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The Science Behind a Great Guacamole

Guacamole is a game-day favorite, but what does it take to perfect it? Researchers at UC Riverside are peeling back the science of what makes a great avocado and how to turn it into a winning bowl of guacamole.

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Jan 30 • 9:35 PM EST • Science • news.ucr.edu
Sydney Sweeney on “MAGA Barbie” Nickname: “I’ve Never Been Here to Talk About Politics”

"I’ve always been here to make art, so this is just not a conversation I want to be at the forefront of," the 'Christy' star said in conversation with Cosmopolitan.

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Jan 30 • 8:07 PM EST • Politics • hollywoodreporter.com
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Gov. Stitt suggests Medicaid cuts to curb health care costs

On Thursday, the Oklahoma Healthcare Authority asked for nearly half a billion more in its budget. Healthcare Authority Director Clay Bullard told lawmakers that a remedy for high agency costs coul…

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Jan 30 • 7:23 PM EST • Health • kfor.com
Shutdown nears as lawmakers brace for next round of ICE negotiations

Over the next two weeks, Democrats and Republicans will weigh competing demands on changes to Department of Homeland Security operations.

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Jan 30 • 6:26 PM EST • Politics • latimes.com
Tuch sets Sabres' sights on Stanley Cup

The forward is not content with just making the playoffs.

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Jan 30 • 2:08 PM EST • Sports • spectrumlocalnews.com
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Samsung Soldout Its $3,000 TriFold Phone in Minutes

Galaxy Z TriFold, the $2,899 foldable from Samsung, sells out in minutes. You probably missed it because you didn’t see the need to make a note on your calendar for a... #GalaxyZTriFold #Samsung

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Jan 30 • 1:30 PM EST • Technology • droid-life.com
‘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

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Jan 30 • 1:00 PM EST • Entertainment • bloomberg.com
South African pediatric cardiologist joins Manning Family Children's in New Orleans

"I've been very fortunate to be able to make the differences that I've been able to make," Dr. Russel Hirsch said. "And hope to continue that."

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Jan 30 • 1:00 PM EST • Health • nola.com
The ICE surge has disrupted business. Minnesota’s top economic official is ‘very concerned.’

In an interview, DEED Commissioner Matt Varilek spoke at length about how ICE is affecting businesses and making the job of growing the state’s economy more difficult.

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Jan 30 • 12:00 PM EST • Business • startribune.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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Review | The best movies of 2026 so far, according to critics

“Arco,” “The Testament of Ann Lee” and “No Other Choice” make our evolving list of 2026’s best films.

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Jan 30 • 10:31 AM EST • Entertainment • washingtonpost.com
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.

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Jan 30 • 8:32 AM EST • Business • finance.yahoo.com
The best new science fiction books of February 2026

We pick the sci-fi novels we’re most looking forward to reading this month, from a new Brandon Sanderson to the latest from Makana Yamamoto

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Jan 30 • 8:00 AM EST • Science • newscientist.com
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California Crypto Billionaires Plan to Spend Tens of Millions on Moderate Candidates

Chris Larsen and Tim Draper, two outspoken Silicon Valley leaders, are planning to spend tens of millions of dollars to elect moderate state lawmakers this year.

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Jan 30 • 8:00 AM EST • Politics • nytimes.com
These Utah businesses will close — or donate from their sales — Friday to protest Minnesota immigration crackdown

One Salt Lake City bookstore will be closed Friday, but will reopen in the evening so people can gather to write letters or make safety kits. Another will stay open and donate a portion of its sales to a west-side school.

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Jan 30 • 8:00 AM EST • Business • sltrib.com
I'm a Pro Photographer and Xiaomi's 17 Ultra Leica Phone Looks Amazing

Commentary: This phone packs some key camera upgrades that make it a contender for one of 2026's best camera phones.

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Jan 30 • 8:00 AM EST • Technology • cnet.com
Falcons Defender Floated as Option for Vikings

The Minnesota Vikings have a number of decisions to make this offseason in terms of personnel. They have a number […]

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Jan 30 • 7:45 AM EST • Sports • sports.yahoo.com
'Not a typical heavyweight' - Osadolor set for debut

Heavyweight boxer Derrick Osadolor says that he is "ready to showcase" his skills on Saturday when he makes his professional debut on the BBC.

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Jan 30 • 7:35 AM EST • Sports • bbc.com
Inside Nvidia's 10-year effort to make the Shield TV the most updated Android device ever

Selfishly a little bit, we built Shield for ourselves."

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Jan 30 • 7:00 AM EST • Technology • arstechnica.com
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.

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Jan 30 • 7:00 AM EST • Science • sciencedaily.com
Flu cases are down in NYC, but health officials say flu season is far from over

More than 2,200 new flu cases were reported last week, with kids making up over half of cases.

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Jan 30 • 6:31 AM EST • Health • gothamist.com
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.

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Jan 30 • 5:00 AM EST • Sports • bbc.com
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Genes play a big part in driving lifespan, scientists find

How long a person lives may not only be down to their lifestyle - but their genetic makeup too, research suggests.

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Jan 30 • 4:04 AM EST • Science • news.sky.com
Newcastle United pushing hard to sign Barcelona youth team gem

According to a recent report from SPORT, a new name from Barcelona’s youth setup has begun attracting serious attention from across Europe. As such, Premier League side Newcastle United are making ...

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Jan 30 • 2:30 AM EST • Sports • barcauniversal.com
How Red Light Therapy Became Big Business for Beauty Brands

Glowing masks make for social-media friendly selfies, but red light therapy has potential beyond content fodder. Brands and specialists weigh in.

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Jan 30 • 12:15 AM EST • Business • vogue.com
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Rep. Morelle calls for lawmakers to extend ACA tax credits

The House of Representatives recently approved a bill that would extend those tax credits for three years. It has yet to be voted on in the Senate.

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Jan 29 • 9:22 PM EST • Politics • spectrumlocalnews.com
Should the Rams really go ‘all in’ again?

The Rams going “all in” for one final year with Matthew Stafford makes more sense on the surface than after a deep dive

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Jan 29 • 9:00 PM EST • Sports • turfshowtimes.com
UPS pilots union supports 'Fatigued Pilot Protection Act'

Lawmakers have introduced a bill to ensure commercial pilots follow the same rules for flight time and rest, whether they fly passengers or cargo.

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Jan 29 • 7:36 PM EST • Politics • spectrumnews1.com
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.

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Jan 29 • 7:00 PM EST • Health • eurohealthobservatory.who.int
How scientists are making the power of invisibility a reality

“In my opinion, invisibility is no longer a science fiction concept.”

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Jan 29 • 7:00 PM EST • Science • nationalgeographic.com
Nearly 100-year-old candy company files for bankruptcy amid rising costs, heavy debt: report

Nearly century-old Chicago candy maker Primrose Candy Co. files for Chapter 11 bankruptcy protection, seeking to restructure over $12 million in debt.

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Jan 29 • 6:02 PM EST • Business • foxbusiness.com
Ford names a new head to its energy business startup

Executive Lisa Drake has been tapped to run Ford Energy, a new division that will make battery storage systems.

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Jan 29 • 5:28 PM EST • Business • freep.com
Several Bellingham businesses will close Jan. 30 for nationwide ICE protest

“It’s time to speak up in the best way to make our government listen: the money in their pockets.”

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Jan 29 • 5:13 PM EST • Business • bellinghamherald.com
BBC Audio | BBC Inside Science | Should we rethink navigating by GPS?

GPS is vulnerable to interference, so how can we make navigating at sea safer?

bbc.com logo
Jan 29 • 4:22 PM EST • Science • bbc.com
Science Politics communicates science, tech and policy to a broad audience | School of Foreign Service

Science Politics, a new STIA publication, blends academic rigor with journalistic storytelling to reach scholars, policymakers and the general public.

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Jan 29 • 3:36 PM EST • Politics • sfs.georgetown.edu
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Science Politics communicates science, tech and policy to a broad audience | School of Foreign Service

Science Politics, a new STIA publication, blends academic rigor with journalistic storytelling to reach scholars, policymakers and the general public.

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Jan 29 • 3:36 PM EST • Science • sfs.georgetown.edu
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‘OPB Politics Now’: ICE, transportation and a looming state budget hole

Oregon lawmakers return to Salem, plus the Republican gubernatorial primary field continues to expand.

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Jan 29 • 3:30 PM EST • Politics • opb.org
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Apple buys Israeli startup Q.AI as the AI race heats up

Apple announced its acquisition of Q.AI for a reported nearly $2 billion, making it the company's second-largest acquisition to date.

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Jan 29 • 1:58 PM EST • Technology • techcrunch.com
Make an Honest Living in Three New GTA Online Odd Jobs

Join the ranks of the Los Santos Fire Department as a Firefighter, load up delivery vans for Alpha Mail as a Forklift Operator, or deliver the old-fashioned printed version of the Los Santos Meteor with a Paper Route in three new Odd Jobs now available...

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Jan 29 • 1:18 PM EST • Technology • rockstargames.com
Maine businesses to close Friday, make donations to support immigrant community

More than 50 shops and restaurants are participating in a nationwide strike, which will include a protest in Portland's Monument Square.

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Jan 29 • 1:10 PM EST • Business • pressherald.com
Samsung’s confusing Galaxy S26 pricing raises base model cost, but makes Ultra cheaper

New reports reveal that Samsung is, in fact, planning to raise the price of the Galaxy S26 series, but only...

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Jan 29 • 12:54 PM EST • Technology • 9to5google.com
Ruben Östlund Admits He Bought a Plane to Make ‘The Entertainment System Is Down,’ Cast Keanu Reeves as an Electrician and Says It’s About Today’s Society: ‘We’re Harming Ourselves and We Know It’

Ruben Östlund teases upcoming 'The Entertainment System Is Down' and the experiment that inspired it, says he bought a plane to shoot it.

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Jan 29 • 12:50 PM EST • Entertainment • variety.com
Monkey Business: Using Genetics to Understanding Decision-Making in Monkeys

Abigail Morris first visited the Peruvian Amazon when she was 6 years old. Now, as a Ph.D. candidate in the Animal Behavior Graduate Group, she has returned to study how seasonal flooding affects the behavior, diet and population genetics of two species of monkey: monk sakis (Pithecia monachus) and large-headed capuchins (Sapajus apella macrocephalus).

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Jan 29 • 12:00 PM EST • Business • biology.ucdavis.edu
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.

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Jan 29 • 11:46 AM EST • Technology • eurogamer.net
U.P. college town to create business incubator where it’s ‘safe to fail’

Houghton won a $3.9 million state grant that’s making this and other projects possible.

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Jan 29 • 11:39 AM EST • Business • mlive.com
Beyond Entertainment: When Theatre Makes You Think

Three plays performed as stage readings February 6-8, features an audience talk back afterwards, with complimentary desert and coffee. A fundraiser as well for the Bear Theatre ($25 tickets, $50 for all three shows), located inside Community High...

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Jan 29 • 11:16 AM EST • Entertainment • theroanoker.com
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.

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Jan 29 • 10:41 AM EST • Politics • usatoday.com
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After assault on Ilhan Omar, Trump responds with another blame-the-victim conspiracy theory

President Donald Trump did it after the 2021 attack on the US Capitol. He did it after the 2022 attack on the husband of then-House Speaker Nancy Pelosi. He did it after the murder last month of filmmaker and Democratic activist Rob Reiner. And he did it again on Tuesday after an attack on another Democrat, Rep. Ilhan Omar of Minnesota.

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Jan 29 • 8:42 AM EST • Politics • cnn.com
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Memphis People in Business for Jan. 29, 2026

A look at promotions, hirings, movers and newsmakers in the Memphis area business scene.

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Jan 29 • 7:00 AM EST • Business • commercialappeal.com
Google Chrome Gets Gemini Side Panel and Agentic Browsing Features

AI-powered browsing features have become a battleground among browser makers in recent months. OpenAI launched its Atlas browser in October, while Microsoft Edge and Opera have also introduced AI assistants and automated browsing capabilities. And now Google is upping the ante. The company has announced a slew of new AI features fro Chrome, including a persistent sidebar for the Gemini chatbot and "auto browse" capabilities that can perform web tasks on your behalf.

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Jan 29 • 5:44 AM EST • Technology • macrumors.com
Mike McCarthy makes bold statement about Steelers’ playcalling

Pittsburgh Steelers head coach Mike McCarthy didn’t mince words regarding the possibility of him calling plays on offense.

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Jan 29 • 5:09 AM EST • Sports • steelerswire.usatoday.com
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Donald Trump promised to make the US the world’s crypto capital. His businesses are seizing on it.

The president's business empire — once known for its hotels and golf courses — has aggressively expanded into the world of cryptocurrencies during his first year back in the White House.

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Jan 29 • 5:00 AM EST • Business • politico.com
Minneapolis small business supports strike against ICE, raises money

ICE activity and tariffs are making for an especially tough month for Perennial Cycle in Minneapolis. The owner is focusing on the community.

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Jan 29 • 3:52 AM EST • Business • businessinsider.com
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Analysis: Why the Minnesota deportation impasse will be so hard to solve

What happens now that the tough Minnesota deportation crackdown has turned tragic depends on whether President Donald Trump concludes he simply has an optics problem or whether he’s ready to make genuine changes to unpopular hardline policies that are central to his political identity.

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Jan 29 • 12:00 AM EST • Politics • cnn.com
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Calif. politicians introduce Minneapolis-inspired bill

The bill is the most recent from California lawmakers responding to ICE raids.

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Jan 28 • 8:00 PM EST • Politics • sfgate.com
America at a Boiling Point: From ICE Protests to an Attack on Rep. Omar

An attack at a town hall in Minneapolis, amid a surge in threats against lawmakers, was the latest sign of the fraying of the nation’s political fabric.

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Jan 28 • 7:47 PM EST • Politics • nytimes.com
Tiny mammals are sending warning signs scientists can finally read

Small mammals are early warning systems for environmental damage, but many species look almost identical, making them hard to track. Scientists have developed a new footprint-based method that can tell apart nearly indistinguishable species with remarkable accuracy. Tested on two types of sengi, the system correctly identified them up to 96% of the time. It offers a simple, ethical way to monitor ecosystems before they quietly unravel.

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Jan 28 • 7:00 PM EST • Science • sciencedaily.com
Decatur seeking input on Oakwood Business District

DECATUR, Ill. (WCIA) — The City of Decatur is asking its residents to fill out a survey on changes they would like to see to the Oakwood Business District before they make a plan to revamp it. Councilman David Horn said the survey is part of a step that will be taken before the city […]

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Jan 28 • 6:59 PM EST • Business • wcia.com
VA reorganization aims to shift health care workforce to hubs with growing veteran population

Congress directed the VA to make similar changes under the first Trump administration, but blocked it from implementing them under the Biden administration.

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Jan 28 • 6:46 PM EST • Health • federalnewsnetwork.com
New York lawmakers join in calling for ICE’s removal from Minnesota

Dozens of New York state senators and assemblymembers released a joint statement Wednesday at the State Capitol.

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Jan 28 • 6:01 PM EST • Politics • spectrumlocalnews.com
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 […]

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Jan 28 • 4:58 PM EST • Sports • on3.com
Tesla

Telsa’s revenue and profits tumbled in the fourth quarter, capping off the most difficult year for the electric automaker since it became profitable six years ago.

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Jan 28 • 4:11 PM EST • Business • cnn.com
Fed holds interest rates steady, pausing rate cuts amid economic uncertainty

Federal Reserve policymakers left interest rates unchanged at its January meeting after cutting rates at its three prior meetings amid uncertainty over the labor market and inflation.

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Jan 28 • 2:00 PM EST • Business • foxbusiness.com
Google brings its Nano Banana image generator to Chrome

Following its recent AI makeover of Gmail, Google is bringing more Gemini-powered tools to Chrome. Starting today, a host of new features are rolling for the browser, with more to come over the next few months.

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Jan 28 • 1:00 PM EST • Technology • engadget.com
Review: AMD's Ryzen 7 9850X3D is a little faster and a lot more power-hungry

The tradeoffs for the $499 9850X3D make it hard to get excited about.

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Jan 28 • 11:41 AM EST • Technology • arstechnica.com
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.

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Jan 28 • 11:36 AM EST • Sports • nbcmiami.com
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Record-breaking South Carolina measles outbreak nearing 800 cases

The record-breaking measles outbreak in South Carolina has reached nearly 800 cases, making it the largest spread of the disease in the U.S. since it was first declared eliminated at the start of t…

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Jan 28 • 11:13 AM EST • Health • thehill.com
Sergi López on 'Sirāt': A journey that makes you look inward

The movie “Sirāt” follows Luis as he treks through the North African desert with his son and dog to find his missing daughter.

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Jan 28 • 10:38 AM EST • Entertainment • click2houston.com
Our Darwinian Approach to Health Care Costs

In his latest column, President and CEO Dr. Drew Altman presents his Venn diagram of health care cost problems and shows how, in our fragmented health system, reducing one health cost problem often makes another worse.

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Jan 28 • 9:00 AM EST • Health • kff.org
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.

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Jan 28 • 8:09 AM EST • Health • wamu.org
Recognize Data Privacy Day by protecting your small business from cybercriminals

Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.

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Jan 28 • 8:02 AM EST • Business • ftc.gov
Getting yelled at comes with the job. Why Sacramento youth sports officials still show up

Youth sports officials in the Sacramento region face unsportsmanlike fans that make them sometimes question the work.

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Jan 28 • 8:00 AM EST • Sports • abridged.org
How to Communicate About Quantum Technology — Science-Backed Tips For Talking Quantum

Research shows that most people know little about quantum technology, making clear, balanced communication essential.

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Jan 28 • 7:39 AM EST • Science • thequantuminsider.com
National Institutes of Health Need Agencywide Strategy to Prioritize and Fund Pediatric Research, Says New Report

Childhood health is foundational to lifelong well-being. A new National Academies report makes recommendations on how NIH and Congress can best support pediatric health research and improve health outcomes through childhood and beyond.

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Jan 28 • 7:00 AM EST • Health • nationalacademies.org
Leaker makes unlikely claim about improved iPhone 18 telephoto lens

A leaker better known for posting about Android smartphones has made a claim potentially pointing to improved telephoto performance in...

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Jan 28 • 6:56 AM EST • Technology • 9to5mac.com
Why it’s so hard to uncover the truth about a president’s health

Bruises on Trump’s hands and other apparent ailments have invited speculation. But secrecy, politics, and the vagaries of aging make drawing conclusions difficult.

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Jan 28 • 6:21 AM EST • Health • bostonglobe.com
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The surprising science behind how certain foods can make you smell more attractive

Beneath fancy perfumes and deodorants, our food choices may be quietly shaping our natural scent in unexpected ways

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Jan 28 • 6:00 AM EST • Science • scientificamerican.com
Why comedian Katherine Ryan won't make fun of her kids on stage: 'I don't wanna get Brooklyn Beckhamed'

The British-Canadian comedian says she steers clear of making any of her five children the punchline for fearing of stirring up Beckham-style family drama.

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Jan 28 • 6:00 AM EST • Entertainment • latimes.com
What to Know About Skimo, the 2026 Olympics' Only New Sport

Ski mountaineering makes its debut at the Milano Cortina Winter Games

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Jan 28 • 6:00 AM EST • Sports • time.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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