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Smart Adhesive Is Key to Crease-Free Foldable iPhone Display
Advances in optically clear adhesive (OCA) will be a key factor in achieving a near-invisible crease in Apple's first foldable iPhone expected later this year, according to TrendForce. The supply chain intelligence firm outlined the key technologies in a new report on foldable display innovation, explaining that creases form when layers within the display panel fall out of alignment, concentrating stress at the fold and causing micro-cracks or permanent deformation over time.
Countries are turning against U.S. fossil fuels after Iran war
As economies in Asia and Europe reel from the energy disruption, leaders make plans to permanently replace imported oil and gas with homegrown energy.
Apple permanently closing three US stores, here's why
Apple is closing three US retail stores due to declining mall conditions, the company announced today. Here are the full details.
Apple is Permanently Closing Three Stores in U.S. Today
Apple today announced that it is permanently closing three retail stores in the U.S., including Apple Trumbull in Trumbull, Connecticut, Apple Towson Town Center in Towson, Maryland, and Apple North County in Escondido, California. Apple issued the following statement to MacRumors: At Apple, we are constantly striving to deliver exceptional service and great experiences for our customers.
UConn names interim business dean as university relaunches search for permanent leader
The University of Connecticut has tapped operations and information management professor Robert “Bob” Day to serve as interim dean of its School of Business, as the university restarts its search […]
3L Rachel Sadler Charts Path in Brain Health, Technology, and Policy Through UC Law SF’s Health Law Concentration - UC Law San Francisco (Formerly UC Hastings)
3L Rachel Sadler studies health law and policy at UC Law SF while researching the legal implications of neurotechnology and other emerging tools that may affect human cognition. 3L student Rachel Sadler shares how UC Law SF’s Health Law Concentration prepared her for a career focused on the intersection of brain health, government policy, and technology. Gained a detailed understanding of how U.S. health care is regulated and where policy reform is needed through coursework and research. Interned with state and federal agencies that regulate health care services and worked with a major health care provider’s bioethics department. Plans to pursue a career focused on protecting cognitive liberty and mental privacy as new technologies reshape healthcare. 3L Rachel Sadler: The Health Law Concentration has given me fluency in one of the most complex regulated industries and the tools to become an effective advocate for better health policy. Before coming to law school, I spent a decade teaching and working with teachers and administrators on high school programming for multilingual learners. Healthcare kept emerging as the most powerful driver of student outcomes. I wanted to understand how to make effective policy change in this area and how to use existing law to defend people’s health rights in California. Through the concentration’s coursework, I gained a sophisticated understanding of how U.S. healthcare is regulated. I also learned where the pressure points for reform exist. The courses gave me space to develop what became my central research interest: how law and policy can be built to protect human cognition and healthy brain development, particularly regarding new technologies such as generative AI and neurotechnology. The health law faculty were instrumental in that process, genuinely invested in helping me and other students define and pursue our own intellectual vision. During law school, I interned at the General Counsel’s Office for Region IX of the U.S. Department of Health and Human Services. I also externed at the California Department of Justice’s Health, Education and Welfare Division. Additionally, I externed at Kaiser Permanente Northern California’s Bioethics Department. Alongside those placements, I conducted extensive independent research on mental privacy and emerging neurotechnology, working closely with Professors Emily Murphy and George Horvath. That research became the throughline of my law school experience and the foundation of my current policy focus. I must also credit Nicole Ozer of the Center for Constitutional Democracy (CCD), whose deep knowledge of California privacy law and the public-interest privacy landscape deeply informed my work. I currently serve a research assistant with the CCD, where I spearhead the development of K-12 educational resources in partnership with law faculty and students. I’ve found UC Law SF to be an ideal place for second-career, nontraditional students. There is a tremendous diversity of life and career experience here, and I felt fully welcomed into the community, despite returning as a student at a different stage of life. I came to law school wanting to promote equity in California’s healthcare system. I am leaving with a sharper and more specific ambition: to build a policy career focused on protecting cognitive liberty and mental privacy from technological intrusion. This is both an urgent and underserved area of law, and I want to be part of defining this landscape going forward. Whether as a practicing attorney or a policy advisor, I plan to work on these issues after law school. I strongly recommend UC Law SF and the Health Law Concentration. When I arrived in law school, I worried the concentration would be narrow and that my non-clinical background would be a disadvantage. The opposite was true. The health law faculty thinks about health expansively, encompassing social determinants of health, structural inequity, and emerging technologies alongside the regulatory mechanics of the industry. The faculty are accessible, intellectually generous, and genuinely invested in students’ development. I found my research vision here, and I deeply appreciate the concentration’s role in this. The Evidence of Success series highlights UC Law SF students as they share how the College’s opportunities equip them with the experience, skills, and confidence to excel in the legal profession.
Jolene Jolene sports bar finds permanent Atlanta home
Atlanta women’s sports bar Jolene Jolene secured a permanent home after two years of local pop-ups.
Rare, violent rift discovered in Ngogo chimpanzee group from 'Chimp Empire'
The largest group of wild chimpanzees known to scientists has permanently split in two — something that is extremely rare.Scientists with Arizona State University and The University of Texas at Austin are the first to clearly document the permanent divide and the intergroup violence that followed. The study draws on three decades of field observations of the Ngogo chimpanzees of Kibale National Park, Uganda, a population featured in the Netflix documentary series "Chimp Empire."
Company owned in part by Astros pitcher closes Midtown business
Solarium, which opened last April, recently posted on its Instagram account that it has permanently closed.
Veradigm brings in new CFO after years of finance pain
Veradigm has named a permanent chief financial officer who will start work only after it finally files its 2023 and 2024 annual reports, the first step for the Chicago-based health care company to renew its Nasdaq listing.
Quest one step closer to permanent science center with $450K grant from Supervisor Haubert
Local nonprofit Quest Science Center is making “steady progress” toward bringing to life its longstanding vision of building a permanent facility downtown Livermore dedicated to science education, its Interim Executive Director Michael Mosby told Livermore Vine.
Direct Marketing Solutions to lay off Portland workers
PORTLAND, Ore. (KOIN) — Another employer is permanently shuttering its Portland location and laying off employees. Direct Marketing Solutions will close its Portland production facility and lay off 106 employees, according to a worker adjustment notice filed Monday. The company’s headquarters, which are also in Portland, will remain open and continue to employ 50 marketing […]
Portland business shutting down, 106 employees laid off
PORTLAND, Ore. (KOIN) — Another employer is permanently shuttering its Portland location and laying off employees. Direct Marketing Solutions will close its Portland production facility and lay off 10...
Envoy says Iran will take ‘proportionate’ action if Donald Trump follows through on attack threats
Tehran has rejected a 45-day ceasefire proposal, saying it wants a permanent end to the war.
Iran rejects latest ceasefire proposal as Trump’s deadline approaches
TEHRAN, Iran (AP) — Iran on Monday rejected a 45-day ceasefire proposal and said it wants a permanent end to the war, while President Donald Trump appeared to widen his threat from civilian targets to the whole Islamic Republic and his ultimatum ticked closer. “The entire country can be taken out in one night, and […]
Lawmakers seek permanent funding for referral hotlines connecting families to mental health care
A bill heard by a Rhode Island Senate panel last week would fold funding for telephone hotlines used by pediatricians and family doctors to connect kids and parents to mental health treatment hotlines into a health department program funded by insurer contributions.
Todd Blanche takes over justice department after Pam Bondi sacking
Trump announced deputy attorney general, who was his former personal attorney, would act up until permanent replacement is confirmed
Maui Mental Health Providers Face Stress And Uncertainty About State Jobs
Staff at a state-run clinic serving wildfire survivors in Hawai‘i have waited months for permanent jobs. Instead, they got another temporary contract.
Maui Mental Health Providers Face Stress and Uncertainty About State Jobs
Staff at a state-run clinic serving wildfire survivors in Hawaii have waited months for permanent jobs. Instead, they got another temporary contract.
Who Is Todd Blanche, Trump’s Acting Attorney General?
While it remains unclear how long Todd Blanche will stay in the job, whoever ends up taking over permanently will lead a department that he has shaped in his own image.
Why journals are put on hold in the Web of Science Core Collection – and how research integrity guides the process
Acceptance into Web of Science Core Collection does not guarantee permanent indexing. This blog explains why journals are placed on hold, how journal re‑evaluation and delisting decisions are made, and the role publishers can play in safeguarding research integrity.
A deadly bacterial disease is returning, doctors warn, as vaccination rates fall
Hib once killed 1,000 children a year, permanently disabling many more. Doctors who've never seen the disease say the comeback is changing the way they practice medicine.
Original local business closes Short North location
Homage's original store located in the Short North has permanently closed. A sign posted to the business's door confirmed this, without stating a reason "why"
Health care workers overwhelmingly ratify Kaiser Permanente contract
More than 4,500 Kaiser Permanente health care workers in Oregon and southwest Washington have approved a new labor contract.
NI Health Service: Budget uncertainty threatens major cuts
Permanent Secretary Mike Farrar claims that another one-year budget would make it almost impossible to deliver savings.
CONNECT for Health Act of 2025
Permanent Medicare Telehealth Expansion: Provisions, Status, Stakeholders & Pennsylvania Implications
Formerly homeless people, including veterans, could be evicted if Trump administration plan is implemented
Under a Trump administration plan, which would affect facilities across the country, the Department of Housing and Urban Development is hoping to move many from permanent housing to temporary transitional housing.
Kaiser made $9.3 billion last year. Critics say it has strayed from its charitable mission
Kaiser Permanente, the nation's largest non-profit health group, has veered from its charitable mission and is now scarcely distinguishable from a corporation keenly focused on its bottom line, according to critics.
Mental Health Workers Fight for AI Protections in California
In Northern California, 2,400 mental health providers went on strike earlier this month against medical giant Kaiser Permanente. A major point of contention is Kaiser’s efforts to replace human-provided mental health care with artificial intelligence.
Kaiser health care workers ratify new contracts
Health care workers at Kaiser Permanente in California and Hawaii have ratified new union contracts after about a year of contentious negotiations and two rounds of strikes.
Business Improvement District ridding itself of all Chavez references
The Business Improvement District will be temporarily renamed until a new permanent name is chosen with public input.
White House delays CDC pick as officials search for permanent director
The responsibilities of leading the agency will fall to Jay Bhattacharya, the head of the National Institutes of Health, who has been serving as acting CDC director since last month
Service & Solidarity Spotlight: Kaiser Health Care Professionals Ratify New Contracts, Winning Vital Patient Safety Protections
Health care professionals, members of United Nurses Associations of California/Union of Health Care Professionals (UNAC/UHCP, AFSCME), voted to ratify new contracts with Kaiser Permanente, winning critical protections that will directly improve patient care.
Why Trump may not be able to TACO in Iran — even if he wants to
Wars, unlike illegal tariffs, cannot be switched on and off to meet a president’s whims or to permanently shore up free-falling markets.
Top business leader demands end to stalemate over City Council's pick for zoning chair
Chicagoland Chamber of Commerce President Jack Lavin said more than 40 development projects have been stalled by City Council's failure to agree on new permanent chair for the powerful Zoning Committee. He wants Mayor Brandon Johnson to forge a compromise to break the stalemate.
The end of the ISS is looming, and the US could have a big problem
As the US sets its sights on establishing a permanent base on the moon, its foothold in an area of space much closer to home is growing more uncertain.
Kaiser Health Care unions ratify new contracts
LOS ANGELES, Cali. (KESQ) — After months of negations, including multiple strikes, UNAC/UHCP health care professionals have voted to ratify new contracts with Kaiser Permanente. During this negotiation period, union members walked off the job in January in what became the longest open-ended strike by nurses and health care professionals in U.S. history, lasting nearly
Judge permanently tosses bid to redraw Malliotakis' congressional district
Her district includes Staten Island and a swath of Brooklyn.
Rangers looking at Just
Rangers are keeping tabs on Motherwell's Elijah Just - with Celtic also keen on the New Zealand playmaker. Daily Record) Rangers are set to find it difficult to sign Wolves loanee Nasser Djiga permanently this summer because he has a contract until 2030 and could command a sizeable asking price. Football Insider) Rangers icon Barry Ferguson has let slip in a podcast that goalkeeper Liam Kelly, the 30-year-old who signed a two-year deal in 2024 after leaving Motherwell, has signed a contract extension at Ibrox.
2,400 Kaiser mental health professionals strike in Northern California over AI concerns
About 2,400 Kaiser Permanente mental health workers are striking in Northern California.
Utah mom, breast cancer survivor turns hardship into hope through permanent jewelry business
A Lehi mom and cancer survivor finds hope after divorce and health challenges in new permanent jewelry business.
UofL to permanently close Rauch Planetarium and Gheens Science Hall, citing cost to reopen
UofL President Gerry Bradley said the planetarium has been operating at a loss for several years and the university subsidized its operation each year.
Mills proposes permanent funds for crime victims
The money through the Victims of Crime Act, which Mills says will help cover a federal funding shortfall, pays for domestic violence and sexual assault services, civil legal representation for victims and services for elder abuse victims.
UofL announces permanent closure of Gheens Science Hall & Rauch Planetarium amidst economic challenges
The University of Louisville announced that the Gheens Science Hall & Planetarium will be permanently closed due to financial challenges.
Gemini Is Now Your Permanent Passenger in Google Maps
Hopefully it doesn't hallucinate directions.
Billionaires and businesses fuel growing exodus from blue states
Major corporations and billionaires are permanently relocating from blue states to red states, driven by lower taxes and business-friendly policies.
Interim director appointed for R.I. Life Science Hub
Ultimately, whoever permanently takes the helm will inherit a quasi-public agency with sweeping ambitions and a shrinking runway to prove its worth.
Daylight Saving Time Is Bad For Your Health. This Canadian Province Just Made It Permanent
The Canadian province of British Columba is making the switch to permanent Daylight Saving Time.
BBC to call for permanent charter and end of political appointments to board
Corporation proposes sweeping changes intended to protect its independence and shore up its future
Highguard will shut down permanently next week because it doesn't have "enough revenue to keep anyone employed to work on it"
After less than six weeks, developer Wildlight has announced it is shutting down its free-to-play hero shooter Highguard.
‘Bittersweet update’: With lease ending, Lehigh Valley barbecue business seeks new ‘home base’
A business offering “low and slow wood-smoked barbecue,” including ribs, brisket, chicken and pulled pork, is in search of a new permanent location.
Small Business Deduction Champion Award Presented to Sen. Roger “Doc” Marshall
NFIB presented the award to members of Congress who played a crucial role in making the 20% Small Business Deduction permanent.
The Division 10th Anniversary Showcase: The Division 2 Anniversary Season and Roadmap, The Division Resurgence Launch Date
The Division 2's Anniversary Season offers a limited-time Realism Mode, free access to the Warlords of New York expansion, new Tom Clancy Cosmetics, free permanent visual upgrades, and more.
Gossip: Man Utd keen on Guimaraes as Casemiro replacement
Manchester United want Newcastle captain Bruno Guimaraes, 28, to replace Casemiro this summer - with the 34-year-old midfielder endorsing his Brazil team-mate. AS) Meanwhile, Borussia Dortmund boss Niko Kovac has been added to the shortlist for the next manager at Old Trafford. Football Insider) Finally, Barcelona are ready to pay United the fee they want to turn Marcus Rashford's loan move into a permanent one.
Sporting JAX announces St. Johns Town location for stadium, new sports, entertainment district
Sporting JAX, the area’s newest professional sports franchise, took the wraps off its much-anticipated stadium plans on Monday, announcing that the soccer club will plant its permanent home in the St. Johns Town Center area. Billed as a “transformative mixed-use sporting and entertainment district,” the hub will feature everything from residences, retail and entertainment. The crown jewel is the 15,000-seat stadium that will serve as home to the women’s and men’s club.
‘Transformative’: Sporting JAX announces new soccer home, stadium in Town Center area
Sporting JAX, the area’s newest professional sports franchise, took the wraps off its much-anticipated stadium plans on Monday, announcing that the soccer club will plant its permanent home in the Town Center area.
Sporting Club Jacksonville announces site for Mixed-Use Sporting District to serve North Florida
Privately capitalized site in Town Center area will serve as the permanent home for Sporting Club Jacksonville, anchor a transformative mixed-use sporting and entertainment district
Science news this week: 'Spiderwebs' on Mars, tigers' return to Kazakhstan, and 2,000-year-old skull with permanently blackened teeth
Feb. 28, 2026: Our weekly roundup of the latest science in the news, as well as a few fascinating articles to keep you entertained over the weekend.
Barcelona: green light in sight for Rashford
Financial fair play, the only remaining obstacleBarcelona: green light in sight for RashfordThe permanent transfer of Marcus Rashford to FC Barcelona appears to be on the right track. After a successf...
SC lawmakers weigh SNAP limits on eligible foods amid health push
South Carolina lawmakers are weighing a proposal that could permanently limit what people can buy with SNAP benefits, setting up a debate over public health goa
LA’s program that diverts mental health crisis calls away from police becomes permanent
Since launching in 2024, the Unarmed Model of Crisis Response has diverted some 17,000 calls away from police and other first responders.
Boardman Trustee responds to recent business closures
The Primanti brothers in Boardman recently announced it has permanently closed. It’s joined by several other Boardman businesses that have closed their doors in the last couple of months.
Kaiser Permanente nurses, health care professionals in California and Hawaii end strike, will return to work Tuesday
More than 30,000 Kaiser Permanente health care workers to end strike in California and Hawaii
OAKLAND, Calif. (AP) — An estimated 31,000 registered nurses and other front-line Kaiser Permanente health care workers will return to work on Tuesday after a four-week strike in California and Hawaii…
Kaiser Permanente health workers return after four-week strike
An estimated 31,000 registered nurses and other front-line Kaiser Permanente health care workers will return to work on Tuesday after a four-week strike in California and Hawaii to demand better wages and staffing.
Bungie says 'no second chances' if you're caught cheating in Marathon
Anyone caught cheating in Marathon will receive a permanent ban from Bungie, which announced a one-and-done stance.
Denver Public School board reverses decision to drop Kaiser Permanente for health benefits after outcry
Study finds association between teen cannabis use and mental health disorders
Kaiser Permanente study of nearly half a million adolescents finds cannabis use may precede onset of serious psychiatric disorders.
NIH's Bhattacharya will also run the CDC while Trump administration looks for a permanent director
The director of the National Institutes of Health is also taking over as acting head of the Centers for Disease Control and Prevention, according to an administration official.
N.I.H. Director Will Temporarily Run C.D.C. in Leadership Shake-Up
Dr. Jay Bhattacharya will serve as acting director of the Centers for Disease Control and Prevention until President Trump appoints a permanent director.
NYC hospital permanently axes transgender treatment program for kids...
FanDuel Sports Network parent company to close CT facility, impacting 44 workers
Main Street Sports Group LLC plans to permanently close its Southport facility, a move that will affect 44 workers in Connecticut.
Farm use of PFAS-laden sludge raises health concerns. But, some ask, where else can it go?
A resourceful solution to repurpose waste and nourish farmland, or a poisonous and permanent mistake? Depending on whom you ask, the practice of spreading treated sewage, or sludge, on New Hampshire farmland might be either.
‘I blew it’: What happens when you fall short on the biggest sporting stage?
From Lindsey Jacobellis to Ilia Malinin, perceived failure on the world stage is public and permanent - but it's how you react that matters
Malibu Looks to Make Post-Fire Business Event Permits Permanent
Malibu City Council directed the Planning Commission to extend Ordinance 526, which streamlined business event permits after the Palisades Fire, beyond May 2026.
National Institutes of Health faces leadership vacuum as director positions sit open
More than half of the NIH's institutes and centers don’t have permanent directors, giving the Trump administration an unusual opportunity to reshape the agency. The latest departure came on Friday.
Covington Business Council's March luncheon to feature discussion of Covington's new city hall
Covington Business Council’s monthly luncheons have experienced sell-outs early, so here’s a chance to sign up early for the March luncheon — all about the City of Covington’s new city hall — to be held 11:30 a.m.-1 p.m. March 19 at the Embassy Suites downtown. The plan to build a new permanent City Hall for...
ABC Board grants permanent liquor license for Plank Road business despite community concerns
A months-long debate over a new liquor license on Plank Road has come to an end, but not everyone agrees with the decision.
LG Health selects interim CEO to fill the position permanently
Michael D. Barber, a seasoned hospital executive, has been chosen to lead Penn Medicine Lancaster General Health, Lancaster County's largest health system and employer, following a nationwide search.
North Star closes at least 1 clinic as it appears in bankruptcy court
As North Star Health Alliance seeks help in court over its money problems, there’s word that at least one of its clinics is permanently closed.
Sleep experts urge adoption of permanent standard time to protect public health as Americans prepare to ‘spring forward’
AASM and Coalition for Permanent Standard Time cite health risks, public support in call to end seasonal clock changes Sleep experts urge adoption of permanent standard time to protect public health as Americans prepare to ‘spring forward’ AASM and Coalition for Permanent Standard Time cite health risks, public support in call to end seasonal clock changes DARIEN, Ill., Feb. 09, 2026 (GLOBE NEWSWIRE) -- Americans are preparing to “spring forward” on Sunday, March 8, despite evidence that seasona
Dog sled, ski ballet and other sports you could once see at the Winter Olympics
For many decades, Olympic Games included "demonstration sports." Some, like curling, became part of the permanent roster. But others, like skijoring, didn't stick around.
9/11 health program finally wins permanent funding as Trump signs bill
The 9/11 Responder and Survivor Health Funding Correction Act was included in a new round of government funding signed Feb. 3 by President Trump.
Patricio Pacifico’s agent reveals how Barcelona can make transfer permanent
The defender has joined on loan but the deal can be made permanent.
Bahama Breeze to close all its restaurants
Bahama Breeze is shrinking its footprint as Darden Restaurants plans permanent closures and a phased conversion of remaining locations into other brands.
Kaiser Permanente health care workers enter second week of strike over staffing, wages
Thousands of nurses and health care workers at Kaiser Permanente continue to picket over safe staffing levels, fair compensation and timely care for patients.
SBA bars green card holders from business loan ownership starting March 1
A new Small Business Administration policy taking effect March 1 will bar businesses with any legal permanent resident ownership from receiving SBA-backed loans, reversing longstanding eligibility rules and moving in a direction that lenders say
Edward Teach Brewing to close permanently after 8 years of business
The brewery announced February 15 will be a celebration with specials and encouraged customers to “come raise a glass with us one last time.”
Healthy Returns: Botox, Trulicity among 15 drugs added to Medicare price negotiations
The Trump administration kicked off another round of Medicare drug price negotiations, while Kaiser Permanente agrees to pay a historic settlement.
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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Another strike sends 31,000 Kaiser Permanente health care workers to picket lines
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Another strike sends 31,000 Kaiser Permanente health care workers to picket lines
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Another strike sends 31,000 Kaiser Permanente health care workers to picket lines
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