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Storied Staten Island fur coat business closing after 55 years
As a family legacy comes to a close, a going out of business sale is going on now.
Sony Says Ghost of Yotei 'Exceeded' the Sales of Ghost of Tsushima in the Same Period of Time and 'Significantly' Contributed to Its Financial Results
Sony has highlighted the performance of PlayStation 5 exclusive Ghost of Yotei, insisting it outsold predecessor Ghost of Tsushima during the same period, and made a “significant” contribution to its financial results.
Small-business owners testify against legislation that adds sales taxes, removes redevelopment incentive
Sen. Dave Murman, who represents seven south-central Nebraska counties and the city of Holdrege, introduced LB 1244 on behalf of Gov. Jim Pillen, who’s attempting again to expand Nebraska’s tax base to offset the state’s reliance on property taxes.
Car washes see increase in business as drivers clean off winter road salt
As snow and ice continue to melt and road conditions improve across eastern North Carolina, drivers are being encouraged to check on their vehicles — especially
Costco outpaces broad retail sales in January as its digital business shines
Costco (COST) January sales jump: comps +7.1%, e-commerce +34.4%, total sales +9.3% to $19.5B.
United Rentals Empowers Frontline Decision-Making with Business Intelligence Agent Built on Snowflake
No-Headquarters/BOZEMAN, Mont. & STAMFORD, Conn., February 04, 2026--Snowflake (NYSE: SNOW), the AI Data Cloud company, today announced that United Rentals, widely recognized as the world’s largest equipment rental provider, has rolled out a new AI agent built on Snowflake Intelligence to operational teams working across 1,600+ branches. The Business Intelligence Agent allows branch managers, sales leaders, and regional teams to ask questions of their company data in plain language, drill down,
‘Are you still involved in your community?’: Open or closed, here’s how Portland businesses fared during the nationwide strike
Those who couldn’t close for the day found alternative ways to pitch in, from selling out taco trucks to donating sales.
'Behemoth star,' previously thought to be dying, is 'rising from the ashes' like a pheonix
A new study suggests that the red supergiant WOH G64, also known as the "behemoth star," has not transitioned into a yellow hypergiant as previous research suggested. This means it is now unlikely to imminently explode in a colossal supernova.
Opinion | A Taxpayer Revolt Could Shake Up Oregon Politics
Nearly 200,000 Oregonians signed a petition to put a tax-repeal proposal on the ballot.
Greece Buy Now Pay Later Business and Investment Opportunity Report 2026: A $1.25+ Billion Market by 2031 from $434.7 Million Market in 2025 Featuring Viva Wallet & Klarna, PayPal, and Finloup
The BNPL market in Greece presents key opportunities in retail and e-commerce, driven by strong growth and consumer adoption. Opportunities exist across business models, sales channels, and end-use sectors like retail, travel, and healthcare. Understanding consumer behavior and leveraging KPIs offers strategic insights for market entry and expansion. Greek Buy Now Pay Later Market Greek Buy Now Pay Later Market Dublin, Feb. 04, 2026 (GLOBE NEWSWIRE) -- The "Greece Buy Now Pay Later Business and
Super Bowl pop culture prop bets: Cardi B proposal? Kendall Jenner-Devin Booker relationship?
Oh, and you can put money on whether Bill Belichick and Jordon Hudson will get married before next year...
Bundesliga opposition analysis after winter break
How our league rivals have spent the winterThis Friday at 20:30 CET, we finally kick off the 2026 Bundesliga spring season with our home encounter with FK Austria Vienna! Before we get started, let's ...
NBA trade deadline chaos: Giannis rumors, early blockbusters, what's next
Blockbuster trades turned Tuesday into a dress rehearsal for Thursday's deadline, with Giannis Antetokounmpo looming over what happens next.
AMD spills the beans on possible next-gen Xbox launch in 2027
Advanced Micro Devices CEO Lisa Su made a rare comment about future sales for both Valve's Steam Machines and Microsoft's next-generation Xbox.
AMD Sales Climb on Help From Data-Center Business
Stripping out certain one-time items, adjusted per-share earnings were $1.53, ahead of the $1.32 anticipated by analysts.
Political Science Alumnus develops world’s first cultivated salmon
Driven by a mission to address global food insecurity while protecting vulnerable ecosystems, UC Berkeley Political Science alum Justin Kolbeck co-founded Wildtype, the world’s first cultivated
Dr. Robert Roose: Our chrysalis moment in health care (Viewpoint)
This is our chrysalis moment where transformation is paramount — to be both high-tech and high-touch, grounded in innovation and trust, driven by strategic collaborations in ways we have not seen before.
IndyCar tabs Monumental Sports & Entertainment as marketing, hospitality agency for Freedom 250 GP
Monumental Sports & Entertainment has been signed to “serve as the official marketing, sponsorships and corporate hospitality sales agency” for the Freedom 250 Grand Prix of Washington D.C., according to the IndyCar Series. MSE owns the Washington Wizards NBA team, the Washington Mystics WNBA team, the Washington Capitals NHL team,...
Inside Nutrien’s Business Mandate: Commit To the Customer, Deliver Efficiency
Eight years after the merger of Agrium and Potash Corp. to form Nutrien, the company deploys an updated strategy unifying wholesale and retail operations.
January Deep Freeze Impacts Small Business Foot Traffic, New Fiserv Data Shows
Fiserv Small Business Index declined 1 point to 143; year-over-year sales grew +0.7% MILWAUKEE, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for January 2026,
Budget director says addressing health care cost, access key for Whitmer
Flood said the governor's budget proposal will seek to address federal cuts to Medicaid spending while maintaining health care access in Michigan.
Nintendo net sales up 99.3% as Switch 2 shifts 17.37m units
The hardware sold 7 million copies in the three months ending December 31, 2025
Radiology among the 5 highest paid professions, US News & World Report says
Members of the specialty earned a median salary of approximately $239,200 last year, based on survey data gathered by the media company last fall.
Does Colorado have too high of a population?
I think I first fell in love with Colorado back in 1968, when we took a family vacation from Michigan out to Salt Lake City and back. My dad had been asked to speak at a genealogy event, and rather than him just flying to SLC and back, we loaded up the station wagon (one […]
Real Madrid captain posts strong message after Rayo Vallecano omission
Dani Carvajal is going through one of the most testing phases of his long and successful career at Real Madrid. The club captain was once again left without a single minute on the pitch during the re...
Cardinals target Gus Bradley to be DC for Tennessee Titans
While the Cardinals had interest in Gus Bradley to be their new DC, he joins Robert Saleh in Tennessee.
'We're going to handle it together': Some Winston-Salem businesses stayed open through winter storm
Businesses WXII spoke to say they wanted to give folks a place to go during the storm, knowing that many other businesses would be closed.
K&C Sports & Entertainment Law Weekly Roundup
This month's rash of indictments over alleged point-shaving in college basketball seems unlikely to prompt immediate wholesale changes within the NCAA, with the organization instead looking...
Palantir Q4 earnings beat Wall Street estimates on strong sales to US businesses
Palantir reported earnings after the bell Monday.
Anker's Cool New USB Charger Gadget Is On Sale For Only $30
In the market for a new phone charger for your iPhone?? A highly-rated and surprisingly feature-packed phone charger from Anker is currently on sale.
International companies cut off business in the U.S. because of ICE
French multinational Capgemini moved to distance itself “immediately” from ICE after criticism from French officials; a Canadian company has also canceled a sale to the agency.
Walmart has a ton of 65-inch TVs on sale ahead of Super Bowl Sunday: Samsung, TCL, Hisense, more
The Super Bowl is on Sunday, February 8.
Downtown Springfield business moving to exclusively online sales
Clothing retailer 5 Pound Apparel announced it will close its downtown Springfield storefront by the end of February.
Campaign against Hannaford doesn’t seem to be hurting business
The New England Consumer Alliance, located in Pennsylvania, began its campaign by focusing on Hannaford’s sale of eggs from caged hens.
Sports Daily: KU salvages otherwise tough weekend for college basketball in Kansas
KU beats BYU, Wichita State and K-State fall in action this weekend.
Brand-New Hit PS5 Exclusive Game Already on Sale on PS Store
A brand-new, acclaimed PS5 console exclusive adventure game is on sale on the PS Store, offering players a limited-time launch discount.
Lumen Completes Sale of Consumer Fiber-to-the-Home Business to AT&T
DENVER, February 02, 2026--Lumen Technologies (NYSE: LUMN) today announced that it has completed the sale of its Mass Markets fiber-to-the-home business in eleven states, including Quantum Fiber, to AT&T (NYSE: T) for $5.75 billion in cash. The sale includes substantially all of the related consumer fiber access network and customer relationships in those states, which serves more than 1 million fiber customers and reaches more than 4 million enabled fiber locations. The completed transaction is
Hain Celestial sells North American snacks business for $115M
The sale of Garden Veggie Snacks,Terra chips and Garden of Eatin' will allow the company to pay down debt and sharpen its focus on tea, yogurt and home meals.
Bengals News (2/2): Adapting to increased salary cap
How will the Bengals navigate the new found cap space?
Grammys 2026: Seattle rock star salutes Ozzy Osbourne with fiery performance
Guns n’ Roses bassist Duff McKagan participated in a literally fiery rendition of Black Sabbath’s “War Pigs” that moved Osbourne’s family to tears.
49ers hire Raheem Morris as defensive coordinator, AP source says
The San Francisco 49ers are hiring former Atlanta Falcons head coach Raheem Morris as their new defensive coordinator in hopes of finding a long-term solution to a revolving door at the spot. A person familiar with the decision said Sunday that Morris will join the Niners to replace Robert Saleh, who left San Francisco to take over as head coach for the Tennessee Titans.
The Sound of Now Is Emotional—and That’s the Point
Join Cosmopolitan inside music’s biggest weekend with Universal Music Group.
Pixel 10 Pro Laughs at Profit Margins With $250 Off Sale
Pixel 10 Pro deal sends it to $200 off, while the Pixel 10 Pro XL drops by $250. We talk quite often about how you should never pay full price for any of the Pixel devices made by... #Deals #Google
NFL salary cap expected to significantly jump for 2026 season
The increase is especially good news for NFL teams like the Buffalo Bills, where cap overages will be a key factor in 2026.
Meet the JPMorgan beauty banker who shaped Rhode's $1 billion sale
When cosmetics meets corporate finance, JPMorgan's Fei-Fei Zhang is often at the intersection. Here's what she predicts for the business of beauty.
New businesses struggle in Missouri. An immigrant-owned bakery is beating the odds
Nearly half of all new businesses in the U.S. shut down within five years, and Missouri businesses face even tougher odds. Despite the obstacles, one immigrant-owned bakery is bringing something new to Missouri.
Three takeaways from Elche 1-3 Barcelona
Barcelona dominated, but did not demolish Elche last night at Estadio Martinez Valero last night when they faced off on Matchday 22 of La Liga.For the dominance Barcelona had and the chances they crea...
How Thoughtful Experience Design Leads to Better Business Outcomes
See how CG Infinity’s Salesforce Practice delivers scalable, integrated Marketing Cloud solutions that turn platform capabilities into real business outcomes.
School IB business management class: Carlsberg’s ‘core’ beer brands drop to less than half of sales for first time
Growth and evolution
Stars top Mammoth 3-2 for 4th straight win
SALT LAKE CITY (AP) Thomas Harley and Wyatt Johnston each scored a power-play goal in the first period to lead the Dallas Stars over the Utah Mammoth 3-2 on Saturday night.
UFC 325 Highlights! Salkilld Shines Again With Dominant Submission Win
Quillan Salkilld kept the hype train rolling earlier tonight (Sat., Jan. 31, 2026) at UFC 325 LIVE on Paramount+ from inside Qudos Bank Arena in Sydney, Australia, pushing his UFC record to 4-0 with a first-round submission (rear-naked choke) over battle-tested lightweight veteran Jamie Mullarkey. As expected, Salkilld was a large favorite heading into this […]
Galaxy S26 Ultra Could Be 6% More Expensive Than Galaxy S25 Ultra Due To DRAM, NAND Price Increases; Samsung Betting On AI, SoC Upgrade & New Camera To Generate Sales
Due to rising mobile DRAM and NAND flash prices, the Galaxy S26 Ultra could end up becoming an estimated 6 percent more expensive than the Galaxy S25 Ultra
Snow Forces Cook Out Clash Postponement at Bowman Gray
NASCAR moves the Clash from Sunday to Monday amid winter weather in Winston-Salem.
Samsung Galaxy Z TriFold Phone quickly sells out online despite near $3,000 pricetag
The TriFold went on sale this morning in the U.S. It was out of stock within minutes.
Book Review: “Do Aliens Speak Physics?” asks whether science is truly universal or shaped by the limits of human experience
Andy Warner and Daniel Whiteson have created a witty, illustrated inquiry into what the search …
Why a healthy Fordham should concern the rest of the A10
The Rams boast some of the best defensive computer metrics, and they were fully on display in a home win over La Salle
When “The Cost Of Doing Business” Stops Making Sense In Healthcare
The healthcare industry has normalized a decadent sales culture. It’s time to rethink these industry normas.
Carbon Dioxide 'Pulses' Clears Toxins From Parkinson's Brains in Recent Study
A tantalizing possibility.
Nino's Family Restaurant Closes After 30+ Years of Business
It was a true family operation, known for massive portions, freshly made pasta and take-home salad dressings.
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.
Michigan Matters: A new entertainment and sales tax for Detroit?
Could a new entertainment tax and a new sales tax be ahead for the Motor City?
Michigan Matters talks potential for new entertainment and sales tax for Detroit
Chicago-area retail sales rose amid tariff threats
Threats of tariffs had Chicago-area consumers spending big on clothing and appliances, retail sales tax data from the first half of 2025 shows.Retail sales in the Chicago area jumped 16.1% year over year in the first six months of 2025, rising to nearly $97.5 billion, according to a report from…
Tickets on sale for Midland County Sports Hall of Fame’s 2026 induction
Buy $60 tickets now for the Midland County Sports Hall of Fame induction on April 11 at Dow Diamond; seating is limited.
Saks Off 5th closing stores, Saks off fifth liquidation sale in Shrewsbury
Saks Off 5th will start going-out-of-business sales on Jan. 31, including its Shrewsbury, Elizabeth and Bridgewater stores.
Gavin Newsom says he's 'burdened by the facts' as he criticizes California billionaire wealth tax proposal
California Gov. Gavin Newsom doubled down on his criticism of the proposed billionaire wealth tax, warning it could cut school and safety funding rather than solve budget issues.
Closures, slow foot traffic hit Greater Cincinnati businesses after snowstorm
Businesses around Greater Cincinnati are struggling with reduced foot traffic and sales as they reopen following a winter storm.
Science-based vaccine policy passes first hurdle in the state legislature
The proposal is Colorado Democrats’ response to the Trump administration’s vaccine changes.
Barry Manilow’s Upstate NY farewell shows are on sale now: Where to buy tickets
The farewell tour kicks off Feb. 27 and includes stops in Albany and Buffalo.
Coalition seeks LA County sales tax vote to offset federal healthcare funding cuts
The Los Angeles County Board of Supervisors will consider whether to place a half-cent sales tax measure in front of voters. Revenues would be used to create a coverage program for people who lose their Medi-Cal.
Business Beat : Iconic Coldwater diner goes up for sale
COLDWATER, MI (WTVB) - After 72 years of serving the downtown Coldwater, The Goodie Shop is officially on the ...
These Utah businesses will close — or donate from their sales — Friday to protest Minnesota immigration crackdown
One Salt Lake City bookstore will be closed Friday, but will reopen in the evening so people can gather to write letters or make safety kits. Another will stay open and donate a portion of its sales to a west-side school.
Tickets are on sale for lots of upcoming theater productions in the Baton Rouge area
Tickets are on sale for lots of upcoming theater productions in the Baton Rouge area.
Lancaster County public sales: Jan. 30, 2026
Martin & Rutt Auctioneers LLC, of New Holland, conducted a public auction of real estate Jan. 21 at 181 Eastbrook Road, Smoketown. A three-bedroom brick rancher with one-car garage on
Microsoft is experimenting with a top menu bar for Windows 11
Microsoft wants feedback on its dock proposal
South Florida Republicans cheer Donald Trump's tariff order on nations doing business with Cuba
Mario Díaz-Balart, María Elvira Salazar and Carlos Giménez said the move could pressure the end of communist rule on the island.
Newcastle United pushing hard to sign Barcelona youth team gem
According to a recent report from SPORT, a new name from Barcelona’s youth setup has begun attracting serious attention from across Europe. As such, Premier League side Newcastle United are making ...
Grammy-nominated vocalist Shemekia Copeland performing at High Noon Saloon
MADISON, Wis. — Grammy-nominated vocalist Shemekia Copeland will bring her soulful roots music to Madison next month with a performance at the High Noon Saloon.
USA women’s hockey player Britta Curl-Salemme partners with group against trans women in sports
Curl-Salemme's latest collaboration with FIERCE Athlete has been liked by teammates on the U.S. national team and PWHL's Minnesota Frost.
Robert Saleh wants to 'bring a championship home' to Nashville
New Titans coach Robert Saleh thanks Titans brass, players and his family in his introductory press conference on Jan. 29.
Takeaways from Titans head coach Robert Saleh press conference
The Titans new coach met the Nashville media for the first time today.
‘OPB Politics Now’: ICE, transportation and a looming state budget hole
Oregon lawmakers return to Salem, plus the Republican gubernatorial primary field continues to expand.
Livingston County establishes registry for people convicted of animal abuse
The county board of supervisors voted on the proposal Wednesday during a meeting to establish the registry.
Galaxy Z TriFold seemingly won’t allow trade-ins, as it briefly went up for sale early
Samsung announced earlier this week that the Galaxy Z TriFold would be available for purchase in the United States on...
Trump’s Goon Squads Will Kill Again
Trump's shift in Minneapolis is neither a solution nor our salvation.
Why I decided to share all my health information with ChatGPT Health
“I don’t think people should have to go through 18 years of brain cancer to understand their own health records,” writes Liz Salmi.
Senate committee reviews Gov. Beshear’s budget proposal
The proposal dedicates $500 million of the budget reserve trust fund to affordable housing, rural hospital assistance and food assistance.
Oklahoma businesses face challenges as winter storm impacts sales
A winter storm in Oklahoma has significantly affected local businesses, leading to decreased customer visits and financial challenges.
DeWine defends hemp beverage ban: Businesses knew the risks
A veto by Gov. Mike DeWine eliminated a provision that would have allowed popular THC drinks to remain on sale through the end of 2026. The governor said Wednesday businesses knew the risks when they got started.
Meta Says Revenue to Beat Estimates, Supporting AI Spending
Meta Platforms Inc.’s better-than-expected sales outlook helped ease Wall Street concerns about plans for unprecedented spending on artificial intelligence this year.
Schaumburg Boomers officially purchased by REV Entertainment, owner of the Kane County Cougars
REV Entertainment announced Wednesday that the group has acquired the Schaumberg Boomers from the Salvi family.
Super Bowl 2026 TV deals: The best sales ahead of kickoff
From sub-$500 sets to high-end OLEDs, you can save on a new TV ahead of this year's big game.
This 'perfect' Amazon Fire TV is on sale for under $200 right now — plus 5 more can't-miss TV deals
You don't need to spend a fortune to upgrade your TV.
Darden Restaurants: Wonderful Business At A Below Average Price
Darden Restaurants (DRI) shows resilient sales amid inflation, trades below its 10-year P/E, and targets 9% sales growth. Read the latest analysis on the stock here.
Starbucks Says Turnaround ‘Ahead of Schedule’ as Sales Rebound
The coffee chain’s stock jumped after a better-than-expected earnings report.
Recognize Data Privacy Day by protecting your small business from cybercriminals
Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.
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