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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.
Denver businesses close Friday in support of anti-ICE nationwide shutdown
Theo Rossi, Mario Van Peebles & Derek Wilson Sink Teeth Into WeBros’ Vampire Island Thriller ‘Young Blood’
EXCLUSIVE: Theo Rossi, Mario Van Peebles and Derek Wilson are headlining the Ari Schlossberg directed and written vampire island feature Young Blood currently shooting in Key Largo, Florida. The trio join previously announced Myles Truitt, Madison Wolfe, Marley Aliah, Genneya Walton, Alex Aiono and Mitchell Hoog in the WeBros Entertainment production. Young Blood follows three college best friends who …
Feedback Friday: ‘Closer Look’ listeners react to intensifying daily politics, protests
This comes as tensions continue to rise in Minnesota after the shooting deaths of Alex Pretti and Renee Nicole Good by Immigration and Customs Enforcement agents. Earlier this month, Lemon and Fort both reported on a protest at Cities Church in St. Paul. It has been alleged that an ICE official serves as a pastor of the church, which sparked the protest. Following the incident, the Trump administration promised retaliation against Lemon.
I Let Google's ‘Auto Browse’ AI Agent Take Over Chrome. It Didn't Quite Click
Auto Browse can shop for clothes, plan a trip, and buy tickets for you. Or at least, that's the idea.
Macaulay Culkin shares heartbreaking Catherine O'Hara tribute
The death of esteemed actress Catherine O'Hara sparked heartfelt tributes from several celebrities and former costars.
Deadline Hollywood
'The Entertainment System Is Down' is a social satire set on a long-haul flight where the entertainment systems fail. Read more below.
Ferris wheel, Berglund Center, Science Museum; Rasoul requests $600k from General Assembly for study to improve Roanoke
Delegate Sam Rasoul is requesting $600,000 from the General Assembly to evaluate improvement ideas for Roanoke, including a Ferris wheel on Center in the Square. Rasoul emphasizes the importance of creative investment for Roanoke's redevelopment, focusing on feasibility and structural studies.
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.
Catherine O’Hara, ‘Home Alone’ and ‘Schitt’s Creek’ star, dead at 71
Catherine O’Hara, who starred in legendary films “Beetlejuice” and “Home Alone” before taking a star turn as Moira Rose on “Schitt’s Creek,” has died. She was 71.
Actress Catherine O'Hara dies at 71
Her death was announced Friday
‘It wasn’t about the scale:’ Austin moms find community, mental health benefits through strength training
A 2024 study shows women who strength train lower their risk of death and see benefits faster than men.
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’
What time would a government shutdown begin? Deadline looms over Congress
A potential government shutdown comes as DHS funding grows contentious.
‘Highguard’ Maker Talks About the Game’s Dramatic Launch
The former Respawn developers have dealt with a lot of drama since announcing their new game last month
US Senate scrambles to reach funding deal as partial shutdown deadline looms
Killings of Alex Pretti and Renee Good prompted Democrats to block passage of a measure funding DHS
Schumer says both parties ‘working to get it done’ as Senate GOP works to resolve funding holdup ahead of midnight deadline
Senate Minority Leader Chuck Schumer said as he entered the US Capitol on Friday that Democrats are pushing ahead on a funding deal to avert a prolonged government shutdown.
Which free agents should the Denver Broncos re-sign?
Heading into the 2025 season, the Denver Broncos had several key players in the final year of their deals who would become free agents at the end of the year. However, the team did a lot of the heavy lifting throughout the year and signed defensive linemen Zach Allen and Malcolm Roach, wide receiver Courtland […]
School of Business dean to step down, return to faculty in May - News
Dr. Kevin O’Mara announced this week he will step down as dean of the Lundy-Fetterman School of Business at Campbell… More on this post
Ohio State Hosts Nebraska Sunday for National Girls & Women in Sports Day
The No. 11/12 Ohio State women's basketball team (19-3, 8-2 B1G) hosts RV/RV Nebraska (16-5, 5-5 B1G) on Sunday evening. Tip-off is scheduled for 6 p.m. ET i...
Friday Dots: Schedules and Signings
Recruiting Updates, schedule talk, a true deep cut, and more for your Friday!
Chicago health officials warn of meningitis outbreak, 2 deaths already reported
"Built On Theft And Plagiarism" - A Growing Number Of Game Developers Are Sick To Death Of Generative AI
"I'd rather quit the industry than use Generative AI"
WVU Committee of Retired Faculty, OLLI host ‘Quantifying Health: Data, Discovery and the Path to Longevity’
OLLI at WVU and the WVU Committee of Retired Faculty will host Chancellor and Executive Dean for Health Sciences Dr. Clay Marsh as he presents “Quantifying Health: Data, Discovery and the Path to Longevity” at 2:30 p.m. Wednesday (Feb. 4).
Government shutdown looms as Senate deal stalls amid heated political rhetoric
Fox News congressional correspondent Bill Melugin reports on Capitol Hill efforts to avoid another government shutdown amid tense debates over new DHS funding. Fox News contributor Marc Thiessen reacts on ‘Fox & Friends.’
901Women and Tiger Women’s Athletics to Celebrate National Girls and Women in Sports Day - University of Memphis Athletics
MEMPHIS, Tenn. – The Memphis Athletic Department and 901Women will celebrate National Girls and Women in Sports Day with its women's programs and staff membe...
DePaul and BIG EAST to Host National Girls and Women in Sports Day Game Presented by Invesco QQQ Feb. 4
The BIG EAST Conference will partner with Invesco QQQ and DePaul to celebrate National Girls and Women in Sports Day on Wednesday, Feb. 4. The DePaul women's...
Newcastle add Scotland hooker Turner for next year
Newcastle Red Bulls bring in Scotland hooker George Turner on a one-year deal from fellow Prem side Harlequins.
Strand Larsen future to dominate talk again
Rob Edwards' news conference on Friday is likely to be the latest instalment of the mini Strand Larsen saga, with his move to Crystal Palace in serious doubt. Nothing was ever officially agreed for the Norwegian, even if a £50m deal was struck in principle, and there remains a chance he will stay beyond the deadline - something Wolves would still be happy and comfortable with. Wolves host Bournemouth on Saturday as Edwards tries to maintain momentum, despite last week's defeat by Manchester City, and he will be quizzed about Strand Larsen's future at Compton later.
Trump warns UK against doing business with China after Starmer visits Beijing
It comes after the US president threatened to impose tariffs on Canada if it went through with economic deals struck with China
Trump warns UK against doing business with China after Starmer visits Beijing
It comes after the US president threatened to impose tariffs on Canada if it went through with economic deals struck with China
Ruben Östlund Says He Is Eyeing A Third Palme D’Or, But May Hold ‘The Entertainment System Is Down’ Until 2027 To Complete Editing
'The Entertainment System Is Down' is a social satire set on a long-haul flight where the entertainment systems fail.
Alabama Athletics Kicks Off National Girls and Women in Sports Celebration with CTF Campaign
TUSCALOOSA, Ala. – The University of Alabama Athletics Department will celebrate the 40 th annual National Girls and Women in Sports Day with a recognition t...
Starmer arrives in Shanghai as he looks to boost UK business opportunities
BEIJING (AP) — British Prime Minister Keir Starmer arrived in the Chinese financial center of Shanghai on Friday in his bid to boost business opportunities for U.K. firms in the world's second-largest economy, just hours after U.S. President Donald Trump signaled a possible opposition to any deal...
Capitals’ Logan Thompson suffers injury 2 weeks before Olympics
Capitals goaltender Logan Thompson is dealing with a day-to-day upper-body injury ahead of the Winter Olympics.
Live and dead pests found in kitchen of restaurant ordered to shut down by Metro Health
Metro Health inspectors issued demerits to two different restaurants in January after finding multiple live and dead pests, including roaches, in the kitchens.
Johnson says government will 'inevitably' shut down despite Senate deal
House Speaker Mike Johnson said that "logistics" for House members may force the federal government into a brief shutdown, despite a funding deal made in the Senate.
Joey Votto finalizing broadcast deal with NBC Sports
Longtime Red Joey Votto is finalizing a deal with NBC Sports to be part of its MLB coverage, according to Front Office Sports' Michael McCarthy.
How Trinity Rodman's deal changed the business of women’s soccer
Trinity Rodman was at the center of the biggest contract dispute in women's sports. Her NWSL peers have her back.
IDF officials shift stance, accept Gaza Health Ministry data on death toll
After two years of war, senior military officials for the first time aligned with an update from Gaza’s Hamas-run Health Ministry, saying they estimate about 70,000 Gazans have been killed, excluding the missing, while stressing that efforts to distinguish terrorists from civilians are ongoing
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.
Democrats, White House strike deal that would avert shutdown
The two sides agreed to separate homeland security funding from the rest of the legislation and fund it for two weeks while they debate Democratic demands for curbs on ICE.
Which Portland businesses are participating in the Jan. 30 general strike?
Some Portland restaurants, bookstores and cafes are shuttering for the day as part of a nationwide protest against Immigration and Customs Enforcement following recent shooting deaths by federal agents.
DC Wrap: Tentative deal struck to avoid shutdown; Trump touts past year
A look at the day's biggest stories in national politics
CNN’s Manu Raju breaks down the deal reached to avert government shutdown
James Cameron was once asked to deal cocaine to film crew: 'What do I do with this stuff?'
James Cameron says that he was once asked to deal cocaine and amphetamines to a film crew: 'That was just how things were done.'
Senate blocks federal funding bills as deadline to avert shutdown looms
The funding package failed 55 to 45, with a handful of Republicans joining Democrats to block the bills
Tittle Law Firm Guides Dallas Businesses Through Chapter 7 Bankruptcy Attorneys Support
When debt problems escalate, local leaders can contact Tittle Law Firm, PLLC for Chapter 7 bankruptcy attorneys support and clear next-step direction. Tittle Law Firm Guides Dallas Businesses Through Chapter 7 Bankruptcy Attorneys Support When debt problems escalate, local leaders can contact Tittle Law Firm, PLLC for Chapter 7 bankruptcy attorneys support and clear next-step direction. Dallas, TX , Jan. 29, 2026 (GLOBE NEWSWIRE) -- Dallas businesses dealing with mounting debt and tightening cas
Google disrupts IPIDEA residential proxy networks fueled by malware
IPIDEA, one of the largest residential proxy networks used by threat actors, was disrupted earlier this week by Google Threat Intelligence Group (GTIG) in collaboration with industry partners.
Nathan Kahane Launches True North; Production & Financier Backed By Entertainment 360 Capital
Nathan Kahane Launches True North; Production & Financier Backed By Entertainment 360 Capital
2026 Grammy Awards performers: Justin Bieber, Lady Gaga, Addison Rae and Olivia Dean among star-studded lineup
Music's biggest night is fast approaching — and the roster of scheduled Grammy performances continues to grow.
Chicago health officials report 7 cases, 2 deaths from meningitis outbreak in January
Apple buys Israeli start-up Q.AI as it races Meta and Google on AI devices
Deal worth close to $2bn for secretive group that creates technology that analyses facial expressions
Democrats Block Spending Package as D.H.S. Talks Continue
With about 36 hours to go before a shutdown deadline, the funding legislation stalled while Democrats sought a deal with President Trump to rein in his immigration crackdown.
Will the government shut down this weekend? Latest updates
The country is facing a partial shutdown this weekend if lawmakers can't find a deal over a DHS funding measure.
Lehigh Sports Central: Men's Basketball
On the latest edition of Lehigh Sports Central, hear from men's basketball head coach Brett Reed and sophomore Hank Alvey as they preview this Saturday's mat...
“Entertainment Weekly” reveals Breaking Big honorees for 2026 SCAD TVfest
Sean Kaufman ("For All Mankind"), Michelle Randolph ("Landman"), Amirah J ("High Potential"), and Taylor Dearden ("The Pitt") will speak on a panel moderated by EW's Gerrad Hall.
Will Republicans break their losing streak on health care reform?
Republicans have repeatedly failed to successfully field an alternative to ObamaCare, but their new “Great Healthcare Plan” released in January offers some promising ideas, such as pric…
New Hampshire, Vermont health care providers alerted about Legionnaires' disease cases
The alert comes as the Vermont Health Department investigates a deadly outbreak in Windsor.
Sen. Amy Klobuchar launches her bid for Minnesota governor
Sen. Amy Klobuchar launched a Democratic bid for governor on Thursday, pledging to unify her state and move beyond a deadly battle with the federal government over immigration.
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.
The Jeff Boals Show Returns Tonight at The Gem Sports Bar
ATHENS, Ohio — The Jeff Boals Show returns this Thursday, January 29, on the Ohio Sports Network from Learfield, presented by Holzer Health System. This week, the live broadcast will take place from 6pm-7pm at The Gem Sports Bar. The event is open to the public and free to attend. Join the "Voice of Bobcat Basketball," Jason Toy, and the seventh year head coach of the Ohio Bobcats, Jeff Boals, for a weekly recap and a look ahead at upcoming matchups. This week's special guests include sophomore forward Ayden Evans (Radcliff, Ky.) and freshman forward Jordan Fisher (Pickerington, Ohio)
Fall Sports of XC, FB, VB, & Soccer Earn Academic All-Big 12 Honors
IRVING, Texas – The Big 12 Conference has announced its Fall Academic All-Big 12 honorees for the 2025 fall semester, released Thursday.
IDF accepts Gaza Health Ministry estimate of over 70,000 Palestinians killed in the war
Although Many International Experts Have Accepted the Health Ministry's Data as Reliable, and Even Conservative Relative to the True Death Toll, Israel Had Refused to Accept the Health Ministry's Count Until Noiw
Yvonne Ejim Nominated for Sports Star of the Year
SEATTLE, Wash. -- Gonzaga's Yvonne Ejim was nominated for the Sports Star of the Year by the Seattle Sports Commission. She is one of six athletes nominated for the award.
Lakers' top trade target revealed ahead of next week's deadline
Los Angeles is reportedly eyeing this defensive specialist.
Pakistan becomes latest Asian country to introduce checks for deadly Nipah virus
Authorities in Pakistan have ordered enhanced screening of people entering the country for signs of infections of the deadly Nipah virus after India confirmed two cases, adding to the number of Asian countries stepping up controls.
ACU Sports Podcast: Wildcat Annual Fund Director Anthony Egbo
Anthony Egbo, former ACU football player and current director of the Wildcat Annual Fund, talks about ACU Athletics' unique approach to philanthropy, what to expect for ACU Gives, and shares stories of how ACU has impacted student-athletes' lives even if they are only a Wildcat for a year or two.
Laura Coates assesses the new video showing Alex Pretti clashing with agents days before his death
Talks intensify to avert shutdown as White House and Senate leaders eye last-ditch deal
The White House and Senate leaders are moving closer to a deal to avert a government shutdown but are seeking to resolve final sticking points in eleventh-hour negotiations ahead of Friday’s deadline, according to several sources familiar with the talks.
U.S. health officials monitor deadly virus
Authorities in India have confirmed two cases of nipah virus, often carried by fruit bats. The CDC says it is monitoring the situation and stands ready to assist as needed. NBC News’ Raf Sanchez has more.
Geoff Mason, Sports Producer Thrust Into Covering Terrorism, Dies at 85
He played a critical role in ABC Sports’s reporting on the attack by a Palestinian group at the 1972 Summer Games in Munich that left 11 Israeli team members dead.
Democrats demand major overhaul to ICE, as government shutdown risk skyrockets
Democrats in Congress are digging in against any funding deal with President Donald Trump this week that doesn’t include major changes to federal immigration enforcement – dramatically increasing the odds of a shutdown at week’s end.
Tigers Pounce on Pilots for 74-51 Victory on Dignity Health Night
Taking control early in the game, the Pacific men's basketball program overwhelmed Portland in a 74-51 win Wednesday on Dignity Health Night at the Alex G. Spanos Center.
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.
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants
EXCLUSIVE: Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs, talent development initiatives which connect emerging writers and directors with opportunities across DET’s scripted and unscripted television slate. “This year’s cohorts reflect the bold, original voices that will help shape the next era of television,” said Tim McNeal, senior vice …
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants
Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs
Brillstein Entertainment Partners Signs Comedian, Actor & Writer Paul Chowdhry
Paul Chowdhry, the comedian, actor, and writer, has inked with Brillstein for global management in all areas, Deadline can report exclusively.
Giannis Antetokounmpo trade rumors: Bucks listening on deals for star
Giannis Antetokounmpo has indicated he's ready to move on from the Bucks, and Milwaukee is reportedly willing to listen to offers. Here's the latest.
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.
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.
Manu Ginobili among backers of new planned sports performance project in South Florida
Manu Ginobili is investing in South Florida’s potential with a new venture. The former San Antonio Spurs star is part of a group building the Sports Performance Hub in Homestead, Florida. It’ll be a next-generation sports, education and community development project. It will feature a 10,000-seat stadium for Miami FC, sports training facilities, a basketball facility, a boarding school and more. Groundbreaking is set for March, with plans to open in 2028. Ginobili, along with partners like Riccardo Silva and Juan Sebastian Veron, aims to connect sports training with academics. They believe Miami’s multicultural environment makes it an ideal location.
Super Bowl 2026 TV deals: The best sales ahead of kickoff
From sub-$500 sets to high-end OLEDs, you can save on a new TV ahead of this year's big game.
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.
Maduro was an 'impediment to progress' and refused deal, Rubio says
Secretary of State Marco Rubio made the comments at a Jan. 28 Senate hearing on Venezuela.
Sword Health plans to acquire Kaia Health for $285M
Sword aims to raise about $500 million to fund more deals in the U.S. and Europe.
After D.C. clears homeless encampments, health workers warn of growing risks
While Trump administration officials say that sweeps of homeless encampments make public spaces safer, health workers say they are disrupting care for people with serious medical needs and increasing the risk of illness and death.
Twenty One Capital: Wen Business, Ser?
Twenty One Capital came public via SPAC merger but has since plummeted by nearly 30% since deal closure. Click here to find out why XXI stock is a Hold.
The Two Big Decisions Facing Democrats Ahead of a Shutdown
Plus, senators work on a last-minute budget deal on immigration enforcement, and Tom Homan presented his list of demands to Minnesota leaders.
Football Announces New Sports Performance Staff Hires - University of Tennessee Athletics
Tennessee football has finalized its sports performance staff with the addition of six new hires under the direction of Derek Owings , head coach Josh Heupel...
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’
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
Commentary: They said Katie Porter was dead politically. I checked her pulse
A one-two punch of unflattering videos caused many to write off Porter's gubernatorial candidacy. But the former O.C. congresswoman remains a top contender.
Congress is poised to take this big step intended to lower drug costs
A deal attached to the Senate government funding package would "delink" PBM compensation from drug prices in Medicare Part D.
More 'No Kings' protests planned for March 28 as outrage spreads over Minneapolis deaths
Organizers are planning what they anticipate will be the largest “No Kings” protests yet, targeting what they call authoritarianism under President Donald Trump
An ousted energy regulator reflects on Georgia’s new power politics
Former utility commissioner Tim Echols talks climate change, the Republican party, and how the state will deal with rising power demand.