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Pulaski County Sports & Entertainment Unveils Official Sportsplex Logo

New Facility Designed to Serve the Community and Welcome the World Pulaski County, Virginia – Pulaski County Sports & Entertainment is proud to unveil the official logo for the Pulaski County Sportsplex, a transformative new indoor sports complex that will serve as a premier destination for athletic competition while providing a year-round recreational asset for […]

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Jan 28 • 1:37 PM EST • Entertainment • pcpatriot.com
Everyone wants to copy the iPhone Fold; Honor developing its own ‘wide’ foldable too

The Android world is bracing for the debut of the first foldable from Apple, expected to be the “iPhone Fold.”...

9to5google.com logo
Jan 28 • 1:30 PM EST • Technology • 9to5google.com
Pixelmator Pro launches on iPad, here’s what the new app can do

Today Pixelmator Pro has launched on iPad for the first time, exclusive to Apple Creator Studio. Here’s what the app can do.

9to5mac.com logo
Jan 28 • 1:27 PM EST • Technology • 9to5mac.com
Iran delegates import powers as US war threats keep economy unstable

Iranian governors gain new powers as country prepares for possible war amid sanctions and looming geopolitical tensions.

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Jan 28 • 1:17 PM EST • Politics • aljazeera.com
Wheeling police to host crime watch meetings for businesses

For the first time, the Wheeling Police Department will host crime watch meetings specifically for local businesses, starting Feb. 4.Business owners from downt

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Jan 28 • 1:06 PM EST • Business • wtov9.com
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants

EXCLUSIVE: Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs, talent development initiatives which connect emerging writers and directors with opportunities across DET’s scripted and unscripted television slate. “This year’s cohorts reflect the bold, original voices that will help shape the next era of television,” said Tim McNeal, senior vice …

yahoo.com logo
Jan 28 • 1:00 PM EST • Entertainment • yahoo.com
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants

Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs

deadline.com logo
Jan 28 • 1:00 PM EST • Entertainment • deadline.com
Google’s New Chrome ‘Auto Browse’ Agent Attempts to Roam the Web Without You

Google’s latest addition to its Chrome browser puts generative AI behind the wheel and you in the passenger seat.

wired.com logo
Jan 28 • 1:00 PM EST • Technology • wired.com
Norma Izzo Continues Earning Business Leader Recognition from AZ Big Media

For the third consecutive year, Spencer Fane attorney Norma Izzo has been recognized in AZ Big Media’s annual AZ Business Leaders issue for her

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Jan 28 • 12:56 PM EST • Business • spencerfane.com
Patriots Rival Reportedly Loses Defensive Coordinator, Longtime Coach To Packers

The New England Patriots are gearing up for the Super Bowl, but two of their division rivals are in the middle of coaching changes. The Miami Dolphins fired Mike McDaniel to hire Jeff Hafley, the Green Bay Packers’ defensive coordinator for the last two years. The Buffalo Bills promoted Joe Brady to head coach from […]

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Jan 28 • 12:54 PM EST • Sports • sports.yahoo.com
Here's the Magnetic Charging Puck for Galaxy S26

We keep seeing upcoming accessories for the Galaxy S26 series, all basically confirming the lineup’s support for the Qi2 charging standard. In simple terms, that means... #GalaxyS26 #GalaxyS26Ultra

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Jan 28 • 12:53 PM EST • Technology • droid-life.com
Disney Afternoon Collection Pops Up On Switch 1 & 2 eShop, Includes Two Additional Games

Digital Eclipse yet to confirm

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Jan 28 • 12:45 PM EST • Technology • nintendolife.com
Samsung's Cool New Gadget Has The First Display Of Its Kind In The World

The 13-inch Samsung Color E-Paper features the world's first display housing made in part with a bio-resin crafted from phytoplankton, a type of microalgae.

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Jan 28 • 12:44 PM EST • Technology • bgr.com
Jets hire Brian Duker as defensive coordinator

The Jets’ search for a new defensive coordinator is over. The team is hiring Brian Duker per Tom Pelissero. The 36 year old Duker worked under Glenn with the Lions for three years. He went from defensive assistant in 2021 to safeties coach in 2022 to defensive backs coach in 2023. The last two years […]

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Jan 28 • 12:42 PM EST • Sports • ganggreennation.com
Trump’s immigration approach is gumming up the courts, frustrating his DOJ and judges

The Justice Department and federal courts are struggling to keep up with the exponential increase in federal court cases of immigrants in custody who are challenging their detentions, another result of the Trump administration’s aggressive immigration enforcement policies across the country.

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Jan 28 • 12:40 PM EST • Politics • cnn.com
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NFL Hall of Fame snubs Bill Belichick and sports world is gagged: 'I can't be reading this right'

Sports figures from Patrick Mahomes to LeBron James expressed shock and outrage after news broke that Bill Belichick failed to gain Hall of Fame election on his first ballot.

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Jan 28 • 12:25 PM EST • Sports • latimes.com
Community invited to Terry Schools Science Fair Feb. 3

Terry Schools will host a 7th–12th grade Science Fair on Monday, Feb. 3, from 1 to 3 p.m. in the study hall at Terry High School.

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Jan 28 • 12:24 PM EST • Science • terrytribune.com
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Report: Steelers to hire Adam Henry as receivers coach
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Jan 28 • 12:20 PM EST • Sports • nbcsports.com
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Justin Bieber Performance Locked In for Music’s Biggest Night at the 2026 Grammys

Justin Bieber has announced that he will be performing at the 2026 Grammy Awards, which will take place on Sunday, Feb. 1. Bieber is a two-time Grammy winner and also… The post Justin Bieber Performance Locked In for Music’s Biggest Night at the 2026 Grammys appeared first on Where Is The Buzz | Breaking News, Entertainment, Exclusive Interviews & More.

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Jan 28 • 12:19 PM EST • Entertainment • whereisthebuzz.com
Black History Celebration to feature special concession offerings, in-arena entertainment

The Sabres will celebrate Black excellence in WNY during their game against the Kings on Jan. 29.

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Jan 28 • 12:16 PM EST • Entertainment • nhl.com
Dispatch is censored on Nintendo Switch 2 and Switch

Although there was initially speculation about Dispatch being censored on Nintendo Switch 2 and Switch, it’s now confirmed that this is indeed the case. In the PC and PS5 versions, the game featured a “Visual Censorship” setting. This is gone on Nintendo Switch 2 and Switch, so you’re always getting the censored experience. All scenes are in tact, but there...

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Jan 28 • 12:14 PM EST • Technology • nintendoeverything.com
Cleveland Browns to hire Todd Monken as new coach

The Cleveland Browns agreed to hire Baltimore Ravens offensive coordinator Todd Monken as their head coach, a league source told UPI on Wednesday.

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Jan 28 • 12:08 PM EST • Sports • upi.com
Chia Pet Film and TV Rights Acquired by Rakia Media and Crystal City Entertainment: ‘We Can’t Wait for Audiences to Check Out the World of Chia in Theaters’ (EXCLUSIVE)

A Chia Pet movie or TV show could be on the horizon, as the media rights to the classic gift brand have been sold.

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Jan 28 • 12:00 PM EST • Entertainment • variety.com
Frozen science experiments inspired by the Loppet Winter Festival
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Jan 28 • 11:55 AM EST • Science • cbsnews.com
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Searows: ‘Death in the Business of Whaling’ review

Searows' sophomore album Death in the Business of Whaling is an expertly crafted collection of songs. The album is sure to please fans of Phoebe Bridgers, Ethel Cain or Iron & Wine.

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Jan 28 • 11:52 AM EST • Business • iowapublicradio.org
NYC Health + Hospitals/Jacobi | North Central Bronx Appoints Grace Hyun, MD as Chief of Urology and Nassir Mansour, MD as Chief of Neurosurgery - NYC Health + Hospitals

NYC Health + Hospitals/Jacobi | North Central Bronx today announced the appointments of Grace Hyun, MD as Chief of Urology and Nassir Mansour, MD as Chief

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Jan 28 • 11:42 AM EST • Health • nychealthandhospitals.org
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.

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Jan 28 • 11:41 AM EST • Business • hartfordbusiness.com
Manu Ginobili among backers of new planned sports performance project in South Florida

Manu Ginobili is investing in South Florida’s potential with a new venture. The former San Antonio Spurs star is part of a group building the Sports Performance Hub in Homestead, Florida. It’ll be a next-generation sports, education and community development project. It will feature a 10,000-seat stadium for Miami FC, sports training facilities, a basketball facility, a boarding school and more. Groundbreaking is set for March, with plans to open in 2028. Ginobili, along with partners like Riccardo Silva and Juan Sebastian Veron, aims to connect sports training with academics. They believe Miami’s multicultural environment makes it an ideal location.

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Jan 28 • 11:36 AM EST • Sports • nbcmiami.com
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Record-breaking South Carolina measles outbreak nearing 800 cases

The record-breaking measles outbreak in South Carolina has reached nearly 800 cases, making it the largest spread of the disease in the U.S. since it was first declared eliminated at the start of t…

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Jan 28 • 11:13 AM EST • Health • thehill.com
2nd Show Announced for State Fair 2026 Concert Lineup

The Great New York State Fair has announced its second music act for Suburban Park.

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Jan 28 • 11:07 AM EST • Entertainment • wktv.com
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.

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Jan 28 • 11:03 AM EST • Business • spectrumlocalnews.com
Premise Health and Crossover Health sign an agreement to create one unified company

/PRNewswire/ -- Premise Health and Crossover Health today announced that they have entered into a definitive agreement to merge. The unified organization will...

prnewswire.com logo
Jan 28 • 11:00 AM EST • Health • prnewswire.com
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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.

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Jan 28 • 10:51 AM EST • Technology • ca.style.yahoo.com
Business groups back freight brokers in Supreme Court trucking liability fight

U.S. Chamber of Commerce, National Retail Federation among those supporting C.H. Robinson in the brief. The post Business groups back freight brokers in Supreme Court trucking liability fight appeared first on FreightWaves.

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Jan 28 • 10:51 AM EST • Business • finance.yahoo.com
Browns reportedly hire former Ravens OC Todd Monken as head coach
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Jan 28 • 10:49 AM EST • Sports • sports.yahoo.com
Galaxy S26 Qi2 25W wireless charger is a MagSafe puck, hints you’ll still need a case

It’s no secret that the Galaxy S26 series is rumored to add Qi2 magnets to the device itself, but if...

9to5google.com logo
Jan 28 • 10:40 AM EST • Technology • 9to5google.com
Sergi López on 'Sirāt': A journey that makes you look inward

The movie “Sirāt” follows Luis as he treks through the North African desert with his son and dog to find his missing daughter.

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Jan 28 • 10:38 AM EST • Entertainment • click2houston.com
Former utility commissioner Tim Echols reflects on Georgia's new power politics

This coverage is made possible through a partnership between WABE and Grist, a nonprofit environmental media organization. The Georgia Public Service Commission has entered a new era. After nearly two […]

wabe.org logo
Jan 28 • 10:38 AM EST • Politics • wabe.org
Leak shows Google's new Aluminium OS in action for the first time

In screenshots and videos, we get a first peek at Google's new operating system that combines Android and ChromeOS.

pcworld.com logo
Jan 28 • 10:26 AM EST • Technology • pcworld.com
KPN Consulting Services Announces Over 20M USD in Business Acquisitions and Launch of Financial Wealth Symposium

CHARLOTTE, NC, UNITED STATES360-Degree Consulting Firm Expands Economic Empowerment Footprint Through Strategic

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Jan 28 • 10:21 AM EST • Business • usatoday.xpr-gannett.com
Walmart CEO Doug McMillon retiring as retailer gains more wealthy shoppers amid inflation

Walmart CEO Doug McMillon retires after 40 years, leaving behind a transformed retail giant that attracts higher-income shoppers through convenience.

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Jan 28 • 10:20 AM EST • Business • foxbusiness.com
Shadowing program inspires future health care professionals

ECU Health’s shadowing program is shaping the next generation of caregivers.

ecuhealth.org logo
Jan 28 • 10:17 AM EST • Health • ecuhealth.org
New Sony WF-1000XM6 leak reveals new updated colour options

The WF-1000XM6 is set to debut with more launch colour options than Sony's WF-1000XM5 earbuds, according to a new leak. Tipped to debut next month for $329.99 in the US and €299.99 in the Eurozone, the change would be a first for the WF-1000X series.

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Jan 28 • 10:15 AM EST • Technology • notebookcheck.net
Ranking 2026 Big Ten football schedules from easiest to toughest

Big Ten heavyweights must overcome grueling schedules in 2026 to reach their ultimate destination

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Jan 28 • 10:10 AM EST • Sports • cbssports.com
Health insurers dodge Trump's pricing crackdown, for now

While the president's ire can return on a whim, the prospect of an Oval Office dressing down appears, for the moment, off the table.

politico.com logo
Jan 28 • 10:00 AM EST • Health • politico.com
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.

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Jan 28 • 9:38 AM EST • Sports • cbssports.com
The Entertainment District Focus Group examining long term future of Berglund Center complex

Its called the Entertainment District Focus Group, a mostly citizen group asked to weigh in on a possible casino at the Berglund Center - just for starters. The Entertainment District Focus Group is centered around the Berglund Center Complex, as the city looks to generate more revenue. Is there sup

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Jan 28 • 9:34 AM EST • Entertainment • wfirnews.com
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AEYE Health Expands Epic Integration for Portable Fully-Autonomous AI Eye Screening Across the US Healthcare System

/PRNewswire/ -- AEYE Health, the leading company in retinal diagnostics and developer of AEYE-DS, the fastest growing solution for diabetic eye exams in the...

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Jan 28 • 9:30 AM EST • Health • prnewswire.com
Jon Gruden turns down coaching inquiry from Jets, Aaron Glenn

Jon Gruden may want to return, but apparently not with the New York Jets

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Jan 28 • 9:11 AM EST • Sports • cbssports.com
Sword Health plans to acquire Kaia Health for $285M

Sword aims to raise about $500 million to fund more deals in the U.S. and Europe.

axios.com logo
Jan 28 • 9:04 AM EST • Health • axios.com
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Live updates: Trump issues warning to Iran as Rubio testifies before Senate on Venezuela
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Jan 28 • 8:32 AM EST • Politics • cnn.com
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Our first look at Google's Android for PC interface leaks in a bug report

We may have our first look at Android for desktop.

engadget.com logo
Jan 28 • 8:30 AM EST • Technology • engadget.com
California mental health hospitals warn over cuts after state hands down staffing rules

Psychiatric hospitals could close beds under proposed state rules if regulators don’t allow implementation time, facilities warn.

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Jan 28 • 8:30 AM EST • Health • calmatters.org
Claire Danes says she freaked out when she found she was pregnant at 44

Claire Danes has said she went into “meltdown” when she discovered she was pregnant with her third child at age 44.

cnn.com logo
Jan 28 • 8:27 AM EST • Entertainment • cnn.com
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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.

ftc.gov logo
Jan 28 • 8:02 AM EST • Business • ftc.gov
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".

bbc.com logo
Jan 28 • 7:56 AM EST • Health • bbc.com
The US in brief: DHS’s first report on Pretti

The latest news in US politics, with coverage of Donald Trump’s second term.

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Jan 28 • 7:42 AM EST • Politics • economist.com
Viral AI assistant Moltbot rapidly gains popularity but poses security risks

The open source "Jarvis" chats via WhatsApp but requires access to your files and accounts.

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Jan 28 • 7:30 AM EST • Technology • arstechnica.com
Firefighters respond to business fire in West Jordan

In and out of the buildling.Fans and a hose going into the building.Several firefighters and engines responded to the scene.Rocky Mountain Power responded

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Jan 28 • 7:30 AM EST • Business • kutv.com
FreshBooks 2025 Ontario Small Business Snapshot: Owners More Reserved Than U.S. Peers, but Most Say Their Businesses Are Stable

Ontario survey data shows lower optimism and higher interest-rate sensitivity than U.S. counterparts, while operating conditions stay steady for most businessesTORONTO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Ontario small business owners are entering 2026 with a more reserved outlook than their U.S. counterparts, reflected in lower economic optimism, softer financial sentiment, and greater sensitivity to interest rates, according to a new Ontario snapshot from FreshBooks’ 2025 State of Small Business

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Jan 28 • 7:29 AM EST • Business • finance.yahoo.com
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.

nytimes.com logo
Jan 28 • 7:23 AM EST • Sports • nytimes.com
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Barry Keoghan Is Nearly Unrecognizable with Long Hair in London, Plus Halle Berry, King Charles, Queen Camilla and More

Barry Keoghan is nearly unrecognizable with long hair in London, plus Halle Berry, King Charles, Queen Camilla and more. From London to Los Angeles, and everywhere in between, see what your favorite stars are up to.

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Jan 28 • 7:00 AM EST • Entertainment • people.com
Hidden struggles: Cambridge scientists share the truth behind their success

In a career defined by constant questioning, self-doubt can become an occupational hazard. Now, for the first time, a group of Cambridge scientists reveal the personal struggles they’ve faced – and continue to face – as they strive for success.

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Jan 28 • 7:00 AM EST • Science • eurekalert.org
Football Announces New Sports Performance Staff Hires - University of Tennessee Athletics

Tennessee football has finalized its sports performance staff with the addition of six new hires under the direction of Derek Owings , head coach Josh Heupel...

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Jan 28 • 7:00 AM EST • Sports • utsports.com
Scientists turn tumor immune cells into cancer killers

Scientists at KAIST have found a way to turn a tumor’s own immune cells into powerful cancer fighters—right inside the body. Tumors are packed with macrophages, immune cells that should attack cancer but are usually silenced by the tumor environment. By injecting a specially designed drug directly into tumors, researchers were able to “reprogram” these dormant cells to recognize and destroy cancer.

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Jan 28 • 7:00 AM EST • Science • sciencedaily.com
Disaster Preparedness: How Measurement Science Can Help Your Community

Firsthand experience with natural disasters inspired a NIST researcher to study how communities prepare for — and recover from — disasters.

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Jan 28 • 7:00 AM EST • Science • nist.gov
Teamsters California endorses proposed billionaires tax

Teamsters California, with 250,000 members statewide, becomes the largest union to back the proposed November ballot measure to enact a onetime billionaires tax.

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Jan 28 • 7:00 AM EST • Politics • sfchronicle.com
As the U.S. bids adieu to the World Health Organization, California says hello

In the wake of the U.S. withdrawal from WHO, California is the first state to participate in the agency's disease monitoring network. Are others following?

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Jan 28 • 6:47 AM EST • Health • npr.org
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Centrist ideas no longer wanted in Conservative party, says Kemi Badenoch

Party leader tells MPs that one-nation Tories doubting her rightward direction ‘need to get out of the way’

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Jan 28 • 6:45 AM EST • Politics • theguardian.com
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Vikings, other NFL teams not surprised Commanders hired Daronte Jones

Other NFL executives raved about new Commanders DC Daronte Jones.

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Jan 28 • 6:15 AM EST • Sports • commanderswire.usatoday.com
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Exclusive: First look at Samsung’s 25W wireless charger, possibly for Galaxy S26

The Galaxy S26 Ultra supports up to 25W fast wireless charging, and we have the first images of its 25W wireless charger.

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Jan 28 • 6:12 AM EST • Technology • sammobile.com
David Lammy to face Andrew Griffith at deputy Prime Minister's Questions

The pair will fill in for PM Keir Starmer and Tory party leader Kemi Badenoch in the Commons from midday.

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Jan 28 • 6:07 AM EST • Business • bbc.com
Dave Chappelle, Jon Stewart to pair up for Ohio show

The two outspoken comedians will talk about independent journalism and other topics during an event benefiting Yellow Springs radio station WYSO.

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Jan 28 • 6:04 AM EST • Entertainment • dispatch.com
Exclusive: Climatic inhales $10M for respiratory wellness

Lerer Hippeau led the consumer health startup's seed round.

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Jan 28 • 6:00 AM EST • Health • axios.com
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Why comedian Katherine Ryan won't make fun of her kids on stage: 'I don't wanna get Brooklyn Beckhamed'

The British-Canadian comedian says she steers clear of making any of her five children the punchline for fearing of stirring up Beckham-style family drama.

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Jan 28 • 6:00 AM EST • Entertainment • latimes.com
Expiration of federal health insurance subsidies: What to know in California

Thousands in California who rely on the state-run health insurance marketplace face premiums that are thousands of dollars higher as federal subsidies expire.

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Jan 28 • 6:00 AM EST • Health • latimes.com
Frederick zoning amendment could change rules for home businesses

Frederick business owners who operate out of their homes could have new rules under a zoning amendment being considered by the city's Planning Commission.

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Jan 28 • 6:00 AM EST • Business • fredericknewspost.com
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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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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