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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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SEC survey results: Fans on the state of the conference, Indiana and the future of the sport

By and large, SEC football fans are humbled. However, they’re not in a panic, based on the results of a reader survey by The Athletic.

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Jan 29 • 8:00 AM EST • Sports • nytimes.com
A new approach to challenging state abortion bans

And more health news from the Morning Rounds newsletter

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Jan 29 • 7:49 AM EST • Health • statnews.com
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Confrontational politics is here to stay. It’s time Europe got on board.

It’s time to stop complaining about America First and get on with putting Europe First.

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Jan 29 • 7:36 AM EST • Politics • politico.eu
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Sen. Amy Klobuchar launches her bid for Minnesota governor

Sen. Amy Klobuchar launched a Democratic bid for governor on Thursday, pledging to unify her state and move beyond a deadly battle with the federal government over immigration.

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Jan 29 • 7:00 AM EST • Politics • cnn.com
Navigating an Unaffordable Health Insurance Market | Johns Hopkins Bloomberg School of Public Health

Expensive premiums affect more than a person's ability to get care when they’re sick.

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Jan 29 • 7:00 AM EST • Health • publichealth.jhu.edu
MLB offseason grades: Dodgers get top marks, plenty of Fs to go around

USA TODAY Sports issues grades for all 30 MLB teams this winter.

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Jan 29 • 6:05 AM EST • Sports • usatoday.com
Trump directs team to beef up his public schedule to combat questions about his stamina

Vague descriptions of presidential signing ceremonies, policy meetings and industry executive sit downs — mostly behind closed doors — began peppering President Donald Trump’s public schedule at the end of last year.

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Jan 29 • 6:00 AM EST • Politics • cnn.com
Commentary: Farewell to Peter Duesberg, a godfather of scientific disinformation

Peter Duesberg squandered his scientific reputation by advancing a debunked theory about AIDS, but his influence on anti-vaccine activists lives on.

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Jan 29 • 6:00 AM EST • Science • latimes.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
Hampton Town Meeting preview: Voters to weigh ICE pact, business trash

Should the town budget and proposed money articles gain approval, a homeowner with a $600,000 property will see a $301.24 increase in their tax bill.

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Jan 29 • 5:04 AM EST • Business • seacoastonline.com
What to know about the Melania Trump documentary

As Melania Trump prepares to walk the red carpet at the newly rebranded Kennedy Center Thursday evening, she is proving that a peek behind the curtain of her life isn’t just a historical record, but a multi-million-dollar commodity.

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Jan 29 • 5:00 AM EST • Politics • cnn.com
Medicare Advantage Insurers Face New Curbs on Overcharges in Trump Plan That Reins in Payments

Proposed Trump administration changes to federal Medicare Advantage payments would stop health insurers from mining patient data for extra medical diagnoses that generate more bills to taxpayers even without treatment.

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Jan 29 • 5:00 AM EST • Health • kffhealthnews.org
How much B6 is safe? What to know about the supplement found in energy drinks

Poisoning caused by too much of the popular nutrient is rare, but cases are ticking up. Experts warn that people may not be aware they’re getting too much.

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Jan 29 • 5:00 AM EST • Health • nbcnews.com
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Bruins plot to extend home winning streak vs. Flyers

The Boston Bruins get their final taste of home cooking before the Olympics on Thursday when they face the Philadelphia Flyers for the first time this season.

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Jan 29 • 4:56 AM EST • Sports • cbssports.com
Why some Northern Ireland pubs are 'getting it tight' over rates

Hotels have overall had an 84% rates increase, while pubs have risen by 47% due to an increase in their property valuations..

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Jan 29 • 3:57 AM EST • Business • bbc.com
Full-length Replay: Big East Men's: DePaul at Georgetown

From Capital One Arena in Washington, D.C.

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Jan 29 • 3:17 AM EST • Sports • foxsports.com
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Reign dominate Canucks in 6th straight home victory

The Ontario Reign (28-12-1-1; 58 points) take a commanding 5-2 victory over the Abbotsford Canucks (15-23-3-3; 36 points) Wednesday night at Toyota Arena. Five different skaters scored for the Reign, coming together for a full team-effort. Ontario remains in first place in the AHL Pacific Division.

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Jan 29 • 2:28 AM EST • Sports • thesportingtribune.com
Iconic sports bar in Palo Alto reopens and prepares for the Super Bowl

Businesses are getting ready for big crowds and watch parties; that includes an iconic spot in Palo Alto that just reopened in time for the Super Bowl.

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Jan 29 • 2:22 AM EST • Sports • nbcbayarea.com
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Trump’s National Guard deployments have cost taxpayers nearly $500 million dollars

President Donald Trump’s sweeping deployment of National Guard troops to several major cities across the United States cost taxpayers approximately $496 million from June through December last year, according to an estimate from the Congressional Budget Office.

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Jan 29 • 2:07 AM EST • Politics • cnn.com
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Lakers' top trade target revealed ahead of next week's deadline

Los Angeles is reportedly eyeing this defensive specialist.

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Jan 29 • 1:56 AM EST • Sports • sportingnews.com
China, U.K. vow to build long-term strategic partnership in bid to reset strained ties

U.K. Prime Minister Sir Keir Starmer said he hopes to build "more sophisticated" ties with China as the two nations look to revive the bilateral relationships.

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Jan 29 • 1:05 AM EST • Business • cnbc.com
Talks intensify to avert shutdown as White House and Senate leaders eye last-ditch deal

The White House and Senate leaders are moving closer to a deal to avert a government shutdown but are seeking to resolve final sticking points in eleventh-hour negotiations ahead of Friday’s deadline, according to several sources familiar with the talks.

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Jan 28 • 11:21 PM EST • Politics • cnn.com
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Islanders 5, Rangers 2: Total domination in Palat, Soucy’s debut

Palat gets the first star in his debut, and Holmstrom, Barzal, Pageau, and Heineman round out the scoring in a big win.

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Jan 28 • 10:06 PM EST • Sports • lighthousehockey.com
The President Sees Iran as a Gas Station with a Flag

Get ready—Trump is going to be talking about the country for a while to cover for the fact that he’s backed down on Greenland and Minneapolis.

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Jan 28 • 9:19 PM EST • Politics • esquire.com
Senate committee reviews Gov. Beshear’s budget proposal

The proposal dedicates $500 million of the budget reserve trust fund to affordable housing, rural hospital assistance and food assistance.

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Jan 28 • 9:11 PM EST • Politics • spectrumnews1.com
Tri-County Community Health Coalition releases first unified health report in Fox Valley

With the Unified Health Report, organizations across the Fox Valley now have the same information on local health problems and can plan together.

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Jan 28 • 9:04 PM EST • Health • fox11online.com
Mamdani weighs in on budget gap, ICE enforcement and raising taxes

The mayor sat down with NY1 for a wide-ranging interview.

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Jan 28 • 8:07 PM EST • Politics • ny1.com
Editorial: Keep judges and politicians out of college sports

With the NCAA increasingly losing control of collegiate athletics, there's little distinction between the pro leagues and college teams.

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Jan 28 • 8:00 PM EST • Sports • detroitnews.com
Seattle restaurants show support to Minneapolis businesses amid protests and unrest

Seattle restaurants are banding together to show solidarity with businesses in Minneapolis, raising funds to support their counterparts.

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Jan 28 • 7:39 PM EST • Business • komonews.com
Android Gets Enhanced Set of Theft Protection Feature Updates

Android is getting a host of new theft protection updates from Google, designed for users on Android 16+. The updates are being built onto existing features, “designed to give you... #Android #Google

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Jan 28 • 6:26 PM EST • Technology • droid-life.com
Windows 11 has reached 1 billion users faster than Windows 10

Windows 11 hits a big milestone

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Jan 28 • 6:17 PM EST • Technology • theverge.com
Tenor Health's acquisition of Moses Taylor, Regional and Wilkes-Barre General hospitals gets OK by state, foundation executive says
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Jan 28 • 5:39 PM EST • Health • wnep.com
Get an Expert Guide to What’s Driving D.C.

In our newly relaunched Politics newsletter, Washington coverage chief Damian Paletta illuminates the people and powers shaping the nation’s capital

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Jan 28 • 5:35 PM EST • Politics • wsj.com
Attack on Ilhan Omar Follows Years of Trump’s Targeting Her

President Trump has spent years demonizing and dehumanizing the Somali-born Democrat from Minnesota, fueling escalating threats against her.

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Jan 28 • 5:33 PM EST • Politics • nytimes.com
Big businesses back Trump accounts

Companies will match government contributions to investment accounts for newborns after a push from the White House.

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Jan 28 • 5:33 PM EST • Business • politico.com
As major CEOs respond to ICE Minneapolis crackdown, CNBC survey finds many leaders saying it’s 'not relevant to their business'

Apple, OpenAI CEOs respond to ICE crackdown in Minneapolis, but a CNBC survey finds some business leaders sensing no business need, or fearing Trump backlash.

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Jan 28 • 5:19 PM EST • Business • cnbc.com
Mike DeWine says biggest mistake as governor was to sign bill legalizing sports gambling

Gov. Mike DeWine says he considers his signing of legislation legalizing sports gambling his biggest mistake as governor. “Any control that we can get over this, anything we can do, we should be doing,” DeWine said Wednesday.

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Jan 28 • 4:47 PM EST • Sports • cleveland.com
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Newcastle get ‘justice’ after ‘ridiculous’ VAR penalty decision against PSG

Lewis Miley was bafflingly penalised for handling the ball as PSG were given an early spot-kick

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Jan 28 • 4:37 PM EST • Sports • independent.co.uk
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
Tampa Bay Business and Wealth under new ownership, and the transaction is made-for-TV drama

Bridgette Bello’s departure from the magazine turns out to be more than what it seemed.

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Jan 28 • 3:57 PM EST • Politics • floridapolitics.com
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ICE presence threatens small business in Minneapolis and Minnesota, some owners say: 'I can hardly do my normal job'

Some Minneapolis small-business owners say they fear for their personal safety, their community's safety and their businesses' survival amid ICE's presence in the city.

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Jan 28 • 3:47 PM EST • Business • cnbc.com
Psychiatrists plan to overhaul the mental health bible—and change how we define ‘disorder’

The American Psychiatric Association has announced big upcoming changes to psychiatry’s big book of mental disorders, the DSM

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Jan 28 • 2:30 PM EST • Health • scientificamerican.com
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Burner phones and lead-lined bags: a history of UK security tactics in China

Starmer’s team is wary of spies but such fears are not new – with Theresa May once warned to get dressed under duvet

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Jan 28 • 2:07 PM EST • Politics • theguardian.com
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Shares of GE Vernova slide as investors focus on the wrong part of its business

Our focus is on the continued robust results from the power and electrification businesses, where demand is off the charts.

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Jan 28 • 1:39 PM EST • Business • cnbc.com
The five biggest sports-business storylines heading into Super Bowl LX: MoneyCall

The latest edition of The Athletic's free weekly sports-business newsletter.

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Jan 28 • 1:26 PM EST • Sports • nytimes.com
The five biggest sports-business storylines heading into Super Bowl LX: MoneyCall

The latest edition of The Athletic's free weekly sports-business newsletter.

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Jan 28 • 1:26 PM EST • Business • nytimes.com
Some of ‘Star Search’s’ biggest losers became megastars. Can the revival live up to its past?

Aaliyah, Britney and Beyoncé famously lost when they appeared on “Star Search” back in the day. Those who bested them look back as a new reboot takes off.

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Jan 28 • 1:24 PM EST • Entertainment • cnn.com
CBS Sports Classic adds Kansas to field including Kentucky, UNC, Ohio State

KU is the newest addition to the four-team field signed through 2029 to participate in the annual CBS Sports Classic

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Jan 28 • 1:15 PM EST • Sports • cbssports.com
Fact check: Trump says Democrats don’t talk about affordability anymore (they do) because inflation is over (it isn’t)

President Donald Trump tried Tuesday to concoct an alternative reality on the subject of “affordability” – piling lie on top of lie to try to convince Americans that the issue has vanished.

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Jan 28 • 1:09 PM EST • Politics • cnn.com
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Tom Brady slams snub of Bill Belichick for Pro Football Hall of Fame

Tom Brady came to Bill Belichick's defense after the Pro Football Hall of Fame snubbed the iconic Patriots coach

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Jan 28 • 12:45 PM EST • Sports • cbssports.com
Samsung's Cool New Gadget Has The First Display Of Its Kind In The World

The 13-inch Samsung Color E-Paper features the world's first display housing made in part with a bio-resin crafted from phytoplankton, a type of microalgae.

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Jan 28 • 12:44 PM EST • Technology • bgr.com
Trump’s immigration approach is gumming up the courts, frustrating his DOJ and judges

The Justice Department and federal courts are struggling to keep up with the exponential increase in federal court cases of immigrants in custody who are challenging their detentions, another result of the Trump administration’s aggressive immigration enforcement policies across the country.

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Jan 28 • 12:40 PM EST • Politics • cnn.com
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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...

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Jan 28 • 12:14 PM EST • Technology • nintendoeverything.com
Join the Conversation at Business Insider

Comments let readers react, question, and build on our journalism together, turning reading into a shared experience.

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Jan 28 • 11:52 AM EST • Business • businessinsider.com
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As the Trump administration targets NCAR, scientists rally to defend the ‘mothership’ of atmospheric research

A letter published by the National Science Foundation asks for ideas to dismantle the research hub. Scientists are responding en masse.

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Jan 28 • 11:45 AM EST • Science • cpr.org
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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Why being a night owl may be worse for your heart

Bad news, night owls: Staying up late can be bad for your heart. But there's good news, too.

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Jan 28 • 11:16 AM EST • Health • usatoday.com
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Owners of Twin Peaks restaurant file for bankruptcy

Officials with TWNP said in a news release that they will use the filings to strengthen their capital structure through reducing their debt to keep the corporation successful for years to come.

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Jan 28 • 11:03 AM EST • Business • spectrumlocalnews.com
Here's what to know about the $50 billion states are getting for rural health

To satisfy Republicans opposed to last summer's cuts to health care, the Trump administration launched an ambitious 5-year initiative known as the Rural Health Transformation Program.

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Jan 28 • 10:47 AM EST • Health • npr.org
High-Signal Publisher
Beyond testosterone: The real crisis in men’s health

Increasing testosterone in men ignores deeply rooted cultural and social factors at the center of this health emergency.

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Jan 28 • 10:30 AM EST • Health • thehill.com
Leak shows Google's new Aluminium OS in action for the first time

In screenshots and videos, we get a first peek at Google's new operating system that combines Android and ChromeOS.

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Jan 28 • 10:26 AM EST • Technology • pcworld.com
Women's College Hoops Spotlight: Georgetown Coach Praises 'Best' UConn Team

FOX Sports' Laken Litman breaks down Georgetown coach Darnell Haney's eyebrow-raising comments after UConn throttled his team.

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Jan 28 • 10:23 AM EST • Sports • foxsports.com
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Health insurers dodge Trump's pricing crackdown, for now

While the president's ire can return on a whim, the prospect of an Oval Office dressing down appears, for the moment, off the table.

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Jan 28 • 10:00 AM EST • Health • politico.com
Darden Restaurants: Wonderful Business At A Below Average Price

Darden Restaurants (DRI) shows resilient sales amid inflation, trades below its 10-year P/E, and targets 9% sales growth. Read the latest analysis on the stock here.

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Jan 28 • 9:55 AM EST • Business • seekingalpha.com
California mental health hospitals warn over cuts after state hands down staffing rules

Psychiatric hospitals could close beds under proposed state rules if regulators don’t allow implementation time, facilities warn.

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Jan 28 • 8:30 AM EST • Health • calmatters.org
China’s latest war game uses hospital and science ships for espionage

It is self-evident that Beijing is not promoting peace, health or scientific research.

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Jan 28 • 8:30 AM EST • Science • thehill.com
Corning's Quiet Business Gets a Loud Boost

AI infrastructure deal moves the needle

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Jan 28 • 8:03 AM EST • Business • finance.yahoo.com
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
Twenty One Capital: Wen Business, Ser?

Twenty One Capital came public via SPAC merger but has since plummeted by nearly 30% since deal closure. Click here to find out why XXI stock is a Hold.

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Jan 28 • 7:58 AM EST • Business • seekingalpha.com
Kemi Badenoch apologises for Suella Braverman mental health claim

But she branded defectors from the Conservative party "drama queens", saying people who did not agree with the direction she was taking the party "need to get out the way".

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Jan 28 • 7:56 AM EST • Health • bbc.com
OpenAI digs in on a fundamental disconnect in new research: AI is ready for primetime, many businesses aren't

The real challenge isn't building better AI—it's actually using it.

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Jan 28 • 7:52 AM EST • Business • fortune.com
On Data Privacy Day (and every day): Protect your small business

Cybercriminals target companies big and small. Today is Data Privacy Day — a great opportunity to take a look at how you keep your business and customer data protected. Get started with the FTC’s updated resources at ftc.gov/cybersecurity.

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Jan 28 • 7:51 AM EST • Business • consumer.ftc.gov
Do college sports actually want rules? How high should Indiana be ranked? Mandel’s Mailbag

Plus, why the SEC and Big Ten control the CFP, what coaching hires were actually downgrades and Deion Sanders' future at Colorado.

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Jan 28 • 7:23 AM EST • Sports • nytimes.com
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Kast’s Cabinet Set to Confront Distinctly Political Challenges

Chile’s president-elect has rolled out a pro-business cast of ministers, tasked with finding political solutions, an expert writes.

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Jan 28 • 7:17 AM EST • Politics • americasquarterly.org
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The White House’s shocking lies about Minneapolis

Never forget how this administration misled you.

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Jan 28 • 7:15 AM EST • Politics • vox.com
The Two Big Decisions Facing Democrats Ahead of a Shutdown

Plus, senators work on a last-minute budget deal on immigration enforcement, and Tom Homan presented his list of demands to Minnesota leaders.

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Jan 28 • 7:01 AM EST • Politics • wsj.com
What Happens to Your Body When You Take Vitamin D Supplements Every Day Long Term?

A daily vitamin D supplement can support bone strength, muscle function, and balance—especially in people who are vitamin D deficient.

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Jan 28 • 7:00 AM EST • Health • health.com
Top Five Moments: Budget Committee Hearing on Skyrocketing Health Care Costs

The Official U.S. Congressional website of The Republican Budget Committee

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Jan 28 • 7:00 AM EST • Health • budget.house.gov
Scientists turn tumor immune cells into cancer killers

Scientists at KAIST have found a way to turn a tumor’s own immune cells into powerful cancer fighters—right inside the body. Tumors are packed with macrophages, immune cells that should attack cancer but are usually silenced by the tumor environment. By injecting a specially designed drug directly into tumors, researchers were able to “reprogram” these dormant cells to recognize and destroy cancer.

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Jan 28 • 7:00 AM EST • Science • sciencedaily.com
As the U.S. bids adieu to the World Health Organization, California says hello

In the wake of the U.S. withdrawal from WHO, California is the first state to participate in the agency's disease monitoring network. Are others following?

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Jan 28 • 6:47 AM EST • Health • npr.org
High-Signal Publisher
Centrist ideas no longer wanted in Conservative party, says Kemi Badenoch

Party leader tells MPs that one-nation Tories doubting her rightward direction ‘need to get out of the way’

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Jan 28 • 6:45 AM EST • Politics • theguardian.com
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Windows 11’s ability to resume Android apps on your PC is getting closer

The feature is now in Release Preview testing

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Jan 28 • 6:18 AM EST • Technology • theverge.com
Analysis: Trump’s team almost never backs down from its false claims. This past week has been different

From the start, this has been a say-anything presidential administration.

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Jan 28 • 6:00 AM EST • Politics • cnn.com
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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
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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