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Scientists discover hidden deep-Earth structures shaping the magnetic field
Deep inside Earth, two massive hot rock structures have been quietly shaping the planet’s magnetic field for millions of years. Using ancient magnetic records and advanced simulations, scientists discovered that these formations influence the movement of liquid iron in Earth’s core. Some parts of the magnetic field remained stable over vast stretches of time, while others changed dramatically.
Ethics Opinion 1291: Participation in an Alternative Business Structure (ABS) - New York State Bar Association
Opinion 1291 (01/30/2026) Topic: Participation in an Alternative Business Structure (ABS) Digest: A New York lawyer may hold a financial interest in an ABS which renders legal services in a jurisdiction where such provision of legal services is permitted. A New York lawyer may have a contractual relationship with such an entity pursuant to which
USG taps next CEO with current chief set to retire
Chicago-based USG will have a new chief executive come spring as outgoing CEO Christopher Griffin is set to retire from leading the buildings material manufacturer at the end of June.
Oklahoma legislators to join STEM panel at Oklahoma State Science and Engineering Fair
Oklahoma legislators to join STEM panel at Oklahoma State Science and Engineering Fair. The 68th annual Oklahoma State Science and Engineering Fair will be hosted at Oklahoma State University in Stillwater on Friday, March 27.
Medtronic SVP Nina Goodheart to retire after nearly 20 years in cardiovascular care
Nina Goodheart, the president of Medtronic’s structural heart and aortic business, has announced her retirement.
Did you miss these 3 Miami business moves? Catch up with cookies, coffee, more
Get the latest on what these entrepreneurs are doing.
Microsoft actually does something useful, adds Sysmon to Windows
: After years of bolting AI onto everything, Redmond remembers admins exist
Claude is a space to think
Anthropic explains why Claude will remain ad-free—how advertising incentives conflict with building a genuinely helpful AI assistant users can trust.
When do the 2026 Olympics start? Full list of sports that start early, from curling to ice skating
The 2026 Milan Cortina Olympics actually start days before the Opening Ceremony.
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.
Dem CA governor candidates seek daylight during first debate
A question about taxing billionaires created perhaps the most indelible moment at Tuesday night’s debate hosted by KTVU Fox 2 San Francisco
A hidden cellular process may drive aging and disease
As we age, our cells don’t just wear down—they reorganize. Researchers found that cells actively remodel a key structure called the endoplasmic reticulum, reducing protein-producing regions while preserving fat-related ones. This process, driven by ER-phagy, is tied to lifespan and healthy aging. Because these changes happen early, they could help trigger later disease—or offer a chance to stop it.
WisdomTree CEO says crypto is now a core business, nearing profitability
WisdomTree’s Jonathan Steinberg says the firm’s tokenization push is nearing profitability, with $750 million in digital assets and long-term plans to modernize financial infrastructure.
Trump says Republicans should ‘nationalize’ elections : The NPR Politics Podcast
President Trump suggested during an appearance on the Dan Bongino Show that Republicans should “take over the voting” in at least 15 states and “nationalize” elections. We unpack what to make of these comments and how they fit into a bigger picture of Trump’s repeated efforts to interfere with states’ administration of elections. This episode: senior White House correspondent Tamara Keith, voting correspondent Miles Parks, and senior political editor and correspondent Domenico Montanaro.This podcast was produced by Casey Morell and Bria Suggs, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
Carbon Health files for Chapter 11 bankruptcy relief with more than $100M in debt
Primary care company Carbon Health filed for Chapter 11 bankruptcy relief in Texas. | The company, which offers both in-person care at nearly 100 clinics and virtual care services, said Monday it reached a restructuring agreement with its existing lenders that establishes a "clear path to recapitalization and new ownership."
You Should Change These 3 Apple TV HDMI Settings For A Better Picture
For a better picture when using your Apple TV, change the HDMI settings for HDMI Output, Chroma, and Match Content. Be sure to check the HDMI connection first.
Sports Daily: KU picks up biggest road win of season so far
KU completes the second-half comeback for their biggest road win of the season. What does it mean big picture?
Unsinkable metal discovery could build safer ships and harvest wave energy
Researchers mimicked the air-trapping tricks of diving bell spiders to create aluminum that stays afloat—even when punctured
In Pictures: Sporting photos of the week
A selection of some of the most striking sports photographs taken around the world over the past seven days.
In Pictures: Sporting photos of the week
A selection of some of the most striking sports photographs taken around the world over the past seven days.
Orsted Sells Onshore Business to Copenhagen Infrastructure Partners for $1.7 Billion
The company has been working through a major restructuring that includes a large-scale divestment program to free up funds and shore up its coffers.
Orsted sells European onshore business to CIP for $1.7 billion
Danish wind farm operator Orsted said on Tuesday it has agreed to sell its European onshore business to Copenhagen Infrastructure Partners (CIP) for 1.44 billion euros ($1.70 billion).
Dramatic reductions proposed for US science agencies by Trump ...
Final 2026 budget figures, passed by Congress and signed into law, reject significant cuts that the White House had proposed
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.
The summer I became a science journalist
Mason Wakley on being a science writer intern at the Royal Society of Chemistry
Scientists release a map of the clearest picture yet of what dark matter looks like
Dark matter makes up most of the universe, yet we have very little understanding of it. Scientists recently released a map that gives the clearest picture yet of what dark matter looks like.
Vendor Notebook: Tackling deployment gaps with agentic AI
Epic, Oracle and Humana have all announced new integrated capabilities. Meanwhile, Corti says through its new infrastructure on NVIDIA that healthcare organizations can create artificial intelligence agents and scale without clinical risk.
CARBON HEALTH IMPLEMENTS FINANCIAL RESTRUCTURING
Carbon Health Technologies, Inc., (Carbon Health) a technology-enabled healthcare provider, announced today that it has reached an agreement with its existing lenders on the terms of a comprehensive restructuring that establishes a clear path to recapitalization and new ownership.
County staff seek clarity on how often sports leagues use the fields they reserve
Arlington County parks officials plan to renew efforts to determine how often sports leagues actually end up using the fields that they reserve in advance. The initiative has been ongoing for nearly two years but remains "a work in progress," said Ignacio Rodriguez, manager of sports leagues and athletic-field management for the Department of Parks
Regal Ware revives historic West Bend Co. name for cookware factory
West Bend Co., which operates a manufacturing facility in West Bend, also serves as a contract manufacturer for other cookware companies.
Ricky Gervais mocks Grammy winners making political speeches, says they're 'still not listening'
Ricky Gervais slammed Grammy winners for political speeches on Sunday, reposting his 2020 Golden Globes quote about celebrities lecturing the public.
‘Ghost’ providers hinder access to health care for Medicaid patients
New OHSU-led study finds nearly one-third of physicians enrolled in Medicaid don’t actually care for patients.
U.S. Bank Business Shield™ Visa® Card Offers Intro 0% APR for up to 18 Billing Cycles
New business credit card offers rewards and access to Spend Management platform to monitor, track, and control spending U.S. Bank, a leading provider of payment services and solutions, today announced a new business credit card designed to help small business owners navigate fluctuations in finances and resources: the U.S. Bank Business Shield™ Visa® Card . The U.S. Bank Business Shield™ Visa® Card offers small business owners a new solution for navigating expected and unexpected expenses. This new business credit card offers a 0% introductory APR on purchases and balance transfers for 18 billing cycles when applying at any U.S. Bank branch and 12 billing cycles when applying in digital channels – all with no annual fee. Plus, cardholders can enjoy a suite of benefits to help navigate the foreseen - and the unforeseen - needs of their small business. “The Business Shield Visa card is designed to help business owners navigate the unpredictable financial and resource challenges that
An incredible sports week arrives with Olympics, Super Bowl. Plus: NFL coaching carousel wraps up
The Pulse Newsletter 📣 | This is The Athletic’s daily sports newsletter. Sign up here to receive The Pulse directly in your inbox. Good morning! It’s the start of a brilliant sports week. Coming up: 🏅 Olympic stars to know 🏈 Super Bowl week, baby ✍️ Coaching carousel problem We often talk about the unmatched glory of a great sports weekend, whether that’s the first two rounds of the NCAA Tournament, MLB’s Opening Day blitz, Thanksgiving weekend in the football world, whatever. We have arrived at one of those junctures — and it’s a full week. Let’s start...
DHL Health Logistics Singapore Expands Capabilities to Elevate Life Science & Healthcare Logistics
DHL Group has announced the expansion of its life sciences arm—DHL Health Logistics—with the development of a €10 million Pharmaceutical Hub in Singapore. This investment bolsters regional Life Sciences and Healthcare (LSHC) infrastructure.
The tension between big team science and colonial power dynamics
Nature Human Behaviour - Big team science promises to globalize the social behavioural sciences. However, without structural reform, it will reproduce a research model in which data are gathered...
This to-do app actually keeps up with my brain
Speaking is faster than typing, and it actually works
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.
These Are The Best Car Tires Of 2026, According To Consumer Reports
Of the millions of components that make cars go and stop with performance and comfort, tires are the only ones that actually touch the road.
India hands Apple a win by letting foreign firms fund equipment for manufacturers
India's government on Sunday handed a major win to Apple by allowing foreign companies to freely provide machines to their contract manufacturers set up in certain areas for five years, without fearing any tax risk.
The Reason Why OLED TVs Are So Expensive
OLED TVs are more expensive due to how they are manufactured, the materials used, and the size they are made in. Additional tech features can also raise costs.
MU Health physician hosts event to inspire next generation of health care workers
Students took a tour of the facility, listened to clinician-led lectures and participated in hands-on workshops.
Jim Cramer Discuses Halliburton’s (HAL) Infrastructure Business
We recently published 11 Stocks on Jim Cramer’s Radar. Halliburton Company (NYSE:HAL) is one of the stocks on Jim Cramer’s radar. Oil and gas exploration equipment provider Halliburton Company (NYSE:HAL)’s shares, like those of its peer SLB, have also performed well recently. They are up by 28.8% over the past year and by 13% year-to-date. […]
To catch Abdul-Jabbar’s 38,387 career points, the …
To catch Abdul-Jabbar’s 38,387 career points, the …
Recent openings, closings and other updates to Pierce County's business scene
Explore recent openings and other updates to Tacoma-area businesses.
Flew 9 hours in Europe's 'best' airline economy cabin; food impressed
Turkish Airlines is considered the best airline in Europe. Besides a few complaints, I get the hype — and I'd actually recommend eating the food.
Paul Joyce: Liverpool Won’t Allow Jones Departure
Liverpool stance firm as Curtis Jones interest surfacesLiverpool’s January posture has been defined by restraint, and the reporting from Paul Joyce of The Times sharpens that picture. With days left...
Beyond your insurance card: How Covered California is changing health care
A quality overhaul is improving chronic care--and sending grocery aid and college savings to families who need it most.
Trump Is All over the Epstein Files. Except, Well, the DOJ Says It’s “Fake.”
So we’re just supposed to believe that millions of newly released documents are completely false?
Trump’s Immigration Push Fractures Republican Party
The party was mostly unified on the issue not long ago, but splinters are everywhere now.
Owner of Wichita accounting business charged with 50 counts in federal court
She is accused of using client money for personal expenses, including more than $11,000 to the Plastic Surgery Center, court documents say.
Ferris wheel, Berglund Center, Science Museum; Rasoul requests $600k from General Assembly for study to improve Roanoke
Delegate Sam Rasoul is requesting $600,000 from the General Assembly to evaluate improvement ideas for Roanoke, including a Ferris wheel on Center in the Square. Rasoul emphasizes the importance of creative investment for Roanoke's redevelopment, focusing on feasibility and structural studies.
Sport management practicum gives UMaine students executive-level experience
When Colby Winship enrolled in the Sport Management Practicum at the University of Maine, he knew he was entering a course designed to operate like the professional world. After all, practicum experiences at the Maine Business School are built to move beyond lectures and case studies. This semester, that meant…
Vaulted Deep Named Honoree for the Wichita Business Journal Innovation Awards
Vaulted Deep, a waste management and carbon removal company, has been selected as an honoree for the 2026 Wichita Business Journal Innovation Awards. The award recognizes Vaulted's work modernizing waste management infrastructure while delivering tangible economic and environmental benefits for Kansas communities.
Are Bigger Wheels Actually Faster? What The Science Says
Before plunging into another big-wheel revolution, it's worth reviewing what we know from science about how wheel size affects performance.
NASA is funded. Now what?
With the upheaval of 2025 behind us, here's what we're looking for in space policy this year.
Atrium Health parent boosts pay for workers in Charlotte and the Carolinas
More than 165,000 Advocate Health workers to receive a bump in pay for minimum wage, as company expands health and retirement perks.
CT’s largest business group lays out top priorities. They sound familiar
Speakers said Connecticut is at a crossroads with a mixed economic picture, uncertainty due to federal policy changes, inflation and cost of living.
Louisville Defeats Stanford 84-66
Louisville played a balanced game against Stanford and never trailed and racked up another 20-win season. They finished with five players in double figures with Mackenly Randolph and Laura Ziegler having career highs. However, Coach Jeff Walz was not impressed with his team’s outing. Coach Walz said, “Actually I don’t think we played well at […]
Philadelphia nonprofit helps people with mental health, intellectual challenges find job opportunities
A Philadelphia nonprofit is finding job opportunities for people with mental health and intellectual challenges.
Nearly 100-year-old candy company files for bankruptcy amid rising costs, heavy debt: report
Nearly century-old Chicago candy maker Primrose Candy Co. files for Chapter 11 bankruptcy protection, seeking to restructure over $12 million in debt.
Three months after Hurricane Melissa: PAHO continues supporting health system recovery across the Caribbean
Washington, DC, 28 January 2026 (PAHO)- Ninety days after Hurricane Melissa swept across parts of the Caribbean, countries are transitioning from emergency response toward recovery—while continuing to confront public health risks linked to damaged infrastructure, disrupted services, and heightened vulnerability to disease. The Category 5 storm made landfall first in Jamaica on 28 October 2025, causing widespread damage in several Caribbean nations, mainly across Jamaica, Cuba and Haiti, and placing sustained pressure on national health systems.
Several Bellingham businesses will close Jan. 30 for nationwide ICE protest
“It’s time to speak up in the best way to make our government listen: the money in their pockets.”
Ruben Ostlund may hold ‘The Entertainment System Is Down’ until ...
Satire is in lengthy post-production, has been expected to debut on Croisette this year.
A Business Owner Is Getting Divorced, Asks Dave Ramsey If He'll Lose The Business. 'She's Actually 98% Owner Of The Business And I'm 2% Owner'
A Texas business owner is facing a painful split, not just from his wife, but potentially from the company he helped build. He says he’s done almost all the work since 2021, but legally owns just 2% of the business. His wife holds the other 98%, a structure their accountant recommended for tax reasons. Divorce And Ownership Don't Match Up Manny, who shared his story on the “EntreLeadership” podcast recently with personal finance expert Dave Ramsey, said, “She’s actually 98% owner of the business
Jackson Health CEO to step down. Who will be the new leader?
Carlos Migoya has led Jackson for nearly 15-years and is credited with saving the hospital system from financial ruin.
cbdMD Strengthens Regulatory Science Platform to Support Emerging Regulatory Cannabinoid Evaluation Pathways
cbdMD, Inc. (NYSE American: YCBD), a leading innovator in hemp-derived wellness products, today announced a strategic initiative to integrate and expand its regulatory science, safety, and intellectual property assets to establish a differentiated cannabinoid compliance and evidence platform aligned with evolving federal healthcare evaluation frameworks, including emerging CMS and CMMI innovation initiatives.
Monkey Business: Using Genetics to Understanding Decision-Making in Monkeys
Abigail Morris first visited the Peruvian Amazon when she was 6 years old. Now, as a Ph.D. candidate in the Animal Behavior Graduate Group, she has returned to study how seasonal flooding affects the behavior, diet and population genetics of two species of monkey: monk sakis (Pithecia monachus) and large-headed capuchins (Sapajus apella macrocephalus).
Tanzania eyes East Africa’s pharmaceutical hub crown {Business Africa}
Tanzania is betting on local drug manufacturing to reduce imports and become East Africa’s pharmaceutical hub and we find out how Africa's private sector is fixing the supply chain to minimise the billions lost in post-harvest logistics.View on euronews
California’s health care workforce crisis is a policy choice
“California should redouble our own state investments in health care workforce pathways and financial support for students.”
Mia Bonta pleads for ‘pandemic-level’ response to Feds’ gutting of Medi-Cal
Up to two million of the state’s lowest-income people may lose health insurance due to federal changes. Bonta wants to lead the charge to stop that.
Spring Health Set to Acquire Alma to Enhance Existing Care Infrastructure
Global mental health benefits platform Spring Health has entered into an agreement to acquire Alma, a digital platform that helps providers streamline
Scientists use AI to crack the code of nature’s most complex patterns 1,000x faster
Order doesn’t always form perfectly—and those imperfections can be surprisingly powerful. In materials like liquid crystals, tiny “defects” emerge when symmetry breaks, shaping everything from cosmic structures to everyday technologies. Now, researchers have developed an AI-powered method that can predict how these defects will form and evolve in milliseconds instead of hours. By learning directly from data, the system accurately maps molecular alignments and complex defect behavior, even in situations where defects merge or split.
Scientists found a way to cool quantum computers using noise
Quantum computers need extreme cold to work, but the very systems that keep them cold also create noise that can destroy fragile quantum information. Scientists in Sweden have now flipped that problem on its head by building a tiny quantum refrigerator that actually uses noise to drive cooling instead of fighting it. By carefully steering heat at unimaginably small scales, the device can act as a refrigerator, heat engine, or energy amplifier inside quantum circuits.
Louisiana restructured child care tax credits for businesses to help families, workers
State leaders restructured and renamed a tax credit program for childcare businesses and businesses that invest in child care, which early childhood education advocates say will increase the quality of child care and ease parents back into the workforce.
International Business Machines Corp (IBM) Q4 2025 Earnings Call Highlights: Record Revenue ...
IBM reports its highest revenue growth in years, driven by software and infrastructure performance, while setting ambitious goals for AI and hybrid cloud advancements.
Behavioral Health as Economic Infrastructure
As behavioral health shapes productivity and inclusion, Catalight is building sustainable care models fit for the global economy
International Business Machines Q4 Earnings Call Highlights
International Business Machines (NYSE:IBM) executives highlighted a year of accelerating growth and record cash generation during the company’s fourth-quarter 2025 earnings call, pointing to strong performance across Software and Infrastructure and outlining expectations to sustain momentum into 202
Takeaways from CNN’s Minnesota town hall
Minneapolis Mayor Jacob Frey, in a CNN town hall Wednesday night, stood by the city’s sanctuary policies and repeated his demand that federal immigration agents leave the city.
Giannis Reaction, NFL Coaching Carousel, and State of the Agent Business
The guys dive straight into the latest news around Giannis Antetokounmpo, as well as the NFL coaching carousel. Speaking of coaches, today’s edition of Five-Minute Max has to do with yesterday’s Bill Belichick news. Plus, after what transpired at Clemson, Rich wants to talk about the state of the agent business, including why ‘Jerry Maguire’ actually hurt that business!
Seven things to know about how Apple's Creator Studio subscriptions work
For the Mac versions of pro apps, things aren't actually changing much (yet).
Sacramento Bee adds political reporting firepower at California Capitol
Ben Paviour will join The Bee next month as California Political Power Reporter, delivering exclusive storytelling on Statehouse politics.
PE-backed CT masonry business acquires New England manufacturer
US Masonry and Building Products said it purchased York Flashings LLC, which manufactures products designed to seal joints and channel moisture out of building walls to help prevent water damage.
Owners of Twin Peaks restaurant file for bankruptcy
Officials with TWNP said in a news release that they will use the filings to strengthen their capital structure through reducing their debt to keep the corporation successful for years to come.
2026 NFL mock draft: Senior Bowl week begins as Round 1 picture comes into focus
Here are our latest first-round projections with the draft order nearly set ahead of Super Bowl LX.
OpenAI digs in on a fundamental disconnect in new research: AI is ready for primetime, many businesses aren't
The real challenge isn't building better AI—it's actually using it.
Do college sports actually want rules? How high should Indiana be ranked? Mandel’s Mailbag
Plus, why the SEC and Big Ten control the CFP, what coaching hires were actually downgrades and Deion Sanders' future at Colorado.
Artemis II and III: The science that brings us back to the Moon
This week on Planetary Radio, Sarah Al-Ahmed is joined by Kelsey Young, Artemis Science Flight Operations Lead and lead of the Artemis II Lunar…
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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