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Takeaways From Gavin Newsom’s New Memoir, ‘Young Man in a Hurry’

His introspective memoir tries to challenge the conventional wisdom about his upbringing, explores his marriages and airs a little dirty laundry — but says relatively little about politics.

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Feb 1 • 5:02 AM EST • Politics • nytimes.com
Oliver Bateman: Conor Lamb shares hard-won lessons about modern politics

In March 2018, Democrat Conor Lamb defeated Republican Rick Saccone by 627 votes in a special election for Pennsylvania’s 18th Congressional District,...

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Feb 1 • 4:30 AM EST • Politics • post-gazette.com
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Democrat Taylor Rehmet flips a Texas state Senate seat Trump won by 17 points, CNN projects

Democrats notched another victory Saturday in special elections during President Donald Trump’s second term, flipping a seat in the Texas Senate that Trump won by 17 points in 2024.

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Feb 1 • 12:09 AM EST • Politics • cnn.com
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Democrats narrow GOP House majority as Menefee wins Texas special election

After Menefee is sworn in, Democrats will have 214 House seats. Republicans currently hold 218, giving House Speaker Mike Johnson a razor-thin majority.

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Jan 31 • 11:16 PM EST • Politics • washingtonpost.com
IRS proposes using NAICS to determine lines of business for certain fringe benefit exclusions

The North American Industry Classification System, already in use for other tax purposes, replaces a specified manual that has not been updated since 1974.

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Jan 31 • 7:00 PM EST • Business • thetaxadviser.com
Bengals free agent’s news fuels speculation about return

Fans noticed some interesting news about a Bengals free agent.

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Jan 31 • 4:14 PM EST • Sports • bengalswire.usatoday.com
Oklahoma Sooners add another offensive lineman in the transfer portal

The Oklahoma Sooners picked up another offensive lineman in the transfer portal, a former three-star prospect out of Florida.

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Jan 31 • 3:56 PM EST • Sports • soonerswire.usatoday.com
New Samsung Galaxy S26 Ultra Leak Confirms Disappointing News

The Samsung Galaxy S26 Ultra release date has been confirmed, but some of the new specifications reveal disappointing news.

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Jan 31 • 3:52 PM EST • Technology • forbes.com
Ayaneo's Pocket S Mini has the perfect aspect ratio for revisiting classic console games

The Pocket S Mini is already available on Ayaneo's website and currently starts at $319.

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Jan 31 • 3:39 PM EST • Technology • engadget.com
Why The Challenger Disaster Still Matters To Business Leaders Today

Forty years on, the Challenger disaster remains a case study in what happens when organizations fail to allow for dissent and systematically challenge their assumptions.

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Jan 31 • 2:26 PM EST • Business • forbes.com
La. Art and Science Museum to celebrate Black History Month

The Louisiana Art and Science Museum will celebrate Black History Month with special events and a new exhibit.

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Jan 31 • 1:17 PM EST • Science • wafb.com
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Health Department releases food inspection reports for week of Jan. 18

Find out how your favorite restaurant, convenience store and other food establishments in Jefferson County are performing on Health Department inspections.

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Jan 31 • 12:30 PM EST • Health • myleaderpaper.com
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.

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Jan 31 • 12:00 PM EST • Sports • nbcsportsbayarea.com
Orange County restaurants shut down by health inspectors (Jan. 22-29)

There were 12 restaurants and food establishments ordered closed by Orange County inspectors from Jan. 22 to Jan. 29.

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Jan 31 • 11:05 AM EST • Health • ocregister.com
Gaming Stocks Plunge As Google AI Clones 60 Seconds Of ‘Fortnite’

Google Genie 3 has caused market fears that big video games are going to start being easily generated by AI. That is not even close to the case.

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Jan 31 • 9:52 AM EST • Technology • forbes.com
Mental Health Distress in Nonmelanoma Skin Cancer Largely Driven by Sociodemographic, Comorbid Factors

These findings suggest the mental health burden in nonmelanoma skin cancer reflects broader social and clinical factors rather than disease-specific effects.

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Jan 31 • 9:10 AM EST • Health • ajmc.com
🙂 Positive (60%)
Gov. DeSantis to talk future Tampa Bay Rays ballpark? Speculation mounts

The stadium issue could be resolved finally

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Jan 31 • 8:55 AM EST • Politics • floridapolitics.com
When “The Cost Of Doing Business” Stops Making Sense In Healthcare

The healthcare industry has normalized a decadent sales culture. It’s time to rethink these industry normas.

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Jan 31 • 8:00 AM EST • Business • forbes.com
TikTok Superstar Khaby Lame’s Big Deal—Which Saw Him Valued At $6.6 Billion—Raises Red Flags, Experts Say

The all-stock transaction revolved around a small Chinese firm with less than $6 million in revenues, which went public just six months ago and saw its stock skyrocket over 650%

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Jan 31 • 6:30 AM EST • Business • forbes.com
Inner plexiform layer substrata: Possible biomarker of retinal health | Ophthalmology Times - Clinical Insights for Eye Specialists

Ophthalmology Times connects eye care professionals with surgery, imaging, gene therapy, & diagnostic advances to enhance clinical and patient care.

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Jan 31 • 6:12 AM EST • Health • ophthalmologytimes.com
Live results: Texas House 18 special election runoff

Follow live results from the Texas House 18 special election runoff.

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Jan 31 • 6:00 AM EST • Politics • cnn.com
A US House special election in Texas will narrow the GOP majority even further

Voters on Saturday will select one of two Democrats in a runoff election to fill a vacant US House seat, further narrowing Speaker Mike Johnson’s already razor-thin Republican majority.

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Jan 31 • 5:00 AM EST • Politics • cnn.com
Oklahoma State, Utah look inward for more respectable defense

Both Oklahoma State and Utah have had a full week to consider what they need to improve to save their seasons.

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Jan 30 • 9:55 PM EST • Sports • cbssports.com
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Edward Teach Brewing to close permanently after 8 years of business

The brewery announced February 15 will be a celebration with specials and encouraged customers to “come raise a glass with us one last time.”

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Jan 30 • 5:45 PM EST • Business • wect.com
Sanford Black Hills region plans addition of 16 physicians

Local providers joining Sanford specialize in gastroenterology, dermatology, optometry, ophthalmology, family medicine and general surgery.

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Jan 30 • 2:00 PM EST • Health • news.sanfordhealth.org
Sydney Sweeney REJECTS calls to speak on politics

Actress Sydney Sweeney told 'Variety' politics are 'not an area I have ever imagined getting into' while calling for 'respect and understanding.'

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Jan 30 • 1:43 PM EST • Politics • foxnews.com
Super Bowl 2026 Props Guide: Odds, picks, trends and more

Get all the info you need to get ready for Patriots vs. Seahawks from a betting perspective

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Jan 30 • 1:29 PM EST • Sports • cbssports.com
DOD ordered to study mental health impacts among military drone pilots

Studies suggest remote warfare requires a level of intimacy with a prospective strike target that conventional air warfare may not.

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Jan 30 • 12:09 PM EST • Health • militarytimes.com
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Samsung Galaxy S26 Ultra Release Date: Cancelled Model Confirmed

A brand new Galaxy S26 Ultra leak confirms Samsung's cancelled model and new camera design.

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Jan 30 • 11:51 AM EST • Technology • forbes.com
Galaxy S26 series specs, official-looking images leak ahead of February 25 launch [Gallery]

Samsung’s Galaxy S26 series is looking all but confirmed for a February 25 launch event, while new leaks reveal official-looking...

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Jan 30 • 11:10 AM EST • Technology • 9to5google.com
Nick Sirianni explains the Eagles' decision to hire Sean Mannion

Eagles head coach Nick Sirianni offers some perspective to the Sean Mannion hire.

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Jan 30 • 11:00 AM EST • Sports • theeagleswire.usatoday.com
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Designing the future of metabolic health through tissue-selective drug delivery

Founded by MIT alumni, the biotech firm Gensaic develops protein carriers that can deliver therapeutic molecules to specific tissues and cells.

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Jan 30 • 10:15 AM EST • Health • news.mit.edu
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Here is What to Know Beyond Why AMC Entertainment Holdings, Inc. (AMC) is a Trending Stock

Zacks.com users have recently been watching AMC Entertainment (AMC) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.

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Jan 30 • 9:00 AM EST • Entertainment • finance.yahoo.com
9 Fruits With the Most Soluble Fiber for Lower Cholesterol and Weight Loss

Soluble fiber has special health benefits, including helping to lower cholesterol and keeping blood sugar steady. Try these fruits high in soluble fiber to meet your daily needs.

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Jan 30 • 8:53 AM EST • Health • today.com
Unified sports programs bring together athletes for more than wins and losses

At Minnesota schools, special needs students and those in general education bond in the arena of competition

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Jan 30 • 8:32 AM EST • Sports • varsity.startribune.com
A 65km hike into Norway's vanishing rural past

The Stølstruta offers hikers a responsible, respectful way to witness a pastoral tradition that has disappeared almost everywhere else in Europe.

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Jan 30 • 8:00 AM EST • Technology • bbc.com
Friends basketball star wins Week 8 Delaware Online Athlete of the Week, presented by Delaware Orthopaedic Specialists

Athlete of the Week voting runs Monday through Thursday each week.

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Jan 30 • 5:06 AM EST • Sports • delawareonline.com
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New Orleans children's hospital earns Level 1 pediatric trauma center designation

Level 1 trauma centers must have access to pediatric trauma surgeons, specialized pediatric equipment and year-round, 24-hour pediatric intensive care units.

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Jan 30 • 5:00 AM EST • Health • nola.com
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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.

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Jan 30 • 2:55 AM EST • Technology • jpost.com
How Red Light Therapy Became Big Business for Beauty Brands

Glowing masks make for social-media friendly selfies, but red light therapy has potential beyond content fodder. Brands and specialists weigh in.

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Jan 30 • 12:15 AM EST • Business • vogue.com
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The nation’s cartoonists on the week in politics

Every week political cartoonists throughout the country and across the political spectrum apply their ink-stained skills to capture the foibles, memes, hypocrisies and other head-slapping events in the world of politics. The fruits of these labors are hundreds of cartoons that entertain and enrage readers of all political stripes. Here's an offering of the best of this week's crop, picked fresh off the Toonosphere. Edited by Matt Wuerker.

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Jan 30 • 12:00 AM EST • Politics • politico.com
Live and dead pests found in kitchen of restaurant ordered to shut down by Metro Health

Metro Health inspectors issued demerits to two different restaurants in January after finding multiple live and dead pests, including roaches, in the kitchens.

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Jan 29 • 11:34 PM EST • Health • ksat.com
Cooper Flagg posts 49 points, unprecedented for a teenager, in reunion with Kon Knueppel

The Mavericks rookie keeps looking more and more special, but it was the Hornets who took the win.

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Jan 29 • 11:31 PM EST • Sports • sports.yahoo.com
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Illinois overscomes clunky start, extends winning streak to 10

CHAMPAIGN — Illinois freshman sensation Keaton Wagler was welcomed with an especially loud cheer from the State Farm Center crowd as he was introduced on Thursday night. And for a microscopic moment, it appeared history could continue to follow him as he was the only Illini to score points through the first six-plus minutes of […]

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Jan 29 • 11:17 PM EST • Sports • thechampaignroom.com
Businesses in the Triangle feeling the effects of winter weather

Local businesses are feeling the effects of the winter weather, especially when they have to close their doors. Many business owners told WRAL News that weekends are the busiest time, so having their doors closed and with no customers two weekends in a row is hurting their margins.

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Jan 29 • 10:53 PM EST • Business • wral.com
Rams hire Bubba Ventrone as their special teams coach
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Jan 29 • 9:00 PM EST • Sports • nbcsports.com
Rams hire new special teams coordinator

The Los Angeles Rams are hiring a new special teams coordinator

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Jan 29 • 8:05 PM EST • Sports • turfshowtimes.com
'Very unfortunate': Fort Pierce Downtown business owners upgrade security after recent burglaries

Two Downtown Fort Pierce businesses were burglarized early Tuesday morning, prompting police to search for suspects and business owners to upgrade security.

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Jan 29 • 7:36 PM EST • Business • wpbf.com
Josh Allen Disrespects Patriots In New Sore Loser Comments

It’s always unlikable when a pro athlete plays the “shoulda, woulda, coulda” game during interviews, and that’s what Buffalo Bills QB Josh Allen just did. In a new presser, Allen insinuated that if he’d made one more play against the Denver Broncos in the Divisional round, the Bills would be headed to the Super Bowl […]

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Jan 29 • 6:45 PM EST • Sports • sports.yahoo.com
Senate blocks federal funding bills as deadline to avert shutdown looms

The funding package failed 55 to 45, with a handful of Republicans joining Democrats to block the bills

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Jan 29 • 4:44 PM EST • Politics • spectrumlocalnews.com
Night owls may face higher risk of heart disease

Adults — especially women — who stay up late have a worse cardiovascular health score and a higher risk of heart attack or stroke, according to a new study.

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Jan 29 • 2:00 PM EST • Health • cnn.com
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).

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Jan 29 • 12:00 PM EST • Business • biology.ucdavis.edu
New Perspectives on EU Climate Politics using Text-as-Data Methods

This Collection invites research on EU climate governance, climate communication, climate policy diffusion within and outside the EU, and climate policy ...

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Jan 29 • 10:34 AM EST • Politics • nature.com
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The Science Behind Rare Gulf Effect Snow Potential In Tampa Bay

Could parts of Tampa Bay, Florida experience Gulf effect snow this weekend? Our expert explains.

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Jan 29 • 10:24 AM EST • Science • forbes.com
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Hims & Hers Super Bowl Ad To Spotlight The Health-Wealth Gap

Narrated by Common, HIms and Hers' 2026 Super Bowl ad highlights how income disparities shape health outcomes—and position affordability as part of the solution.

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Jan 29 • 9:00 AM EST • Health • forbes.com
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Syracuse mayor to deliver her first State of the City address

Mayor Sharon Owens' speech will begin at Nottingham High School at 6 p.m.

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Jan 29 • 8:19 AM EST • Politics • spectrumlocalnews.com
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Rice Business launches new graduate healthcare certificate program to advance leadership in dynamic industry

Rice’s Jesse H. Jones Graduate School of Business today announced the launch of its Graduate Certificate in Healthcare Management program, a 10-month, credit-bearing professional credential designed for current and aspiring leaders seeking deep expertise in the business of healthcare. Situated at the crossroads of Houston’s renowned Texas Medical Center and global healthcare innovation, the program blends rigorous business fundamentals with healthcare-specific strategy, operations and management.

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Jan 29 • 7:00 AM EST • Business • news.rice.edu
The Jeff Boals Show Returns Tonight at The Gem Sports Bar

ATHENS, Ohio — The Jeff Boals Show returns this Thursday, January 29, on the Ohio Sports Network from Learfield, presented by Holzer Health System. This week, the live broadcast will take place from 6pm-7pm at The Gem Sports Bar. The event is open to the public and free to attend. Join the "Voice of Bobcat Basketball," Jason Toy, and the seventh year head coach of the Ohio Bobcats, Jeff Boals, for a weekly recap and a look ahead at upcoming matchups. This week's special guests include sophomore forward Ayden Evans (Radcliff, Ky.) and freshman forward Jordan Fisher (Pickerington, Ohio)

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Jan 29 • 6:28 AM EST • Sports • ohiobobcats.com
Minneapolis small business supports strike against ICE, raises money

ICE activity and tariffs are making for an especially tough month for Perennial Cycle in Minneapolis. The owner is focusing on the community.

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Jan 29 • 3:52 AM EST • Business • businessinsider.com
🙂 Positive (50%)
Lakers' top trade target revealed ahead of next week's deadline

Los Angeles is reportedly eyeing this defensive specialist.

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Jan 29 • 1:56 AM EST • Sports • sportingnews.com
Alibaba Teams Up With Zelos on $2 Billion Robovan Business

Alibaba’s logistics arm is merging its autonomous-driving unit with Chinese robovan specialist Zelos Technology.

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Jan 29 • 1:27 AM EST • Business • wsj.com
The Most Underrated and Disrespected Player on the Chicago Cubs
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Jan 28 • 8:30 PM EST • Sports • roundtable.io
Online Gambling Corrupts Sports—And Americans, Too

The legalization of sports betting, especially at the college level, is a corruption not only of athletics and of education but of American society in general.

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Jan 28 • 8:00 PM EST • Sports • thepublicdiscourse.com
Brit Hume: Minnesota immigration operations have hit ‘political limits’

Fox News chief political analyst Brit Hume assesses new polling that suggests Americans believe I.C.E. operations are aggressive on ‘Special Report.’

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Jan 28 • 7:47 PM EST • Politics • foxnews.com
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Business Coach Arnaud CZ Releases Free Course to Help Corporate Fathers Build Side Income Amid Rising Job Uncertainty

PRAGUE, CZECHIA, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Arnaud CZ, founder of the $100k Dad system, specializing in corporate-to-entrepreneur transit...

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Jan 28 • 7:23 PM EST • Business • markets.businessinsider.com
Older adults’ driving habits offer window into brain health, cognitive decline

Research Highlights: A study of over 200 adults followed for five years found that greater white matter damage in the brain was linked to decreased driving, fewer trips, repetitive routes and having more driving errors, especially in those who later ...

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Jan 28 • 7:00 PM EST • Health • newsroom.heart.org
Tiny mammals are sending warning signs scientists can finally read

Small mammals are early warning systems for environmental damage, but many species look almost identical, making them hard to track. Scientists have developed a new footprint-based method that can tell apart nearly indistinguishable species with remarkable accuracy. Tested on two types of sengi, the system correctly identified them up to 96% of the time. It offers a simple, ethical way to monitor ecosystems before they quietly unravel.

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Jan 28 • 7:00 PM EST • Science • sciencedaily.com
ASNC says PET is now the preferred nuclear imaging test for CAD

Which imaging modality is better for evaluating heart patients, PET or SPECT? After years of discussions and debates, the American Society of Nuclear Cardiology is now ready to point to PET as the No. 1 choice. “There are no clinical scenarios or patient subgroups where cardiac PET with myocardial blood flow should be excluded," the group wrote.

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Jan 28 • 5:35 PM EST • Business • cardiovascularbusiness.com
Virginia Tech visits coveted in-state LB Noah Glover

It’s a new era for Virginia Tech football and new head coach James Franklin is looking to make an impact on the recruiting trail for the Hokies. Virginia itself has been on the rise when it comes to producing blue-chip talent at the high school level. The 2026 cycle had multiple top-100 prospects in the […]

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Jan 28 • 4:58 PM EST • Sports • on3.com
Everyone Really Needs to Pump the Brakes on That Viral Moltbot AI Agent

It's all fun and games until every aspect of your life is splashed all over the dark web.

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Jan 28 • 4:40 PM EST • Technology • gizmodo.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
Economic Forecast 2026: Key Opportunities For Small Business

Small businesses face cost pressures and uncertainty in 2026, but untapped pricing power and greater agility than large competitors offer paths to stronger growth

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Jan 28 • 12:57 PM EST • Business • forbes.com
Snap is Spinning Out Its Specs AR Glasses Business

The subsidiary, Specs Inc., will keep focusing on products that build on the company's Spectacles, which create mixed-reality experiences for wearers.

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Jan 28 • 12:19 PM EST • Business • cnet.com
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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
iOS 26.2.1—Update Now Warning Issued To Millions Of iPhone Users

Apple has released iOS 26.2.1, an important update that all iPhone users should apply now. Here's what you need to know.

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Jan 28 • 11:43 AM EST • Technology • forbes.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.

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Jan 28 • 10:00 AM EST • Health • politico.com
As More Founders Aim To Build Billion-Dollar, One-Person Businesses, New Research Points To High-Potential Niches

A new report points to areas where it is possible for solo founders to grow to $1 billion in revenue using AI, blockchain and a global team of freelancers.

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Jan 28 • 9:17 AM EST • Business • forbes.com
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Snap is spinning off its AR glasses into a separate business

Snap’s augmented reality glasses business will now be its own entity, with the company establishing Specs Inc. as a wholly-owned subsidiary.

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Jan 28 • 9:00 AM EST • Business • engadget.com
The week in politics (Jan. 28, 2026)

On Wednesday's show: From special election runoffs to the fallout from shootings in Minneapolis, we discuss the latest developments in politics in our weekly roundup.

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Jan 28 • 8:00 AM EST • Politics • houstonpublicmedia.org
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What Happens to Your Body When You Take Vitamin D Supplements Every Day Long Term?

A daily vitamin D supplement can support bone strength, muscle function, and balance—especially in people who are vitamin D deficient.

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Jan 28 • 7:00 AM EST • Health • health.com
Ilitch Sports + Entertainment Event Colleagues Enjoy Special Celebration at Little Caesars Arena

Community

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Jan 28 • 7:00 AM EST • Entertainment • ilitchnewshub.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
Why it’s so hard to uncover the truth about a president’s health

Bruises on Trump’s hands and other apparent ailments have invited speculation. But secrecy, politics, and the vagaries of aging make drawing conclusions difficult.

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Jan 28 • 6:21 AM EST • Health • bostonglobe.com
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New Jacksonville health center to bring expanded services, welcome patients regardless of insurance

A Jacksonville health center is expanding its reach to treat more people, especially those who do not have insurance.

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Jan 28 • 6:01 AM EST • Health • news4jax.com
Health inspections lead to 4 Central Florida restaurant shutdowns last week

The Department of Business and Professional Regulation shut down four Central Florida dining venues for health code violations during the week from Jan. 18-24.

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Jan 28 • 6:00 AM EST • Health • orlandosentinel.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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