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What to Stream: ‘Splitsville,’ J. Cole, ‘Puppy Bowl,’ Keke Palmer, Nick Jonas and Nioh 3
The goofy and wry relationship comedy “Splitsville” landing on Hulu and fresh albums by J.
New year, new perspectives: Greater Manchester Chamber welcomes 2026 board leadership
The Greater Manchester Chamber announces its 2026 Board of Directors, welcoming new leadership and fresh perspectives while maintaining strong continuity at the helm. Together, the officers and board members will
A play for the Packers to steal from the Seahawks
Stealing a play for the Packers from the Championship Round
Studio Display refresh looms with three key upgrades
Studio Display shipping times are sliding into late February and early March, adding to mounting signs Apple’s long-rumored refresh is close.
Entrepreneurship summit connects business owners with essential resources
An entrepreneurship summit hosted by Ald. Milele Coggs featured workshops, vendors and speakers to help local entrepreneurs thrive.
The Sound of Now Is Emotional—and That’s the Point
Join Cosmopolitan inside music’s biggest weekend with Universal Music Group.
Building Hope Summit County launches behavioral health survey
The nonprofit Building Hope Summit County, in partnership with the Katz Amsterdam Foundation and Professional Research Consultants, is launching its behavioral health survey, inviting Summit County adults to share their experiences and perspectives on mental...
Readers respond: Bipartisanship not holding Legislature back on health care
Letters to the Editor can be submitted to letters@oregonian.com with full name and place of residence.
China's military has a serious leadership problem
The anti-corruption campaign has left open positions and a lack of senior officials with the experience to fill them.
How Disney Is Investing In Sports To Bring In New Fans
While Disney’s partnership with championship games isn’t going anywhere anytime soon, the company is growing its partnerships with sports teams, events and leagues.
As politics roil the nation, Oregon students compete to make sense of the U.S. Constitution and find solutions
Nearly 200 high schoolers participated in the civic championship at Multnomah County Courthouse with federal judges among those evaluating their constitutional knowledge.
New MacBook Pros Reportedly Launching Alongside macOS 26.3
Apple is planning to launch new MacBook Pro models with M5 Pro and M5 Max chips alongside macOS 26.3, according to Bloomberg's Mark Gurman. "A new MacBook Pro is planned for the macOS 26.3 release cycle," wrote Gurman, in the intro to his Power On newsletter today. We are still waiting for the full newsletter, so this post will be updated when more details are available.
Price of consumer goods could surge as shipping costs soar, industry body says
CIPS warns of ‘cracks’ in global supply chain affecting computers, electrical machinery and transport equipment
Amy Klobuchar navigates thorny politics of immigration as first test in run for governor
The moment will test Klobuchar’s record of bipartisan work in Washington and relationships with Minnesota progressives, who want a fighter against the Trump administration.
Galaxy S26 Ultra’s Marketing Material Leaks Out, Showing The Flagship In An Absolutely Stunning Cobalt Violet Paint Job
A reliable leaker has shared the marketing material of the Galaxy S26 Ultra, showing Samsung’s top-end flagship in a gorgeous Cobalt Violet color
Howie Carr: Just another chip from Massachusetts’ anti-business block
Most of the production had long since been transferred to free American states, but Cape Cod Potato Chips left a footprint behind, in Hyannis. The little factory used to be a decent-sized tourist a…
'Hollywood welcome' - Inside a Wrexham transfer window
With the potential for deadline day deals, BBC Sport looks at how Wrexham's recruitment works under the ownership of Ryan Reynolds and Rob Mac
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.
Tenacia Biopharmaceuticals and Golden Age Health Partner to Commercialize ZTALMY® for CDKL5 Deficiency Disorder in Mainland China
SHANGHAI, February 01, 2026--GAH and Tenacia announce a China commercialization partnership for ZTALMY, the first approved therapy for CDKL5 deficiency disorder.
CORRECTION Westminster Dog Show
Corrests dogs breed and name - A handler stands with his dog, Gerard, a Standard Poodle, after competing in the Masters Agility Championship Finals at the 150th Westminster Kennel Club
There Is No Truce in Minneapolis
The broken relationship between Minnesota and the federal government
Today in History - Jan. 31: Nebraska football player inducted into Omaha Sports Hall of Fame
On this day in 2013, a man who helped Nebraska football win its first national championship was welcomed into the Omaha Sports Hall of Fame.
Green Bay area high school sports results for Friday, Jan. 30
High school basketball and wrestling teams were in action.
Calais calls measure on law enforcement relationship mere ‘politics’
The City Council delayed a vote on a resolution urging the governor to veto the measure because several supportive councilors were absent.
A Predictor of a Good Social Life? Your Parents.
A decades-long study suggested that close relationships with family members during teenage years could lead to a rich network of friendships in adulthood.
ICE Minneapolis crackdown: Rift between Target employees, leadership
Across Minneapolis, Target employees are marching and volunteering amid the immigration crackdown, while pressing company leadership to do more
Galaxy S26 could save you from spam calls with Google’s help
Are you getting tired of spam calls? Well, the Galaxy S26 could help you stop them, thanks to Samsung's partnership with Google.
Michael '5000' Watts dies after battle with health complications
Watts helped shape Houston hip-hop from neighborhood streets to international stages.
Judge blocks additional citizenship provisions in latest setback to Trump's election executive order
A federal judge has blocked certain federal agencies from requesting citizenship status when distributing voter registration forms
Patriots Defender Squashes ‘Crazy’ Drake Maye Playoff Narrative
Despite stringing together three dominant postseason outings, the New England Patriots defense doesn’t want to hear about carrying Drake Maye to Super Bowl LX. Maye led New England to a 14-3 season and AFC East championship by accounting for 35 touchdowns with a league-leading 72.0 completion percentage. The MVP finalist hasn’t lived up to those […]
Trump Is All over the Epstein Files. Except, Well, the DOJ Says It’s “Fake.”
So we’re just supposed to believe that millions of newly released documents are completely false?
Some small businesses say they can't close for anti-ICE protests
In protest of ICE, the National Shutdown on Jan. 30 encourages supporters to not work, attend school or shop.
Deadline Approaching for MHA Healthcare Leadership Academy - MHA | Michigan Health & Hospital Association
The enrollment deadline for the MHA Healthcare Leadership Academy (HCLA) is Feb. 6. The cohort meets Feb. 25-27 and May 7-8 at the MHA headquarters in Okemos.
Tampa Bay Business & Wealth Magazine Announces Leadership Transition and Next Phase of Growth
Tampa Bay Business & Wealth (TBBW) today announced a leadership transition and the start of a new chapter for the publication, marking a significant milestone in its continued evolution as a leading voice for the region's business community.
CIO says academia has some lessons to teach health IT pros
"A significant portion of any leadership role is explaining the 'why' and 'how' of a change to diverse audiences," says Bruce Barnes of Brooke Army Medical Center, ahead of his HIMSS26 presentation on the value of higher education.
Sport management practicum gives UMaine students executive-level experience
When Colby Winship enrolled in the Sport Management Practicum at the University of Maine, he knew he was entering a course designed to operate like the professional world. After all, practicum experiences at the Maine Business School are built to move beyond lectures and case studies. This semester, that meant…
The World’s Largest Biological Battle Is Being Fought in Space
But this evolutionary “arms race” looks a little different when playing out in microgravity.
Local Small Business Owner Opens Pak Mail Inside of His Existing Accounting Business in Springville, Alabama--Offering Shipping and Office Services
Annex Brands, Inc., one of the leading franchisors in the packing, shipping and office services industries, is excited to announce the opening of its newest Pak Mail location inside of Chapman Accounting Solutions in Springville, AL to new owner, Edward Chapman. This new Pak Mail is set to offer a wide range of essential shipping and office services to the local community, making it easier to provide more service to more people in more places.
Gray wolves are hunting sea otters and no one knows how
On a remote Alaskan island, gray wolves are rewriting the rulebook by hunting sea otters — a behavior few scientists ever expected to see. Researchers are now uncovering how these coastal wolves adapted to marine hunting, what it means for land–sea ecosystems, and whether this ancient predator–prey relationship is re-emerging as sea otters recover.
S.F. opens health clinic to tackle pollution in Bayview-Hunters Point — a long time coming
Fears of exposure to radiation from the Hunters Point Shipyard prompted the Department of Public Health to open the clinic.
A breakthrough that could make ships nearly unsinkable
Researchers have found a way to make ordinary aluminum tubes float indefinitely, even when submerged for long periods or punched full of holes. By engineering the metal’s surface to repel water, the tubes trap air inside and refuse to sink, even in rough conditions. The technology could eventually be scaled up into floating platforms, ships, or even wave-powered energy systems.
Livingston v Motherwell: Pick of the stats
Tawanda Maswanhise has scored in his past three league appearances, while a goal here would make him the youngest player (23 years 72 days) to net in four successive Scottish Premiership outings since Malik Tillman for Rangers in April 2023 (20y 308d), and youngest for Motherwell in the top flight since Nick Blackman in November 2010 (21y 9d). Motherwell have only lost one of their past 15 league games (W9 D5), a 1-0 defeat at Rangers in December.
China, Israel continue to collaborate in science and tech despite unrest in Gaza
While Beijing supports Palestine and has a fractious relationship with Tel Aviv’s closest ally, cutting-edge innovations keep them together.
Dispatch censored on Switch and Switch 2
AdHoc Studio says despite censorship being toggled on by default, "the core narrative and gameplay remains identical to the original release"
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…
Nintendo Responds To Dispatch Switch Censorship With Official Statement
Following a response from AdHoc Studio
Inside Iowa Politics: Calls for leadership changes after ICE fatal shooting of protester
Iowa members of Congress are not calling for President Donald Trump to remove some of his top leaders involved in immigration enforcement.
Nintendo shares statement on Dispatch censorship debacle...and it doesn't explain much (bumped to the front page)
Anyone else confused?
The Observatory and WHO Ukraine reflect on productive partnership and continued collaboration
Why have some health systems coped better than others during the COVID-19 pandemic? Some answers might become clear if we could assess how resilient health systems are in response to crises or shocks, such as the current pandemic and other emergencies, including financial ones, or how well health systems were prepared for such events in the first place. The European Observatory on Health Systems and Policies has just published a new policy brief, “Strengthening health systems resilience”, which includes a framework to help policy-makers understand health system resilience and how to strengthen it. This policy brief highlights the key features of resilience and provides examples of strategies which have been applied in different countries.
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 […]
Robert Saleh wants to 'bring a championship home' to Nashville
New Titans coach Robert Saleh thanks Titans brass, players and his family in his introductory press conference on Jan. 29.
U.S. Department of State and National Football League Sports Diplomacy Partnership - United States Department of State
Today, the U.S. Department of State and the National Football League (NFL) announced a partnership to support and enhance the Department’s sports diplomacy initiatives and to collaborate on major sporting events, including international NFL games, the Super Bowl, and the debut of flag football at the 2028 Summer Games in Los Angeles (LA28). As American […]
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.
Mavericks put their hope in health as the 1-year anniversary of the Luka Doncic trade approaches
Anthony Davis and Kyrie Irving didn't play in that 118-105 loss to Minnesota — and might not be in a Mavericks uniform on the same night again — while it was a temporary injury absence for four-time NBA champion Klay Thompson and Cooper Flagg, the rookie No. 1 pick who landed in Dallas by crazy luck and is seen as the next face of the franchise after Doncic. Days shy of a year since the Mavs shipped their global superstar to the Los Angeles Lakers for Davis and rocked the core of a team that was just nine months removed from playing in the NBA Finals, Washington's hope for a return to contention rests with those four teammates being healthy alongside him.
ICE Will Play a Big Factor in the Maine Senate Race
Seems like Republican senator Susan Collins is trying to take credit for the agency’s removal from the state. Governor Janet Mills, who’s challenging for her seat, had a rebuttal.
A Business Owner Is Getting Divorced, Asks Dave Ramsey If He'll Lose The Business. 'She's Actually 98% Owner Of The Business And I'm 2% Owner'
A Texas business owner is facing a painful split, not just from his wife, but potentially from the company he helped build. He says he’s done almost all the work since 2021, but legally owns just 2% of the business. His wife holds the other 98%, a structure their accountant recommended for tax reasons. Divorce And Ownership Don't Match Up Manny, who shared his story on the “EntreLeadership” podcast recently with personal finance expert Dave Ramsey, said, “She’s actually 98% owner of the business
Anne's College professor selected to Digital Science Communication Fellowship
Florida State University Margaret A. Sitton Endowed Professor Michael Ormsbee has been selected for the 2026 Digital Science Communication Fellowship, a
SkyLake Adventures teams with Butler Institute for Sports and Entertainment
Under the partnership, Butler University students will receive real-life experience in hospitality and entertainment, and real-life experiences and practical skills in marketing, social media and communications.
As quirky Switch 2 life sim Tomodachi Life gets a release date, Nintendo makes good on decade-old same-sex relationship promise
Nintendo has confirmed same-sex relationships in its Tomodachi Life: Living the Dream reveal, alongside an April release date.
The Next Era of Sports and Entertainment Technology: Info-Tech Research Group Partners With SEAT to Advance Innovation and Digital Excellence Across Industry
Info-Tech Research Group, a global leader in IT research and advisory, has announced a new partnership with SEAT, the Sports & Entertainment Alliance in Technology, to empower technology, marketing, and operations executives across the global sports and entertainment industry. The collaboration will bring Info-Tech's expertise to SEAT's influential community of North American entertainment venues, sports teams, and league leaders who are driving innovation in fan engagement, digital experience,
Escape from Washington? Senators look to start new chapters as governors
U.S. senators are increasingly looking to leave Washington for leadership roles in their home states
Escape from Washington? Senators look to start new chapters as governors
U.S. senators are increasingly looking to leave Washington for leadership roles in their home states.
There won’t be a Nothing Phone 4 this year
CEO Carl Pei says there’s no new flaghip on the way, but teased improvements for the 4A series instead.
Joan Esmie MS ’26 Named PAEA Student Health Policy Fellow
Reflecting Ithaca College’s Commitment to Community-Minded Leadership
Rice Business launches new graduate healthcare certificate program to advance leadership in dynamic industry
Rice’s Jesse H. Jones Graduate School of Business today announced the launch of its Graduate Certificate in Healthcare Management program, a 10-month, credit-bearing professional credential designed for current and aspiring leaders seeking deep expertise in the business of healthcare. Situated at the crossroads of Houston’s renowned Texas Medical Center and global healthcare innovation, the program blends rigorous business fundamentals with healthcare-specific strategy, operations and management.
CU Athletics Announces Partnership with Sports Business Ventures to Launch 1:1 Sports Executive Mentorship Program - University of Colorado Athletics
The Scripps Student-Athlete Leadership and Career Development program is excited to announce a new partnership with Sports Business Ventures (SBV) to launch ...
CU Athletics Announces Partnership with Sports Business Ventures to Launch 1:1 Sports Executive Mentorship Program - University of Colorado Athletics
The Scripps Student-Athlete Leadership and Career Development program is excited to announce a new partnership with Sports Business Ventures (SBV) to launch ...
Where Eagles' pending free agents rank on NFL-wide lists
The Eagles have some big-name free agents this year. Here’s a look at where they rank among the entire NFL.
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.
China, U.K. vow to build long-term strategic partnership in bid to reset strained ties
U.K. Prime Minister Sir Keir Starmer said he hopes to build "more sophisticated" ties with China as the two nations look to revive the bilateral relationships.
Xi-Starmer meeting: Chinese leader tells PM he hopes both countries can ‘rise above differences’
At Beijing talks, British prime minister Keir Starmer tells Xi he wants a ‘more sophisticated’ relationship with China
At World’s Busiest Port, China’s Unbalanced Economy Comes Into View
The shipping traffic and factories never stop in China’s port city of Ningbo, but the local housing market has crashed and nearby restaurants sit empty.
The President Sees Iran as a Gas Station with a Flag
Get ready—Trump is going to be talking about the country for a while to cover for the fact that he’s backed down on Greenland and Minneapolis.
8 Santa Monica Businesses Win Green Certification Awards
8 Santa Monica businesses received Green Business Certification on January 16th at the YMCA, recognizing their sustainable practices and environmental leadership.
WSOC-TV & KFF Health News Win Prestigious duPont-Columbia Award
The SSA's practice left millions of Americans, including some in the Carolinas, facing unexpected financial hardship and prompted sweeping policy changes in the nation’s capital.
Alexander Volkanovski shuts down Jean Silva title talk
Not yet, “Lord.” Ultimate Fighting Championship (UFC) Brazilian fan-favorite Jean Silva scored the biggest win of his career at UFC 324 last weekend (Sat., Jan. 24, 2026), outworking the ultra-durable Arnold Allen to a unanimous decision victory inside T-Mobile Arena in Las Vegas, Nevada. The win immediately launched Silva into the division’s elite and title […]
Virginia Tech visits coveted in-state LB Noah Glover
It’s a new era for Virginia Tech football and new head coach James Franklin is looking to make an impact on the recruiting trail for the Hokies. Virginia itself has been on the rise when it comes to producing blue-chip talent at the high school level. The 2026 cycle had multiple top-100 prospects in the […]
$10 million gift to fuel transdisciplinary data science
Tom and Cathie Woteki, an alumni couple who made profound contributions to the fields of public health and applications of enterprise computing in their careers, have made a $10 million estate gift commitment to endow multiple faculty positions or fellowships, as well as create graduate fellowships, in the College of Science and College of Agriculture and Life Sciences.
Betly expands online casino offering through new partnership with Inspired Entertainment
Delaware North’s Betly iCasino in West Virginia today announced a new partnership with Inspired Entertainment, a leading provider of innovative online casino content.
Tampa Bay Business and Wealth under new ownership, and the transaction is made-for-TV drama
Bridgette Bello’s departure from the magazine turns out to be more than what it seemed.
Accelerating Science: A Blueprint for a Renewed National Quantum Initiative
Sustained U.S. leadership in quantum information science is critical to ensuring that breakthroughs in computing, sensing, networking and materials translate into secure technologies and industries, a skilled domestic workforce and long-term strategic advantage. To secure this future, Congress must act and reauthorize the National Quantum Initiative (NQI).
Live Nation Entertainment, DF Entertainment, and Dale Play Live Enter Into Long-Term Partnership With Club Atlético River Plate at Mâs Monumental Stadium
Live Nation Entertainment today announced a long-term partnership with Club Atlético River Plate, alongside DF Entertainment, Argentina’s leading international live entertainment company; and Dale Play Live, Argentina’s leading Latin live entertainment company, to further elevate Mâs Monumental Stadium as one of the world’s premier destinations for global touring artists and…
How Oprah Winfrey has turned her weight-loss journey into a business
Oprah Winfrey's newest book, "Enough," is about her relationship with weight-loss drugs. Since the '90s, she has been combining her health with business.
Dispatch is censored on Nintendo Switch 2 and Switch
Although there was initially speculation about Dispatch being censored on Nintendo Switch 2 and Switch, it’s now confirmed that this is indeed the case. In the PC and PS5 versions, the game featured a “Visual Censorship” setting. This is gone on Nintendo Switch 2 and Switch, so you’re always getting the censored experience. All scenes are in tact, but there...
As the Trump administration targets NCAR, scientists rally to defend the ‘mothership’ of atmospheric research
A letter published by the National Science Foundation asks for ideas to dismantle the research hub. Scientists are responding en masse.
Leadership turmoil returns to Hispanic Silicon Valley business group
For the second time in seven years, the Hispanic Chamber of Commerce Silicon Valley has found itself embroiled in a leadership dispute that has led to the sudden ouster and replacement of multiple board members.
New Doc by Former Colleagues Explores Asian Americans' Growing Political Leadership
Two Asian American professors with ties to York College have collaborated on a timely and engaging new documentary examining the growing political influence of Asian Americans.
Google Pixel’s Tensor chip said to help weather a rocky smartphone market in 2026
A new report forecasts the smartphone chipset market through 2026, and claims that Google’s efforts in building Tensor for Pixel...
Minnesota Wild Announces Partnership with Priority Commerce Sports
Wild selects Priority to streamline ticket payments and drive new revenue
Former utility commissioner Tim Echols reflects on Georgia's new power politics
This coverage is made possible through a partnership between WABE and Grist, a nonprofit environmental media organization. The Georgia Public Service Commission has entered a new era. After nearly two […]
Business Success
Ohio Wesleyan Celebrates Innovation at Second Annual U.S. Entrepreneurship Competition
Patriots LT Will Campbell trending up ahead of Super Bowl
The Patriots’ left tackle had his best game of the postseason in the AFC Championship Game.
China’s latest war game uses hospital and science ships for espionage
It is self-evident that Beijing is not promoting peace, health or scientific research.
Exclusive: Climatic inhales $10M for respiratory wellness
Lerer Hippeau led the consumer health startup's seed round.
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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