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New businesses struggle in Missouri. An immigrant-owned bakery is beating the odds
Nearly half of all new businesses in the U.S. shut down within five years, and Missouri businesses face even tougher odds. Despite the obstacles, one immigrant-owned bakery is bringing something new to Missouri.
Fairfield woman turns her Etsy business into a brick-and-mortar store
The building, painted blue with bright pink doors, reflects Ashby’s goal of creating a cheerful, welcoming space.
How the left can win back the internet – and rise again
In the final part of this series, we look at how infighting has ripped the left apart online while the right has flourished – and how some progressives are turning the tide, says digital media academic Robert Topinka
Food and football from the campaign trail (Politics+) : The NPR Politics Podcast
In today's bonus episode, Don Gonyea (national political correspondent) and Deepa Shivaram (White House correspondent) each share the "most" fun politics story they've worked on. Deepa talks about working on her "dream" assignment during the 2024 presidential race. Don recalls a reporting trip during the 2012 presidential campaign where he ended up at a high school football game. He says it was "one of the best nights of his life." Listen to find out how you can submit a most-type question for us to answer in a future bonus episode! To unlock this and other bonus content, and get sponsor-free listening, sign up for NPR Politics Podcast+ via Apple Podcasts or at plus.npr.org. Regular episodes haven't changed and remain available every weekday!
A year after losing Luka Dončić, the Mavs have brighter days ahead because of Cooper Flagg
High school basketball: Saturday's scores
CIF City Section and Southern Section high school boys' and girls' basketball scores for Saturday's games.
Trent Seaborn Is Exactly What Alabama Football Needs Right Now
Trent Seaborn embodies the loyalty, commitment, and grit Alabama football demands. He's the leader building the next championship foundation.
Our daily picks of fun things to do in Cincinnati this week, Feb. 2-8
If you're looking for the best events happening in Cincinnati, you're at the right place. Find your next concert, game, festival or family event.
Offseason open thread: January 31
We’re officially one sleep away from entering into February, which means that spring training will be here before you know it. Excited yet? I know, it’s just spring training but that’s one step closer to the regular season so every little bit needs to be celebrated at this point, right? Anyways, I hope y’all are […]
Hally Leadbetter dishes on her new golf snack, mental health awareness
The brightest, cheeriest booth at the 2026 PGA Show belonged to Hally Leadbetter, who recently launched a new wellness and lifestyle brand,
Public Health Department confirms first 2026 measles case in Los Angeles County
The Department of Public Health confirms the first 2026 measles case in Los Angeles County, urges protection before traveling.
Ben Johnson Could Poach Dan Campbell’s Right-Hand Man
Ben Johnson could look to Detroit for coaching help as the Bears search for offensive staff. Could Lions assistant Scottie Montgomery be next?
Fraud followed by ICE has upheaved election-year politics in Minnesota
Republicans appeared poised for a political resurgence, then January happened.
It’s not too late to vaccinate, Grand Forks Public Health officials say
Vaccinations for influenza, COVID-19 and respiratory illness can prevent disease, reduce symptoms and reduce risk of virus transmission, says GFPH's Ashley Krone.
Lindsey Vonn withdraws from super-G race a day after crash, no update on Winter Olympics status: 'Doing my best right now'
Letters to Sports: Rams came so close to proving Bill Plaschke right
Readers of the Los Angeles Times Sports section give their thoughts on the Rams' playoff loss and Bill Plaschke's prediction as well as UCLA, USC, the Lakers and Dodgers.
The U.S. will likely lose its measles elimination status. Here's what that means
The South Carolina measles outbreak is now bigger than last year's Texas outbreak and is happening as the U.S. is poised to lose its measles elimination status.
At Washington Mardi Gras, Gov. Jeff Landry and Howard Lutnick see bright future for Louisiana
U.S. Commerce Secretary Howard Lutnick said the pieces are in place for Louisiana to become the next generation’s economic powerhouse.
Californian tech company to move headquarters to Florida
D-Wave Quantum Inc. said it will relocate its headquarters to Boca Raton, Fla., before the end of the year.
New message from top Democrats: The U.S. Justice Department can't be trusted
Leading Democrats' remarks that the U.S. Department of Justice cannot be trusted hold stunning implications for American democracy, and followed a week of equally stunning actions by the department.
Seven foods you should be eating more of right now
Some common ingredients can have powerfully positive effects on our health. Here are seven worth adding more of to your diet.
How the right won the internet
In the second part of our series on digital politics, we look at how online provocateurs have advanced extreme political ideas – and watched them seep into the mainstream, says digital media academic Robert Topinka
Venezuela announces amnesty bill that could lead to release of political prisoners
Venezuela's acting President Delcy Rodríguez on Friday announced an amnesty bill that could lead to the release of hundreds of prisoners detained for political reasons.
The top five transfer additions for the Buffs (so far)
The Buffs have remained aggressive in the portal, so here’s a top five you need to know right now. We’ll count down from No. 5 to No. 1 and hit why each addition fits, and how they raise the floor this fall. #5 Liona Lefau, Texas Lefau is a senior transfer from Texas who comes […]
Planned Parenthood, reproductive healthcare could receive $90 million in new state funding
California will bolster funding for Planned Parenthood and other providers of reproductive health with a one-time infusion of $90 million, leaders of the state Legislature announced Friday.
UCLA aims to continue recent run against Indiana
Two Big Ten teams trending in the right direction meet when UCLA faces Indiana on Saturday at Los Angeles.
Let ABC15 Know helps local business stuck in 'Google jail' after 40 days.
A Surprise small business owner says his company was shut out of Google's platform for over a month, and he couldn't get a clear explanation why.
Venezuela announces bill that could lead to mass release of prisoners detained for political reasons
CARACAS, Venezuela (AP) — Venezuela’s acting President Delcy Rodríguez on Friday announced a bill that could lead to the release of hundreds of prisoners, including opposition leaders, journalists and human rights activists detained for political reasons.
Commentary: Catherine O'Hara remembered in 10 indelible roles
The Canadian actor was a versatile performer whose decades-long career took her from a comedy troupe to box office and television hits.
News | Mixed-use tower proposed as 'catalyst' to revive Vancouver's Granville entertainment district
Bonnis Properties looks to build 35-story hotel and apartment project
Shutdown nears as lawmakers brace for next round of ICE negotiations
Over the next two weeks, Democrats and Republicans will weigh competing demands on changes to Department of Homeland Security operations.
Some Republicans Lament the Spending Deal Trump Has Blessed
Hard-right Republicans have criticized an agreement they see as capitulating to Democrats on their party’s strongest issue: immigration.
Another government shutdown looms -- what you need to know : The NPR Politics Podcast
After immigration officials killed two people in Minneapolis this month, congressional Democrats demanded funding for immigration action be separated from other government funding. That's leading to a potential, partial, government shutdown. We unpack the latest from Capitol Hill.Then, why did the FBI raid Fulton County, Ga.'s election center this week, and what does it have to do with President Trump's continued false claims that the 2020 presidential election was stolen?And, we bid a fond farewell to one of our podcast stalwarts.This episode: senior White House correspondent Tamara Keith, congressional reporter Sam Gringlas, immigration policy correspondent Ximena Bustillo, political reporter Stephen Fowler, senior political editor & correspondent Domenico Montanaro, and political correspondent Sarah McCammon.This podcast was produced and edited by Casey Morell & Bria Suggs.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
How American Katie Uhlaender was denied Olympic bid by Canadian coach's point scheme
Sports officials say a Canadian coach manipulated the point system used by athletes to qualify for the Olympics. His move cost American sled racer Katie Uhlaender her trip to the Milan Cortina Games.
Patriots QB Drake Maye misses practice Friday with illness as he manages right shoulder injury
Several dozen Missoula businesses participating in 'Day of Solidarity'
Over 40 Missoula businesses are closed or donating proceeds Friday in solidarity with Minneapolis.
Plain Talk: 'Our business climate in North Dakota is eroded'
On this Plain Talk, Ron Ness, president of the North Dakota Petroleum Council, talks about the tough economic environment for the state's oil and gas developers.
'ChatGPT saved my life.' How patients, and doctors, are using AI to make a diagnosis
Hundreds of millions of people are turning to chatbots to help figure out what's wrong with them. Doctors say that's not always a bad thing. In fact, many are using it themselves.
Why has Burkina Faso banned political parties, and what’s next?
It's the latest of several measures that rights groups say are shrinking the civic space in the Sahel nation.
'Can't operate business as usual when this is going on': CO businesses participate in nationwide shutdown
Several Colorado businesses are participating in a nationwide shutdown Friday in protest of ICE operations in Minnesota.
Google releases Project Genie AI tool for creating "playable worlds" that can feature copyrighted IP
But legal expert Pete Lewin from Wiggin argues that the companies behind this kind of tech can expect to face "greater scrutiny and pushback from IP owners"
Prep talk: Bay League has a trio of top senior pitchers for 2026 baseball season
Garrett Jacobs of Mira Costa, Robby Zimmerman of Redondo Union and Kai Van Scoyoc of Palos Verdes are pitchers to watch this spring in high school baseball.
Are you on a high-deductible health plan? What do you wish you knew?
People with ACA health insurance just saw prices surge and many switched to plans with high deductibles and health savings accounts. If that's you, what do you wish you knew about how your plan works?
Texas Health Resources buys naming rights for new Mansfield stadium
Texas Health Resources is the naming rights sponsor of Mansfield Stadium, the multi-use soccer stadium complex scheduled to open this summer. The 10-year...
Dallas County grapples with mixed signals on federal mental health funding
The White House administration notified mental health and substance abuse and addiction provider organizations nationwide that by executive order, $2 billion in already awarded federal funding would be taken back.
Are you a cyborg, a centaur, or a self-automator? Why businesses need the right kind of ‘humans in the loop’ in AI
Spoiler: There's one category you'd rather avoid.
Grading the Dolphins quarterbacks – The Splash Zone 1/30/26
Welcome to the Splash Zone, the quickest way to get your day started off right. We bring you a rundown of Miami Dolphins news from the last 24 hours.
The 10 most profitable sports teams in the world right now
Winning championships is the goal, but for the front office, the real scoreboard is the balance sheet. In an era where media rights, luxury suites, and global branding have turned franchises into financial powerhouses, some teams are simply playing in…
Friday’s Everton News: Blues prep for Brighton, Luis Henrique linked
Recapping all the Everton news from yesterday
Legal battle over California's SB 1137 pits property rights against public health
BAKERSFIELD, Calif. (KBAK/KBFX) Senate Bill 1137, enacted in June 2024, has sparked a legal battle over its constitutionality.The bill establishes a 3,200-foot
Leaked Intel Core Ultra 7 356H Benchmark Scores Reveal Middling Gains
Intel's Core Ultra 356H is an upcoming 16-core (4 P-cores, 12 E-cores) mobile Panther Lake CPU. Although official review embargoes for the rest of Intel's Panther Lake CPUs are said to be right around the corner, supposed performance benchmarks for Intel's latest have already started to leak, with C...
Basil Talbott Jr., legendary Chicago Sun-Times political editor, has died
Talbott, 89, was known for his dogged pursuit of the story, chronicling in depth the political fortunes of Jane Byrne, the city’s first female mayor, Harold Washington, Chicago’s first Black mayor and the run-ups to the Rev. Jesse Jackson’s presidential campaigns.
Napoli vs Fiorentina: Preview
The Partenopei are struggling right now but still more than capable of squashing the Viola like a bug.
Eugene business owners grapple with decision to open or close for Friday’s general strike
The general strike protesting federal law enforcement crackdowns leave business owners contemplating what action is best: close in solidarity or stay open to be of service.
California Democrats help lead counter-offensive against Trump immigration crackdown
Democrats seized on a growing sense, shared by some Republicans, that the campaign has gotten so out of hand that the political winds have shifted heavily in their favor.
Senate Democrats and White House strike deal to avert shutdown, continue ICE debate
The deal could be approved by the Senate as early as Thursday night, but would still need House approval before midnight Friday to avert another government shutdown.
Chicago business leader launches Bear Down Community Investment Group to spur regional economic development
Bear Down Community Investment Group will focus on housing, workforce training and economic development across the Greater Chicago region, with plans to eventually go nationwide.
AARP Examines the Importance of State Health Insurance Assistance Programs
Last month, the AARP Public Policy Institute released a report on the State Health Insurance Assistance Programs (SHIPs), outlining the critical role these Medicare counselors have in improving beneficiary health and well-being. SHIPs provide objective, free, one-on-one assistance to Medicare beneficiaries, their families, and caregivers. With locations in every state, over 2,000 offices in communities […]
Pitt launches $25M biomedical institute to bring space science from orbit to the operating room
The University of Pittsburgh officially launched a $25 million biomedical institute Thursday aimed at bridging human health on Earth and in space. The Trivedi Institute for Space and Global Biomedicine is one of the first dedicated institutes focused on applying insights from spaceflight to improve human health on Earth, according to Pitt.
BHS 25th Anniversary; Dave DeBaker
Airdate: January 29th, 2026 BHS 25th Anniversary; Karen HawleyJanuary 29, 2026BHS 25th Anniversary; Dave DeBaker – Entertainment CorrespondentJanuary 29, 2026BHS 25th Anniversary; House Drummer Owen WoodJanuary 29, 2026BHS 25th Anniversary; Clay & Leslie McAndrews – Bright WallsJanuary 29, 2026BHS 25th Anniversary; Ryan Tarrant – Jackson Co. Chamber of Commerce & Experience JacksonJanuary 29, 2026BHS 25th…
Minnesota shooting blurs political lines around guns : The NPR Politics Podcast
Alex Pretti was carrying a permitted gun when he had a confrontation with federal agents who ultimately shot and killed him. While the Trump administration pointed to his gun as a reason for agents to fear for their safety, pro-gun groups argued Pretti had a right to carry. We discuss the rhetoric around guns and how marginalized communities in Minneapolis have been increasingly turning toward gun ownership.This episode: senior White House correspondent Tamara Keith, domestic extremism correspondent Odette Yousef, and senior political editor and correspondent Mara Liasson.This podcast was produced and edited by Lexie Schapitl and Bria Suggs.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
Science Community Weighs in on Federal Plans to Accelerate US Innovation
Science groups call for stable funding and streamlined regulations.
'New evidence' gives Jordan Chiles a chance to secure the return of her Olympic bronze medal
Switzerland's highest court has sent the case of Jordan Chiles' disputed bronze medal from the 2024 Paris Olympics back to the CAS based on 'new evidence' that might prove favorable for the U.S. gymnast.
Ohio political blog 'The Rooster' banned from X after criticizing DHS Secretary Kristi Noem
The blog's author, D.J. Byrnes of Columbus, wrote that Noem "will have to die in prison. No other way around it." The social media platform banned Byrnes for violent speech and abuse.
Cubs TV voice Jon 'Boog' Sciambi tops sixth annual Chicago sports media power rankings
I ranked the market’s talent exclusively on TV, radio and podcasts based on appeal, quality, longevity and personal preference. Well over 100 people were considered, and the top 20 follow, with last year’s rank in parentheses.
Medicare Advantage insurers face new curbs on overcharges in Trump plan
Federal officials have a plan that could curb billions of dollars in overpayments to Medicare Advantage plans. But will they follow through on it?
Trailer: Dirty Rotten Scandals Coming Soon To E! Entertainment
E!’s new documentary series exposes the dark side of our pop culture obsessions! The Dr. Phil Show, America’s Next Top Model, and The Price is Right. Dirty Rotten Scandals premieres Wednesday, March 4th on E!
San José Mayor Matt Mahan, a Newsom critic and political moderate, is running to become California's next governor
San José Mayor Matt Mahan announced he is running for California governor, joining an already crowded field.
Science Forum 1/29/26
The experts are back to take your science questions! Ray Graf hosts.
New study shows WVU, WVU Health System have huge impact on West Virginia
President Michael T. Benson and Albert L. Wright, Jr. share details from the Tripp Umbach Economic Impact Report.
More naming opportunities planned for Altru Sports Complex; first part of Phase 2 expected to bid in April
The Grand Forks Park District is looking at options for other naming rights in the facility to help fundraise for the project.
Jake Bird’s adjustments could give him a second chance
The right-hander was awful for the Yankees, both in MLB and Triple-A, but has tons of room to improve.
Campaign over, Wu has to take on the messy work of running City Hall
Right on schedule, the adrenaline jolt of the campaign trail has been replaced by the much more challenging day-to-day grunt work of running city government.
Women's sports fans will have a new place to hang out with opening of Level Sporting Club
Founded by former Northwestern basketball player Clarissa Flores, the bar will be near the heart of sports bars crowding around Wrigley Field.
Friends talk politics for the first time: Alondra and Bailey take One Small Step
Alondra Rivas-Jimenez, 20, and Bailey Newcomb, 21, met in the spring of 2024 while interning at an advertising agency and built a friendship. The two sat down to talk politics for the first time in their friendship.
Commentary: Farewell to Peter Duesberg, a godfather of scientific disinformation
Peter Duesberg squandered his scientific reputation by advancing a debunked theory about AIDS, but his influence on anti-vaccine activists lives on.
How Do Climate Scientists Use Artificial Intelligence?
The AI used in climate research right now is much less energy intensive than the large language models like ChatGPT.
Josh Shapiro accuses JD Vance of giving 'comfort' to right-wing antisemitism
The Democratic governor of Pennsylvania, a potential 2028 presidential candidate, is on a book tour promoting his memoir, which highlights his Jewish faith.
Convicted sex offender tried to rape a woman in a business, police said. They're searching for other victims
Convicted sex offender arrested for attempted rape inside DTLA business, captured in Skid Row
Plain Talk: 'Politics is noise'
On this Plain Talk, we were joined by outgoing North Dakota House Majority Leader Mike Lefor and Democratic-NPL U.S. House candidate Trygve Hammer.
‘I touch the future. I teach.’: A science teacher’s quest to honor Christa McAuliffe
Former Goffstown High School science teacher Phil Browne recalls how he tried to preserve McAuliffe’s legacy with his students.
Hillary Clinton and Tucker Carlson Speak at Saudi Business Forum
The Democrat and the hard-right commentator found at least one thing to agree upon as they spoke at a conference in Riyadh.
Trump's response to Pretti killing upends Second Amendment politics : Here & Now Anytime
Alex Pretti was legally carrying a gun when a federal agent shot and killed him in Minneapolis last weekend. President Trump and other federal officials blamed his death on the fact that he had a gun, but Minnesota Gun Owners Caucus chair Bryan Strawser explains why he disagrees.And, after leading immigration operations in Minneapolis, Border Patrol Commander Gregory Bovino has returned to his previous job in California. CalMatters investigative reporter Sergio Olmos talks about Bovino’s record in California.
Internal review contradicts Trump administration on Alex Pretti shooting : The NPR Politics Podcast
An initial internal review into federal immigration officers’ fatal shooting of Alex Pretti in Minneapolis last weekend contradicts the description of the incident by Homeland Security Secretary Kristi Noem. We discuss President Trump’s shifting messages on immigration policy and how his administration’s efforts to restrict legal immigration pathways are changing the political environment. This episode: senior White House correspondent Tamara Keith, immigration policy correspondent Ximena Bustillo, and senior political editor and correspondent Domenico Montanaro.This podcast was produced by Bria Suggs and Lexie Schapitl, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
Here's the Secret Galaxy S26 Ultra Display Security Feature You'll...
You guys know what a privacy screen is, right? A privacy screen allows someone viewing a display straight-on to be able to view content, while any off angle brings a tint... #GalaxyS26Ultra #Samsung
NFL Hall of Fame snubs Bill Belichick and sports world is gagged: 'I can't be reading this right'
Sports figures from Patrick Mahomes to LeBron James expressed shock and outrage after news broke that Bill Belichick failed to gain Hall of Fame election on his first ballot.
Chia Pet Film and TV Rights Acquired by Rakia Media and Crystal City Entertainment: ‘We Can’t Wait for Audiences to Check Out the World of Chia in Theaters’ (EXCLUSIVE)
A Chia Pet movie or TV show could be on the horizon, as the media rights to the classic gift brand have been sold.
Searows: ‘Death in the Business of Whaling’ review
Searows' sophomore album Death in the Business of Whaling is an expertly crafted collection of songs. The album is sure to please fans of Phoebe Bridgers, Ethel Cain or Iron & Wine.
This 'perfect' Amazon Fire TV is on sale for under $200 right now — plus 5 more can't-miss TV deals
You don't need to spend a fortune to upgrade your TV.
Here's what to know about the $50 billion states are getting for rural health
To satisfy Republicans opposed to last summer's cuts to health care, the Trump administration launched an ambitious 5-year initiative known as the Rural Health Transformation Program.
Moto G77 launches with a 108MP camera with 3x lossless zoom, 120Hz AMOLED display, and an IP64 rating
Motorola has grown its Moto G series line of smartphones with the launch of a new model. The new Moto G77 has a new camera, a bigger battery, and a brighter display than its predecessor, the Moto G75.
Blackhawks’ Connor Bedard nightmare continues with embarrassing moment
Things just aren't going well right now.
Scientists turn tumor immune cells into cancer killers
Scientists at KAIST have found a way to turn a tumor’s own immune cells into powerful cancer fighters—right inside the body. Tumors are packed with macrophages, immune cells that should attack cancer but are usually silenced by the tumor environment. By injecting a specially designed drug directly into tumors, researchers were able to “reprogram” these dormant cells to recognize and destroy cancer.
As the U.S. bids adieu to the World Health Organization, California says hello
In the wake of the U.S. withdrawal from WHO, California is the first state to participate in the agency's disease monitoring network. Are others following?
Centrist ideas no longer wanted in Conservative party, says Kemi Badenoch
Party leader tells MPs that one-nation Tories doubting her rightward direction ‘need to get out of the way’
Why comedian Katherine Ryan won't make fun of her kids on stage: 'I don't wanna get Brooklyn Beckhamed'
The British-Canadian comedian says she steers clear of making any of her five children the punchline for fearing of stirring up Beckham-style family drama.
Expiration of federal health insurance subsidies: What to know in California
Thousands in California who rely on the state-run health insurance marketplace face premiums that are thousands of dollars higher as federal subsidies expire.
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash
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