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Trump Is Eyeing Greenland. His Commerce Nominee Has Financial Ties There.

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Trump Is Eyeing Greenland. His Commerce Nominee Has Financial Ties There.

As President Trump argues the acquisition of Greenland is key to the economic security of the United States, he is flanked by wealthy investors who have eyed the island as a potentially lucrative venue for mining metals and minerals.

Among them is his commerce secretary nominee, Howard Lutnick, who has a financial stake in the island’s mining promise through an investment his financial firm, Cantor Fitzgerald, holds in a company called Critical Metals Corp., securities filings show. Critical Metals plans to start the mining process as soon as 2026, according to company executives.

Mr. Lutnick, whose Senate confirmation hearing is scheduled for Wednesday, plans to resign as chief executive Cantor Fitzgerald, a privately held firm, if confirmed. His interests in the firm would be sold off within 90 days of his confirmation, according to his government ethics agreement, and during that period he would not participate in any matter that has a “direct and predictable effect” on the firm unless he received a waiver that allowed him to do so.

As head of the Commerce Department, which promotes the interests of U.S. businesses abroad, Mr. Lutnick would oversee all tariff and trade policy, Mr. Trump has said. That could include Greenland, if the president’s efforts to expand the country’s role on the island are successful.

It remains to be seen whether Mr. Lutnick would recuse himself entirely from policy issues related to Greenland. Neither he nor the White House responded to requests for comment.

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American influence on Greenland, an autonomous Danish territory, could benefit miners there, potentially enriching investors in Critical Metals and, in turn, Mr. Lutnick’s former business partners at Cantor Fitzgerald, which he ran for more than 30 years.

Critical Metals has been pushing for U.S. government financing for its project since last fall, but was told to shelve its request until the new administration arrived in Washington, according to Tony Sage, its chief executive. Mr. Sage said he regarded Mr. Lutnick and his firm as a possible conduit for discussion of future investment by the U.S. government.

“They could” be beneficial, Mr. Sage said, adding, “Having an investor, already, does help.”

Mr. Lutnick is one of several supporters of Mr. Trump who have ties to investments in Greenland and could be in position to shape the president’s thinking on the subject.

That circle includes the Silicon Valley investor Marc Andreessen, the tech entrepreneur Sam Altman and the Amazon founder Jeff Bezos. Either as individuals or through their companies, all three have donated either to Mr. Trump’s re-election efforts or his inaugural committee. Through their venture capital firms, all three are also investors in KoBold Metals, a privately held company based in Berkeley, Calif., that has explored for minerals and metals in Greenland.

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A spokeswoman for Mr. Andreessen’s venture capital firm declined to comment. Mr. Altman and a spokesman for Mr. Bezos did not respond to requests for comment.

A spokesman for KoBold Metals declined to say whether the firm, which surveyed Disko Island off the west coast of Greenland for mining opportunities in 2022, was likely to do business there in the future.

Greenland’s glaciers, freezing weather and paucity of roads and other infrastructure have long made it a difficult environment for investment. Some mining executives and investors believe that an enhanced arrangement with the United States could benefit U.S. national security and create economic opportunities for both sides.

“I think it could be a win-win for the U.S. and for Greenland, regardless of how it ends up, whether it’s just a closer working relationship or whether we provide defense or something to Greenland,” said Peter Leidel, whose private-equity firm, Yorktown Partners, holds a controlling stake in a mining project there.

The idea of purchasing Greenland has been a hobby horse for Mr. Trump for many years. During his first term, he framed it as an opportunity to expand the United States’ global footprint, and in 2019 he even privately floated the possibility of trading Puerto Rico, a U.S. territory, for Greenland, according to Peter Baker and Susan Glasser’s book “The Divider.” But his hopes fizzled amid objections from Denmark, the U.S. ally that oversees Greenland, and some of Mr. Trump’s advisers dismissed the idea as divisive and outlandish, according to the book.

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Under former President Joseph R. Biden Jr., the United States continued pushing for enhanced involvement in Greenland, albeit more quietly. State Department officials traveled to the island last year to discuss its natural resources, and the U.S. Export-Import Bank expressed interest in financing a graphite mining project operated by a British company. Mining executives said they also hoped that Mr. Biden’s push for clean energy might benefit their rare-earth mining efforts, given that rare earths are essential components in electric vehicles, wind turbines and solar panels.

Undercutting China’s dominance in rare earths mining was also part of Biden administration’s calculus, mining executives recalled. “They made very clear that they would like this material to go to the U.S.,” said Greg Barnes, who spoke to U.S. officials before selling his stake in the Tanbreez rare-earths mine in southern Greenland to Critical Metals, the New York-based company in which Cantor Fitzgerald is invested, last summer. That concern over Chinese involvement is almost certain to loom even larger under Mr. Trump, who has long cast China as a malign influence in U.S. and global affairs.

Greenland got little or no airtime during Mr. Trump’s 2024 campaign. But on Dec. 22, as he announced Ken Howery as his choice for U.S. ambassador to Denmark on his social media site, Mr. Trump called “ownership and control” of the island “an absolute necessity.” In other posts and comments that followed, he described Greenland as crucial to U.S. national security.

Denmark has so far resisted the idea of a sale. But its efforts to find advocates in Washington have so far foundered. Meanwhile, Mr. Trump’s oldest son, Donald Trump Jr., undertook a brief good will tour around Greenland this month. And the elder Mr. Trump has refused to rule out the idea of taking Greenland by force.

In interviews, mining executives and investors in Greenland said they weren’t banking on any particular outcome to Mr. Trump’s push for the island. But most of them said the level of interest the trans-Atlantic debate had stirred, and the resources it could draw to Greenland’s mining opportunities, was a net positive.

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“The Trump presidency, I think, enhances our little investment,” said Mr. Leidel, the Yorktown Partners investor, who donated $315,000 to Mr. Trump’s re-election efforts, according to federal records. He said that his donation was motivated by a desire for the United States “to do well,” and not by any expectations around mining in Greenland.

Kitty Bennett contributed research.

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U.S. Space Force awards $1.6 billion in contracts to South Bay satellite builders

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U.S. Space Force awards .6 billion in contracts to South Bay satellite builders

The U.S. Space Force announced Friday it has awarded satellite contracts with a combined value of about $1.6 billion to Rocket Lab in Long Beach and to the Redondo Beach Space Park campus of Northrop Grumman.

The contracts by the Space Development Agency will fund the construction by each company of 18 satellites for a network in development that will provide warning of advanced threats such as hypersonic missiles.

Northrop Grumman has been awarded contracts for prior phases of the Proliferated Warfighter Space Architecture, a planned network of missile defense and communications satellites in low Earth orbit.

The contract announced Friday is valued at $764 million, and the company is now set to deliver a total of 150 satellites for the network.

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The $805-million contract awarded to Rocket Lab is its largest to date. It had previously been awarded a $515 million contract to deliver 18 communications satellites for the network.

Founded in 2006 in New Zealand, the company builds satellites and provides small-satellite launch services for commercial and government customers with its Electron rocket. It moved to Long Beach in 2020 from Huntington Beach and is developing a larger rocket.

“This is more than just a contract. It’s a resounding affirmation of our evolution from simply a trusted launch provider to a leading vertically integrated space prime contractor,” said Rocket Labs founder and chief executive Peter Beck in online remarks.

The company said it could eventually earn up to $1 billion due to the contract by supplying components to other builders of the satellite network.

Also awarded contracts announced Friday were a Lockheed Martin group in Sunnyvalle, Calif., and L3Harris Technologies of Fort Wayne, Ind. Those contracts for 36 satellites were valued at nearly $2 billion.

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Gurpartap “GP” Sandhoo, acting director of the Space Development Agency, said the contracts awarded “will achieve near-continuous global coverage for missile warning and tracking” in addition to other capabilities.

Northrop Grumman said the missiles are being built to respond to the rise of hypersonic missiles, which maneuver in flight and require infrared tracking and speedy data transmission to protect U.S. troops.

Beck said that the contracts reflects Rocket Labs growth into an “industry disruptor” and growing space prime contractor.

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California-based company recalls thousands of cases of salad dressing over ‘foreign objects’

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California-based company recalls thousands of cases of salad dressing over ‘foreign objects’

A California food manufacturer is recalling thousands of cases of salad dressing distributed to major retailers over potential contamination from “foreign objects.”

The company, Irvine-based Ventura Foods, recalled 3,556 cases of the dressing that could be contaminated by “black plastic planting material” in the granulated onion used, according to an alert issued by the U.S. Food and Drug Administration.

Ventura Foods voluntarily initiated the recall of the product, which was sold at Costco, Publix and several other retailers across 27 states, according to the FDA.

None of the 42 locations where the product was sold were in California.

Ventura Foods said it issued the recall after one of its ingredient suppliers recalled a batch of onion granules that the company had used n some of its dressings.

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“Upon receiving notice of the supplier’s recall, we acted with urgency to remove all potentially impacted product from the marketplace. This includes urging our customers, their distributors and retailers to review their inventory, segregate and stop the further sale and distribution of any products subject to the recall,” said company spokesperson Eniko Bolivar-Murphy in an emailed statement. “The safety of our products is and will always be our top priority.”

The FDA issued its initial recall alert in early November. Costco also alerted customers at that time, noting that customers could return the products to stores for a full refund. The affected products had sell-by dates between Oct. 17 and Nov. 9.

The company recalled the following types of salad dressing:

  • Creamy Poblano Avocado Ranch Dressing and Dip
  • Ventura Caesar Dressing
  • Pepper Mill Regal Caesar Dressing
  • Pepper Mill Creamy Caesar Dressing
  • Caesar Dressing served at Costco Service Deli
  • Caesar Dressing served at Costco Food Court
  • Hidden Valley, Buttermilk Ranch
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They graduated from Stanford. Due to AI, they can’t find a job

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They graduated from Stanford. Due to AI, they can’t find a job

A Stanford software engineering degree used to be a golden ticket. Artificial intelligence has devalued it to bronze, recent graduates say.

The elite students are shocked by the lack of job offers as they finish studies at what is often ranked as the top university in America.

When they were freshmen, ChatGPT hadn’t yet been released upon the world. Today, AI can code better than most humans.

Top tech companies just don’t need as many fresh graduates.

“Stanford computer science graduates are struggling to find entry-level jobs” with the most prominent tech brands, said Jan Liphardt, associate professor of bioengineering at Stanford University. “I think that’s crazy.”

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While the rapidly advancing coding capabilities of generative AI have made experienced engineers more productive, they have also hobbled the job prospects of early-career software engineers.

Stanford students describe a suddenly skewed job market, where just a small slice of graduates — those considered “cracked engineers” who already have thick resumes building products and doing research — are getting the few good jobs, leaving everyone else to fight for scraps.

“There’s definitely a very dreary mood on campus,” said a recent computer science graduate who asked not to be named so they could speak freely. “People [who are] job hunting are very stressed out, and it’s very hard for them to actually secure jobs.”

The shake-up is being felt across California colleges, including UC Berkeley, USC and others. The job search has been even tougher for those with less prestigious degrees.

Eylul Akgul graduated last year with a degree in computer science from Loyola Marymount University. She wasn’t getting offers, so she went home to Turkey and got some experience at a startup. In May, she returned to the U.S., and still, she was “ghosted” by hundreds of employers.

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“The industry for programmers is getting very oversaturated,” Akgul said.

The engineers’ most significant competitor is getting stronger by the day. When ChatGPT launched in 2022, it could only code for 30 seconds at a time. Today’s AI agents can code for hours, and do basic programming faster with fewer mistakes.

Data suggests that even though AI startups like OpenAI and Anthropic are hiring many people, it is not offsetting the decline in hiring elsewhere. Employment for specific groups, such as early-career software developers between the ages of 22 and 25 has declined by nearly 20% from its peak in late 2022, according to a Stanford study.

It wasn’t just software engineers, but also customer service and accounting jobs that were highly exposed to competition from AI. The Stanford study estimated that entry-level hiring for AI-exposed jobs declined 13% relative to less-exposed jobs such as nursing.

In the Los Angeles region, another study estimated that close to 200,000 jobs are exposed. Around 40% of tasks done by call center workers, editors and personal finance experts could be automated and done by AI, according to an AI Exposure Index curated by resume builder MyPerfectResume.

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Many tech startups and titans have not been shy about broadcasting that they are cutting back on hiring plans as AI allows them to do more programming with fewer people.

Anthropic Chief Executive Dario Amodei said that 70% to 90% of the code for some products at his company is written by his company’s AI, called Claude. In May, he predicted that AI’s capabilities will increase until close to 50% of all entry-level white-collar jobs might be wiped out in five years.

A common sentiment from hiring managers is that where they previously needed ten engineers, they now only need “two skilled engineers and one of these LLM-based agents,” which can be just as productive, said Nenad Medvidović, a computer science professor at the University of Southern California.

“We don’t need the junior developers anymore,” said Amr Awadallah, CEO of Vectara, a Palo Alto-based AI startup. “The AI now can code better than the average junior developer that comes out of the best schools out there.”

To be sure, AI is still a long way from causing the extinction of software engineers. As AI handles structured, repetitive tasks, human engineers’ jobs are shifting toward oversight.

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Today’s AIs are powerful but “jagged,” meaning they can excel at certain math problems yet still fail basic logic tests and aren’t consistent. One study found that AI tools made experienced developers 19% slower at work, as they spent more time reviewing code and fixing errors.

Students should focus on learning how to manage and check the work of AI as well as getting experience working with it, said John David N. Dionisio, a computer science professor at LMU.

Stanford students say they are arriving at the job market and finding a split in the road; capable AI engineers can find jobs, but basic, old-school computer science jobs are disappearing.

As they hit this surprise speed bump, some students are lowering their standards and joining companies they wouldn’t have considered before. Some are creating their own startups. A large group of frustrated grads are deciding to continue their studies to beef up their resumes and add more skills needed to compete with AI.

“If you look at the enrollment numbers in the past two years, they’ve skyrocketed for people wanting to do a fifth-year master’s,” the Stanford graduate said. “It’s a whole other year, a whole other cycle to do recruiting. I would say, half of my friends are still on campus doing their fifth-year master’s.”

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After four months of searching, LMU graduate Akgul finally landed a technical lead job at a software consultancy in Los Angeles. At her new job, she uses AI coding tools, but she feels like she has to do the work of three developers.

Universities and students will have to rethink their curricula and majors to ensure that their four years of study prepare them for a world with AI.

“That’s been a dramatic reversal from three years ago, when all of my undergraduate mentees found great jobs at the companies around us,” Stanford’s Liphardt said. “That has changed.”

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