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Results for " figure " 1,229 found 🔀 AI-powered Shuffle

U.S. figure skating will not appeal Chock and Bates ice dance results

The Olympics ice dance scoring controversy has gripped figure skating since Team USA's Madison Chock and Evan bates lost gold to France duo.

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Feb 15 • 11:52 AM EST • Sports • usatoday.com
More Kent farmers seeking help for mental health

Figures show that wellbeing in the farming industry has fallen to its lowest level in four years.

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Feb 15 • 2:01 AM EST • Health • bbc.com
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We still don't know why curling stones move the way they do

The icy ballet of stone upon ice makes curling one of the most intriguing sports of the Winter Olympics. But scientists still haven't quite figured out the physics of how they move.

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Feb 14 • 10:00 PM EST • Science • bbc.com
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We still don't know why curling stones move the way they do

The icy ballet of stone upon ice makes curling one of the most intriguing sports of the Winter Olympics. But scientists still haven't quite figured out the physics of how they move.

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Feb 14 • 10:00 PM EST • Sports • bbc.com
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Is Sphere Entertainment (SPHR) Pricing Reflect Lofty Expectations After Las Vegas Sphere Buzz?

If you are wondering whether Sphere Entertainment's share price matches its underlying worth, you are not alone. This article is designed to help you frame that question clearly. The stock last closed at US$115.70, with returns of 24.1% over 7 days, 17.8% over 30 days, 22.7% year to date and 140.0% over 1 year. These figures naturally raise questions about how much future upside or downside is already reflected in the price. Recent coverage has focused on Sphere Entertainment's high profile...

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Feb 14 • 8:31 PM EST • Entertainment • simplywall.st
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Senior Reform UK figures attend launch of How to Launder Money book

Co-author George Cottrell is close aide to party leader Nigel Farage and served several months in US prison

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Feb 14 • 9:33 AM EST • Politics • theguardian.com
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Disaster strikes Ilia Malinin in most shocking moment of Winter Olympics so far

U.S. figure skater Ilia Malinin was supposed to win gold by a wide margin before a disastrous free skate moved him out of medal contention in a Winter Olympics shocker.

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Feb 14 • 9:30 AM EST • Sports • latimes.com
Do you think love stinks? These businesses have your Valentine’s Day figured out

This Valentine’s Day, some nonprofits and businesses are siding with the jaded lovers of the world. Those skipping romance this season can name an ex after a pile of animal feces, shred old photos for dining deals or smash their way through staged date nights in rage rooms.

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Feb 14 • 8:00 AM EST • Business • cnn.com
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Kiss-and-cry: Is figure skating's voyeuristic staple worth the mental health toll on its athletes

The kiss-and-cry area has long been a staple of figure skating, providing fans with an unvarnished look at skaters as they learn their scores

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Feb 14 • 7:06 AM EST • Health • washingtonpost.com
Kiss-and-cry: Is figure skating's voyeuristic staple worth the mental health toll on its athletes

The kiss-and-cry area has long been a staple of figure skating, providing fans with an unvarnished look at skaters as they learn their scores.

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Feb 14 • 7:05 AM EST • Health • apnews.com
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Top entertainment figures back under-fire UN Palestinians expert

Over a hundred top figures from the world of entertainment signed an open letter Saturday in support of UN Palestinian human rights expert Francesca Albanese who faces calls to resign

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Feb 14 • 5:03 AM EST • Entertainment • themountaineer.com
Top entertainment figures back under-fire UN Palestinians expert

Over a hundred top figures from the world of entertainment signed an open letter Saturday in support of UN Palestinian human rights expert Francesca Albanese who faces calls to resign

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Feb 14 • 5:03 AM EST • Entertainment • cbs19news.com
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Top entertainment figures back under-fire UN Palestinians expert

Over a hundred top figures from the world of entertainment signed an open letter Saturday in support of UN Palestinian human rights expert Francesca Albanese who faces calls to resign over comments ab...

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Feb 14 • 5:03 AM EST • Entertainment • yahoo.com
Olympic Figure Skating Is a Young Woman’s Sport. Deanna Stellato-Dudek Wants to Change That.

Deanna Stellato-Dudek, a Canadian pairs skater, is trying to make history at the Olympics — despite a training accident a week before the Games.

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Feb 14 • 5:00 AM EST • Sports • nytimes.com
The one industry powering the U.S. labor market

Without health care, the United States would have nearly 400,000 fewer jobs than it did a year ago, according to Labor Department figures through January.

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Feb 14 • 5:00 AM EST • Health • washingtonpost.com
From the sports desk: The 'Quad God' is mortal

Ilia Malinin, expected to win figure skating gold, crashes to 8th place. ‘I blew it,’ he says.

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Feb 13 • 7:02 PM EST • Sports • nbcnews.com
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Ilia Malinin's Olympic nightmare just played out with a terrible performance

In one of the most shockingly devastating performances in Olympic figure skating history, Ilia Malinin finished 8th in men's singles figure skating.

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Feb 13 • 5:29 PM EST • Sports • usatoday.com
Trump boasts of over $1.5B in political funds. His spending tactic could shape the midterms

He claims to have raked in that much just between Election Day 2024 and last August, though details on the exact figure are unclear.

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Feb 13 • 12:45 PM EST • Politics • pbs.org
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5 Simple Ways To Find Out What’s Stopping You (And Win Big In Business)

A founder who sold his company for 8 figures reveals 5 strange tactics to uncover what's really stopping you. His methods are unconventional but they work.

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Feb 13 • 10:00 AM EST • Business • forbes.com
GOP Sen. Rand Paul Lends Credence to Democrats’ DHS Outrage

Plus, Jared Kushner figures in the classified whistleblower complaint against Tulsi Gabbard.

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Feb 13 • 7:00 AM EST • Politics • wsj.com
Epstein Revelations Rock Norway’s Political Elite

The Nordic country is undergoing a reckoning after leading political figures were revealed to have ties to the sex offender.

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Feb 13 • 6:00 AM EST • Politics • bloomberg.com
Winter Olympics Day 7: ‘Quad God’ goes for gold in men’s free skate, Ukrainian appeals Games DQ
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Feb 13 • 4:10 AM EST • Sports • cnn.com
Winter Olympics 2026: Madison Chock and Evan Bates say scoring confusion does 'disservice' to figure skating
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Feb 13 • 1:18 AM EST • Sports • sports.yahoo.com
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Vaccines are a national security issue, says global health official

Vaccines are a matter of national security, a leading global health figure said this week, warning that rising anti-vaccine sentiment worldwide could undermine efforts to fight future pandemics.

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Feb 12 • 7:02 PM EST • Health • reuters.com
Risk of death from pregnancy in the US is 44 times higher than that from abortion, new analysis reveals

A figure commonly used to compare the risk of death from pregnancy compared with the risk of death from abortion might be based on outdated data, a new study suggests.

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Feb 12 • 1:00 PM EST • Science • livescience.com
36-year-old left her law career to start a custom fine jewelry business—now it brings in 7 figures in yearly sales

Hannah Florman found her strength as a jewelry designer specializing in engagement rings.

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Feb 12 • 11:01 AM EST • Business • cnbc.com
Gallup ends its presidential tracking poll, the latest shift in the public opinion landscape

Gallup, one of the country’s most well-known polling firms, announced Wednesday that they will no longer track presidential approval or favorability of political figures. The move ends the longest-running continuous effort to track US opinion of the nation’s president, dating back to the tenure of Franklin D. Roosevelt in the late 1930s .

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Feb 12 • 10:41 AM EST • Politics • cnn.com
Exclusive | Garden City Equity Raises $255 Million From Business Figures, Musicians and Athletes

Backers of the company include former Intel CEO Pat Gelsinger, former Florida Gov. Jeb Bush and ex-NFL quarterback Drew Brees.

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Feb 12 • 6:30 AM EST • Business • wsj.com
TNT Sports finds viewers more drawn to FA Cup than Premier League matches

The FA Cup third round generated higher viewing figures for the main rights holder, TNT Sports, than any of their Premier League games this season

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Feb 12 • 5:59 AM EST • Sports • theguardian.com
From the Sports Desk: U.S. surging up medal board

It was a dramatic day in Italy, with the U.S. claiming medals in Alpine skiing, figure skating and speedskating.

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Feb 11 • 7:17 PM EST • Sports • nbcnews.com
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The top 10 fastest-growing jobs in health care, according to BLS data—some pay six figures

The health care industry is still experiencing strong job growth, according to the latest BLS employment report.

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Feb 11 • 3:45 PM EST • Health • cnbc.com
Quantum Computing Breakthrough: Scientists Finally Unlock the Secret of Majorana Qubits

Scientists have finally figured out how to read ultra-secure Majorana qubits—bringing robust quantum computing a big step closer. “This is a crucial advance,” says Ramón Aguado, a CSIC researcher at the Madrid Institute of Materials Science (ICMM) and co author of the study. He explains that the

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Feb 11 • 11:00 AM EST • Science • scitechdaily.com
Google says the Android 17 Beta is coming soon

Following the release of Android 16 QPR3 Beta 2.1 earlier today, Google has revealed that Android 17 Beta 1 is coming soon.

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Feb 10 • 6:12 PM EST • Technology • 9to5google.com
AI power players pour cash into competitive primaries as 2026 midterms heat up

An AI-backed political group funded by top Silicon Valley figures is making its first major push into the 2026 midterm primaries, starting with a $500,000 ad blitz.

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Feb 10 • 5:04 PM EST • Politics • foxnews.com
The physics of the Winter Olympics : Short Wave

Watching a ski jumper fly through the air might get you wondering, “How do they do that?” The answer is – physics!That’s why this episode, we have two physicists – Amy Pope, a physicist from Clemson University and host Regina G. Barber – break down the science at play across some of the sports at the 2026 Winter Olympics. Because what’s a sport without a little friction, lift and conservation of energy? They also get into the new sport this year, ski mountaineering - or “skimo” as many call it - and the recent scandal involving the men’s ski jump suits. Interested in more science behind Olympic sports? Check out our episodes on how extreme G-forces affect Olympic bobsledders, the physics of figure skating and the science behind Simone Biles' Olympic gold. Also, we’d love to know what science questions have you stumped. Email us your questions at shortwave@npr.org – we may solve it for you on a future episode!Listen to every episode of Short Wave sponsor-free and support our work at NPR by signing up for Short Wave+ at plus.npr.org/shortwave.

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Feb 10 • 3:00 AM EST • Science • npr.org
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What we know about science and tech figures named in the Epstein files

Newly released government records are now giving a much clearer look at how science and tech figures like Elon Musk may have connected to Jeffrey Epstein.

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Feb 9 • 6:17 PM EST • Science • scrippsnews.com
'Quad God' Ilia Malinin and the science of figure skating's near-impossible jumps

How do figure skaters like Ilia Malinin keep landing harder and harder jumps?

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Feb 9 • 6:30 AM EST • Science • scientificamerican.com
US figure skater Amber Glenn faces backlash over politics and copyright issues after Olympic gold

MILAN (AP) — On the same day Amber Glenn won Olympic gold as part of the team event, and stepped away from social media due to backlash over her comments on politics and the LGBTQ+ community, the American figure skater ended up with another headache.

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Feb 9 • 5:43 AM EST • Politics • wral.com
Amber Glenn faces backlash over politics, copyright issues after Olympic gold

Figure skaters are required to obtain permission for the music they use, but that process is hardly straightforward.

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Feb 9 • 5:38 AM EST • Politics • newsnationnow.com
US figure skater Amber Glenn faces backlash over politics, copyright issues after Olympic gold

Amber Glenn wins Olympic gold in the team event but faces backlash over her political and LGBTQ+ comments.

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Feb 9 • 5:17 AM EST • Politics • newsday.com
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US figure skater Amber Glenn faces backlash over politics and copyright issues

Amber Glenn wins Olympic gold in the team event but faces backlash over her political and LGBTQ+ comments

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Feb 9 • 5:17 AM EST • Politics • abcnews.go.com
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How Recent Developments Are Reframing The Story For Accel Entertainment (ACEL)

Accel Entertainment’s latest research update keeps the fair value target anchored at US$15.17 per share, even as the underlying model inputs around discount rate and long term revenue growth are refreshed. Bullish and cautious analysts alike are treating this steady target as a test of how closely the company’s actual execution will track the assumptions behind that US$15.17 figure. If you want to keep on top of how this narrative evolves from here, stay tuned for ways to follow the key...

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Feb 8 • 7:18 PM EST • Entertainment • finance.yahoo.com
Stephen Miller: The aide driving Donald Trump's most controversial policies

The high-velocity start to 2026 by the Trump administration has cemented Stephen Miller's position as one of its most powerful figures.

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Feb 8 • 7:11 PM EST • Politics • bbc.com
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From the sports desk: The agony and ecstasy of the Olympics

Team USA narrowly topped Japan to win gold in the figure skating team event. Earlier, Lindsey Vonn crashed during the women's downhill ski event, while Breezy Johnson won gold.

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Feb 8 • 5:55 PM EST • Sports • nbcnews.com
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Wonder Festival 2026 Winter Persona 5 Royal and Persona 3 Reload Protagonist Figure Updates

The winter edition of this year's WonFes was held today, revealing updates on previously announced Persona 3 and Persona 5 figures

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Feb 8 • 4:04 AM EST • Technology • personacentral.com
Trails Series Figures Of Estelle, Altina, And Agnès Revealed By QuesQ

Figure maker quesQ has announced new Trails series figures: Estelle Bright (Trails in the Sky), Altina Orion (Trails of Cold Steel III & IV), and Agnès Claudel (Trails beyond the Horizon). No pricing or pre-order info yet.

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Feb 7 • 10:14 PM EST • Technology • noisypixel.net
Opinion | The powerful, personal politics of America's Olympic 'Blade Angels'

Hannah Holland: In a sport still largely defined by traditional, narrow ideas of femininity and grace, Alysa Liu and Amber Glenn are not stereotypical figure skaters.

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Feb 7 • 8:00 AM EST • Politics • ms.now
Former Scottish health secretary Jeane Freeman dies aged 7X

The former SNP politician was a key figure in the Scottish government's response to the Covid pandemic.

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Feb 7 • 3:36 AM EST • Health • bbc.com
Pep Guardiola, Liam Rosenior and the risks and rewards for football figures talking politics

Lending their voice to non-football issues is not always a straightforward decision for managers and players - it can lead to a backlash

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Feb 7 • 12:10 AM EST • Politics • nytimes.com
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From The Sports Desk: An authentically Italian opening ceremony

Lindsey Vonn tested her knee, figure skating kicked off, and host country Italy paid tribute to its culture and artistry at the opening ceremony.

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Feb 6 • 6:41 PM EST • Sports • nbcnews.com
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Sources: Sacramento State making aggressive effort to join FBS league, proposing an eight-figure entry fee

While many FBS leagues have rebuffed the proposal — the Mountain West and the Pac-12 among them — other league executives are exploring the possibility.

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Feb 6 • 1:40 PM EST • Sports • sports.yahoo.com
“This is science!” – MIT president talks about the importance of America’s research enterprise on GBH’s Boston Public Radio

MIT faculty join The Curiosity Desk to discuss football, math, Olympic figure skating, AI and the quest to cure ovarian cancer.

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Feb 6 • 12:38 PM EST • Science • news.mit.edu
Sonny Jurgensen, Hall of Fame quarterback and Washington sports icon, dies at age 91

Sonny Jurgensen's strong arm, keen wit and affable personality made him one of the most beloved figures in Washington football history.

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Feb 6 • 11:21 AM EST • Sports • cbsnews.com
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This Entrepreneur's Business Made $33K in Month 1 and Now Sees 6-Figure Monthly Revenue — Here's Her Secret to Success

Jacqueline DeStefano-Tangorra skipped guesswork, tested real demand and scaled a data and AI consulting firm to six figures in monthly revenue.

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Feb 6 • 10:00 AM EST • Business • entrepreneur.com
Mewgenics Review

Mewgenics is a fantastic tactical RPG that's good for more than a hundred hours of roguelike runs. Just when you think you have it figured out it'll throw something completely unexpected and hilariously gross at you – and probably a catchy new original song, too.

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Feb 6 • 9:00 AM EST • Technology • ign.com
Lee Hamilton, towering figure in national politics with deep ties to IU, dies at 94

Lee Hamilton, a 17-term congressman serving southern Indiana, whose foreign policy expertise, reverence for democracy, and bipartisan ideals made him a towering and highly respected figure in national politics, died Wednesday. He was 94.

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Feb 4 • 10:43 AM EST • Politics • wfyi.org
Galaxy S26 pricing leaks again: France is the latest to face a steep Samsung "tax"

The latest figures suggest a massive €180 jump for some models.

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Feb 4 • 8:50 AM EST • Technology • phonearena.com
Private sector added 22,000 jobs in January, well below expectations, ADP says

The figure reported on Wednesday is below economists’ estimates of an increase of 48,000 jobs and higher than the prior month’s revised reading of a gain of 37,000 jobs.

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Feb 4 • 8:20 AM EST • Business • foxbusiness.com
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Figure skater Amber Glenn balances mental and physical health for Olympics

U.S. figure skater Amber Glenn says the integration of her mental and physical health has placed her in the “prime” of her career as she prepares for her first Olympic competition in Mi…

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Feb 3 • 1:38 PM EST • Health • nxsmediawire.com
How a married couple quit 6-figure jobs to start a business together

A couple in Vancouver transitioned from corporate careers in fashion and tech to cofound No Reception Club and create travel products for parents.

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Feb 3 • 5:05 AM EST • Business • businessinsider.com
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Jeffrey Epstein's ties to politicians, business titans and other figures

The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty in 2008 to prostitution charges, including soliciting an underage girl. Evidence in multiple legal and criminal cases has also shed light on these connections.

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Feb 2 • 7:12 PM EST • Business • reuters.com
Factbox-Jeffrey Epstein's Ties to Politicians, Business Titans and Other Figures

Feb 2 (Reuters) - The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties ‌to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty ‌in 2008 to ...

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Feb 2 • 7:11 PM EST • Business • usnews.com
Dramatic reductions proposed for US science agencies by Trump ...

Final 2026 budget figures, passed by Congress and signed into law, reject significant cuts that the White House had proposed

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Feb 2 • 7:00 PM EST • Science • chemistryworld.com
Opinion: Jose Aldo is still the featherweight GOAT. For now.

In this week’s mailbag, I got a question that has been a hot topic since Alexander Volkanovski defeated Diego Lopes on Saturday at UFC 325 to defend his featherweight title: Who is the featherweight GOAT? I started to answer it for the mailbag, but then it spiraled, so I figured I’d address this on its […]

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Feb 2 • 7:00 PM EST • Sports • mmafighting.com
Winter Olympics 2026: Figure skating’s first controversy arises from … music copyright law
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Feb 2 • 12:40 PM EST • Sports • sports.yahoo.com
Hasbro Partners with Legendary Entertainment for Street Fighter Line

Action figures, toys, and collectibles support the movie’s theatrical release.

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Feb 2 • 12:23 PM EST • Entertainment • toybook.com
The latest release of Jeffrey Epstein files: Who is mentioned and what they are saying in response

Here is a look at some of the notable names in the latest release of files from the U.S. Justice Department pertaining to Jeffrey Epstein. The list includes politicians, entertainment figures, business leaders and Royal Family members, with some releasing statements this past weekend about their interactions with the late accused child sex trafficker.

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Feb 2 • 12:14 PM EST • Entertainment • cbc.ca
Then and Now, Part 2

Mark continues the backstory behind several callbacks in Lorwyn Eclisped, including Oft-Nabbed Goat, Figure of Fable, and more.

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Feb 2 • 11:00 AM EST • Technology • magic.wizards.com
Google releases ‘Desktop Camera’ app that’s seemingly for Android PCs

Google has quietly released a new "Desktop Camera" app that's seemingly meant for future Android PCs on the new desktop experience.

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Feb 2 • 9:20 AM EST • Technology • 9to5google.com
Using generative AI to help scientists synthesize complex materials

Generative AI models have been used to create enormous libraries of theoretical materials that could help solve all kinds of problems. Now, scientists just have to figure out how to make them. In many ...

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Feb 2 • 5:00 AM EST • Science • phys.org
Timothée Chalamet claims it cost him six figures to be 'SNL' musical guest

Timothée Chalamet says he spent 'six figures out of my pocket' to perform as the 'SNL' musical guest: 'I refused to take no for an answer.'

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Feb 1 • 7:42 PM EST • Entertainment • ew.com
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Do scientists follow the data

Personal feelings about immigration subtly influenced how 71 teams of academics analysed the same figures in a study

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Feb 1 • 2:55 PM EST • Science • thetimes.com
Scientists’ political views change how they interpret identical data

Personal feelings about immigration subtly influenced how 71 teams of academics analysed the same figures in a study

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Feb 1 • 2:55 PM EST • Science • thetimes.com
Nintendo has cut the price of some upcoming amiibo

Upcoming amiibo figures from Nintendo appear to have received an official price cut - here are the new prices.

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Jan 31 • 4:00 PM EST • Technology • nintendoeverything.com
AppleInsider.com

Apple has quietly updated the way that users buy and configure Macs on the online Apple Store, giving customers a process that's closer to buying an iPhone or iPad.

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Jan 31 • 2:16 PM EST • Technology • appleinsider.com
Apple Changes How You Order a Mac

Apple recently updated its online store with a new ordering process for Macs, including the MacBook Air, MacBook Pro, iMac, Mac mini, Mac Studio, and Mac Pro. There used to be a handful of standard configurations available for each Mac, but now you must configure a Mac entirely from scratch on a feature-by-feature basis. In other words, ordering a new Mac now works much like ordering an iPad. This change was spotted by Macworld and the French blog Consomac, among others.

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Jan 31 • 1:51 PM EST • Technology • macrumors.com
Apple revamps how you buy a Mac online, removes preconfigured options

Apple has updated its website with changes to the checkout flow when buying a new Mac. Previously, the Apple Online...

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Jan 31 • 1:46 PM EST • Technology • 9to5mac.com
'Bama State Downs Bethune-Cookman to Claim Fourth Straight Win

MONTGOMERY, Ala. | Shamya Reid scored a game-high 19 points to lead three players in double figures as Alabama State University women's basketball pulled away for a 78-60 victory over Bethune-Cookman on Saturday at the Dunn-Oliver Acadome.

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Jan 31 • 9:22 AM EST • Sports • bamastatesports.com
Figure skating great Gracie Gold remains a champion as an Olympic mental health ambassador, and other thoughts

Gold is an important voice in the work to remove stigmas about mental health and to coach young athletes in more healthful ways.

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Jan 31 • 5:00 AM EST • Health • bostonglobe.com
Bosses on six figures at under-fire health boards bank 10% pay rises

The temporary increase for executives at NHS Lothian and Greater Glasgow and Clyde is worth up to £20,000 a year.

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Jan 30 • 6:01 PM EST • Health • bbc.com
Israel accepts Gaza death toll compiled by health authorities is broadly accurate

Israeli military’s abrupt U-turn in accepting official figures comes after years of attacking data as ‘Hamas propaganda’

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Jan 30 • 1:06 PM EST • Health • theguardian.com
'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.

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Jan 30 • 10:34 AM EST • Health • npr.org
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Louisville Defeats Stanford 84-66

Louisville played a balanced game against Stanford and never trailed and racked up another 20-win season. They finished with five players in double figures with Mackenly Randolph and Laura Ziegler having career highs. However, Coach Jeff Walz was not impressed with his team’s outing. Coach Walz said, “Actually I don’t think we played well at […]

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Jan 29 • 10:46 PM EST • Sports • sports.yahoo.com
Here's all the celebrities and political figures that stepped out for 'Melania'
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Jan 29 • 9:29 PM EST • Politics • usatoday.com
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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.

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Jan 28 • 12:25 PM EST • Sports • latimes.com
New WhatsApp lockdown feature protects high-risk users from hackers

Meta has started rolling out a new WhatsApp lockdown-style security feature designed to protect journalists, public figures, and other high-risk individuals from sophisticated threats, including spyware attacks.

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Jan 28 • 6:48 AM EST • Technology • bleepingcomputer.com
Who was Ajit Pawar, the Indian politician killed in plane crash?

Pawar was a key political figure and served as second-highest elected official in Maharashtra, India's wealthiest state.

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Jan 28 • 6:25 AM EST • Politics • aljazeera.com
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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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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