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UND Nistler College of Business & Public Administration announces newly named Fransen Department of Real Estate, Economics & Finance
UND alum Bob Fransen's gift establishes real estate major, renames department
‘OPB Politics Now’: ICE, transportation and a looming state budget hole
Oregon lawmakers return to Salem, plus the Republican gubernatorial primary field continues to expand.
Mavericks put their hope in health as the 1-year anniversary of the Luka Doncic trade approaches
Anthony Davis and Kyrie Irving didn't play in that 118-105 loss to Minnesota — and might not be in a Mavericks uniform on the same night again — while it was a temporary injury absence for four-time NBA champion Klay Thompson and Cooper Flagg, the rookie No. 1 pick who landed in Dallas by crazy luck and is seen as the next face of the franchise after Doncic. Days shy of a year since the Mavs shipped their global superstar to the Los Angeles Lakers for Davis and rocked the core of a team that was just nine months removed from playing in the NBA Finals, Washington's hope for a return to contention rests with those four teammates being healthy alongside him.
Cubs TV voice Jon 'Boog' Sciambi tops sixth annual Chicago sports media power rankings
I ranked the market’s talent exclusively on TV, radio and podcasts based on appeal, quality, longevity and personal preference. Well over 100 people were considered, and the top 20 follow, with last year’s rank in parentheses.
Shaw’s ‘diamond in the rough’ goes from basketball-only to committing to LSU for football
Jackson Williams’ future appeared to be on the basketball court, but a transfer from Newman to Shaw put him on a new path to LSU football. Here’s his story.
Contractor data breach nay have exposed the protected health info of thousands of Central Oregonians
BEND, Ore. (KTVZ) -- Thousands of Central Oregonians soon will receive letters in the mail to inform them of a data breach at TriZetto Provider Solutions last fall that may have exposed the personal health information of more than 700,000 people around the country. TPS is a third-party contractor that provides insurance-eligibility verification services to
Make an Honest Living in Three New GTA Online Odd Jobs
Join the ranks of the Los Santos Fire Department as a Firefighter, load up delivery vans for Alpha Mail as a Forklift Operator, or deliver the old-fashioned printed version of the Los Santos Meteor with a Paper Route in three new Odd Jobs now available...
Maine businesses to close Friday, make donations to support immigrant community
More than 50 shops and restaurants are participating in a nationwide strike, which will include a protest in Portland's Monument Square.
Multiple Upstate NY businesses to close Friday for national anti-ICE shutdown
Multiple cafes, restaurants and shops across Upstate New York will close their doors Friday in protest of recent federal immigration enforcement.
College football transfer portal: Auburn's Alex Golesh comments on tampering
First-year Auburn coach Alex Golesh coach explains how no guardrails in the transfer portal has led to chaos
Michigan State business school to host ‘Rails to the Future' conference
TROY, Mich. — Michigan State University’s Eli Broad College of Business will host “Rails to the Future: 200 Year of Progress, Building What’s Next,” a conference featuring key rail industry officials May 11-13 at the MSU Management Education Center in Troy. Keynote speakers will include Federal Railroad Adminstration Administrator David Fink; Surface Transportation Board [...] Read More...
U.P. college town to create business incubator where it’s ‘safe to fail’
Houghton won a $3.9 million state grant that’s making this and other projects possible.
What happened when Starmer met Xi Jinping?
Pippa Crerar joins Kiran Stacey from Beijing as she follows Keir Starmer on his historic trip to China
AI helps expand medical response capacity for treating Bay Area's homeless
The Future Communities Institute and its partners in the San Francisco Bay plan to use artificial intelligence to act as a force multiplier for street medical teams that help to improve patient outcomes and social referrals for the region's homeless.
Polar bears getting "fatter and healthier" amid ice loss
Scientists think that Svalbard bears have adapted to recent ice loss by eating more land-based prey.
Jordan Chiles appeal granted, CAS must re-hear case of bronze medal
Swiss Federal Tribunal grants Jordan Chiles appeal for bronze medal, sends case back to Court of Arbitration for Sport.
“Entertainment Weekly” reveals Breaking Big honorees for 2026 SCAD TVfest
Sean Kaufman ("For All Mankind"), Michelle Randolph ("Landman"), Amirah J ("High Potential"), and Taylor Dearden ("The Pitt") will speak on a panel moderated by EW's Gerrad Hall.
Fighting for Stronger Political Transparency | IFES - The International Foundation for Electoral Systems
We stand ready to support all actors in strengthening the integrity of political finance around the world.
SF: Zoo Penguins Receive Annual Health Check-Up
Dozens of penguins at the San Francisco Zoo and Gardens received their annual physical exam Thursday, getting their health checked from head to toe.
Melania Trump reveals advice she gives President Trump — and why she doesn’t watch him on TV all day
Melania Trump opens up in rare interview about her private approach to advising President Donald Trump and her selective media appearances strategy.
Live updates: Trump weighs Iran strike, government shutdown looms
Cairn review – obsession, suffering and awe in a climbing game that hits exhausting new heights
A punishing, beautiful survival game that turns mountaineering into an intimate test of endurance, fixation and emotional resolve – you’ll be in tears by the end
Top 100 transfer portal players for 2026: Destinations and impact projections
There's a ton of talent on the move, and it has the potential to shift the balance of power across the college football landscape
Brandon Miller, Hornets aim to stay 'hungry' vs. Mavericks
These are heady times for the Charlotte Hornets, who have won four straight games for the first time in nearly two years.
35 undocumented immigrants arrested in Zipps Sports Grill operation
Federal agents executed search warrants at 15 Zipps locations across metro Phoenix.
More naming opportunities planned for Altru Sports Complex; first part of Phase 2 expected to bid in April
The Grand Forks Park District is looking at options for other naming rights in the facility to help fundraise for the project.
Mia Bonta pleads for ‘pandemic-level’ response to Feds’ gutting of Medi-Cal
Up to two million of the state’s lowest-income people may lose health insurance due to federal changes. Bonta wants to lead the charge to stop that.
Ascending Islanders seek season sweep of reeling Rangers
The New York Rangers rarely score against the New York Islanders and infrequently win on home ice.
Marsh's fourth-quarter profit rises on strength in insurance business
Insurance broker Marsh reported a rise in fourth-quarter profit on Thursday, helped by robust performance in its risk and insurance services business.
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.
Where Eagles' pending free agents rank on NFL-wide lists
The Eagles have some big-name free agents this year. Here’s a look at where they rank among the entire NFL.
5 Costco TVs That Are Perfect For The Super Bowl
Here are 5 Costco TVs from different brands and across various price points to enjoy the Super Bowl. You can pick from multiple size options.
Actor Paul Dano responds to Quentin Tarantino’s criticism of him
Actor Paul Dano has broken his silence about Quentin Tarantino’s harsh criticism of him.
James Perkins named interim executive director of Auxiliary and Business Services
Perkins ’92 will provide functional oversight to Auxiliary and Business Services, leading the unit’s operations that support and enhance campus life for students, faculty and staff, alumni, and visitors.
Bank of America supporting weVENTURE Women’s Business Center
As a Neighborhood Builder, the Florida Tech-based weVENTURE Women’s Business Center is awarded a $50,000 grant over two years.
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.
College football transfer portal is 'train wreck.' Ask man who ignited it
One of the creators of the unrestricted transfer portal in college sports calls the current system 'awful' but doesn't regret his involvement.
Sunburn — The morning read of what’s hot in Florida politics
Grab a cup of joe and the best in Florida politics — Sunburn
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..
Inside Maryland’s High-Stakes Bid for Trump’s $50 Billion Rural Health Fund
The White House asked states to compete for a rare pot of new money dedicated to transforming health care across rural America.
How an inspiring home video launched a main event fighter
How Francesca Hennessy - who headlines on BBC Two on Saturday - went from weight and dyslexia struggles to viral fame and in sight of a world-title shot.
The accidental climate scientist who uncovered an unexpected force of global warming
The Swedish Royal Academy of Sciences has awarded the Crafoord Prize to climate scientist Veerabhadran Ramanathan. He discovered a powerful force of global warming.
SF changes method to count unhoused; advocate believes it's political, will lead to undercount
For the first time in more than two decades, San Francisco is changing the way it counts the number of unhoused individuals on its streets.
At World’s Busiest Port, China’s Unbalanced Economy Comes Into View
The shipping traffic and factories never stop in China’s port city of Ningbo, but the local housing market has crashed and nearby restaurants sit empty.
Palat scores, assists in Islanders' 5-2 win over Rangers
Ondrej Palat scored the opening goal and added an assist in his debut with the New York Islanders, who defeated their cross-town rival New York Rangers 5-2 on Wednesday night. Simon Holmstrom had a goal and two assists, David Rittich made 14 saves, and the Islanders won their second straight game. Mathew Barzal, Jean-Gabriel Pageau and Emil Heineman also scored.
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.
Yuba City eyes $8.5 million state grant for new regional sports complex
A new regional youth sports complex could be coming to Yuba City. The city's public works department is planning to apply for a state grant that could award up to $8.5 million through a revitalization program.
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.
Mamdani weighs in on budget gap, ICE enforcement and raising taxes
The mayor sat down with NY1 for a wide-ranging interview.
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.
Ohio State football adds experienced offensive lineman from portal
Ohio State football is not done with the transfer portal. The Buckeyes added a veteran offensive lineman on Wednesday.
Business Coach Arnaud CZ Releases Free Course to Help Corporate Fathers Build Side Income Amid Rising Job Uncertainty
PRAGUE, CZECHIA, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Arnaud CZ, founder of the $100k Dad system, specializing in corporate-to-entrepreneur transit...
How Ohio mayors are responding to ICE
The fatal shooting of two Minneapolis residents by federal agents this month has triggered protests in cities across the country, as well as a range of responses from local officials.
How Trump decided to shift his strategy in Minnesota: From the Politics Desk
Plus, tensions between the U.S. and Iran are ratcheting up again.
VA reorganization aims to shift health care workforce to hubs with growing veteran population
Congress directed the VA to make similar changes under the first Trump administration, but blocked it from implementing them under the Biden administration.
Alex Vindman pulls in $1.7M in first 24 hours of Senate campaign
The whistleblower who testified in Donald Trump's first impeachment saw a national profile translate into hard cash.
Ray J Says He’s in His ‘Last Days’ Due to Deteriorating Heart Health: ‘I F-cked Up’
Ray J said he has months to live due to a heart condition stemming from substance abuse and claimed his sister Brandy is covering his medical bills.
Virginia Tech visits coveted in-state LB Noah Glover
It’s a new era for Virginia Tech football and new head coach James Franklin is looking to make an impact on the recruiting trail for the Hokies. Virginia itself has been on the rise when it comes to producing blue-chip talent at the high school level. The 2026 cycle had multiple top-100 prospects in the […]
$10 million gift to fuel transdisciplinary data science
Tom and Cathie Woteki, an alumni couple who made profound contributions to the fields of public health and applications of enterprise computing in their careers, have made a $10 million estate gift commitment to endow multiple faculty positions or fellowships, as well as create graduate fellowships, in the College of Science and College of Agriculture and Life Sciences.
Giannis Reaction, NFL Coaching Carousel, and State of the Agent Business
The guys dive straight into the latest news around Giannis Antetokounmpo, as well as the NFL coaching carousel. Speaking of coaches, today’s edition of Five-Minute Max has to do with yesterday’s Bill Belichick news. Plus, after what transpired at Clemson, Rich wants to talk about the state of the agent business, including why ‘Jerry Maguire’ actually hurt that business!
The Alliance for Primary Health Care in the Americas marks two years and formally welcomes Bolivia and Uruguay as members
PAHO, the World Bank, and the IDB initiative has driven health system transformation and aligned more than one billion dollars in investments across five countries. Brazil expressed its support, signing a letter of intent.Rio de Janeiro, 28 January 2026 — The Alliance for Primary Health Care (PHC) in the Americas, a joint initiative of the Pan American Health Organization (PAHO), the World Bank (WB), and the Inter-American Development Bank (IDB), is celebrating its second anniversary with achievements in transforming health systems across the region.
Minn. companies pool funds to help small businesses amidst immigration enforcement surge
A couple dozen Minnesota companies have contributed about $4 million to a grant fund to support small businesses in the state as they navigate the challenges of meeting payroll and paying rent amidst the immigration enforcement surge.
Betly expands online casino offering through new partnership with Inspired Entertainment
Delaware North’s Betly iCasino in West Virginia today announced a new partnership with Inspired Entertainment, a leading provider of innovative online casino content.
Tampa Bay Business and Wealth under new ownership, and the transaction is made-for-TV drama
Bridgette Bello’s departure from the magazine turns out to be more than what it seemed.
What we're learning about the man arrested in the attack on Rep. Ilhan Omar
Anthony Kazmierczak hadn't been formally charged or scheduled for an initial court appearance as of Wednesday morning.
Hearing on Veterans Affairs Health Care System
The Senate Veterans' Affairs Committee will hear testimony from Secretary Doug Collins on proposed changes to the department's health care system.
Pulaski County Sports and Entertainment unveils new logo for Sportsplex
Pulaski County Sports and Entertainment unveiled a new logo on Wednesday for the Pulaski County Sportsplex, a transformative new indoor sports complex that will serve as a premier destination for athletic competition.
Dispatch Is Censored on Nintendo Switch Due to Platform 'Content Criteria', Developer Says
Dispatch, the superhero workplace comedy made by Telltale veterans at AdHoc Studio, is out now on Nintendo Switch. But a number of excited new and returning players aren't super happy about the release, as it turns out the game has been pretty aggressively censored on the system.
Arlington-based REV Entertainment buys two independent professional baseball teams
Arlington-based REV Entertainment, the official sports and entertainment partner of the Texas Rangers, today announced it has purchased two independent...
Pulaski County Sports & Entertainment Unveils Official Sportsplex Logo
New Facility Designed to Serve the Community and Welcome the World Pulaski County, Virginia – Pulaski County Sports & Entertainment is proud to unveil the official logo for the Pulaski County Sportsplex, a transformative new indoor sports complex that will serve as a premier destination for athletic competition while providing a year-round recreational asset for […]
Amazon layoffs: Leaked memos explain job cuts amid startup shift
Amazon announced 16,000 corporate layoffs on Wednesday. Executives say it aims to transform into the 'world's largest startup' with a cultural reset.
Accelerating Science: A Blueprint for a Renewed National Quantum Initiative
Sustained U.S. leadership in quantum information science is critical to ensuring that breakthroughs in computing, sensing, networking and materials translate into secure technologies and industries, a skilled domestic workforce and long-term strategic advantage. To secure this future, Congress must act and reauthorize the National Quantum Initiative (NQI).
Iran delegates import powers as US war threats keep economy unstable
Iranian governors gain new powers as country prepares for possible war amid sanctions and looming geopolitical tensions.
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.
Chia Pet Film and TV Rights Acquired by Rakia Media and Crystal City Entertainment: ‘We Can’t Wait for Audiences to Check Out the World of Chia in Theaters’ (EXCLUSIVE)
A Chia Pet movie or TV show could be on the horizon, as the media rights to the classic gift brand have been sold.
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.
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.
Walmart CEO Doug McMillon retiring as retailer gains more wealthy shoppers amid inflation
Walmart CEO Doug McMillon retires after 40 years, leaving behind a transformed retail giant that attracts higher-income shoppers through convenience.
Ranking 2026 Big Ten football schedules from easiest to toughest
Big Ten heavyweights must overcome grueling schedules in 2026 to reach their ultimate destination
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.
‘A sacred space of healing’: Church of Jesus Christ transforms health center in Liberia
A health center in Liberia was in ruins until it was transformed into “a sacred space of healing” through a project funded by The Church of Jesus Christ of Latter-day Saints.
As college sports look more professional, sponsors turn to high school
High school sports, some marketers are finding, can provide brands with national reach and inroads with potential future star athletes.
Apple Creator Studio launches today, and it's an incredible value
Two weeks ago, Apple announced its brand new Apple Creator Studio bundle, offering its suite of creative apps for a...
Opinion | When Conservative Politics Hit Cash-Starved Universities
If college education is merely a transaction, educators — and facts — are vulnerable.
Obituary: Ajit Pawar, the mercurial leader who stepped out of his uncle's shadow
Ajit Pawar, who died in a plane crash, reshaped Maharashtra's politics in surprising ways.
Live updates: Trump issues warning to Iran as Rubio testifies before Senate on Venezuela
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".
Deli manager stole $92K from Chicago-area business: police
A deli manager at a suburban Chicago business has been charged with felony theft after allegedly stealing over $92,000 by voiding cash transactions.
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.
A Go-Kart Track Is Just the Start at This Arizona Home Built Like a Sports-and-Entertainment Complex
Over-the-top amenities at the $20 million listing include a batting cage, a basketball court, a shooting range, a day spa, a dance studio and a gaming lounge
‘Rodent droppings, live roach’: Jefferson County’s worst January 2026 restaurant health ratings
In January, 11 restaurants, convenience stores and other food establishments received scores of 84 or below.
David Lammy to face Andrew Griffith at deputy Prime Minister's Questions
The pair will fill in for PM Keir Starmer and Tory party leader Kemi Badenoch in the Commons from midday.
Who will win next year's Super Bowl? 2026 NFL power rankings using Super Bowl 2027 odds
The 2026 Super Bowl is just over one week away, but who are the early favorites to win a title next season? Here are the latest odds.
New Jacksonville health center to bring expanded services, welcome patients regardless of insurance
A Jacksonville health center is expanding its reach to treat more people, especially those who do not have insurance.
Health inspections lead to 4 Central Florida restaurant shutdowns last week
The Department of Business and Professional Regulation shut down four Central Florida dining venues for health code violations during the week from Jan. 18-24.
I did the math: You absolutely should not buy the $2,900 Galaxy Z TriFold
The Galaxy Z TriFold costs $2,900 in the US. I ran the numbers and have four reasons why you absolutely shouldn't buy it.
The surprising science behind how certain foods can make you smell more attractive
Beneath fancy perfumes and deodorants, our food choices may be quietly shaping our natural scent in unexpected ways
Expiration of federal health insurance subsidies: What to know in California
Thousands in California who rely on the state-run health insurance marketplace face premiums that are thousands of dollars higher as federal subsidies expire.
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