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Black Business Expo creates welcoming environment for businesses to grow

At the Columbia College expo, many buisness owners noted the uniquely welcoming setting and collaborative opportunities.

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Jan 31 • 6:30 PM EST • Business • columbiamissourian.com
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SNOW FOX | Additional business, childcare and church closings/delays for Jan. 31 and Feb. 1

This list will be updated frequently.

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Jan 31 • 5:40 PM EST • Business • wdrb.com
Minority-owned businesses showcased in seventh annual expo at Columbia College

The seventh annual Business Leaders Alliance Cultivating Knowledge expo showcased a variety of local minority-owned small businesses.

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Jan 31 • 5:23 PM EST • Business • komu.com
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Dozens protest ICE during downtown Tulsa demonstration

Dozens of protesters gathered in downtown Tulsa to oppose ICE, joining a National Day of Strike and calling for changes to federal immigration policy.

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Jan 31 • 4:28 PM EST • Politics • newson6.com
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MU Health physician hosts event to inspire next generation of health care workers

Students took a tour of the facility, listened to clinician-led lectures and participated in hands-on workshops.

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Jan 31 • 4:25 PM EST • Health • komu.com
MVCC Board of Trustees to meet Tuesday, January 20

UTICA — A meeting of the Mohawk Valley Community College Board of Trustees will take place at 4 p.m. on Tuesday, Jan. 20, on the Utica Campus in the Stetson

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Jan 31 • 3:31 PM EST • Entertainment • romesentinel.com
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Winter dessert series begins this weekend

After two weeks of dealing with Old Man Winter, Stokes folks looking to get out of the house will have three entertainment opportunities this coming weekend, as Stokes Arts Community

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Jan 31 • 1:49 PM EST • Entertainment • thestokesnews.com
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‘House of the Dragon’ Ending With Season 4

HBO exec Casey Bloys confirmed the plan — and weighed in on George R.R. Martin’s drama with ‘House of the Dragon’ showrunner Ryan Condal.

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Jan 31 • 1:39 PM EST • Entertainment • deltanews.tv
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
Everything you wanted to know about Groundhog Day

Learn about the origins of Groundhog Day, how to watch Punxsutawney Phil’s prediction, and why the groundhog is accompanied by men wearing tuxedos and top hats.

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Jan 31 • 12:00 PM EST • Entertainment • lancasteronline.com
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IN PHOTOS: Adaptive winter sports for veterans

Armed services veterans spent a week conquering challenges at Mount Sunapee.

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Jan 31 • 12:00 PM EST • Sports • unionleader.com
In Londonderry's win over Pinkerton, Eacrett shows she's invaluable

LONDONDERRY -- While Sammie Sullivan and Gemma Murray get recognition, Brooke Eacrett is a vital part of the Londonderry High girls basketball program.

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Jan 31 • 10:40 AM EST • Sports • unionleader.com
Youssef (26 points) leads Pinkerton boys past Londonderry

LONDONDERRY -- In typical fashion, Friday night’s rivalry game between the Pinkerton Academy and Londonderry boys basketball teams began with a tough and gritty feel to it.

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Jan 31 • 9:35 AM EST • Sports • unionleader.com
February stargazing: A planet parade comes to town

And why 2026 could be a big year for spotting auroras.

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Jan 31 • 9:00 AM EST • Science • popsci.com
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LaRussell joins Super Bowl 60 entertainment lineup with game-day performance

The Vallejo rapper’s rise has never followed the industry playbook. Now, his hometown ethos is taking center stage at Super

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Jan 31 • 8:30 AM EST • Entertainment • yahoo.com
‘Food is medicine’ and the $800M shortfall: How WV hopes to change rural health care

With West Virginia now poised to lose hundreds of millions of dollars annually in federal health care funding, Gov. Patrick Morrisey plans to embrace a “food-is-medicine” movement to bridge the gap and make the state’s residents healthier so they’re less reliant on the health care system.

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Jan 31 • 7:00 AM EST • Health • wvgazettemail.com
At Washington Mardi Gras, Gov. Jeff Landry and Howard Lutnick see bright future for Louisiana

U.S. Commerce Secretary Howard Lutnick said the pieces are in place for Louisiana to become the next generation’s economic powerhouse.

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Jan 31 • 6:00 AM EST • Politics • nola.com
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Arts and entertainment calendar

Events coming up in the Greenville area offer music, arts, theater and family fun. Here is a sampling. Due to the inclement weather forecast, events may be postponed or canceled.

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Jan 31 • 6:00 AM EST • Entertainment • reflector.com
Preserve Italian culture & entertainment: Take in Ray Monte’s show celebrating his famous dad, in Lorenzo’s at the Hilton Feb. 27

Monte will honor his dad’s legacy through live performances with hits like “Dominick the Donkey,” “Lazy Mary,” “Angelina,” and “Darktown Strutters’ Ball."

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Jan 31 • 6:00 AM EST • Entertainment • silive.com
Louisiana’s members of Congress grapple with budget fallout from Minnesota protester killing

President Donald Trump worked out a short-term deal with Democrats. It’s not clear how it will go over in the House.

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Jan 31 • 5:00 AM EST • Politics • nola.com
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Mariah Carey's secret grunge album part of tribute at MusiCares event

Mariah Carey has been honored as MusiCares Person of the Year for her musical achievements and philanthropy. Two days before the Grammy Awards, Carey enjoyed hearing performances of her hit

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Jan 31 • 4:54 AM EST • Entertainment • yakimaherald.com
A John Curtis junior stepped up as the leading scorer in a rematch against Jesuit

John Curtis showed once again that it has several players capable of taking on a lead role.

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Jan 31 • 12:27 AM EST • Sports • nola.com
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Fertitta Entertainment names longtime executive as COO

Houston-based Fertitta Entertainment on Friday announced the appointment of Nicki Keenan as chief operating officer, where she will oversee the full scope of Landry’s nationwide operations, including its expansive portfolio

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Jan 30 • 8:01 PM EST • Entertainment • galvnews.com
Scanlon’s campaign, Bronin endorsement: CT Politics news

Plus: Updates on the Connecticut Education Issues Summit, the Council of Small Towns, and the Planning and Development Committee.

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Jan 30 • 6:30 PM EST • Politics • ctmirror.org
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New OU athletics director committed to pursuing entertainment district in Norman

Incoming University of Oklahoma Athletic Director Roger Denny reaffirmed the university’s commitment to building an entertainment district in University North Park during an introductory press conference Wednesday.

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Jan 30 • 5:03 PM EST • Entertainment • normantranscript.com
These New Orleans businesses and restaurants are participating in national ICE Out protest

“We're excited about the possibility of not only bringing attention to what we don't want to happen in our communities, and then hopefully, you know, raise some good money to give voice and enable those who are defending people who are our neighbors,” the owner of Flour Moon said.

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Jan 30 • 4:13 PM EST • Business • nola.com
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Essentia Health announces plans to develop family medicine clinic in downtown Moorhead

As Moorhead continues to grow, Essentia Health is excited to announce plans for a new family medicine clinic in downtown Moorhead.

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Jan 30 • 3:13 PM EST • Health • essentiahealth.org
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A McDonogh 35 senior's 'complete effort' was key against district rival Carver

A McDonogh 35 senior scored 20 points in a close district matchup against Carver.

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Jan 30 • 1:15 PM EST • Sports • nola.com
South African pediatric cardiologist joins Manning Family Children's in New Orleans

"I've been very fortunate to be able to make the differences that I've been able to make," Dr. Russel Hirsch said. "And hope to continue that."

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Jan 30 • 1:00 PM EST • Health • nola.com
Louisiana has lengthy list of Grammy nominees. Here's who to look out for this year.

And the Grammys go to ...

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Jan 30 • 10:01 AM EST • Entertainment • theadvocate.com
Business Beat : Iconic Coldwater diner goes up for sale

COLDWATER, MI (WTVB) - After 72 years of serving the downtown Coldwater, The Goodie Shop is officially on the ...

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Jan 30 • 8:05 AM EST • Business • wtvbam.com
Tickets are on sale for lots of upcoming theater productions in the Baton Rouge area

Tickets are on sale for lots of upcoming theater productions in the Baton Rouge area.

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Jan 30 • 8:00 AM EST • Entertainment • theadvocate.com
Lancaster County public sales: Jan. 30, 2026

Martin & Rutt Auctioneers LLC, of New Holland, conducted a public auction of real estate Jan. 21 at 181 Eastbrook Road, Smoketown. A three-bedroom brick rancher with one-car garage on

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Jan 30 • 7:00 AM EST • Business • lancasteronline.com
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In one South Carolina county, measles starts to feel like next pandemic

Health experts fear a future where measles outbreaks keep taking over towns with low vaccination rates.

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Jan 30 • 6:32 AM EST • Health • bbc.com
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Santa Monica's Downtown Drinking Zone Could Triple in Size

Santa Monica's downtown Entertainment Zone could expand from its current 3-block area to include Fourth Street to Ocean Avenue and from Wilshire to Colorado, following DTSM approval.

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Jan 30 • 6:00 AM EST • Entertainment • smdp.com
Over $2.6M in work permitted for Lafayette Walmart. See more Acadiana construction.

Here's what's under construction around Acadiana.

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Jan 30 • 6:00 AM EST • Business • theadvocate.com
Breathing in wildfire smoke late in pregnancy may increase autism risk, Tulane study shows

What happens when smoke meets pregnancy? A new Tulane study links wildfire smoke exposure late in pregnancy to higher autism risk.

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Jan 30 • 5:00 AM EST • Health • nola.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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Louisiana company that turns placentas into skin grafts pivots to 3D bioprinter business

Placentas are processed into wound-care patches resembling Listerine breath strips.

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Jan 30 • 5:00 AM EST • Business • nola.com
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Science Fair spotlights student talent in STEM

The Tulsa Regional STEM Alliance Science Fair, returning Feb. 12, is an annual event that not only inspires young minds in Green Country but also showcases the potential of Oklahoma’s

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Jan 30 • 1:15 AM EST • Science • tulsapeople.com
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Grammy-nominated vocalist Shemekia Copeland performing at High Noon Saloon

MADISON, Wis. — Grammy-nominated vocalist Shemekia Copeland will bring her soulful roots music to Madison next month with a performance at the High Noon Saloon.

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Jan 29 • 11:20 PM EST • Entertainment • channel3000.com
Ice and snow bring down downtown Benton business, CJ'z Downtown Billiards

A longtime downtown Benton business was destroyed after its building collapsed under the weight of ice and snow from last week’s winter storm, county officials

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Jan 29 • 8:08 PM EST • Business • katv.com
Business bounces back at landmark Old Town restaurant
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Jan 29 • 8:08 PM EST • Business • kgw.com
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'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
Stephanie Grace: Washington Mardi Gras attempts to bypass politics. It only somewhat succeeds.

If there’s a key word to the annual Washington Mardi Gras, it’s camaraderie. Yet as columnist Stephanie Grace reports from the nation’s capital, politics are never far from the surface.

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Jan 29 • 7:00 PM EST • Politics • nola.com
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The Madison businesses closing Friday for anti-ICE ‘national shutdown’

Rallies are also scheduled at UW-Madison and the Wisconsin Capitol during a nationwide protest to federal immigration enforcement.

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Jan 29 • 6:00 PM EST • Business • captimes.com
Santa Fe businesses to close Friday as part of nationwide anti-ICE protest

The Santa Fe closures are part of a national effort to convey dissatisfaction with recent actions of ICE officers in Minneapolis.

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Jan 29 • 6:00 PM EST • Business • santafenewmexican.com
Midtown businesses to close Friday as part of national ICE protest

Businesses in Minneapolis and across the country will close Friday to protest ICE activity.

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Jan 29 • 5:46 PM EST • Business • rgj.com
Back to business: Local shops, restaurants come back to life after snowstorm

Small business owners say they’ve weathered a storm that left 10 or more inches of snow on downtown streets this week. It took a mix of snow shovel handiwork, municipal plow trucks and private contractors with backhoes and tri-axle dump trucks to bring business districts back to life. “This storm

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Jan 29 • 5:38 PM EST • Business • triblive.com
HOMETOWN ENTERTAINMENT: Cabin fever setting in? There are some great events to keep you busy this weekend

From classic rock tribute bands to music celebrating Black History Month, our hometowns have a lot to offer this weekend.

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Jan 29 • 5:30 PM EST • Entertainment • wdbj7.com
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‘We’ll stay in the fight’: New OU athletic director committed to Rock Creek Entertainment District

The hiring of Roger Denny as OU’s next athletic director may signal the university’s plans to prioritize the advancement of the Rock Creek entertainment district.

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Jan 29 • 5:21 PM EST • Entertainment • oudaily.com
Science Politics communicates science, tech and policy to a broad audience | School of Foreign Service

Science Politics, a new STIA publication, blends academic rigor with journalistic storytelling to reach scholars, policymakers and the general public.

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Jan 29 • 3:36 PM EST • Politics • sfs.georgetown.edu
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Science Politics communicates science, tech and policy to a broad audience | School of Foreign Service

Science Politics, a new STIA publication, blends academic rigor with journalistic storytelling to reach scholars, policymakers and the general public.

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Jan 29 • 3:36 PM EST • Science • sfs.georgetown.edu
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East Derry business owners add to their collection

An East Derry couple has added one more local business venture to their list.

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Jan 29 • 3:32 PM EST • Business • unionleader.com
A No. 1-vs.-2 showdown between Brother Martin and Jesuit has been moved because of weather

Brother Martin and Jesuit will play their rivalry soccer match two days later than originally scheduled.

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Jan 29 • 2:58 PM EST • Sports • nola.com
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Shaw’s ‘diamond in the rough’ goes from basketball-only to committing to LSU for football

Jackson Williams’ future appeared to be on the basketball court, but a transfer from Newman to Shaw put him on a new path to LSU football. Here’s his story.

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Jan 29 • 2:20 PM EST • Sports • nola.com
U.P. college town to create business incubator where it’s ‘safe to fail’

Houghton won a $3.9 million state grant that’s making this and other projects possible.

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Jan 29 • 11:39 AM EST • Business • mlive.com
Explore Utica Zoo's Snowshoe Trails

Snow shoe rentals are a popular winter activity at the Utica Zoo.

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Jan 29 • 11:20 AM EST • Entertainment • wktv.com
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Circus and Mardi Gras-themed stage shows are coming to New Orleans theaters this week

Get ready for a thrilling week of theatrical performances in New Orleans, from the Carnival spirit in "And the Ball and All" to the circus magic of "Water for Elephants."

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Jan 29 • 11:00 AM EST • Entertainment • nola.com
Santa Rosa council endorses downtown zone that would permit to-go alcohol consumption

Consuming a beer or wine bought from a nearby establishment would be allowed in two public areas Friday through Sunday, with details still to be worked out.

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Jan 29 • 10:24 AM EST • Entertainment • pressdemocrat.com
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Hampton Town Meeting preview: Voters to weigh ICE pact, business trash

Should the town budget and proposed money articles gain approval, a homeowner with a $600,000 property will see a $301.24 increase in their tax bill.

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Jan 29 • 5:04 AM EST • Business • seacoastonline.com
Louisiana restructured child care tax credits for businesses to help families, workers

State leaders restructured and renamed a tax credit program for childcare businesses and businesses that invest in child care, which early childhood education advocates say will increase the quality of child care and ease parents back into the workforce.

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Jan 29 • 5:00 AM EST • Business • theadvocate.com
Full-length Replay: Big East Men's: DePaul at Georgetown

From Capital One Arena in Washington, D.C.

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Jan 29 • 3:17 AM EST • Sports • foxsports.com
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Davis police investigate string of downtown business burglaries
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Jan 29 • 1:33 AM EST • Business • cbsnews.com
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Rep. Ilhan Omar points finger at Trump's 'hateful rhetoric' after town hall attack

The man accused of carrying out the assault has social media accounts that include multiple photos in support of Trump and criticizing Democrats. The FBI is investigating.

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Jan 28 • 11:36 PM EST • Politics • nbcnews.com
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'Let them sue us': Residents outraged over proposed mental health facility in Horry Co.

A town hall meeting turned heated as residents and mental health advocates debated the location of a proposed mental health facility.

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Jan 28 • 11:31 PM EST • Health • wpde.com
The Herald's weekly entertainment picks

Looking to be entertained from Thursday, Jan. 29, through Wednesday, Feb. 4? Check out the Skagit Valley Herald’s weekly recommendations.

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Jan 28 • 11:30 PM EST • Entertainment • goskagit.com
Palat scores, assists in Islanders' 5-2 win over Rangers

Ondrej Palat scored the opening goal and added an assist in his debut with the New York Islanders, who defeated their cross-town rival New York Rangers 5-2 on Wednesday night. Simon Holmstrom had a goal and two assists, David Rittich made 14 saves, and the Islanders won their second straight game. Mathew Barzal, Jean-Gabriel Pageau and Emil Heineman also scored.

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Jan 28 • 10:44 PM EST • Sports • sports.yahoo.com
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Task force: Cut SF commissions, empower mayor

Legislation due to supes March 1.

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Jan 28 • 9:30 PM EST • Politics • sfexaminer.com
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Takeaways from CNN’s Minnesota town hall

Minneapolis Mayor Jacob Frey, in a CNN town hall Wednesday night, stood by the city’s sanctuary policies and repeated his demand that federal immigration agents leave the city.

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Jan 28 • 8:51 PM EST • Politics • cnn.com
America at a Boiling Point: From ICE Protests to an Attack on Rep. Omar

An attack at a town hall in Minneapolis, amid a surge in threats against lawmakers, was the latest sign of the fraying of the nation’s political fabric.

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Jan 28 • 7:47 PM EST • Politics • nytimes.com
Floods push crocodiles into Mozambican towns as health concerns rise

Floods in Mozambique have led to a new threat. Crocodiles are appearing in submerged towns and have killed at least three people. Torrential rains and severe flooding over the past month have killed more than 100 people in Mozambique, South Africa, and Zimbabwe. Thousands of homes have been destr...

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Jan 28 • 6:28 PM EST • Health • wral.com
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‘I touch the future. I teach.’: A science teacher’s quest to honor Christa McAuliffe

Former Goffstown High School science teacher Phil Browne recalls how he tried to preserve McAuliffe’s legacy with his students.

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Jan 28 • 6:11 PM EST • Science • nhpr.org
Pa. county commissioners call for $40M increase to support mental health services

HARRISBURG — County leaders from across Pennsylvania on Wednesday called on legislators and Gov. Josh Shapiro to provide an additional $40 million in funding for county mental health services in

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Jan 28 • 4:10 PM EST • Health • lancasteronline.com
High school roundup: Hastie’s shot lifts Pelham boys

Gavin Hastie’s jumper in the lane with 1.5 seconds remaining lifted the Pelham boys basketball team past host Lebanon, 50-48, in a Division II contest on Tuesday night.

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Jan 28 • 2:50 PM EST • Sports • unionleader.com
With boost from successful Burger Battle, DTSF details year ahead for downtown development, programming

The Downtown Burger Battle is bigger than ever this year – and Downtown Sioux Falls Inc. hopes that's a sign for the activity to come.

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Jan 28 • 2:42 PM EST • Business • siouxfalls.business
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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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Baton Rouge Republican joins race for Julia Letlow's U.S. House seat

After U.S. Rep. Julia Letlow entered the U.S. Senate race following an endorsement from President Donald Trump, candidates are lining up to to run for her seat.

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Jan 28 • 11:50 AM EST • Politics • nola.com
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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
Women's College Hoops Spotlight: Georgetown Coach Praises 'Best' UConn Team

FOX Sports' Laken Litman breaks down Georgetown coach Darnell Haney's eyebrow-raising comments after UConn throttled his team.

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Jan 28 • 10:23 AM EST • Sports • foxsports.com
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‘I don’t let bullies win’ Ilhan Omar says after attack, as Trump says he will ‘de-escalate’ in Minneapolis

President had mocked congresswoman hours before she was sprayed with unknown substance during a town hall event

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Jan 28 • 7:07 AM EST • Politics • theguardian.com
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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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