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The traditional billable-hour model, widespread across law, consulting and accounting firms, is under pressure as artificial intelligence makes time-based pricing increasingly obsolete, argues Rita Gunther McGrath, academic director at Columbia Business School. Originally adopted in the mid-20th century for transparency and efficiency, the model now clashes with artificial intelligence-driven productivity, where tasks like contract review and strategic analysis can be completed in seconds. This creates a paradox: firms using AI to deliver faster, better outcomes risk losing revenue under hourly billing structures. As clients demand value over time spent - especially objecting to paying for junior staff training - the industry is being forced to explore alternatives. These include value-based pricing tied to outcomes, subscription or retainer models, and more flexible firm structures with leaner teams of senior experts. The shift will prioritise human judgement, creativity and relationships - qualities not captured by hours worked.

 

Wall Street Journal

Boost Travel ROI Fast

Business travel can unlock growth, but today’s budgets leave no room for waste. CFOs need tighter control, cleaner data, and proof that every trip delivers value. This playbook shows how finance leaders are using Uber for Business to sharpen policy compliance, cut unnecessary spend, and gain real-time visibility across their travel footprint. It breaks down how automated expense workflows reduce manual reconciliation, how centralized tracking prevents leakage, and how improved employee experience drives higher adoption of approved tools. With clearer oversight and smarter controls, finance teams are converting travel spend into measurable commercial impact instead of sunk cost. For CFOs under pressure to justify every pound, this is a practical roadmap to raising the ROI of travel without adding operational friction.

Download the playbook

 

Female chief executives are more likely to be targeted by activism campaigns than their male counterparts, according to a report by The Conference Board shared exclusively with the Financial Times.

 

Financial Times

Netflix has agreed an $82.7bn takeover of the studios and streaming businesses of Warner Bros Discovery, in a deal set to reshape Hollywood and create a new global entertainment powerhouse. Netflix’s deal with Warner would combine the largest global streaming service with its smaller rival as entertainment companies seek ways to add new subscribers and boost revenue with price increases. It gives more heft to Netflix, which has ascended from a DVD-by-mail rental business into a powerful force in Hollywood.

 

Financial Times

The Hollywood Reporter

New York Times

Wall Street Journal

U.S. factory orders rose 0.2% in September, below economists' expectations of a 0.5% increase, the Commerce Department reported on Thursday, as manufacturers continued to face constraints from President Donald Trump’s tariffs. This followed a downwardly revised 1.3% gain in August. On an annual basis, orders were up 3.5%. Non-defense capital goods orders excluding aircraft, a key indicator of business investment, climbed 0.9%, with shipments matching that pace.

 

Nasdaq

Reuters

Newly-filed unemployment claims last week dropped to their lowest level in three years, according to the Labor Department, allaying fears of a sharp deterioration in labor market conditions and potentially arguing against another interest rate cut from the Federal Reserve next week. Initial claims for state unemployment benefits fell 27,000 to a seasonally adjusted 191,000 in the seven days to November 29th, the lowest level since September 2022. Economists surveyed by the Wall Street Journal had expected 220,000 new claims. The four-week moving average fell to 214,750, while continuing claims, reported with a one-week lag, dropped 4,000 to a seasonally-adjusted 1.939m. Filings tumbled 19,551 in California and decreased 8,349 in Texas; additionally, there were significant declines in Florida, New York, and Washington state.

 

Bloomberg

Reuters

Wall Street Journal

Starbucks is facing continued strike action as Workers United’s open-ended walkout enters a third week, with no progress in contract talks and 55 locations still closed. The union is demanding better pay, hours, and resolution of hundreds of alleged labor violations. A  New York City rally outside the Empire State Building on Thursday led to 12 arrests. Demonstrators were joined by members of other unions, including the AFL-CIO and SEIU. “Their fight is a fight really for all of us, to workers across the country, to corporations like Starbucks, across the country that workers are fed up with the status quo, and they’re not going to take it anymore,” commented SEIU president April Verrett. Starbucks says 99% of stores remain open, and that it is investing $500m in workforce improvements.

 

CNBC

The Wall Street Journal reports that PepsiCo is close to reaching a settlement agreement with activist investor Elliott Investment Management, which recently unveiled a c.$4bn stake in the beverage and snacks group. Details of the agreement are unknown at present, although an announcement could be made over the coming weeks. Since acquiring a stake in the firm, Elliott has been pushing it to refranchise its bottling operations and make other changes, such as divesting underperforming assets in its food business.

 

Reuters

Wall Street Journal

Salesforce has raised its full-year guidance after third-quarter revenue rose 9% to $10.26bn and adjusted earnings per share beat forecasts at $3.25, with its AI product Agentforce reaching $540m in annual recurring revenue and featuring in six of its ten biggest deals.

 

Wall Street Journal

China has said it is issuing general licences for exports of rare earths. Beijing last month agreed to begin issuing general licences for exports of rare earths and related magnets as part of a trade war truce agreement with the US. "China has been actively making use of general licenses and other facilitation measures to promote compliant trade in dual-use items," state news outlet Xinhua reported. "As long as export license applications for rare earth-related items are for civilian use, the government has given timely approval," Commerce Ministry spokesman He Yadong said at a weekly briefing.

 

China Daily

Financial Times

Reuters

Mark Zuckerberg is expected to implement substantial budget reductions for Meta's metaverse initiatives, which were once envisioned as the company's core future direction. Reports indicate that resource allocations could be slashed by up to 30% for the metaverse group, affecting products like Meta Horizon Worlds and the Quest virtual reality unit, and potentially leading to layoffs as early as January. The final decision on these cuts has yet to be confirmed, but the move reflects a shift in the company's strategic focus.

 

Bloomberg

Fintech firm Marquis has alerted U.S. banks and credit unions following a ransomware attack in August that compromised files containing customer data. The breach, which exploited a vulnerability in Marquis' SonicWall firewall, may have exposed sensitive information such as names, addresses, and Social Security numbers, although the company reported no evidence of data misuse. Marquis is issuing notifications to current and former business customers whose information was affected, underlining the seriousness of the incident.

 

Reuters

The PCAOB has announced that board member Christina Ho will step down by January 31st, or upon the appointment of her successor by the SEC. Ms. Ho, who joined in 2021, led the board’s Technology Innovation Alliance and contributed to audit rulemaking and enforcement during her tenure. The announcement follows recent reports of a proposed 20% cut in PCAOB board salaries and a 10% reduction in the 2026 budget.

 

The Accountant Online

Multiple Italian fashion houses, including Gucci, Prada, and Versace, have been asked to provide governance and supply chain documents in a police probe into labor abuses at subcontractors. Authorities are investigating potential links to worker exploitation uncovered in Chinese-owned workshops, though none of the 13 brands involved is currently under investigation. The move is part of a broader effort by Italian prosecutors to clean up the luxury supply chain and support government plans for legal certification of "Made in Italy" goods. 

 

Reuters

South China Morning Post

Marie Jaroni, Thyssenkrupp's steel division chief, has told the Frankfurter Allgemeine Zeitung newspaper that a restructuring deal that will cut or outsource about 11,000 jobs will cost the company several hundred million euros. "The restructuring is costing us a mid-three-figure million euro sum. The exact amount depends on how many employees accept which offer," Jaroni told FAZ. She said the deal will pay off because the company will have permanently lower personnel costs - "a low three-digit million amount less annually than today."

 

Reuters

The number of billionaires worldwide has risen to 2,900, collectively controlling $15.8tn in wealth, according to a new report from UBS. This marks an increase from 2,700 billionaires with $14tn in 2024, driven by tech sector valuations, rising share prices, and investment gains. UBS recorded 287 new billionaires, the second-highest annual increase since tracking began in 2015, split between entrepreneurs and heirs, including Colossal Biosciences founder Ben Lamm and 15 members of two German pharmaceutical dynasties. The rise reflects a broader generational transfer of wealth, with inheritance playing a growing role. The U.S. remains the dominant region, though billionaire clients surveyed by UBS reported declining short-term investment appeal in North America (63%, down from 81%), with growing interest in Western Europe and Asia. 

 

Wall Street Journal