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Pair of injured Patriots defenders eying Super Bowl return
Robert Spillane and Harold Landry gave injury updates on Super Bowl media night.
Sam Altman, Jensen Huang, and Oracle are denying tensions
Sam Altman, Jensen Huang, and Oracle push back on reports of tension over OpenAI's deal with Nvidia.
Fifa president Gianni Infantino called 'infantile' for wanting to lift Russia ban
Ukraine's sports minister calls Fifa president Gianni Infantino "irresponsible" and "infantile" for saying it will look at lifting a ban on Russia.
James Harden Shockingly Requests Trade From Clippers: Report
Los Angeles Clippers All-Star James Harden and the team are trying to find a deal by Thursday's trade deadline.
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 […]
PGA Innovation Showcase Immerses Audiences In Entertainment’s Future
The Producers Guild showcased five immersive experiences vying for this year's Innovation Award, led by Sphere's immersive Wizard of Oz, showing where entertainment is headed.
Barbecue restaurant hoping to bounce back after winter storm
Lexington restaurant trying to move forward after being sandwiched by winter storms.
Get To Know a College Basketball Mid-Major: American Conference
A look at who's who and what they are playing for in the men's and women's college basketball mid-major American Conference.
Clintons try to reach agreement for Epstein testimony with contempt of Congress vote looming
Rep. James Comer, the chair of the House Oversight Committee, was advancing criminal contempt of Congress charges against both Clintons Monday evening for defying a congressional subpoena when a spokesman for the Clintons, Angel Ureña, suggested they would testify, posting on social media that the pair “will be there.”
Streaming service Crunchyroll raises prices weeks after killing its free tier
Sony has made streaming anime pricier since buying Crunchyroll.
Nicki Minaj says Trump bullying pushed her into politics as MAGA supporter
Since aligning herself with the Trump administration, Minaj has garnered blow back from prominent voices in the entertainment industry.
Trump cuts deal with India to reduce tariffs, increase oil purchases
Donald Trump said he was lowering the tariff on India as part of a deal for the country to stop buying Russian oil and increase purchases from the United States.
Nicki Minaj stands up for Trump against ‘bullying,’ says she ‘couldn’t handle’ how he was being treated
Nicki Minaj revealed Trump "bullying" inspired her political awakening. The rapper says witnessing attacks on the president reminded her of her own experiences.
The latest release of Jeffrey Epstein files: Who is mentioned and what they are saying in response
Here is a look at some of the notable names in the latest release of files from the U.S. Justice Department pertaining to Jeffrey Epstein. The list includes politicians, entertainment figures, business leaders and Royal Family members, with some releasing statements this past weekend about their interactions with the late accused child sex trafficker.
All eyes on Johnson as House returns amid partial government shutdown
The speaker faces tough days ahead trying to pass a federal funding package and prevent a prolonged partial government shutdown
Vermont man turns hobby into accordion repair business
A 74-year-old Vermont man has found his passion not just in playing the accordion, but in fixing them. Nathan Longo is one of a handful of people who work on accordions in New England.
Stephen Ross and Ken Griffin Think Florida Is the Future for Business
Stephen Ross, the real estate developer, and Ken Griffin, the billionaire financier, are trying to attract businesses to their new base, South Florida.
Poll: People View Prior Authorization as Greatest Burden in Navigating the Health System
New KFF polling explores the challenges beyond costs that people with insurance face in navigating the health care system. People cite prior authorization review as their top problem by a wide margin, with a third (32%) saying prior authorization requirements are a “major burden.
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
One of Earth’s most abundant lifeforms has a fatal flaw
SAR11 bacteria dominate the world’s oceans by being incredibly efficient, shedding genes to survive in nutrient-poor waters. But that extreme streamlining appears to backfire when conditions change. Under stress, many cells keep copying their DNA without dividing, creating abnormal cells that grow large and die. This vulnerability may explain why SAR11 populations drop during phytoplankton blooms and could become more important as oceans grow less stable.
I've found the 3 TV shows definitely worth your time in February
I spent time studying the TV schedule and here are the top three shows you should watch this month
Hefty taxes kick back in for small Philly businesses
Many businesses are likely unprepared and unaware they need to start paying the city's Business Income and Receipts Tax.
Too old to compete? This 87-year-old triathlete has tips for staying in the game
Despite issues with her heart, this octogenarian still competes in triathlons. She's proof that preventive medicine paired with smart lifestyle choices help seniors stay active longer.
Joe Humphreys: Six qualities make you cool, according to science. Trying too hard isn’t one of them
There’s a lesson here for politicians or political analysts who put great store in image management
Gold and silver extend selloff after market meltdown
Before Friday's selloff, gold and silver had been on a blistering yearlong rally, fueled by heavy central bank buying and geopolitical tensions.
Who Is Seattle Seahawks Sam Darnold’s Fiancée, Katie Hoofnagle?
Sam Darnold will be playing in the biggest game of his life at Super Bowl LX, but his biggest supporter will also be there cheering him on.
Apple's online store now lets you build a new Mac exactly the way you want
You can now choose each spec for your new Mac purchase when buying on Apple's website.
Meningitis cases rise in major Midwestern city, prompting public health alert
Chicago health officials issue urgent alert after seven meningococcal disease cases, including two deaths. Know the symptoms and warning signs.
‘SNL’ Satirizes a Politically Divided Family Trying to Talk
Last night’s standout performance was about a mom who was reconsidering her beliefs.
Deputy attorney general signals no new Epstein charges, defends Gabbard role in Georgia election search
Deputy Attorney General Todd Blanche defended the Justice Department’s actions on multiple fronts Sunday, signaling that no new charges will be brought in the Jeffrey Epstein investigation, downplaying Director of National Intelligence Tulsi Gabbard’s involvement in a probe into alleged voter fraud in Georgia, and defending the decision to arrest former CNN anchor Don Lemon.
The Science of “the Giggle”: Why Laboratory Rats Love Being Tickled
If you think laughter and comedy are reserved strictly for humans, you’d be wrong. A study in the late 1990s showed that creatures like rats emit ultrasonic vocalizations while playing with or anticipating the opportunity to play with other rats. To make matters sillier, rats emitted similar vocalizations when they were subjected to manual somatosensory
Employers are spreading raises like peanut butter – and workers are paying the price
These across-the-board raises to all employees versus individual performance-based raises are simply lazy
Detroit Lions have 6 of ESPN top 100 MVP seasons
The Detroit Lions landed six players on ESPN’s top-100 MVP candidates for 2025.
Wes Moore confronts the limits of his own power in a fight with Maryland Democrats
Wes Moore can barely describe how he’d feel if he falls short in his push to gerrymander another Democratic seat in his state and the US House of Representatives ends up staying Republican.
Baldur’s Gate 3 Made Me Stop Buying Games
Baldur’s Gate 3, the epic, legendary, all-encompassing RPG that was a must-play in 2023 and remains one to this very day, had eluded me for a considerable amount of time until recently. It was one of those games that sat collecting dust on my shelf, watching me as I paced back and forth in a […]
Too afraid to see a doctor: Immigration enforcement upends care in Oregon
Immigrant families are skipping medical appointments and delaying care as they weigh health risks against fears of detention or deportation.
As Susan Collins awaits, a generational divide splits Maine Democrats in pivotal Senate race
Gov. Janet Mills was laying out her case against Sen. Susan Collins to several dozen supporters earlier this month when one attendee raised a question on the minds of many voters in Maine.
Intel sets a 7467 MT/s+ memory requirement for Panther Lake Arc B-series iGPU branding, slower configs show up as “Intel Graphics”
Intel Arc Xe3 B-Series won't appear with its full marketing name, unless laptop has memory meeting the standard Intel appears to be tying Panther Lake
“Existential risk” – Why scientists are racing to define consciousness
Scientists warn that rapid advances in AI and neurotechnology are outpacing our understanding of consciousness, creating serious ethical risks. New research argues that developing scientific tests for awareness could transform medicine, animal welfare, law, and AI development. But identifying consciousness in machines, brain organoids, or patients could also force society to rethink responsibility, rights, and moral boundaries. The question of what it means to be conscious has never been more urgent—or more unsettling.
A “spiritual entertainment” inspired by faith, international intrigue, and Cardinal Zen
Crafting an interesting story is more difficult than simply pulling something from today’s headlines. However, in the hands of a gifted storyteller, current events can be an inspiration for profoundly interesting and edifying stories. David […]
Pols & Politics: Teamsters endorse Moulton, Shortsleeve picks up support
Saying that Democratic Congressman Seth Moulton “has never wavered in his support for our members,” the Massachusetts Teamsters union announced it endorses his bid for U.S. Senate.
Labour party chair says Zack Polanski ‘cowardly’ for not fighting Gorton by-election
The party is trying to shift conversation after the NEC blocked Andy Burnham from fighting the seat
Dog Show 101: What to know about the 150th Westminster show
It’s go time for thousands of America’s most dogged competitors. Big or small, sleek or shaggy, they’re all trying for the top prize at the Westminster Kennel Club Dog Show
Luis Arraez joins Giants on reported 1-year, $12 million deal
The three-time batting champion is staying in the NL West.
BREAKING: Police pursuit ends in arrest near Health, Science and Technology Building
An out-of-jurisdiction police pursuit ended in an arrest near the Health, Science and Technology Building, with officials saying there was no threat to the campus community.
Not me watching this man destroy a 70-something Karen at the grocery store in the most satisfying way possible 💀
"Not all heroes wear capes; some wear AirPods."
AppleInsider.com
Apple has quietly updated the way that users buy and configure Macs on the online Apple Store, giving customers a process that's closer to buying an iPhone or iPad.
Asking Eric: If I call my son, he hangs up as soon as he hears my voice
I don’t know if I should keep trying to contact him. I have no idea why he cut me out of his life and he hasn’t told me.
Apple revamps how you buy a Mac online, removes preconfigured options
Apple has updated its website with changes to the checkout flow when buying a new Mac. Previously, the Apple Online...
Warriors trying to persevere as rampant trade speculation swirls with NBA deadline looming
The Golden State Warriors are doing their best to focus on basketball as rampant trade speculation swirls with the NBA deadline just days away.
A history of Dodgers brothers playing together
The Dodgers have River Ryan returning from 2024 Tommy John surgery, and is expected to be part of the team’s starting rotation puzzle in the 2026 season. There’s also at least a chance that he might be teammates with his brother Ryder Ryan, who was signed by the Dodgers to a minor league deal that […]
Asking Eric: My son stopped speaking to me after ugly divorce - and won’t tell me why
I don’t know if I should keep trying to contact him. I have no idea why he cut me out of his life and he hasn’t told me.
The dismaying response to a new Alex Pretti video
The new footage of Pretti clashing with ICE is real — and irrelevant.
Magic use big 4th quarter to flip script vs. Raptors
ORLANDO, Fla. — When the Magic lost to the Raptors by one point on the road on Dec. 29, Orlando squandered a 21-point first-half lead at Toronto. On Friday night inside Kia Center, it was Toronto that gave up a 14-point lead on the road playing in front of a national TV audience on ESPN. During a contest that featured 12 lead changes, coach Jamahl Mosley‘s squad fought back-and-forth with the ...
Patriots Defender Squashes ‘Crazy’ Drake Maye Playoff Narrative
Despite stringing together three dominant postseason outings, the New England Patriots defense doesn’t want to hear about carrying Drake Maye to Super Bowl LX. Maye led New England to a 14-3 season and AFC East championship by accounting for 35 touchdowns with a league-leading 72.0 completion percentage. The MVP finalist hasn’t lived up to those […]
Tired of scam calls? The Galaxy S26 might finally have an answer
In our APK teardown, we have discovered more evidence that Google is laying the groundwork to bring Scam Detection to the Galaxy S26.
Feedback Friday: ‘Closer Look’ listeners react to intensifying daily politics, protests
This comes as tensions continue to rise in Minnesota after the shooting deaths of Alex Pretti and Renee Nicole Good by Immigration and Customs Enforcement agents. Earlier this month, Lemon and Fort both reported on a protest at Cities Church in St. Paul. It has been alleged that an ICE official serves as a pastor of the church, which sparked the protest. Following the incident, the Trump administration promised retaliation against Lemon.
Nevada's first-in-the-nation primary bid gets boost from political group Latino Victory
Nevada, New Hampshire and South Carolina are vying to be the first state to vote in the 2028 Democratic presidential primaries.
Flyers aspire to 'stop the bleeding' in matinee vs. Kings
The month of January began with two satisfying wins for the Philadelphia Flyers, but it has been mostly downhill from there.
The World’s Largest Biological Battle Is Being Fought in Space
But this evolutionary “arms race” looks a little different when playing out in microgravity.
CA groups seek local taxes to offset federal health care cuts
An L.A. health care coalition is trying to qualify a measure for the June ballot in order to head off impending health care funding problems.
WVU Committee of Retired Faculty, OLLI host ‘Quantifying Health: Data, Discovery and the Path to Longevity’
OLLI at WVU and the WVU Committee of Retired Faculty will host Chancellor and Executive Dean for Health Sciences Dr. Clay Marsh as he presents “Quantifying Health: Data, Discovery and the Path to Longevity” at 2:30 p.m. Wednesday (Feb. 4).
Apple buys secretive Israeli AI company Q.ai for $1.6 billion in biggest acquisition of its history
With the move, Apple aims to improve its access to AI technology, which has suffered recent setbacks, especially after several delays in deploying Apple Intelligence's full announced capabilities.
The 10 most profitable sports teams in the world right now
Winning championships is the goal, but for the front office, the real scoreboard is the balance sheet. In an era where media rights, luxury suites, and global branding have turned franchises into financial powerhouses, some teams are simply playing in…
Yankees' Paul Goldschmidt free agent update is exciting news
New York is still trying to line something up.
Trump says 'very dangerous' for UK to get into business with China
U.S. President Donald Trump on Thursday warned the United Kingdom against getting into business with China, saying it would be "very dangerous."
Super Bowl LX Betting Report: 'The Public Isn’t Buying the Patriots'
It's still early, but so far, the public is throwing its support behind the Seahawks in droves. Patrick Everson has the report.
IDF officials shift stance, accept Gaza Health Ministry data on death toll
After two years of war, senior military officials for the first time aligned with an update from Gaza’s Hamas-run Health Ministry, saying they estimate about 70,000 Gazans have been killed, excluding the missing, while stressing that efforts to distinguish terrorists from civilians are ongoing
Communities unite to address stigma and discrimination affecting people with neglected tropical diseases
Marking World Neglected Tropical Diseases (NTDs) Day, the World Health Organization (WHO) warns that millions of people living with NTDs continue to face profound and often unseen suffering due to discrimination, social stigma and untreated mental health conditions. Under the rallying theme "Unite. Act. Eliminate.", WHO and partners urge governments to integrate mental health care into NTD elimination efforts, ensuring that no one is left behind in pain or isolation.
Brad Treliving defends Maple Leafs’ approach to sports science
The GM responded to criticism over the vacant director of performance role, saying the Leafs have more staff working hands-on with players.
Pitt launches $25M biomedical institute to bring space science from orbit to the operating room
The University of Pittsburgh officially launched a $25 million biomedical institute Thursday aimed at bridging human health on Earth and in space. The Trivedi Institute for Space and Global Biomedicine is one of the first dedicated institutes focused on applying insights from spaceflight to improve human health on Earth, according to Pitt.
Health Care Provider Consolidation
I. Issue Overview Ongoing consolidation among hospitals, physician practices, and other providers poses a serious challenge to the U.S. health care system—offering potential benefits to some but also with significant worrying impact on rising health care prices. Provider consolidation remains pronounced among both hospitals and physician practices. The share of hospitals operating independently declined from … Continued
NASCAR Clash schedule changes with snow forecast
NASCAR will move Clash practice and qualifying heats to Sunday afternoon due to forecasted snow and winter weather on Jan. 31.
Minnesota shooting blurs political lines around guns : The NPR Politics Podcast
Alex Pretti was carrying a permitted gun when he had a confrontation with federal agents who ultimately shot and killed him. While the Trump administration pointed to his gun as a reason for agents to fear for their safety, pro-gun groups argued Pretti had a right to carry. We discuss the rhetoric around guns and how marginalized communities in Minneapolis have been increasingly turning toward gun ownership.This episode: senior White House correspondent Tamara Keith, domestic extremism correspondent Odette Yousef, and senior political editor and correspondent Mara Liasson.This podcast was produced and edited by Lexie Schapitl and Bria Suggs.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.
Mavericks put their hope in health as the 1-year anniversary of the Luka Doncic trade approaches
Anthony Davis and Kyrie Irving didn't play in that 118-105 loss to Minnesota — and might not be in a Mavericks uniform on the same night again — while it was a temporary injury absence for four-time NBA champion Klay Thompson and Cooper Flagg, the rookie No. 1 pick who landed in Dallas by crazy luck and is seen as the next face of the franchise after Doncic. Days shy of a year since the Mavs shipped their global superstar to the Los Angeles Lakers for Davis and rocked the core of a team that was just nine months removed from playing in the NBA Finals, Washington's hope for a return to contention rests with those four teammates being healthy alongside him.
ICE Will Play a Big Factor in the Maine Senate Race
Seems like Republican senator Susan Collins is trying to take credit for the agency’s removal from the state. Governor Janet Mills, who’s challenging for her seat, had a rebuttal.
Paying for health care is now Americans' top financial worry, KFF poll finds
GM's ability to balance profits, politics under Trump paying off for investors
GM's ability to walk such a tightrope has been easier to do when it can fall, if needed, onto $21.7 billion in cash to end 2025.
Premier Radiology Services acquires rival teleradiology group NRad
Backed by private equity investors at Grovecourt Capital Partners, the Florida firm is buying National Radiology Solutions for an undisclosed sum.
Rep. Ilhan Omar points finger at Trump's 'hateful rhetoric' after town hall attack
The man accused of carrying out the assault has social media accounts that include multiple photos in support of Trump and criticizing Democrats. The FBI is investigating.
America at a Boiling Point: From ICE Protests to an Attack on Rep. Omar
An attack at a town hall in Minneapolis, amid a surge in threats against lawmakers, was the latest sign of the fraying of the nation’s political fabric.
As major CEOs respond to ICE Minneapolis crackdown, CNBC survey finds many leaders saying it’s 'not relevant to their business'
Apple, OpenAI CEOs respond to ICE crackdown in Minneapolis, but a CNBC survey finds some business leaders sensing no business need, or fearing Trump backlash.
Kings, Sabres each carrying strong momentum into clash
The Buffalo Sabres and visiting Los Angeles Kings each bring winning streaks into their Thursday night contest.
Trump endorses Republican Rep. Tom Tiffany in Wisconsin's open race for governor
Trump announced the endorsement in a social media post on Tuesday night, saying Tiffany “has always been at my side.”
Minn. companies pool funds to help small businesses amidst immigration enforcement surge
A couple dozen Minnesota companies have contributed about $4 million to a grant fund to support small businesses in the state as they navigate the challenges of meeting payroll and paying rent amidst the immigration enforcement surge.
'Miracle on Ice' players discuss political climate heading into Winter Olympics
Mike Eruzione says the country needs a unifying moment: "We could use an '80 now."
These two viruses may become the next public health threats, scientists say
Two emerging pathogens with animal origins—influenza D virus and canine coronavirus—have so far been quietly flying under the radar, but researchers warn conditions are ripe for the viruses to spread ...
Trump's response to Pretti killing upends Second Amendment politics : Here & Now Anytime
Alex Pretti was legally carrying a gun when a federal agent shot and killed him in Minneapolis last weekend. President Trump and other federal officials blamed his death on the fact that he had a gun, but Minnesota Gun Owners Caucus chair Bryan Strawser explains why he disagrees.And, after leading immigration operations in Minneapolis, Border Patrol Commander Gregory Bovino has returned to his previous job in California. CalMatters investigative reporter Sergio Olmos talks about Bovino’s record in California.
With Apple’s new Creator Studio Pro, AI is a tool to aid creation, not replace it
Apple’s Creator Studio Pro leverages AI to help creators with tedious tasks—like finding clips or building slides—without trying to do the work for them
Why being a night owl may be worse for your heart
Bad news, night owls: Staying up late can be bad for your heart. But there's good news, too.
Internal messages reveal teams, jobs affected in Amazon layoffs
Amazon is laying off 16,000 corporate employees. Internal messages show that many of the affected employees had software engineering roles.
AMD Ryzen 7 9850X3D Review - The Best Just Got Better
The AMD Ryzen 9850X3D builds on the already excellent 9800X3D without trying to shake up the market. Instead, it focuses on refining what already works. AMD delivers modest improvements with smarter tuning, and the same cache magic that gamers love. Thanks to a reasonable price increase, this processor will be a no-brainer pick for future high-end gaming rigs.
4 Incredible Techniques Combine to Advance Dark Energy Science
Big, recent investments are paying off as the world's dark energy observatories continue to produce results.
Kemi Badenoch apologises for Suella Braverman mental health claim
But she branded defectors from the Conservative party "drama queens", saying people who did not agree with the direction she was taking the party "need to get out the way".
Bank of America to match $1,000 government deposits for Trump accounts
Bank of America said it will match the federal government’s $1,000 contribution to Trump accounts for eligible U.S. employees with qualifying children.
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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