in both directions is slumping, however, as trade tensions between the two allies boil over. US visits to its northern neighbor dropped 7.4% from last July — normally the busiest travel month of the year — while Canadian road trips to America nosedived by a staggering 37%. It marked the sixth consecutive month of year-over-year declines in tourism, following President Trump's February announcement that he was implementing tariffs on Canada, while also joking that he planned to make the country the 51st state, which led to Canucks cancelling their US vacations in droves. 1.8 million Americans visited Canada by car in July. AMVShutter – The two countries blew past an Aug. 1 trade-deal deadline and are now locked in a tit-for-tat tariff battle. The US is targeting Canadian goods not covered by the Canada-United States-Mexico Agreement with tariffs of up to 50%, and Canada imposing 25% counter-tariffs on billions of US exports.
Bloomberg
5 hours ago
- Bloomberg
Does Apple Risk Falling Behind on AI?
Wall Street Week Apple doesn't want to be left behind on AI as its competitors scale up their investments and poach talent, but its efforts to catch up might already be late. Executing its AI ambitions comes at a time when it reassesses its manufacturing operations in China. (Source: Bloomberg)
