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Here’s how Baton Rouge’s casinos fared in December

After two strong months in October and November, Baton Rouge’s casinos continued their upward trajectory in December. Collectively, the casinos posted $25.7 million in revenue for December, u… Already an INSIDER? Sign in. Already an INSIDER? Sign in

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Jan 30 • 7:10 AM EST • Business • businessreport.com
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Sepsis-finding biotech Prenosis lands $40M in financing, federal contract

Chicago-based sepsis diagnosing biotech Prenosis announced two $20 million milestones this morning, Series A financing and a large government contract.

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Jan 30 • 6:16 AM EST • Business • chicagobusiness.com
How the Miami RedHawks became college basketball's most unlikely undefeated team

At 21-0, the Miami (Ohio) men's basketball team is one of just two remaining undefeated Division I men's teams. Here's how the RedHawks got here

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Jan 30 • 6:05 AM EST • Sports • usatoday.com
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One third of surveyed US games industry workers were laid off in the last two years, GDC reports

A report from GDC states one third of surveyed US workers within the industry were laid off in the last two years.

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Jan 30 • 4:32 AM EST • Technology • eurogamer.net
Trump expected to nominate Kevin Warsh for Federal Reserve chair

President Donald Trump is expected to announce Friday his intent to nominate Kevin Warsh to be the next Federal Reserve chair, according to two people involved in the process.

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Jan 29 • 11:54 PM EST • Business • cnn.com
Live and dead pests found in kitchen of restaurant ordered to shut down by Metro Health

Metro Health inspectors issued demerits to two different restaurants in January after finding multiple live and dead pests, including roaches, in the kitchens.

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Jan 29 • 11:34 PM EST • Health • ksat.com
Businesses in the Triangle feeling the effects of winter weather

Local businesses are feeling the effects of the winter weather, especially when they have to close their doors. Many business owners told WRAL News that weekends are the busiest time, so having their doors closed and with no customers two weekends in a row is hurting their margins.

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Jan 29 • 10:53 PM EST • Business • wral.com
Northeast, Central Florida businesses say Google review bombers blackmailed them

Since opening his HVAC company in Jacksonville’s Pine Forest neighborhood less than two years ago, Aldi Gjeka has received 277 reviews on Google, 262 of which are five stars. The other 15 are one-star reviews, all of which were written within the same hour earlier this week.

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Jan 29 • 9:45 PM EST • Business • actionnewsjax.com
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'Very unfortunate': Fort Pierce Downtown business owners upgrade security after recent burglaries

Two Downtown Fort Pierce businesses were burglarized early Tuesday morning, prompting police to search for suspects and business owners to upgrade security.

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Jan 29 • 7:36 PM EST • Business • wpbf.com
IDF officials shift stance, accept Gaza Health Ministry data on death toll

After two years of war, senior military officials for the first time aligned with an update from Gaza’s Hamas-run Health Ministry, saying they estimate about 70,000 Gazans have been killed, excluding the missing, while stressing that efforts to distinguish terrorists from civilians are ongoing

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Jan 29 • 7:06 PM EST • Health • ynetnews.com
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A 20-year-old cancer vaccine may hold the key to long-term survival

Two decades after a breast cancer vaccine trial, every participant is still alive—an astonishing result for metastatic disease. Scientists found their immune systems retained long-lasting memory cells primed to recognize cancer. By enhancing a key immune signal called CD27, researchers dramatically improved tumor elimination in lab studies. The findings suggest cancer vaccines may have been missing a crucial ingredient all along.

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Jan 29 • 7:00 PM EST • Science • sciencedaily.com
Democrats, White House strike deal that would avert shutdown

The two sides agreed to separate homeland security funding from the rest of the legislation and fund it for two weeks while they debate Democratic demands for curbs on ICE.

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Jan 29 • 6:50 PM EST • Politics • spectrumlocalnews.com
Ivanti warns of two EPMM flaws exploited in zero-day attacks

Ivanti has disclosed two critical vulnerabilities in Ivanti Endpoint Manager Mobile (EPMM), tracked as CVE-2026-1281 and CVE-2026-1340, that were exploited in zero-day attacks.

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Jan 29 • 5:07 PM EST • Technology • bleepingcomputer.com
A No. 1-vs.-2 showdown between Brother Martin and Jesuit has been moved because of weather

Brother Martin and Jesuit will play their rivalry soccer match two days later than originally scheduled.

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Jan 29 • 2:58 PM EST • Sports • nola.com
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Google disrupts IPIDEA residential proxy networks fueled by malware

IPIDEA, one of the largest residential proxy networks used by threat actors, was disrupted earlier this week by Google Threat Intelligence Group (GTIG) in collaboration with industry partners.

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Jan 29 • 2:29 PM EST • Technology • bleepingcomputer.com
Google gives Pixel Tablet another two years of Android OS updates

Google’s mostly-forgotten Pixel Tablet is getting a new lease on life, as the company is giving its one and only...

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Jan 29 • 2:22 PM EST • Technology • 9to5google.com
City & State New York Recognizes Two Leaders From NYC Health + Hospitals And MetroPlusHealth On 2026 "Trailblazers in Healthcare" List - NYC Health + Hospitals

NYC Health + Hospitals announced that NYC Health + Hospitals/Elmhurst Director of Oral and maxillofacial surgery Dr. Maryam Akbari and MetroPlusHealth

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Jan 29 • 1:07 PM EST • Health • nychealthandhospitals.org
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Two New Pixel Buds 2a Colors Reportedly Leak Online

Two fresh color options for Google’s budget earbuds appear to be on the way, with leaked renders pointing to a lighter gray tone and a vivid pink or red

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Jan 29 • 1:05 PM EST • Technology • findarticles.com
City & State New York Recognizes Two Leaders From NYC Health + Hospitals And MetroPlusHealth On 2026 "Trainblazers in Healthcare" List - NYC Health + Hospitals

NYC Health + Hospitals announced that NYC Health + Hospitals/Elmhurst Director of Oral and maxillofacial surgery Dr. Maryam Akbari and MetroPlusHealth

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Jan 29 • 12:24 PM EST • Health • nychealthandhospitals.org
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Monkey Business: Using Genetics to Understanding Decision-Making in Monkeys

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

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Jan 29 • 12:00 PM EST • Business • biology.ucdavis.edu
Santa Rosa council endorses downtown zone that would permit to-go alcohol consumption

Consuming a beer or wine bought from a nearby establishment would be allowed in two public areas Friday through Sunday, with details still to be worked out.

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Jan 29 • 10:24 AM EST • Entertainment • pressdemocrat.com
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FOX Sports Unveils Historic FIFA World Cup 2026™ Broadcast Schedule - Fox Sports Press Pass

Monumental Slate Features 340 Hours of Live First-Run Programming Across FOX Sports Platforms for This Summer’s Global Event All-New Record 70 Matches on Network Television and Unprecedented 40 Matches in Primetime Every Match will Stream Live and On-Demand in 4K on FOX […]

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Jan 29 • 9:54 AM EST • Sports • foxsports.com
Hear possible options for watching Tigers after FanDuel Sports Network

On "Days of Roar," The Athletic senior writer Evan Drellich details the struggles of regional sports networks and the impact on Detroit Tigers fans.

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Jan 29 • 9:46 AM EST • Sports • freep.com
Introducing Moltworker: a self-hosted personal AI agent, minus the minis

Moltworker is a middleware Worker and adapted scripts that allows running Moltbot (formerly Clawdbot) on Cloudflare's Sandbox SDK and our Developer Platform APIs. So you can self-host an AI personal assistant — without any new hardware.

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Jan 29 • 9:00 AM EST • Technology • blog.cloudflare.com
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.

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Jan 29 • 8:31 AM EST • Sports • cbssports.com
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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.

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Jan 29 • 8:00 AM EST • Health • sacbee.com
Scientists use AI to crack the code of nature’s most complex patterns 1,000x faster

Order doesn’t always form perfectly—and those imperfections can be surprisingly powerful. In materials like liquid crystals, tiny “defects” emerge when symmetry breaks, shaping everything from cosmic structures to everyday technologies. Now, researchers have developed an AI-powered method that can predict how these defects will form and evolve in milliseconds instead of hours. By learning directly from data, the system accurately maps molecular alignments and complex defect behavior, even in situations where defects merge or split.

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Jan 29 • 7:00 AM EST • Science • sciencedaily.com
Friends talk politics for the first time: Alondra and Bailey take One Small Step

Alondra Rivas-Jimenez, 20, and Bailey Newcomb, 21, met in the spring of 2024 while interning at an advertising agency and built a friendship. The two sat down to talk politics for the first time in their friendship.

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Jan 29 • 6:31 AM EST • Politics • cfpublic.org
The Jeff Boals Show Returns Tonight at The Gem Sports Bar

ATHENS, Ohio — The Jeff Boals Show returns this Thursday, January 29, on the Ohio Sports Network from Learfield, presented by Holzer Health System. This week, the live broadcast will take place from 6pm-7pm at The Gem Sports Bar. The event is open to the public and free to attend. Join the "Voice of Bobcat Basketball," Jason Toy, and the seventh year head coach of the Ohio Bobcats, Jeff Boals, for a weekly recap and a look ahead at upcoming matchups. This week's special guests include sophomore forward Ayden Evans (Radcliff, Ky.) and freshman forward Jordan Fisher (Pickerington, Ohio)

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Jan 29 • 6:28 AM EST • Sports • ohiobobcats.com
‘What if I told you this school had no teachers?’: Is AI schooling the future of education — or a risky bet?

Alpha School, which purports to teach children academics using AI for two hours a day, has got the support of the Trump administration, but leaves some education experts and parents unimpressed.

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Jan 29 • 6:00 AM EST • Politics • cnn.com
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.

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Jan 29 • 5:01 AM EST • Business • floridatoday.com
AirTag 2 vs. AirTag 1: Comparing Apple's Upgraded Tracker

Two AirTag generations enter the ring, only one leaves (but don't worry, both are easily found later).

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Jan 29 • 5:00 AM EST • Technology • cnet.com
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.

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Jan 29 • 5:00 AM EST • Health • kff.org
CAA Fast Break

As the league approaches the midway point of the conference slate, CAA men’s basketball insider Dr. John Giannini and host Griffin Della Penna broke down the league and its incredible performances, as well as the CAA's upcoming matchups on CBS Sports Network in the fifth edition of the CAA Fast Break.

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Jan 29 • 4:59 AM EST • Sports • caasports.com
Samsung's leaked Galaxy Buds 4 and Buds 4 Pro prices could be a great sign for the Galaxy S26 series

Samsung's next earbuds will not increase the prices of their predecessors, which means the same could be true for the Galaxy S26 trio.

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Jan 29 • 3:22 AM EST • Technology • phonearena.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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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.

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Jan 29 • 2:29 AM EST • Sports • bbc.com
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Full-length Replay: Minnesota at Wisconsin

From Kohl Center in Madison, Wis.

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Jan 29 • 2:08 AM EST • Sports • foxsports.com
Survey of over-50s women finds almost two in three struggle with mental health

Of those affected by midlife challenges such as menopause, nine in 10 do not seek help, therapists’ organisation says

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Jan 29 • 2:00 AM EST • Health • theguardian.com
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Pakistan becomes latest Asian country to introduce checks for deadly Nipah virus

Authorities in Pakistan have ordered enhanced screening of people entering the country for signs of infections of the deadly Nipah virus after India confirmed two cases, adding to the number of Asian countries stepping up controls.

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Jan 29 • 1:24 AM EST • Health • reuters.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
ACU Sports Podcast: Wildcat Annual Fund Director Anthony Egbo

Anthony Egbo, former ACU football player and current director of the Wildcat Annual Fund, talks about ACU Athletics' unique approach to philanthropy, what to expect for ACU Gives, and shares stories of how ACU has impacted student-athletes' lives even if they are only a Wildcat for a year or two.

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Jan 29 • 1:00 AM EST • Sports • acusports.com
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.

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Jan 29 • 12:25 AM EST • Politics • abc7news.com
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Full-length Replay: Round One: Dominica vs Belize

From Estadio Miguel Chocorrón Buitrago in Managua, Nicaragua.

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Jan 28 • 11:47 PM EST • Sports • foxsports.com
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.

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Jan 28 • 10:44 PM EST • Sports • sports.yahoo.com
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Full-length Replay: Big 12 Men's: Baylor at Cincinnati

From Fifth Third Arena in Cincinnati.

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Jan 28 • 9:06 PM EST • Sports • foxsports.com
Galaxy S26 phones look sleek in new official-looking photos

A case listing reveals the official design of the Galaxy S26, S26+, and S26 Ultra.

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Jan 28 • 8:23 PM EST • Technology • phonearena.com
Rise to the Occasion with Mega Evolution—Ascended Heroes in Pokémon TCG Live

Look forward to newly discovered Mega Evolution Pokémon, beautiful new artwork for fan-favorite cards, and more.

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Jan 28 • 7:00 PM EST • Technology • pokemon.com
Tiny mammals are sending warning signs scientists can finally read

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

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Jan 28 • 7:00 PM EST • Science • sciencedaily.com
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.

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Jan 28 • 6:59 PM EST • Politics • spectrumnews1.com
U.S. health officials monitor deadly virus

Authorities in India have confirmed two cases of nipah virus, often carried by fruit bats. The CDC says it is monitoring the situation and stands ready to assist as needed. NBC News’ Raf Sanchez has more.

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Jan 28 • 6:47 PM EST • Health • nbcnews.com
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VA reorganization aims to shift health care workforce to hubs with growing veteran population

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

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Jan 28 • 6:46 PM EST • Health • federalnewsnetwork.com
Alexander Volkanovski shuts down Jean Silva title talk

Not yet, “Lord.” Ultimate Fighting Championship (UFC) Brazilian fan-favorite Jean Silva scored the biggest win of his career at UFC 324 last weekend (Sat., Jan. 24, 2026), outworking the ultra-durable Arnold Allen to a unanimous decision victory inside T-Mobile Arena in Las Vegas, Nevada. The win immediately launched Silva into the division’s elite and title […]

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Jan 28 • 5:49 PM EST • Sports • mmamania.com
Tyler Austin on transitioning back to MLB
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Jan 28 • 5:00 PM EST • Sports • sports.yahoo.com
Blackstone's biggest hedge fund business returned 12% in 2025, sources say

Blackstone's biggest hedge fund platform, Absolute Return Composite (AR), returned nearly 12% last ​year, beating the benchmark HFRX Global Hedge Fund Index's 7.1% gain, two ‌people familiar with the numbers said on Wednesday.

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Jan 28 • 4:45 PM EST • Business • reuters.com
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.

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Jan 28 • 4:30 PM EST • Health • paho.org
Samsung releases first three Galaxy S26 Ultra trailers promoting its big new feature

All three leaked trailers focus on the hot new privacy feature for the Galaxy S26 Ultra.

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Jan 28 • 4:15 PM EST • Technology • phonearena.com
These two viruses may become the next public health threats, scientists say

Two emerging pathogens with animal origins—influenza D virus and canine coronavirus—have so far been quietly flying under the radar, but researchers warn conditions are ripe for the viruses to spread ...

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Jan 28 • 4:00 PM EST • Health • medicalxpress.com
‘Trust, love, commitment’: Esteemed business leaders and former Notre Dame football student-athletes reflect on how to be champions of hope at Walk the Walk Week event

On Monday (Jan. 26), two distinguished business leaders and former Notre Dame football student-athletes — Tracy Graham ’95 and Byron Spruell...

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Jan 28 • 3:00 PM EST • Business • news.nd.edu
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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...

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Jan 28 • 2:15 PM EST • Entertainment • dallasnews.com
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Full-length Replay: Toledo, OH #1

Action from the Tristar Arenacross Series.

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Jan 28 • 1:39 PM EST • Sports • foxsports.com
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).

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Jan 28 • 1:17 PM EST • Science • blogs.nvidia.com
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How to watch NASCAR races on FOX, FS1, FS2, FOX Sports App

Check out the best ways to watch NASCAR action on the FOX Sports family of networks in 2026 for the Cup Series and Craftsman Truck Series.

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Jan 28 • 1:08 PM EST • Sports • nascar.com
Patriots Rival Reportedly Loses Defensive Coordinator, Longtime Coach To Packers

The New England Patriots are gearing up for the Super Bowl, but two of their division rivals are in the middle of coaching changes. The Miami Dolphins fired Mike McDaniel to hire Jeff Hafley, the Green Bay Packers’ defensive coordinator for the last two years. The Buffalo Bills promoted Joe Brady to head coach from […]

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Jan 28 • 12:54 PM EST • Sports • sports.yahoo.com
Disney Afternoon Collection Pops Up On Switch 1 & 2 eShop, Includes Two Additional Games

Digital Eclipse yet to confirm

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Jan 28 • 12:45 PM EST • Technology • nintendolife.com
Jets hire Brian Duker as defensive coordinator

The Jets’ search for a new defensive coordinator is over. The team is hiring Brian Duker per Tom Pelissero. The 36 year old Duker worked under Glenn with the Lions for three years. He went from defensive assistant in 2021 to safeties coach in 2022 to defensive backs coach in 2023. The last two years […]

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Jan 28 • 12:42 PM EST • Sports • ganggreennation.com
Justin Bieber Performance Locked In for Music’s Biggest Night at the 2026 Grammys

Justin Bieber has announced that he will be performing at the 2026 Grammy Awards, which will take place on Sunday, Feb. 1. Bieber is a two-time Grammy winner and also… The post Justin Bieber Performance Locked In for Music’s Biggest Night at the 2026 Grammys appeared first on Where Is The Buzz | Breaking News, Entertainment, Exclusive Interviews & More.

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Jan 28 • 12:19 PM EST • Entertainment • whereisthebuzz.com
New Doc by Former Colleagues Explores Asian Americans' Growing Political Leadership

Two Asian American professors with ties to York College have collaborated on a timely and engaging new documentary examining the growing political influence of Asian Americans.

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Jan 28 • 11:08 AM EST • Politics • york.cuny.edu
Former utility commissioner Tim Echols reflects on Georgia's new power politics

This coverage is made possible through a partnership between WABE and Grist, a nonprofit environmental media organization. The Georgia Public Service Commission has entered a new era. After nearly two […]

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Jan 28 • 10:38 AM EST • Politics • wabe.org
Wilmington basketball tournament puts focus on raising funds for mental health

The two-day SL24 Basketball Classic returns to the Chase Fieldhouse to honor Sean Locke, raise funds for mental health programs and encourage open conversations.

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Jan 28 • 10:30 AM EST • Health • whyy.org
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Apple's 'Creator Studio' App Bundle Now Available for $12.99 Per Month

Apple today launched the new Creator Studio that was initially unveiled two weeks ago, providing content creators with access to six Apple apps for $12.99 per month or $129 per year. Creator Studio includes Final Cut Pro, Logic Pro, and Pixelmator Pro on Mac and iPad, along with Motion, Compressor, and MainStage on the Mac. Final Cut Pro is Apple's video editing software, Logic Pro is for audio editing and creation, and Pixelmator Pro is an image editing app that Apple purchased in 2024.

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Jan 28 • 9:30 AM EST • Technology • macrumors.com
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...

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Jan 28 • 9:19 AM EST • Technology • 9to5mac.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
Scott Pilgrim EX Arrives In March, Two New Playable Characters Revealed

Two former enemies of Scott now rally by his side.

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Jan 28 • 7:00 AM EST • Technology • gameinformer.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
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Inside the minds of two US Olympians — and how they achieve greatness

U.S. Olympians Erin Jackson and Alysa Liu demonstrate how different personality traits and cognitive styles can lead to elite athletic success.

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Jan 28 • 6:07 AM EST • Sports • usatoday.com
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Dave Chappelle, Jon Stewart to pair up for Ohio show

The two outspoken comedians will talk about independent journalism and other topics during an event benefiting Yellow Springs radio station WYSO.

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Jan 28 • 6:04 AM EST • Entertainment • dispatch.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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