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Four Spark Plugs, Eight Pistons, One Stroke: How The INNengine E-REX Promises To Be Different
The INNengine e-Rex is described as a one-stroke engine, though it actually has two strokes. But it's not dirty like traditional two-strokes.
WHO Didn’t Recommend Lockdowns, Contrary to Health Officials' Suggestions
As the U.S. formally exited from the World Health Organization last month, Trump administration officials misleadingly claimed that the WHO “pushed” or “promoted” lockdowns during the COVID-19 pandemic. The group did not explicitly recommend lockdowns, although it also did not advise countries not to implement them. It said it recognized that the measures might be needed in some cases.
Hartford tattoo and coffee shop rebuilding after pipe burst flooded business
A Hartford business is in the middle of a major cleanup after cold weather burst a pipe in the front of their shop. Refuge Tattoo and Taza Coffee is a unique dream business for the owners, and though they have vowed to build back, they have a serious project on their hands. “It was like a loud thump,” said Jose…
Is the PPPLF Still Encouraging Small Business Lending?
The Federal Reserve designed its Paycheck Protection Program Liquidity Facility to ease liquidity issues and support small business lending during the pandemic. The liquidity facility allowed banks to pledge Paycheck Protection Program loans as risk-free collateral during the beginning of the COVID-19 pandemic. Analysis shows that, although the program has essentially ended, the positive effects on small business lending have persisted, particularly among small banks with lower liquidity, in keeping with the intent of the program.
Scientists were wrong for decades about DNA knots
Scientists have discovered that DNA behaves in a surprising way when squeezed through tiny nanopores, overturning a long-held assumption in genetics research. What researchers once thought were knots causing messy electrical signals turn out to be something else entirely: twisted coils called plectonemes, formed as flowing ions inside the pore spin the DNA like a phone cord. These twists can linger and grow as DNA moves through, leaving clear electrical fingerprints.
Making science more visible
As he enters a laboratory with saltwater pools full of fish, Luka Žuvić explains how climate change is affecting the feeding ecology and reproductive biology of Atlantic bluefin tuna, and how the species is adapting.It is a topic that may seem remote to many people. But in a country where fishing and aquaculture are important to the economy and national identity, Žuvić’s research is at the intersection of science and society. “In Croatia, marine and environmental science are closely connected to people’s lives because fisheries, aquaculture, tourism and coastal development are a big part of our lives,” explains Žuvić, a doctoral student working at the Croatian Institute of Oceanography and Fisheries in the Adriatic coastal city of Split. He also serves as one of Croatia’s ambassadors to Science Comes to Town (SCTT), a European Commission-funded project that aims to make scientific research more accessible, while inspiring young people to study the sciences. The project kicked off in Spilt on 20 January with a conference attended by partner institutions, community representatives, policymakers and scientists. Along with Split, Brest (in France) and Kiel (in Germany) will host a year of activities connecting scientists with the public.Žuvić, 31, is part of the Young Researchers' Career Development Project, a doctoral programme funded by the Croatian Science Foundation. His research on Atlantic bluefin tuna builds on a foundation-backed project focusing on the reproductive potential of farmed tuna, including their sexual maturation and spontaneous spawning in captivity, which has implications for the restoration of the Adriatic Sea's natural tuna populations. He also studies the tuna's feeding ecology through stomach-content analysis, using DNA metabarcoding and morphological approaches, and employs geometric morphometrics to improve the identification of juvenile tuna and related species. The research aims to enhance understanding of the tuna farming ecology, improve fish farm management and contribute to sustainable aquaculture and fisheries research.Engaging with local communitiesConnecting with the community is crucial for Žuvić’s research. Conversations with fishermen help him better understand the bluefin tuna's habits and how marine pollution affects the fish. “They are also curious about the biology and ecology of bluefin tuna,” he says of local fishermen, adding that sharing research with non-scientists benefits everyone. “Sometimes scientific research is invisible,” he explains. “That's why we as researchers need to go out from our institutions and labs to the public so that we can show them what we are working on. This helps create more trust in the scientists and their research.”Engaging the public also raises awareness about the anthropogenic changes to the marine environment resulting from human activities and pollution. Žuvić helps remove plastic and other rubbish from the Adriatic Sea that pose a direct threat to marine species. Predators, such as bluefin tuna, are especially vulnerable to ingesting waste churned up by fishing trawlers. “They are very opportunistic fish that follow trawlers and ingest everything,” he notes. To illustrate the impact, he has shown students the contents of bluefin tuna stomachs. “Finding a plastic bottle cap in the stomach of a bluefin tuna is concerning,” he says. "Science can be a powerful way to turn curiosity into practical solutions,” Žuvić adds, and sharing research outcomes “helps increase public awareness and improve understanding of human impacts on the marine environment.”The research also has implications for Croatia's economy. The Atlantic bluefin tuna’s rich, flavourful meat is highly valued for sushi and other raw fish dishes. However, overfishing nearly brought its population to collapse by the early 2000s. Although the species has made a comeback in the Atlantic and Mediterranean regions, catches continue to be managed through agreements with the International Commission for the Conservation of Atlantic Tunas. Croatia was a pioneer in developing commercial aquaculture as an alternative to open-sea fishing and accounts for about 10% of the EU’s farmed production of the bluefin tuna, with Japan being a key export market.A history of European collaborationCroatia has participated in Europe’s framework programmes for research and innovation since 2007, six years before officially joining the EU. Žuvić believes that EU funding and collaboration with other European researchers is vital for Croatian science. As part of the SCTT opening conference, the Institute of Oceanography and Fisheries, the University of Split and other local institutions were part of a science fair to showcase research on topics, such as robotics and an EU LIFE project on the protection of sharks and rays in the Mediterranean. “I hope that Science Comes to Town will help increase scientific literacy and curiosity among citizens, particularly students, and show that science is not something that is distant or abstract, but something that directly affects everyday life,” Žuvić concludes. “Ultimately, I hope that projects like it contribute to building a society that values knowledge and critical thinking, and that we can think about long-term sustainability using knowledge from science.”Science|Business, which connects policymakers, academics and industry through its news reporting, analysis and events, is an SCTT partner.
Louisville Takes Down Syracuse 84-65
Louisville must’ve watched the tape from the Duke game Thursday night and thought “oh hey coming out high energy and smothering the other team is a great way to start the game let’s try that!” The Cards literally held Syracuse scoreless from the field for the entire first quarter and went into the 2nd up […]
Game thread: Maryland men’s basketball at Minnesota
Maryland men’s basketball is in Minneapolis taking on Minnesota, looking to avoid a five-game losing streak — or at least for a competitive game. Tip-off at 2 p.m. Tip-off is set for 8:30 p.m. This is your space for thoughts, observations or whatever you would like to share, but please be respectful.
Trump lashes out at Team USA athlete for sharing thoughts on political situation at home
President Trump criticized Team USA freestyle skier Hunter Hess after he and other American athletes at the Milano Cortina Winter Games shared their thoughts on U.S. politics.
Will the World Cup in Kansas City bring business 'spillover' to nearby cities? Columbia plans on it
Although Kansas City's six World Cup matches will be hosted at Arrowhead Stadium, local leaders believe Columbia, Missouri, will also benefit as visitors travel before and after games — as long as businesses are prepared.
Ex-Celtics Superstar Rooting For Patriots In Super Bowl LX
The New England Patriots have seen plenty of notable people voice their support ahead of Super Bowl LX. Mark Wahlberg and Kenny Chesney made special appearances in the club’s hype video. Kendall Jenner let everyone know who she thought was going to win last week. Tom Brady finally succumbed to the pressure and put out […]
10 Mobile Apps You Should Be Using On Your Phone In 2026
From smoother scrolling to smarter sharing, underrated apps can make your phone feel easier and more thoughtful to use every day.
Letters to Sports: Dodgers visiting White House fires up usual debate
Readers of the Los Angeles Times Sports section give their thoughts on myriad topics, with a majority not wanting the franchise of Jackie Robinson visiting the White House.
Which preview magazine predicted Alabama’s 2025 season most accurately?
Here's where the experts thought Alabama football would finish this past season.
This is Missouri's first Super Bowl with legal sports gambling — even though the Chiefs aren't in it
Missouri's top gambling official expects "an uptick in bets" for the first Super Bowl since the state legalized sports betting. But the state won't likely make much in revenue from the bets.
Support your heart health this February
When was the last time you thought about your heart health? It’s far more important than you may realize. Heart disease is the No. 1 overall cause of death for…
Headwinds in GoodRx’s (GDRX) Drug Prescription Business Draw Cautious View from Jefferies
GoodRx Holdings Inc. (NASDAQ:GDRX) is one of the best stocks under $3 to invest in, although one firm had recently become neutral on the stock. On January 22, analysts at Jefferies lowered their rating on GoodRx Holdings Inc. (NASDAQ:GDRX) to Hold from Buy and cut the price target to $2.75 from $5.25. According to Jefferies, […]
DOJ Over-Seized Hannah Natanson's Garmin Device and Other Reporting Materials
DOJ claims it is adhering to the Privacy Protection Act, even though they didn't mention it in the affidavit to search Hannah Natanson's devices. But their search seized far more reporting materials than covered by the probable cause tied to Aurelio Perez-Lugones.
Mewgenics
Though we're still making our way through this massive game, Mewgenics has been worth the wait so far.
Local spray tan business NudeFX expands to Midlo for third location
“I thought some of our suburban girls maybe don’t want to cross the river and come to our city location,” she said. “We want to make it a little bit easier for clients to come see us.”
Sony confirms WF-1000XM6 release date in first official teaser
Sony has confirmed the long-awaited release date of its WF-1000XM6 earbuds. Dubbed rather grandiously as the 'next generation of earbuds', Sony has offered a peek at its design too. The successors to the WF-1000XM5 can already be viewed in two colours though, thanks to recent leaks.
Analysts grade 3-team trade involving Suns
After acquiring Cole Anthony from the Bucks in a three-team trade, analysts around the NBA give their thoughts on how the Suns fared in the trade.
'Schein on Sports' host Adam Schein joins 'GMFB' to break down his Super Bowl LX thoughts
CBS and SiriusXM sportscaster Adam Schein joins "Good Morning Football" to air out his expectations for what's to come in Super Bowl LX.
Newborn parties are scrambling Japanese politics
Though small, they have large megaphones
Wanna bet? Super Bowl gamblers find a way around bans thanks to prediction markets
Though California residents have emphatically said no pro and college wagers, Kalshi and Polymarket see opportunity.
Google goes from laggard to leader as it pulls ahead of OpenAI with stellar AI growth
Alphabet is taking on OpenAI with a gusto that underscores Wall Street's perception that the Google parent is the leader in AI, a turn of events from a year ago when investors thought it was badly lagging behind rivals and punished its stock.
'Behemoth star,' previously thought to be dying, is 'rising from the ashes' like a pheonix
A new study suggests that the red supergiant WOH G64, also known as the "behemoth star," has not transitioned into a yellow hypergiant as previous research suggested. This means it is now unlikely to imminently explode in a colossal supernova.
Dad’s Early Bond May Affect a Child’s Health Years Later, Study Finds
By I. Edwards HealthDay ReporterWEDNESDAY, Feb. 4, 2026 (HealthDay News) — For decades, researchers mostly blamed moms when children developed long-term mental or physical health problems. Now, a new study suggests someone else may play a bigger role than once thought: Dad. By age 7, children whose fathers were less attentive to ...
MIT's new brain tool could finally explain consciousness
Scientists still don’t know how the brain turns physical activity into thoughts, feelings, and awareness—but a powerful new tool may help crack the mystery. Researchers at MIT are exploring transcranial focused ultrasound, a noninvasive technology that can precisely stimulate deep regions of the brain that were previously off-limits. In a new “roadmap” paper, they explain how this method could finally let scientists test cause-and-effect in consciousness research, not just observe correlations.
'Textbooks will need to be updated': Jupiter is smaller and flatter than we thought, Juno spacecraft reveals
Jupiter is smaller and flatter than scientists previously thought, new measurements of the gas giant reveal.
Jim Cramer on Sysco: “The Business Is Clearly Doing Better Than People Thought”
Sysco Corporation (NYSE:SYY) is one of the stocks Jim Cramer shed light on recently. Cramer called the stock “cheap,” as he said: Next, how about this rally in Sysco, and that’s the SYY kind, the food distributor, not the networking giant. Sysco shot up almost 11% on Tuesday in response to the company’s earnings report […]
'System in flux': Scientists reveal what happened when wolves and cougars returned to Yellowstone
Large carnivores are both clashing and coexisting in the western United States. Although wolves dominate cougars and steal their prey, cougars' shift from elk- to deer-heavy diets, paired with a rugged landscape for escape, might help cougars avoid violent wolf encounters.
Creating a Data Pipeline to Monitor Local Crime Trends
A walkthough of creating an ETL pipeline to extract local crime data and visualize it in Metabase.
He had shortness of breath, jitters and blamed anxiety. It was heart failure at 30.
Alex Balmes thought it was anxiety causing his symptoms, but it was heart failure at 30. Here's what this young dad wants others to know.
Anchovies vs. Sardines: Which Is Better for Protein, Healthy Fats, and Micronutrients?
Though anchovies boast more protein and omega-3 fatty acids, sardines are richer in many vitamins and minerals.
UCLA faces Rutgers after disappointing home loss
After a heartbreaking loss in the middle of what was thought to be a momentum-building stretch, UCLA will try to pick up the pieces Tuesday in Los Angeles with a Big Ten Conference visit from Rutgers.
5 Takeaways from Roger Goodell's Super Bowl Press Conference
Roger Goodell broke news about the NFL's international schedule, where things stand on an 18-game regular season and what he thought about Bill Belichick's Hall of Fame snub.
High school sports bills would allow middle schoolers to compete; regulate name, image and likeness
On Monday, members of the public shared their thoughts on two bills that would change high school sports rules in Nebraska. The Unicameral’s Education Committee heard testimony on LB742, which would allow seventh and eighth grade students to compete on high school sports teams.
2-month-olds see the world in a more complex way than scientists thought, study suggests
The findings may help doctors and researchers better understand cognitive development in infancy.
Microsoft Stock (NASDAQ:MSFT) Falters on Hibernation Fix Flop, Unexpected Xbox Permaban
Tech giant Microsoft ($MSFT) has not been having a great Monday so far. Reports of a hibernation bug previously thought fixed have emerged to say that the fix did n...
The SNL mom having second thoughts about Trump is very real. But how real?
“Saturday Night Live” this weekend featured one of its best political sketches in years. It’s about a mother who dramatically reveals to her children that she’s having sudden reservations about President Donald Trump.
2-month-olds see the world in a more complex way than scientists thought, study suggests
A new study suggests that babies are able to distinguish between the different objects they see around them at 2 months old, which earlier than scientists previously thought.
West Hartford Business Buzz: February 2, 2026 - We-Ha
A round-up of openings, closings, and other news about West Hartford businesses. Business Buzz is sponsored by NBT Bank, and we are very thankful for their support! By Ronni Newton Today is Groundhog Day, and although it already seems (to me) like winter has lasted way too long, I'm sure that Punxsutawney
Goalie Fight! Bruins’ Jeremy Swayman Drops Gloves In Stadium Series
Boston Bruins goaltender Jeremy Swayman has been looking for a fight… for years. If you thought he was going to pass up an opportunity to finally drop the gloves on a national stage during the Stadium Series against the Tampa Bay Lightning, you’re even crazier than he is. Swayman, who kickstarted the tension by leaping […]
Trump plans to close Kennedy Center for two years for reconstruction work
The center historically has hosted over 2,000 events per year, although many performers have pulled out of planned shows since Trump's shakeup began.
USMNT's Ricardo Pepi reportedly close to joining Fulham from PSV
Fulham will reportedly pay PSV a transfer fee of roughly $44 million, though the deal has not been finalized yet
'California Politics 360' full episode | Former Vice President Mike Pence talks immigration, tariffs
Edie Lambert talks with Mike Pence about his thoughts on immigration enforcement in California, the fight over representation in Congress and the impact of tariffs on Californians.
New project in St. Johnsbury expected to bring more business downtown
The Town of St. Johnsbury is looking to attract more visitors into downtown, and they want to hear your thoughts on a new project in the works.
Surprising things about visiting Hawaii's friendliest island, Molokai
Although I'm a Hawaii local, many things surprised me about my first time visiting Molokai, nicknamed the Friendly Isle, on a recent trip.
Deflated: Israeli scientists find Jupiter is smaller than previously thought
Using data from NASA's Juno spacecraft, Weizmann Institute of Science researchers make most precise measurement to date, say the gas giant is thinner and flatter than believed
If We Care About Learning, We Must Care About Kids’ Oral Health
Izvernari: We must start treating children’s oral health as what it really is: a foundation for academic success, not an afterthought.
How Thoughtful Experience Design Leads to Better Business Outcomes
See how CG Infinity’s Salesforce Practice delivers scalable, integrated Marketing Cloud solutions that turn platform capabilities into real business outcomes.
Scientists discover hidden geometry that bends electrons like gravity
Researchers have discovered a hidden quantum geometry inside materials that subtly steers electrons, echoing how gravity warps light in space. Once thought to exist only on paper, this effect has now been observed experimentally in a popular quantum material. The finding reveals a new way to understand and control how materials conduct electricity and interact with light. It could help power future ultra-fast electronics and quantum technologies.
Lifespan may be 50% heritable, study suggests
A new study suggests that lifespan might be 50% heritable — although for now, it's hard to know if the finding applies across diverse populations.
In the latest Epstein files are famous names and new details about an earlier investigation
Newly disclosed government files on Jeffrey Epstein show authorities thought they were close to indicting the wealthy financier on sex crimes nearly two decades ago, before that investigation was suddenly scrapped.
Letters to Sports: Rams came so close to proving Bill Plaschke right
Readers of the Los Angeles Times Sports section give their thoughts on the Rams' playoff loss and Bill Plaschke's prediction as well as UCLA, USC, the Lakers and Dodgers.
People leaving Massachusetts pose new challenge for Healey, Paley, and the state
Like a true venture capitalist, state economic development secretary Eric Paley sees opportunity in the latest Census data. Even though it looks kind of gloomy.
Figure skating great Gracie Gold remains a champion as an Olympic mental health ambassador, and other thoughts
Gold is an important voice in the work to remove stigmas about mental health and to coach young athletes in more healthful ways.
January 30, 2026
A flu variant called subclade K emerged too late to be fully covered by this year’s vaccine. But the flu shot can still help protect you. Plus, a new study suggests dogs began to diversify about 11,000 years earlier than we thought. And, in turbulent times, it helps to hear stories of resilience. What can we learn from 3.5 billion-year-old bacteria that eat light?
Sad News in the Entertainment Industry-actress Catherine O'Hara, has passed
Sad News in the Entertainment Industry-Catherine O’Hara, an actress best known for her roles in Home Alone, Schitt’s Creek, Beetlejuice, and The Studio has sadly passed away. Our thoughts and prayers go out to family, friends, and fans. #catherineohara
Dr. Michael Greger’s Bias Is Food for Thought
How can we distinguish between a sufficiently objective science communicator and an advocate? Communicating science to the public means choosing scientific papers, reading them, and appraising their
Leaked Intel Core Ultra 7 356H Benchmark Scores Reveal Middling Gains
Intel's Core Ultra 356H is an upcoming 16-core (4 P-cores, 12 E-cores) mobile Panther Lake CPU. Although official review embargoes for the rest of Intel's Panther Lake CPUs are said to be right around the corner, supposed performance benchmarks for Intel's latest have already started to leak, with C...
Genes may shape how long we live more than once thought
New research challenges the view that human life span depends mostly on lifestyle. Genes may account for half the factors that determine longevity.
A massive clump of dark matter may lurk in the Milky Way
Pulsating remnants of stars hint at a clump of invisible matter thought to be about 10 million times the sun’s mass.
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
KFF Health Tracking Poll: Health Care Costs, Expiring ACA Tax Credits, and the 2026 Midterms
Looking ahead to the midterm elections, health care costs are the public’s top economic concern, and many voters say the issue will have a major impact on their vote. On health care issues, including the cost of health care, voters currently trust Democrats more than Republicans, though neither party has an advantage on addressing the overall cost of living. Following the expiration of the ACA enhanced tax credits, two-thirds of the public say Congress did the “wrong thing” by not extending them.
NWSL players dig into grass vs. turf debate and more at media day
At NWSL media day, players gave their thoughts on the general state of affairs, from fresh starts with new teams to the growth of the league.
LeBron James scores only 11 points in what could be his final game in Cleveland, as Cavs throttle Lakers
It wasn't LeBron's night, although Bronny James scored eight points down the stretch of the blowout.
Policy Brief: Teen Mental Health and School-Based Services in California
Rates of chronic sadness and suicidal thoughts in teens have been rising in California—and nationwide—since about 2009. Significant gaps exist between the reported need for mental health care and receipt of services. The state has recently invested $8 billion for child and teen mental health, including school-based services.
Where Congress stands on the DHS funding fight
The killing of ICU nurse Alex Pretti in Minneapolis has sparked anger and dominated political thought since it happened Saturday.
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...
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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Alarm as US mulls prioritising citizens in research funding
A senior White House official said the Trump administration is considering ways to prioritise research funding to American citizens, triggering alarm in the research community that the country could destroy its century-long status as a magnet for overseas talent.Michael Kratsios, director of the White House Office of Science and Technology Policy (OSTP), said last week that it is “important for us to continue to emphasise the use of federal R&D dollars towards American scientists and technologists that are staffed by Americans in their labs.” Asked about support for Chinese students during a Congressional hearing, Kratsios went on to say that in future funding announcements, the OSTP would “emphasise” that “we're funding American students.”The precise meaning of his impromptu comments, and what they could mean in policy terms, isn’t yet clear. The OSTP did not respond to multiple requests for clarification from Science|Business.But given that US science and technology has relied on overseas talent for the past century, Kratsios’s words have alarmed former US science officials.Immigrants have made up around 30-40% of US Nobel Prize winners since the 1940s, for example. Except for some sensitive projects, countries typically grant research funding on a nationality-blind basis, lest they deter foreign scientists from immigrating. “If director Kratsios’s statements are taken literally and become official policy of the White House, [research-intensive] universities will likely have to close labs if not entire research divisions,” said David Biggs, a former science and technology official in the US State Department. In their most extreme interpretation, Kratsios’s comments would imply that foreign scientists established in the US would see access to funding curtailed. This would “result in many world-leading professors who work in the United States in fields that this administration considers a priority (like fusion energy, artificial intelligence, and quantum computing) leaving the country,” said Cole Donovan, a former US science diplomat, and now associate director at the Federation of American Scientists.CripplingHowever, given the context of the conversation, Kratsios may have been referring more narrowly to funding for doctoral or postdoctoral students. At the hearing, he said he wanted to see labs staffed by US citizens. But even this would have devastating consequences for the US science system, say former officials, because the country is so dependent on early-career foreign researchers. Recent statistics show that nearly half of those in the US with a PhD in science, technology, engineering or mathematics (STEM) are considered short-term visitors, or non-residents in the official terminology. If this included residents who are not yet citizens, the proportion would likely be even higher. “Foreign PhD students are really a significant and core part of the university STEM workforce, and postdocs is similarly large,” said Donovan. Preventing US-based academics from hiring them from overseas would be a serious blow, he said. “If it's the case that this administration intends to limit funding to labs staffed only with US citizens, the effect will be to cripple the American scientific enterprise,” said Chris Marcum, a former OSTP official. “To think that these researchers can simply be replaced is a pipe dream. The labs will close,” said Marcum. Go elsewhereAround half of US-trained postdocs are foreign-born, said Biggs. “If these top international students cannot get funding to do their research, or even if they hear that funding for foreign students has been greatly restricted and will be super competitive, they will no longer choose to study in the US and will go elsewhere.” It’s unclear for now if Kratsios’s comments will translate into a real policy shift. But they could add to turmoil in the US science system since Donald Trump took over as president one year ago. Related articlesNIH turmoil risks reciprocal EU-US access to health research fundingUS set to close office responsible for global science and technology dealsTrump halts new NIH grants to international health-research partnersSince then, nearly 8,000 grants at the National Institutes of Health and National Science Foundation have been frozen or terminated, Naturereports. Courts have overturned most of these cancellations, but the disruption caused remains significant. Both those agencies have also dished out around a quarter fewer grants this year than normal, the journal reported. International student enrolment is also down by 17%. The Trump administration also proposes to cut research budgets by around a third, although Congress may mollify the cuts.
Alarm over US plan to prioritise citizens in research funding
The US’s leading science official has said the country will focus its research spending on scientists with US citizenship, triggering alarm that the country could destroy its century-long status as a magnet for overseas talent.Michael Kratsios, director of the White House Office of Science and Technology Policy (OSTP), said last week that it is “important for us to continue to emphasise the use of federal R&D dollars towards American scientists and technologists that are staffed by Americans in their labs.” Asked about support for Chinese students during a Congressional hearing, Kratsios went on to say that in future funding announcements, the OSTP would “emphasise” that “we're funding American students.”Kratsios’s precise meaning, and what it could mean in policy terms, isn’t yet clear. The OSTP did not respond to multiple requests for clarification from Science|Business.But given that US science and technology has relied on overseas talent for the past century, Kratsios’s words have stunned former US science officials.Immigrants have made up around 30-40% of US Nobel Prize winners since the 1940s, for example. Except for some sensitive projects, countries typically grant research funding on a nationality-blind basis, lest they deter foreign scientists from immigrating. “If director Kratsios’s statements are taken literally and become official policy of the White House, [research-intensive] universities will likely have to close labs if not entire research divisions,” said David Biggs, a former science and technology official in the US State Department. In their most extreme interpretation, Kratsios’s comments would imply that foreign scientists established in the US would see access to funding curtailed. This would “result in many world-leading professors who work in the United States in fields that this administration considers a priority (like fusion energy, artificial intelligence, and quantum computing) leaving the country,” said Cole Donovan, a former US science diplomat, and now associate director at the Federation of American Scientists.CripplingHowever, given the context of the conversation, Kratsios may have been referring more narrowly to funding for doctoral or postdoctoral students. At the hearing, he said he wanted to see labs staffed by US citizens. But even this would have devastating consequences for the US science system, say former officials, because the country is so dependent on early-career foreign researchers. Recent statistics show that nearly half of those in the US with a PhD in science, technology, engineering or mathematics (STEM) are considered short-term visitors, or non-residents in the official terminology. If this included residents who are not yet citizens, the proportion would likely be even higher. “Foreign PhD students are really a significant and core part of the university STEM workforce, and postdocs is similarly large,” said Donovan. Preventing US-based academics from hiring them from overseas would be a serious blow, he said. “If it's the case that this administration intends to limit funding to labs staffed only with US citizens, the effect will be to cripple the American scientific enterprise,” said Chris Marcum, a former OSTP official. “To think that these researchers can simply be replaced is a pipe dream. The labs will close,” said Marcum. Go elsewhereAround half of US-trained postdocs are foreign-born, said Biggs. “If these top international students cannot get funding to do their research, or even if they hear that funding for foreign students has been greatly restricted and will be super competitive, they will no longer choose to study in the US and will go elsewhere.” It’s unclear for now if Kratsios’s comments will translate into a real policy shift. But they could add to turmoil in the US science system since Donald Trump took over as president one year ago. Since then, nearly 8,000 grants at the National Institutes of Health and National Science Foundation have been frozen or terminated, Naturereports. Courts have overturned most of these cancellations, but the disruption caused remains significant. Both those agencies have also dished out around a quarter fewer grants this year than normal, the journal reported. International student enrolment is also down by 17%. The Trump administration also proposes to cut research budgets by around a third, although Congress may mollify the cuts.