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'Invisible scaffolding of the universe' revealed in ambitious new James Webb telescope images
A team of researchers using the James Webb Space Telescope has produced the most detailed map of dark matter to date.
Scientists Are Building Detectors to Reveal the Invisible Universe
Most of the universe is made of dark matter and dark energy, yet scientists still don’t know what either one is. New ultra-sensitive detectors are being built to spot incredibly rare particle interactions that could finally reveal their nature. Scientists have made remarkable progress in understa
Scientists Reveal a Frozen Bizarro Earth Only 150 Light-Years Away
A tantalizingly unique discovery.
An invisible chemical rain is falling across the planet
A new study reveals that chemicals used to replace ozone-damaging CFCs are now driving a surge in a persistent “forever chemical” worldwide. The pollutant, called trifluoroacetic acid, is falling out of the atmosphere into water, land, and ice, including in remote regions like the Arctic. Even as older chemicals are phased out, their long lifetimes mean pollution is still rising.
Pandemic disruptions to health care worsened cancer survival, study suggests
A new study reveals that cancer patients diagnosed during the early COVID-19 pandemic had worse short-term survival rates than a similar group before the pandemic
Guerrilla reveals Horizon Hunters Gathering, a co-op action spin-off for PS5 and PC
The first closed playtest takes place this month.
Science at the Winter Olympics
Three University of Minnesota experts reveal hidden scientific aspects of winter Olympic sports—and the art of staying warm.
The Science of Love, with Geena Davis (Episode 1)
In a culture that often reduces love to romance, we explore the science of love across the lifespan—revealing how our bonds with parents, friends, partners, and communities shape our health, happiness, and survival.
What is release of files from Mandelson’s US ambassador appointment likely to reveal?
Five key questions MPs are hoping will be answered when records are released after security committee vetting
Classic rock band reveals ‘last farewell’ tour dates, new music
Concerts include two Upstate New York stops.
Fallout Fans Rejoice As Surprise Launch Confirmed, Pre-Orders Open Today
A Fallout announcement has leaked ahead of today's Nintendo Direct, but it's not the game reveal fans were likely hoping for.
US man shares clever AirTag trick that Apple never explains when you buy it
US tech creator reveals a simple AirTag setup trick Apple doesn’t explain, plus a small habit that makes trackers far more useful day to day
Valve Steam Machine and Frame Hit by Memory Crisis
When Valve announced the Steam Machine, Steam Frame, and updated Steam Controller late in 2025, it did not reveal pricing, but the gaming giant said that the hardware would launch in early 2026. That launch window is still on the cards, but according to a recent announcement by Valve, it is still un...
Valve Steam Machine, Controller, Frame Hit by Memory Crisis
When Valve announced the Steam Machine, Steam Frame, and updated Steam Controller late in 2025, it did not reveal pricing, but the gaming giant said that the hardware would launch in early 2026. That launch window is still on the cards, but according to a recent announcement by Valve, it is still un...
Patricio Pacifico’s agent reveals how Barcelona can make transfer permanent
The defender has joined on loan but the deal can be made permanent.
3,700-year-old DNA reveals a family secret that stunned scientists
3,700-year-old DNA found in a cave in Calabria reveals an extreme family connection that baffles scientists.
Google officially teases Pixel 10a for February 18, and I'm already a little bored
Google has officially teased the Pixel 10a, revealing a design that looks nearly identical to the Pixel 9a.
NASA’s Juno Mission Redefines Size, Shape of Jupiter
Data from NASA’s Juno mission has revealed that the solar system’s largest planet is slightly smaller and more “squashed” than previously
Oshkosh Chamber survey reveals optimism for economic growth in 2026
Oshkosh business leaders expect continued growth in 2026 as new survey data show strong hiring plans and steady economic momentum.
Seals Are Seemingly Vanishing Off the Dutch Coast. These Scientists Are Trying to Get to the Bottom of the Mysterious Disappearances
Recent counts of the Wadden Sea’s adult harbor seal population have revealed a surprising trend of decline, prompting a consortium of researchers to investigate whether the animals are dying off, relocating or experiencing something else altogether
iPhone 17 Pro Max has the best battery life of 35 phones tested
Battery life tests carried out by CNET reveal that the iPhone 17 Pro Max has the best battery life of...
The mystery Fallout Season 2 countdown on Amazon's website revealed a remaster of sorts, but it's not a remake of New Vegas
Fallout Season 2 is now over, and its mystery countdown on an interactive site revealed no new games or remasters, but fans got a nice little extra.
'Textbooks will need to be updated': Jupiter is smaller and flatter than we thought, Juno spacecraft reveals
Jupiter is smaller and flatter than scientists previously thought, new measurements of the gas giant reveal.
Amazon Fallout Countdown Turns Out Not to Be Fallout 3 or Fallout: New Vegas Remastered — Here's What It Revealed
The Amazon Fallout TV countdown that some had hoped would announce a Fallout 3 or Fallout: New Vegas remaster turned out to be neither. Here's what actually unlocked.
AMD suggests the next-gen Xbox will arrive in 2027
Microsoft could launch the next-generation Xbox console sometime in 2027, AMD CEO Lisa Su has revealed during the semiconductor company’s latest earnings call.
Nintendo Shares Plunge 10% After Weak Profit Spurs Margin Fears
Nintendo Co.’s shares slid their most in 18 months after the company reported disappointing earnings, revealing a big hit to margins while concerns grow about the impact of soaring memory chip prices in 2026.
Stardew Valley Creator Teases Two More Marriage Candidates For Update 1.7
"I'll reveal who it is on the anniversary day"
Mountain West reveals multiplatform media deals
The Mountain West Conference announced multi-year media deals with CBS Sports, Fox Sports, The CW Network and streaming platform Kiswe. The deals begin in 2026-27 and will include football, men's and women's basketball and Olympic sports.
Foldable iPhone Design Leak Reveals You'll Need To Relearn How To Use Your Phone
Based on the latest foldable iPhone leaks, you might need to relearn how to use Apple's smartphone if you plan on upgrading this fall.
Epstein files reveal close ties to Trump’s influential inner circle
The latest tranche of files reveal new details about the extent to which key members of President Donald Trump’s inner circle were interacting with Jeffrey Epstein for years after he was initially arrested and convicted.
New York Fed EHIs Reveal Small Business Struggles
A look at the New York Fed’s Economic Heterogeneity Indicators (EHIs), which have been expanded to include the performance of small businesses.
Samsung Galaxy S26 Ultra Release Date: New Leaks, Disappointing News
The Samsung Galaxy S26 Ultra release date has been confirmed, but some of the new specifications reveal disappointing news.
'System in flux': Scientists reveal what happened when wolves and cougars returned to Yellowstone
Large carnivores are both clashing and coexisting in the western United States. Although wolves dominate cougars and steal their prey, cougars' shift from elk- to deer-heavy diets, paired with a rugged landscape for escape, might help cougars avoid violent wolf encounters.
The McLaren Artura Spider just became a rolling trophy celebrating its 10th Constructors’ Championship with only 10 ultra rare cars
The McLaren Artura Spider has been revealed for a very special purpose, and only a handful of people will ever get to see it in the metal
Giants' Jameis Winston reveals his preferred offensive coordinator
Veteran QB Jameis Winston reveals the offensive coordinator candidate he would prefer the New York Giants hire.
Will Arnett reveals 'very famous' comedian was kicked off 'Smartless' podcast after 10 minutes
Will Arnett says that one 'very famous' comedian, a 'f---ing rank a--hole,' had to be cut off after only 10 minutes on 'Smartless' and sent packing: 'You'll be blown away by who it is.'
Jeffrey Epstein's ties to politicians, business titans and other figures
The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty in 2008 to prostitution charges, including soliciting an underage girl. Evidence in multiple legal and criminal cases has also shed light on these connections.
Factbox-Jeffrey Epstein's Ties to Politicians, Business Titans and Other Figures
Feb 2 (Reuters) - The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty in 2008 to ...
Scientists just mapped the hidden structure holding the Universe together
Astronomers have produced the most detailed map yet of dark matter, revealing the invisible framework that shaped the Universe long before stars and galaxies formed. Using powerful new observations from NASA’s James Webb Space Telescope, the research shows how dark matter gathered ordinary matter into dense regions, setting the stage for galaxies like the Milky Way and eventually planets like Earth.
Steelers’ interview with top offensive coordinator candidate revealed
The Steelers' interview date with offensive coordinator candidate Saints quarterbacks coach Scott Tolzien has been revealed.
Hair samples reveal the benefits of lead regulation
Before the EPA, Utah saw 100 times more lead exposure.
Nicki Minaj stands up for Trump against ‘bullying,’ says she ‘couldn’t handle’ how he was being treated
Nicki Minaj revealed Trump "bullying" inspired her political awakening. The rapper says witnessing attacks on the president reminded her of her own experiences.
The SNL mom having second thoughts about Trump is very real. But how real?
“Saturday Night Live” this weekend featured one of its best political sketches in years. It’s about a mother who dramatically reveals to her children that she’s having sudden reservations about President Donald Trump.
Bad Bunny and Super Bowl LX: How sports culture influences his musical playbook
Bad Bunny reveals his passion for sports in his lyrics, in which he mentions legends from MLB, the NBA, NFL and soccer.
Upcoming 'Foldable iPhone' Design Leaked With iPad-Style Button Placement
Upcoming foldable iPhone design leaked, revealing new button placement, punch-hole camera, black camera bar, and Apple’s biggest battery yet.
Enormous 'mega-blob' under Hawaii is solid rock and iron, not gooey — and it may fuel a hotspot
A new study reveals a detailed look at what lies beneath the Hawaiian hotspot.
Legion Y700: Lenovo officially confirms next-gen compact Android gaming tablet
Lenovo has officially confirmed the next-generation Legion Y700, with promotional images showing the tablet's rear design in two color options and an RGB ring light. A leak has separately revealed the device's key specifications and launch month.
New iPhone Fold specs revealed, including design, cameras, more
New details have been shared by another leaker on several aspects of the iPhone Fold’s design, features, and more
First Foldable iPhone Design Details Revealed
Apple's first foldable iPhone will feature relocated volume buttons, an all-black camera plateau, a smaller Dynamic Island, and more, according to design leaks from a known Weibo leaker. The user known as "Instant Digital" today claimed to share several key details about the design of the foldable iPhone: The volume buttons will be located on the top edge of the device, aligned to the right, similar to the iPad mini.
5 ChatGPT Prompts To Identify Your Highest-Leverage Activities In Business
Busy but not profitable? These 5 ChatGPT prompts reveal your highest-value activities so you can stop guessing and start growing.
Samsung Galaxy S26 Ultra Release Date: New Leaks, Disappointing News
The Samsung Galaxy S26 Ultra release date has been confirmed, but some of the new specifications reveal disappointing news.
The Ideal Post-Workout Snack to Recover and Build Muscle, According to a Dietitian
In TODAY.com's Expert Tip of the Day, a dietitian reveals her favorite snack to eat post-workout to aid with recovery and muscle growth.
Study Reveals a Turning Point When Men's Heart Attack Risk Accelerates
It's much earlier than women.
Mandelson quits Labour as Epstein documents reveal he promised to amend tax on bank bonuses
The peer said he resigned his membership of the party to avoid causing it ‘further embarrassment’
Celtics’ Joe Mazzulla Reveals Plan For NBA Trade Deadline
The NBA Trade Deadline is coming up on Feb. 5, and players are already starting to change teams. The Boston Celtics are in an interesting position this year. While they were expected to be deadline sellers coming into the season, they’ve wildly surpassed expectations, going 31-18 and ranking second in net rating. Accordingly, the Celtics […]
Yankees reveal plans for power prospect Spencer Jones
New York has a lot of outfielders.
Caterpillars use tiny hairs to hear
Experiment in one of the world's quietest rooms reveals the hairs detect airborne sounds—like predators.
Black women’s health-care experiences remain marked by structural racism — here’s how institutions should move forward
Research reveals that the enduring legacy of racism in medicine contributes to suboptimal communication and poor quality care for women.
Catch a falling star: cosmic dust may reveal how life began, and a Sydney lab is making it from scratch
Recreating cosmic dust may help answer questions about how meteorites hitting Earth came to contain the organic matter that they do
750-year-old Indian poems reveal a landscape scientists got wrong
Old Indian poems and folk songs are revealing a surprising truth about the land. Scientists found that descriptions of thorny trees and open grasslands in texts written as far back as the 1200s closely match today’s savannas in western India. This suggests these landscapes are ancient and natural—not ruined forests. The discovery could reshape how conservation and tree-planting efforts are planned.
iPhone Fold Battery Size Revealed In Latest Rumor, With The Capacity Expected To Be The Largest That Apple Has Even Used In Its Smartphone Lineup
A tipster has shared the alleged battery capacity belonging to the iPhone Fold, and it will be larger than the iPhone 17 Pro Max’s cell
Donald Trump’s unprecedented political war chest got even bigger in 2025
Campaign finance disclosures filed late Saturday revealed details of the president’s unmatched political fundraising operation.
Sabres' trade plans revealed amid historic hot streak
Buffalo is in position to go for it.
Scientists discover hidden geometry that bends electrons like gravity
Researchers have discovered a hidden quantum geometry inside materials that subtly steers electrons, echoing how gravity warps light in space. Once thought to exist only on paper, this effect has now been observed experimentally in a popular quantum material. The finding reveals a new way to understand and control how materials conduct electricity and interact with light. It could help power future ultra-fast electronics and quantum technologies.
Researchers pinpoint source of black hole's 3,000-light-year-long jet stream using enhanced telescope network
A new study has connected the famous m87 black hole, the first ever imaged, to its powerful cosmic jet, revealing how it launches particles at near light speed.
New Samsung Galaxy S26 Ultra Leak Confirms Disappointing News
The Samsung Galaxy S26 Ultra release date has been confirmed, but some of the new specifications reveal disappointing news.
One game idea per day: the true story behind Highguard's 'wild' four-year development
Wildlight Entertainment reveals how it built its debut, one pitch at a time
Electric fields flip the rules of water chemistry
nside electrochemical devices, strong electric fields dramatically alter how water molecules behave. New research shows that these fields speed up water dissociation not by lowering energy costs, but by increasing molecular disorder once ions form. The reaction becomes entropy-driven—exactly the opposite of what happens in ordinary water. The findings also reveal that intense fields can push water from neutral to highly acidic, with major implications for hydrogen production.
Ancient tools in China are forcing scientists to rethink early humans
Archaeologists in central China have uncovered evidence that early humans were far more inventive than long assumed. Excavations at the Xigou site reveal advanced stone tools, including the earliest known examples of tools fitted with handles in East Asia, dating back as far as 160,000 years. These discoveries show that ancient populations in the region carefully planned, crafted, and adapted their tools to meet changing environments.
TV tonight: Phil Collins reveals his health issues and 24-hour live-in nurse
A candid chat between the ‘hardest working man’ in rock and Zoe Ball. Plus, how will it end for DS Lucey in Blackshore? Here’s what to watch this evening
2026 Cincinnati Bengals salary cap space projection revealed
This is good news for a team that has to do a lot of work in free agency.
Large Hadron Collider reveals 'primordial soup' of the early universe was surprisingly soupy
Waiter, there's a quark in my soup!
Video game stocks nosedive as Google's 'Project Genie' allows virtual world creation
Video game stocks plunge after Google’s Project Genie reveal.
Galaxy S26 series specs, official-looking images leak ahead of February 25 launch [Gallery]
Samsung’s Galaxy S26 series is looking all but confirmed for a February 25 launch event, while new leaks reveal official-looking...
A World Safe for Autocracy: How Chinese Domestic Politics Shapes
China studies expert Jessica Chen Weiss of the Johns Hopkins School of Advanced International Studies reveals how the Chinese Communist Partyʼs pursuit of domestic survival, which balances sovereignty, security, and development, drives
Leaked Intel Core Ultra 7 356H Benchmark Scores Reveal Middling Gains
Intel's Core Ultra 356H is an upcoming 16-core (4 P-cores, 12 E-cores) mobile Panther Lake CPU. Although official review embargoes for the rest of Intel's Panther Lake CPUs are said to be right around the corner, supposed performance benchmarks for Intel's latest have already started to leak, with C...
Trump reveals when he will announce the next Fed chair
President Trump says he'll announce Jerome Powell's replacement as Federal Reserve chair Friday morning, escalating his ongoing criticism of monetary policy decisions.
Rule the Maelstrom with Huron and his crew’s spicy new datasheets
Rules revealed for the Masters of the Maelstrom.
First images from Sam Mendes’ Beatles films revealed at Liverpool school
It looks like some folks in Liverpool have gotten their first look at images from Sam Mendes’ upcoming films abut The Beatles.
Chappell Roan, Charli xcx, Teyana Taylor Among 2026 Grammy Presenters
An additional surprise presenter will be revealed onstage during Sunday night’s ceremony.
Former reality TV father of 8 reveals major health scare: ‘I could have died’
It happened just weeks before his marriage to his second wife.
Samsung’s confusing Galaxy S26 pricing raises base model cost, but makes Ultra cheaper
New reports reveal that Samsung is, in fact, planning to raise the price of the Galaxy S26 series, but only...
As quirky Switch 2 life sim Tomodachi Life gets a release date, Nintendo makes good on decade-old same-sex relationship promise
Nintendo has confirmed same-sex relationships in its Tomodachi Life: Living the Dream reveal, alongside an April release date.
“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.
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.
1 'Powerful' Habit For Heart Health That's Not Exercise
In TODAY.com's Expert Tip of the Day, a cardiologist reveals a habit that has the heart-healthy benefits of exercise, but can be done while sitting in place.
Popular streaming service is shutting down. Here’s when it will start going offline
Nintendo might have accidentally revealed when the shutdown will be begin.
The Polanski effect? These charts reveal how much the Greens have advanced
The Green party has made gains under its leader – but there is also uncertainty ahead
Lakers' top trade target revealed ahead of next week's deadline
Los Angeles is reportedly eyeing this defensive specialist.
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.
Federal court documents outlines allegations against Zipps Sports Grill
Newly obtained court documents are revealing more about why federal agent conducted searches at more than a dozen Zipps Sports Grill across the Valley.
New Sony WF-1000XM6 leak reveals new updated colour options
The WF-1000XM6 is set to debut with more launch colour options than Sony's WF-1000XM5 earbuds, according to a new leak. Tipped to debut next month for $329.99 in the US and €299.99 in the Eurozone, the change would be a first for the WF-1000X series.
Internal messages reveal teams, jobs affected in Amazon layoffs
Amazon is laying off 16,000 corporate employees. Internal messages show that many of the affected employees had software engineering roles.
Davis Webb rumors reveal Raiders' competition for Broncos assistant coach
Denver Broncos passing-game coordinator and quarterbacks coach Davis Webb has drawn a lot of interest this offseason and the Las Vegas Raiders have some competition for his services.
Scott Pilgrim EX Arrives In March, Two New Playable Characters Revealed
Two former enemies of Scott now rally by his side.
Hidden struggles: Cambridge scientists share the truth behind their success
In a career defined by constant questioning, self-doubt can become an occupational hazard. Now, for the first time, a group of Cambridge scientists reveal the personal struggles they’ve faced – and continue to face – as they strive for success.
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