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Europe’s largest deposit of rare-earth minerals sits directly in the path of an ancient reindeer migration route 124 miles above the Arctic Circle

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High atop the Luossavaara Mountain in northern Sweden, Sami reindeer herder Lars-Marcus Kuhmunen mapped out a bleak future for himself and other Indigenous people whose reindeer have roamed this land for thousands of years.

An expanding iron-ore mine and a deposit of rare-earth minerals are fragmenting the land and altering ancient reindeer migration routes. But with the Arctic warming four times faster than the rest of the planet, herders say they need more geographic flexibility, not less, to ensure the animals’ survival.

If a mine is established at the deposit of rare-earth minerals called Per Geijer, which Sweden heralds as Europe’s largest, Kuhmunen said it could completely cut off the migration routes used by the Sami village of Gabna.

That would be the end of the Indigenous way of life for Kuhmunen, his children and their fellow Sami reindeer herders, he said, in this far-north corner of Sweden some 200 kilometers (124 miles) above the Arctic Circle.

“The reindeer is the fundamental base of the Sami culture in Sweden,” Kuhmunen said. “Everything is founded around the reindeers: The food, the language, the knowledge of mountains. Everything is founded around the reindeer herding. If that ceases to exist, the Sami culture will also cease to exist.”

Sami reindeer herders follow generations of tradition

Sami herders are descended from a once-nomadic people scattered across a region spanning the far north of Sweden, Norway, Finland and the northwestern corner of Russia. Until the 1960s, members of this Indigenous minority were discouraged from reindeer herding, and the church and state suppressed their language and culture.

In Sweden alone there are at least 20,000 people with Sami heritage, though an official count does not exist because an ethnicity-based census is against the law. Today, a Sami village called a sameby is a business entity dictated by the state, which determines how many semi-domesticated reindeer each village can have and where they can roam.

“It’s getting more and more a problem to have a sort of sustainable reindeer husbandry and to be able to have the reindeers to survive the Arctic winter and into the next year,” said Stefan Mikaelsson, a member of the Sami Parliament.

In the Gabna village, Kuhmunen oversees about 2,500 to 3,000 reindeer and 15 to 20 herders. Their families, some 150 people in total, depend on the bottom line of the business.

Even before the discovery of the Per Geijer deposit, they had to contend with the expanding footprint of Kiirunavaara. The world’s largest underground, iron-ore mine has forced the village’s herders to lead their reindeer through a longer and harder migration route.

Mining could reduce dependence on China but hurt Sami herders

Swedish officials and LKAB, the state-owned mining company, say the proposed Per Geijer mine could reduce Europe’s reliance on China for rare-earth minerals. LKAB hopes to begin mining there in the 2030s.

Besides being essential to many kinds of consumer technology, including cellphones, hard drives and electric and hybrid vehicles, rare-earth minerals also are considered crucial to shifting the economy away from fossil fuels toward electricity and renewable energy.

But if work on Per Geijer goes forward, Kuhmunen said there will be no other routes for the Gabna herders to take the reindeer east from the mountains in the summer to the grazing pastures full of nutrient-rich lichen in the winter.

The village will contest the mine in court but Kuhmunen said he is not optimistic.

“It’s really difficult to fight a mine. They have all the resources, they have all the means. They have the money. We don’t have that,” Kuhmunen said. “We only have our will to exist. To pass these grazing lands to our children.”

Darren Wilson, LKAB’s senior vice president of special products, said the mining company is seeking solutions to assist the Sami herders, though he would not speculate on what they might be.

“There are potential things that we can do and we can explore and we have to keep engaging,” he said. “But I’m not underestimating the challenge of doing that.”

Climate change’s impact on reindeer husbandry

Climate change is wreaking havoc on traditional Sami reindeer husbandry.

Global warming has brought rain instead of snow during the winter in Swedish Lapland. The freezing rain then traps lichen under a thick layer of ice where hungry reindeer can’t reach the food, according to Anna Skarin, a reindeer husbandry expert and Swedish University of Agricultural Sciences professor.

In the summer, mountain temperatures have risen to 30 degrees Celsius (86 Fahrenheit) and left reindeer over-heated and unable to graze enough to gain the weight needed to sustain them in winter.

Some in Sweden suggest putting the reindeer onto trucks to ferry them between grazing lands if the Per Geijer mine is built. But Skarin said that isn’t feasible because the animals eat on the move and the relocation would deny them food to be grazed while walking from one area to another.

“So you’re kind of both taking away the migration route that they have used traditionally over hundreds and thousands of years,” she said, “and you would also take away that forage resource that they should have used during that time.”

For Kuhmunen, it would also mean the end of Sami traditions passed down by generations of reindeer herders on this land.

“How can you tell your people that what we’re doing now, it will cease to exist in the near future?” he said.

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Pietro De Cristofaro in Kiruna, Sweden, contributed to this report.

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The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. The AP is solely responsible for all content. Find the AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

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The rise of on-demand leadership in the AI economy

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A quiet but consequential shift is underway in the executive labor market. Companies are rethinking how they access senior judgment in the AI era. 

Rather than defaulting to full-time executive roles that command lofty salaries and long-term overhead, companies are increasingly turning to experienced consultants, strategists, and advisors to provide leadership on a limited and targeted basis.

This is not a dilution of leadership, but a recalibration of where experience delivers the most value.

According to LinkedIn’s latest Jobs on the Rise report, the fastest-growing roles in the U.S. economy sit at the intersection of AI and strategy. AI engineers claimed the top spot, while AI consultants and strategists ranked No. 2 overall. Strategic advisors and consultants also placed in the top 10. Together, the data show that as execution becomes cheaper, human judgment becomes more valuable.

The underlying driver is the implementation gap. After years of AI experimentation, organizations are struggling to convert tools into returns. While they do not lack models or software, many lack orchestration. Companies are increasingly turning to AI consultants and strategists to align technology with business realities, governance, and incentives, work that requires credibility, cross-functional fluency, and the kind of judgment typically associated with senior leadership roles.

The labor market now reflects a clear division of labor. Demand is rising simultaneously for full-time technical AI talent and for senior professionals who can translate those capabilities into business outcomes. As companies scale internal AI teams, they are increasingly relying on external advisors and consultants to provide the judgment required to direct that work at critical moments.

The supply side of this shift is shaped by organizational reality. Executives continue to make daily decisions, but AI has concentrated risk into fewer, more complex, and higher-impact choices around operating models, capital allocation, and governance. Rather than expanding permanent headcount, companies are bringing in experienced external leaders to guide those decisions when the stakes are highest.

The economics reinforce the model. Although senior advisors and consultants often command higher hourly rates, their total annual cost is typically a fraction of a comparable full-time executive role because they are engaged for a limited scope and time. Just as important, this approach allows organizations to draw on multiple forms of expertise rather than binding themselves to a single permanent hire.

The talent profile filling these roles is equally telling. Many of these advisors are former founders, CEOs, and COOs. Experience functions as a filter. LinkedIn’s data shows that many of the fastest-growing strategic roles carry a median of eight or more years of experience. These are not entry-level positions, but mid- or second-act careers for professionals with deep industry context.

The rise of founders and independent consultants on the Jobs on the Rise list also signals that this shift is driven by talent behavior, not just employer demand. Senior professionals are increasingly opting for career paths that offer autonomy, variety, and the opportunity to leverage their skills rather than committing to a single organization in an uncertain environment.

As AI automates and cheapens execution, the market value of human judgment, strategy, and accountability rises. As a result, pricing power shifts from doing the work to deciding what work should be done and how it should scale.

In this environment, experience is the moat. What is often described as “fractional leadership” is better understood as the unbundling of executive judgment from full-time roles. Over time, this model is likely to become not a stopgap but a structural response to the redistribution of value, risk, and expertise in the AI economy.

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Trump finds a ‘solution’ to Greenland crisis, backs off on 10% tariff threats

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President Donald Trump seems to have found a “solution” to the Greenland crisis following talks with NATO leadership on Wednesday. He said he will back away from the threat to impose 10% tariffs on eight European allies — an announcement that had sparked a mass sell-off on Tuesday — that were set to take effect on Feb. 1.

The reversal came only hours after Trump walked back an earlier threat to use force to secure Greenland during his World Economic Forum speech in Davos, Switzerland.

“We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region,” Trump wrote on Truth Social, adding that the plan would be “a great one for the United States of America, and all NATO Nations.” He said the tariffs would be shelved “based upon this understanding.”

The announcement followed a meeting with NATO Secretary General Mark Rutte, who has been seeking to defuse growing tensions between Washington and its European allies as Trump escalated rhetoric over Greenland’s strategic importance. Trump also said on Truth Social that additional discussions were underway concerning what he called the “Golden Dome” initiative related to Greenland, without providing details.

Markets reacted sharply to the apparent de-escalation. The S&P 500 rose 1.5% in afternoon trading, while long-term U.S. Treasury yields fell, signaling investor relief after days of volatility. Despite this pullback potentially confirming yet another instance of the “TACO trade,” or “Trump Always Chickens Out,” major questions remain over the substance of the framework. 

Trump has repeatedly said that anything less than controlling all of Greenland is “unacceptable.” It’s unclear, and seems unlikely, that the outline discussed with NATO leadership satisfies that particular condition, given that Denmark reiterated that it would not give up Greenland’s sovereignty after Trump’s speech on Wednesday. 

In his Truth Social post, Trump said Vice President JD Vance, Secretary of State Marco Rubio, and Special Envoy Steve Witkoff would lead negotiations going forward and report directly to him.The announcement also comes after the EU suspended trade negotiations with the U.S. and suspended the trade agreement they have had in place since August. CATO scholar Kyle Handley, in a statement provided to Fortune, wrote that the suspension should have never been seen as a “dramatic breakdown,” because “there was never a real deal to begin with.”

“What’s unraveling now was a fragile, politically convenient set of press releases that papered over fundamental disagreements and was always vulnerable to executive-level tariff threats.”



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Trump says Europe does one thing right: drug prices

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President Donald Trump told an audience of thousands of executives and global leaders at the World Economic Forum that European countries have taken a turn for the worse. Trump said his friends who visit the continent tell him they don’t recognize the region—and “not in a positive way.”

“I love Europe, and I want to see Europe go good,” Trump said on Wednesday at the Davos, Switzerland, meeting. “But it’s not heading in the right direction.”

But the president conceded that Europe is doing one thing better: keeping its drug prices low. 

“A pill that costs $10 in London costs $130. Think—it costs $10 in London, costs $130 in New York or in Los Angeles,” he said to murmurs from the crowd. 

Europe may not be recognizable to Trump’s friends, but Trump said he has other friends returning from London, remarking on the affordability of medication there. Indeed, a 2024 Rand study found that across all drugs, U.S. customers paid on average 2.78 times higher prices than in 33 other countries, including France, Germany, and the United Kingdom, in 2022.

The president has adopted a “most favored nation” policy meant to both lower drug costs for Americans while pushing other countries to pay more. Trump made a concerted effort in his second term to address astronomical drug costs, including minting a deal with 17 pharmaceutical companies to slash U.S. prices to match medication costs overseas. The move followed a sweeping executive order issued in May to introduce the most-favored-nation policy. On Wednesday, Trump alluded to an executive order he signed last week, pledging to lower drug prices by up to 90%.

Fallout with France

Trump said pharma companies did not initially believe countries would be willing to change prices. Trump noted in his remarks that he first approached French President Emmanuel Macron about increasing drug prices, but Macron refused.

“I said, ‘Emmanuel, you’re going to have to lift the price of that pill,” Trump said.

Trump said that threatening a 25% tariff on French goods, including wines and champagne, sealed the deal. Macron’s office disputed Trump’s assertion that he pressured the French president into lowering drug prices. 

“It’s being claimed that President @EmmanuelMacron increased the price of medicines. He does not set their prices. They are regulated by the social security system and have, in fact, remained stable,” Macron’s office said in an X post. “Anyone who has set foot in a French pharmacy knows this.”

Included in the post was a gif of Trump with animated “Fake news!” text overlaid on the image.

Health policy experts say drug prices in the U.S. are so high because of a system structured differently from other countries that allow companies to negotiate with individual insurance companies or pharmacy benefit managers, giving them more leverage to raise prices than in other countries’ systems, where there is one regulatory agency negotiating drug prices for a population.

Efficacy of Trump’s efforts to lower drug costs

Industry leaders think Trump’s efforts to lower drug costs could pay off. Vas Narasimhan, CEO of pharmaceutical giant Novartis, told Fortune’s Jeremy Kahn at a USA House session in Davos on Wednesday that Trump identified a valid issue in the high cost of U.S. drugs.

About two-thirds of new drugs on the market over the last decade have come from the U.S., a result of its highly developed research and development (R&D) infrastructure. Some argue that other countries benefit from U.S. innovation without paying their fair share to support the industry’s growth.

“When you look at what underpins R&D in our industry, it’s been primarily in the United States,” Narasimhan said. “The United States is the source of more than half the profits of the industry, and without the United States, you wouldn’t have all of these innovations, all these incredible medicines.”

Narasimham emphasized the need for a “more balanced approach” to funding R&D, implying that other countries should pay more for U.S.-produced pharmaceuticals. He pointed to Trump’s deal with the 17 drug companies as a “reasonable” solution.

Early signs, however, suggest drug prices have not come down. A January report from drug price research firm 46brooklyn found drug companies, including 16 firms with which Trump made deals since September, raised drug prices for at least some of their drugs in the first two weeks of 2026. The median increase of the 872 brand-name drugs with hiked prices was about 4%, the same rate as the year before.

Reuters similarly reported earlier this month, citing data from 3 Axis Advisors, that those 17 drug companies had raised the prices of 350 medications. Public health experts attributed the rise to the behind-the-scenes nature of the deals between drug companies and insurers.

“These deals are being announced as transformative when, in fact, they really just nibble around the margins in terms of what is really driving high prices for prescription drugs in the U.S.,” Dr. Benjamin Rome, a health policy researcher at Brigham and Women’s Hospital in Boston, told the outlet.

The Department of Health and Human Services did not immediately respond to Fortune’s request for comment.



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