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Shooting outside Austin bar leaves 3 dead and 14 injured, FBI investigates possibility of terrorism
A gunman opened fire outside a bar in a popular entertainment district in the Texas capital of Austin, killing two people early Sunday in a shooting that the FBI said is being investigated as a potential act of terrorism.
Politics professor weighs in on Iran attack as Bay Area sees protests
SAN FRANCISCO (KRON) — Protesters gathered outside the San Francisco Federal Building on Saturday to demonstrate against U.S. military strikes on Iran. The joint mission, conducted by the Uni…
Man shot dead outside business in Southwest Houston
A man was shot and killed outside a business in the 11400 block of Bissonnet Street, southwest Houston, on Friday night. Police responded to a shooting call at around 10:30 p.m. and found the deceased man in the parking lot. Details about the victim or suspect are currently unavailable, and the Houston Police Department Homicide division is investigating.
Xiaomi Pad 8 now official globally with 144 Hz display and mid-range pricing
Xiaomi has finally released the Pad 8 outside China. Initially available at over 10% off, the Xiaomi Pad 8 surpasses its predecessor with a much faster chipset to complement a 144 Hz display, a large battery and 45 W charging.
Read President Donald Trump’s full statement on Iran strike: ‘Major combat operations’
“Stay sheltered. Don’t leave your home. It’s very dangerous outside. Bombs will be dropping everywhere,” Trump told the people of Iran after the strikes.
Heli-Skiing in California Seemed Like a Pipe Dream. Then These Two Guys Showed Up.
Two ski industry mavericks believe they’ve discovered the secret of operating a heli-skiing business in the Golden State, where red tape, finicky snowfall, and plenty of danger have torpedoed past operations
Business owner, officials protest MDOT plan for roundabout in St. Johns
The Michigan Department of Transportation wants to build a roundabout outside Sherri Mulligan's door, at M-21 and Scott Road, in St. Johns.
Sources: NCAA football committee considering 7-figure fines, head coach suspensions for transfer violations
The NCAA Football Oversight Committee coalesced around several concepts related to the calendar and transfers, including a proposal to impose stiff penalties on schools that accept transfers outside of the portal window.
Old-style politics beats youthful ideals in Thai election
Deep rooted patronage makes it hard for political outsiders, a defeated People's Party MP tells the BBC.
Former WNBA two-time champion Kara Braxton died in a car accident
Braxton was in a single car crash outside of Atlanta. Here's what we know about how the 43-year-old mother of two died.
Lakers honor championship coach Riley with statue
The Los Angeles Lakers honored legendary coach Pat Riley, mastermind of the team's 1980s "Showtime" era, with a statue outside Crypto.com Arena on Sunday.As head coach in Los Angeles, Riley won 533 games, his winning percentage of 73.3 leading all Lakers coaches.
Thailand moves to cut sugar in popular drinks amid health drive
Major chains agree to halve default sweetness, but street vendors and cafes remain outside sugar tax rules
No injuries reported after crews extinguish ‘plastic fire’ outside of Orlando business
The Orlando Fire Department responded to a structure fire at Hughes Supply located in the 500 block of Ferguson Drive.
Timberwolves ace Edwards sends Mavericks to worst slump in decades
Anthony Edwards condemned the Dallas Mavericks to a 10th consecutive loss -- their worst slump since 1998 -- scoring 40 points in an ultimately convincing win Friday for the Minnesota Timberwolves.For Dallas, a 10th straight loss leaves the Mavericks marooned in 12th in the Western Conference, and outside of playoff contention.
Business Lookahead: Nvidia earnings take center stage
STORY: As global markets react to the U.S. Supreme Court ruling on President Trump's tariffs, Nvidia earnings head for center stage. These are the stories to watch in business and finance in the coming week. :: Nvidia's momentMarkets will be watching for Nvidia's quarterly results Wednesday...as investors worry about returns on AI spending and industry disruptions caused by the emerging tech.Nvidia shares have soared following the launch of ChatGPT in late 2022.But shares of the company and others in the "Magnificent Seven" have stalled so far in 2026.:: Anniversary angstTuesday marks the four-year anniversary of Russia's full-scale invasion of Ukraine.While the push for a ceasefire continues, getting one over the line remains difficult.Ukraine has faced sustained pressure to agree to a deal that could mean painful concessions, as Russian forces pound its power grid and slowly advance on the battlefield.The International Monetary Fund looks set to rubberstamp extended support, meaning Kyiv's bonds are flying high.:: Key Australia dataAustralia's consumer price reading Wednesday will be closely watched by investors, who are betting the central bank will hike rates at least once more this year.Earlier this month, Australia's central bank became the only one in the G10 outside Japan to tighten policy, as it struggles to bring inflation under control in a supply-constrained economy.:: British uneaseBritish Prime Minister Keir Starmer faces a reckoning Thursday in a Manchester special election.Investors will be watching the results closely. Friday could be another volatile day for British markets and Westminster.British gilts and the pound wobbled earlier this month as a crisis engulfed Starmer over what he knew of Peter Mandelson's links to late sex offender Jeffrey Epstein when he appointed the former as U.S. ambassador.
Trump's face is now on the Justice Department headquarters
While Trump banners have been hung outside other agencies across Washington, the decision to place one on the storied Justice Department building amounted to a striking symbol of the erosion of the department's tradition of independence from White House control.
Motorola's latest foldables are finally getting Android 16 in the US
Better late than never, as they say. Motorola's Razr 2025 and Razr Ultra 2025, also known as the Razr 60 and Razr 60 Ultra outside of North America, are...
Can I bet at Kentucky Derby 2026 outside of Churchill Downs?
Dispute between Churchill Downs Inc. and a federal horse racing authority could lead to the Kentucky Derby simulcast being pulled, impacting betting.
St. Joseph Health nurses rally for safer work conditions ahead of contract negotiations
Union members gather outside Bryan hospital to voice concerns about patient safety and workplace conditions
Health First turns to Epic emeritus docs to streamline EHR go-live
The four-hospital Florida health system's enterprise implementation was daunting, as any health IT leader knows. But getting outside, at-the-elbow help made for a smoother, safer and more controlled transition. The CMIO describes the big switch.
MDA Space Launches 49North, a Canadian defence business delivering multi-domain and mission-critical capabilities
MDA Space (TSX: MDA), a trusted mission partner to the rapidly expanding global space industry, today formally launched 49North, a wholly-owned subsidiary of MDA Space exclusively focused on delivering secure, multi-domain C4ISR* and mission-critical capabilities for Canada's national defence priorities outside the space domain.
Dueling Protests at South Korean Ex-Leader’s Sentencing Highlight Political Rift
As a judge reprimanded former President Yoon Suk Yeol for amplifying political tribalism, demonstrators from warring camps blared slogans outside the courtroom.
Migrants are not responsible for the UK’s healthcare crisis
They are not a burden on the NHS, but a vital part of how it functions.
DAV announces new partnership with Solace Health supporting veterans’ care
ERLANGER, Ky. – DAV (Disabled American Veterans) is proud to announce a new partnership with Solace Health as its first new partner in 2026. The partnership is supported by a donation from Solace Health to advance DAV’s mission of empowering veterans to lead high-quality lives. The collaboration brings together two organizations focused on helping veterans receive timely, coordinated, high-quality care, regardless of where they receive it. While many veterans receive care through the VA, which offers an integrated and coordinated whole-health model, others receive some or all of their care through private health systems using Medicare or other insurance benefits. These veterans often need help to understand health insurance rules, manage their treatment, and navigate between multiple health care systems. “Disabled veterans often have complex health challenges, and DAV’s advocacy work strives to minimize barriers to timely, high-quality care, primarily within VA., but increasingly between VA and private providers,” said DAV CEO and National Adjutant Barry Jesinoski. “Our partnership with Solace Health can offer support for veterans who are eligible for VA care and Medicare, particularly those who split their care between the VA and private health systems. Veterans who don’t use VA at all can also benefit from the care coordination services that Solace Health provides, usually with little or no out-of-pocket cost to them.” Solace Health provides professional health care advocacy services, connecting patients with experienced advocates who help schedule appointments, explain benefits, coordinate care among providers, and manage administrative burdens with private health care systems, thereby allowing veterans and their families to focus on health and recovery. “For many veterans, the fight doesn’t end when service does,” said Jeremy Gurewitz, CEO and co-founder of Solace Health. “Veterans living with serious medical conditions often encounter a private health care system outside of the VA that is fragmented and difficult to navigate. Through this partnership with DAV, Solace Health advocates can help cut through red tape, improve care coordination, and simplify scheduling of medical appointments. We’re proud to support DAV in helping veterans to successfully navigate health care systems so that veterans, particularly disabled veterans, receive the care they have earned.” DAV provides a lifetime of support for veterans of all generations, their families, caregivers, and survivors. Each year, DAV’s no-cost programs and services help more than 1 million veterans access the benefits and health care they have earned, connect with meaningful employment, and ensure their voices are heard on Capitol Hill. About DAV DAV is dedicated to ensuring our promise is kept to America’s veterans. DAV does this by helping veterans and their families access the full range of benefits available to them, fighting for the interests of America’s injured heroes on Capitol Hill, providing employment resources to veterans and their families, offering programs and services to empower them, and educating the public about the great sacrifices and needs of veterans transitioning back to civilian life. A nonprofit organization with nearly 1 million members, DAV was founded in 1920 and chartered by the U.S. Congress in 1932. About Solace Health Veterans face complex health challenges, and the path to care is far harder than it should be. They deal with fragmented services and providers, each with unique requirements and paperwork. Solace Health advocates—healthcare experts with 16 years’ experience on average—help veterans navigate this landscape when they need it most. Advocates schedule appointments, explain benefits and keep doctors aligned. They take the lead on calls and documentation, and their no-homework ethos eases burdens on veterans and their families. Solace Health is covered by Medicare and Medicare Advantage, and most veterans pay little or nothing out of pocket. We’re honored to support DAV members.
Abby Schnable: Though outside the spotlight, some of Pitt's other sports teams shine bright
If your entire view of Pitt athletics centers on Saturdays in the fall and weeknights in the winter, it probably feels like everything is on fire. The...
Analysis: America’s outsider peace duo faces biggest test in trio of hotspots
Steve Witkoff and Jared Kushner are running President Donald Trump’s freelance peacekeeping franchise, on which global stability, countless lives and their boss’s best hope of that elusive Nobel Peace Prize depend.
Teen shot outside of Sharonville business, police say
The teen was taken to the hospital for non-life-threatening injuries
Contra Costa Health nurses demand County Board of Supervisors prevent drastic budget cuts, stop imminent cuts to services
RNs will hold a picket outside the Contra Costa Regional Medical Center in Martinez, Calif., on Thursday, Feb. 19, to demand hospital and county leaders move funding to save our health system, maintain services, and reverse the dangerous dismantling of the enhanced care management program.
Ukraine's small businesses struggle as Russian strikes turn off power
Nataliia Bilostotska poured her heart and soul into her three-year-old beauty salon in a commuter town just outside Kyiv. But when the temperature inside plunged to almost freezing, she realised she had to shut up shop.
Gas leak forces nearby business outside San Antonio to evacuate
Drivers are asked to find an alternate route in the meantime.
Mental health crisis leads to SWAT standoff at Fort Wayne home
Officers who initially arrived at the home off Lower Huntington Road could not convince the individual to come outside.
Man charged with shooting gun outside Greenville business
29-year-old Nehemiah Austin was arrested Friday by the Greenville Police Department.
SAPD: Man shot outside business along I-35; driver injured by stray bullet in separate shooting
A man was hospitalized after being shot multiple times outside a business along Interstate 35, and a nearby driver was injured by a stray bullet in a separate shooting, according to San Antonio police.
Police investigate overnight shooting outside North Side business
Derek Dooley didn’t vote for years. Now he wants Georgia voters to send him to Washington
Political observers say it's hard for Dooley to claim he's an outsider, yet his connections will help his bid for Georgia's Senate seat.
Derek Dooley didn't vote for years. Now he wants Georgia voters to send him to Washington
Former football coach Derek Dooley says Georgia voters should send him to the Senate because he’s a political outsider
Derek Dooley didn't vote for years. Now he wants Georgia voters to send him to Washington
Former football coach Derek Dooley says Georgia voters should send him to the Senate because he's a political outsider.
Psychedelics may work by shutting down reality and unlocking memory
Psychedelics can quiet the brain’s visual input system, pushing it to replace missing details with vivid fragments from memory. Scientists found that slow, rhythmic brain waves help shift perception away from the outside world and toward internal recall — almost like dreaming while awake. By imaging glowing brain cells in mice, researchers watched this process unfold in real time.
Nebraska’s Young Players Waiting in the Wings
Nebraska, like almost every program outside of Dabo Swinney’s portal-resistant Clemson, is leaning heavily on the transfer portal to plug roster gaps. That’s the modern reality of college football, and it isn’t changing anytime soon. But even in the portal era, sustained success still depends on developing young talent into dependable contributors. Under Matt Rhule, […]
How Manchester United co-owner Sir Jim Ratcliffe sparked a political storm
Sir Jim Ratcliffe's claims that the United Kingdom has been “colonised by immigrants” drew a reaction inside and outside Old Trafford
How to bake the perfect cookie, according to science
Science has discovered the exact temperature that makes cookies golden brown on the outside and moist on the inside.
Northshore man accused of robbing same business twice in one week
Officers from the Slidell Police Department and St. Tammany Parish Sheriff’s Office found the suspect outside his home wearing clothing that matched the description of the second robbery suspect. Dur...
'E-bike for your feet': How bionic sneakers could change human mobility
Nike's battery-powered footwear system, which propels wearers forward, is part of a broader push to help humans move farther and faster.
Soybeans Correct with Corn and Wheat Awaiting WASDE, More China Business
Risk off in the outside markets also played a role in the selling pressure according to Lane Akre, economist with Pro Farmer. However, he doesn't think all the China demand is priced into the soybean market.
Outside political groups launch hard-hitting ad blitz in Texas Senate race
Independent groups attack Democrat Jasmine Crockett and Republican Wesley Hunt, signaling a sharp escalation on both sides of the ballot in advance of March 3...
WARRANTS: Man shoots gun outside Greenville business
Greenville police arrested 27-year-old Kameron McNeill on Sunday.
Wing Bowl makes Las Vegas debut with fierce competition and entertainment
The legendary Wing Bowl made its Las Vegas debut at the Plaza Hotel & Casino on Saturday, marking the first time the event has been held outside Philadelphia si
North Houston restaurant customer opens fire outside business; bystander shot
A bystander was sent to a hospital Saturday night after being shot by an angry customer outside a north Houston restaurant.
93-year-old woman dead after wandering from health care facility in Windsor Locks
A 93-year-old woman has died after being found on the ground outside a health care facility in Windsor Locks early Sunday morning. Staff at the Bickford Health Care Center noticed the woman wasn’t in her bed around 4:45 a.m. and began to search for her, according to police. She was equipped with a device that is supposed to activate if…
How to watch YouTube TV from anywhere (free trial)
Outside the U.S.? Here's how to watch YouTube TV from anywhere in the world
Apple Tweaks Ecosystem Strategy Across Payments Car AI And Health
Apple (NasdaqGS:AAPL) is shifting the Apple Card issuing partnership from Goldman Sachs to JPMorgan Chase, affecting more than 12 million existing cardholders. The company is opening CarPlay to third party AI chatbots, allowing outside developers to integrate conversational tools into the in car experience. Apple is scaling back its standalone AI powered health coach project, instead choosing to roll selected features into current health and fitness apps. For you as an investor, these moves...
Ancient bones reveal chilling victory rituals after Europe’s earliest wars
New evidence from Neolithic mass graves in northeastern France suggests that some of Europe’s earliest violent encounters were not random acts of brutality, but carefully staged displays of power. By analyzing chemical clues locked in ancient bones and teeth, researchers found that many victims were outsiders who suffered extreme, ritualized violence after conflict. Severed arms appear to have been taken from local enemies killed in battle, while captives from farther away were executed in a grim form of public spectacle.
Record-Breaking One-Off Bugatti Brouillard Could Become the Most Expensive Bugatti Ever
A one-off aimed at a historic record Bugatti’s latest one-off, the Brouillard, steps onto the hypercar stage with the quiet confidence of a record-breaker. The brand’s tradition of bespoke excellence meets a bold new aesthetic, positioning this unique commission to potentially become the marque’s most expensive creation. Built on the proven underpinnings of the Chiron/Mistral architecture, yet transformed by distinctive craft, the Brouillard is both homage and innovation. A name born from equestrian legend More than a century ago, a striking white horse captivated Ettore Bugatti in Molsheim. That equine myth now informs the car’s name and its sensory identity. The result is an automotive portrait of athletic grace—surfaces that read like muscle, curves that suggest motion, and details that quietly speak of discipline and heritage. Embroidered horse motifs on door panels and seat backs echo the story, while a miniature glass sculpture of the steed crowns the shifter. Sculptural design with purpose The Brouillard’s silhouette favors sinuous surfaces over hard creases, allowing light to glide over its form like a tendon under skin. Aerodynamics inform elegance: an integrated ducktail replaces a deployable wing, cleansing the airflow and boosting stability at speed. Its stance is athletic, its volumes taut, and its visual language unmistakably Bugatti. “Sculptural, organic forms—like a tendon beneath the skin—hide immense power behind noble simplicity,” said design chief Frank Heyl, capturing the car’s philosophy in a single stroke. Craft elevated to an art The cabin embraces craftsmanship at an uncommon level. Custom-woven textiles from Paris introduce a discreet tartan pattern, while green-tinted carbon fiber nods to the exterior’s hue. A glazed roof creates a cathedral atmosphere, bathing the cockpit in natural light. A central spine appears to flow from exterior to interior, emphasizing continuity and structure. Highlights include: Custom textiles with subtle tartan motifs Green-tinted carbon fiber matched to the exterior finish A “cathedral” glass roof that elevates cabin ambience A sculptural centerline linking outside to inside Bespoke embroidery and glass equine detail W16 power at its absolute apex Under the sculpted skin, the final evolution of Bugatti’s 8.0‑liter, quad‑turbo W16 delivers a thunderous 1,600 hp at 7,050 rpm and 1,600 Nm of torque. This represents the pinnacle of nearly two decades of Bugatti engineering, honed to an ultimate state. The lightweight monocoque blends carbon fiber with aluminum, holding mass to around 1,900 kg for poise and control. Experts suggest the Brouillard could surpass the 282 mph (454 km/h) achieved by the Mistral, aided by more aerodynamic bodywork and the fixed ducktail. Whether or not it sets a new benchmark, its intent is clear: relentless speed paired with refinement. Exclusivity with an exacting timeline The commissioning process is intensive, with roughly 18 months of development leading to a 2027 delivery. Bugatti’s program limits itself to no more than two creations per year, ensuring focus and rarity. Each example leaves the atelier as a singular vision, shaped to the client’s collection and the brand’s ethos. An unveiling is planned for Monterey Car Week 2025, placing the Brouillard amid the world’s most discerning enthusiasts. Its patron is a European collector deeply invested in the Bugatti universe, from historic and modern cars to Carlo Bugatti furniture and Rembrandt Bugatti bronzes. A valuation poised to make history While Bugatti has not disclosed an official price, informed estimates place the Brouillard between €10 million and €30 million. Context matters: a series Mistral begins near €5 million, while the Brouillard adds profound personalization, sculptural changes, and a pace of production that keeps scarcity front and center. In an arena where uniqueness drives value, the path to a brand record is unmistakably open. What it signals for the marque The Brouillard crystallizes Bugatti’s dual identity: traditional savoir‑faire intertwined with boundary-pushing performance. It exhibits a narrative soul—the white horse of Molsheim—woven into modern materials and world-class aerodynamics. As a rolling statement, it reaffirms that the Bugatti idea is larger than speed alone; it is about story, craft, and the courage to pursue an ideal to its logical limit.
Steelers defender says there's a 'good chance' Aaron Rodgers returns
Pittsburgh Steelers outside linebacker Alex Highsmith discussed what it would take for Aaron Rodgers to return in 2026.
“I’d be able to be a better father”: Quincy business owners push for bill ending work restrictions on their children
A new proposal, House Bill 4161, would amend the Child Labor Law of 2024 by allowing small business owners to employ their children outside of school hours.
Apple Plans to Allow Outside Voice-Controlled AI Chatbots in CarPlay
Apple Inc. is preparing to allow voice-controlled artificial intelligence apps from other companies in CarPlay, according to people familiar with the matter, a move that will let users query AI chatbots through its vehicle interface for the first time.
LAPD shoots suspect outside California Science Center after report of armed man in Exposition Park
Police shot and killed a suspect outside the California Science Center in Exposition Park after a report of a man armed with a rifle.
International science cooperation must go on, say research leaders
Science leaders in Europe and Canada say international cooperation must go on amid geopolitical turmoil. At the same time, Europe and like-minded countries should continue to enhance and diversify international partnerships, a Science|Business conference hears. Hugh Brady, president of Imperial College London, told delegates that Europe’s response to the current geopolitical climate should be to “diversify in terms of research partnerships and build resilience and scale into our own system.”A first priority should be for the EU to sort out the scope of the upcoming European Competitiveness Fund and ensure that, together with the next iteration of Horizon Europe, it can drive the development and scale up of new technologies. The EU and the countries associated to the Horizon Europe programme represent “the world's most successful research innovation ecosystem,” Brady said. In order to mitigate the negative effects of shifting geopolitics, the EU together with the UK, Switzerland, Canada, South Korea and others should talk about “building resilience” and address their own “regional needs,” he added. Responding to TrumpUnder Donald Trump’s leadership, the US government has slashed science budgets and shut down international research programmes. Nearly 8,000 grants at the National Institutes of Health and the National Science Foundation have been frozen or terminated. Courts have overturned most of these cancellations, but the disruption caused remains significant. While Europe may persuade a few thousand disgruntled scientists to move across the ocean to work on topics that have been de-funded in the US, it’s unclear what should happen next with transatlantic scientific cooperation more broadly.“Now is the time for us to show [US researchers] our support as much as we can,” Brady said.The European Research Council (ERC), the EU’s basic science funder, has seen a surge in applicants from the US. According its latest data, US-based researchers submitted 347 proposals to the last three big funding rounds, up from 158 in the previous set of calls. The European Commission has also launched a €22.5 million pilot call in 2025 for the Marie Skłodowska Curie Actions, the EU’s researcher training scheme. It plans to extend this support with a €51.25 million call in 2027 as part of the Choose Europe initiative, which is intended to make the continent a more attractive place to pursue a career in research. Related articlesData corner: US researchers are choosing EuropeEU-India deal highlights growing alignment on technology policyMeanwhile, in the private non-profit sector, the Volkswagen Foundation is experimenting with a new type of grant that would allow US researchers to split their time between the US and Germany. While these schemes are useful, Europe should not bet on an exodus of scientists from the US. “The idea that we might all see them flocking over to Europe is naïve and counterproductive,” said Maria Leptin, president of the ERC, also speaking at the Science|Business conference on February 5. “We need research in the US to be as healthy as possible. I really admire those who are staying there with a will to fight and an optimism that the world will turn into a better place again,” Leptin said. Preserving dataDespite political disruption, academics have found ways to continue cooperating and sharing research data. Leslie Weir, president of the International Federation of Library Associations and Institutions and Canada’s national librarian, said the US cuts have raised concerns about research data security, after ideologically sensitive databases were limited or deleted by the Trump administration. But international organisations teamed up to ensure that the data is not lost. “It's interesting to see that researchers and libraries across North America are collaborating to make sure that data at risk is duplicated elsewhere outside [the US],” Weir said.
UChicago Welcomes Illinois Mathematics and Science Academy to Hyde Park Labs - Polsky Center for Entrepreneurship and Innovation
New presence in the UChicago Science Incubator expands opportunities for high school STEM students and supports the South Side innovation ecosystem The Polsky Center for Entrepreneurship and Innovation at the University of Chicago announced today that the Illinois Mathematics and Science Academy (IMSA) will establish its first Chicago-based office at Hyde Park Labs, located within
Texas A&M remains 100% healthy before facing Alabama on Wednesday
Texas A&M, outside of forward Mackenzie Mgbako, is entirely healthy before facing Alabama, while the Crimson Tide are also in good shape.
Trump plans to install Christopher Columbus statue outside White House
The president has worked to recognize the explorer, saying Italian-Americans should “remember” Trump’s efforts when they go vote.
A Grip on Sports: I'm no visionary but it is easy to see the path to the Seahawks' second Super Bowl win
A GRIP ON SPORTS • Where were we? Oh, yes. Making sure our insides are not outside a safe zone. Turns out, they are doing just fine. Now we can get back to doing what we do best. Getting you ready for the Super Bowl. The one the Seahawks are going to win.
Perspectives on Politics: Gendered Perceptions of Legislative Influence -
Gendered Perceptions of Legislative Influence By Jaclyn Kaslovsky, Washington University, Tabitha Koch, Rice University, and Michael P. Olson, Washington University Women legislators face a variety of gendered barriers both outside and inside the legislature. Yet, [...]
Family of Colorado man killed by deputy outside Highlands Ranch entertainment venue files wrongful death lawsuit
Attorneys say videos of the shooting contradict statements from the sheriff's office and show that the man's back was to the deputy and his gun was pointed at the ground at the time he was shot.
After His Democratic Victory in Texas, a New Working-Class Star Rises
Taylor Rehmet, a machinist and union leader, pulled off a stunning State Senate win in Fort Worth and its suburbs. He is among several political outsiders seeking office.
Bills hire Bobby April III as their outside linebackers coach
The Science of the Modern Base Season: Why Zone 2 Isn’t Enough Anymore
It's important to keep working hard all through the year, avoiding a major reliance on Zone 2 training. This is why.
Actor Shia LaBeouf spotted in El Paso again
The "Transformers" star was captured outside of El Paso's Finest, a souvenir and fine arts shop across from San Jacinto Plaza on Saturday, Jan. 31.
30% More Efficient? The Math Behind Aero vs. Steel
The data is clear: Aerodynamics provided a massive efficiency gain, allowing me to match a significantly stronger rider on the flats. Here is the math, plus the latest on the Vingegaard fan crash.
Florida healthcare advocates protest cuts to state's AIDS Drug Assistance Program
Outside the Department of Health in St. Pete and Orlando Friday, healthcare advocates and the AIDS Healthcare Foundation (AHF) protested the proposed cuts to Florida’s AIDS Drug Assistance Program (ADAP).
Body found behind northwest suburban business, police say
A death investigation was underway in northwest suburban Bartlett after a person was found dead outside a business on Friday, authorities said.
Groups Back Larson Challenger, Calling for Generational Change
Three outside political groups are backing Luke Bronin in his primary challenge to Representative John Larson, the 77-year-old Connecticut Democrat.
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 ...
Several propane tanks catch fire outside of business in Philadelphia's Roxborough neighborhood
Several propane tanks caught fire outside of a business in Philadelphia's Roxborough neighborhood on Thursday morning.
Opinion | A ‘Fringe Epidemiologist’ on What’s Wrong With Public Health
Jay Bhattacharya, the N.I.H. director, says authorities broke the public’s trust in the Covid era. Now it’s up to outsiders to restore it.
Opinion | A ‘Fringe Epidemiologist’ on What’s Wrong With Public Health
Jay Bhattacharya, the N.I.H. director, says authorities broke the public’s trust in the Covid era. Now it’s up to outsiders to restore it.
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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