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Results for " mic " 15,084 found 🔀 AI-powered Shuffle

The silent breakthrough: why Apple paid $1.5 billion for a secret Israeli startup

Apple has announced the acquisition of Israeli startup Q.ai, which developed technology that deciphers speech without sound, by reading micro-movements of the face and jaw, the system translates whispers and silent speech into words and commands

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Jan 30 • 1:19 PM EST • Technology • ynetnews.com
The ICE surge has disrupted business. Minnesota’s top economic official is ‘very concerned.’

In an interview, DEED Commissioner Matt Varilek spoke at length about how ICE is affecting businesses and making the job of growing the state’s economy more difficult.

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Jan 30 • 12:00 PM EST • Business • startribune.com
Plain Talk: 'Our business climate in North Dakota is eroded'

On this Plain Talk, Ron Ness, president of the North Dakota Petroleum Council, talks about the tough economic environment for the state's oil and gas developers.

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Jan 30 • 11:13 AM EST • Business • inforum.com
Interim tag removed, Jordan Skolnick named Delaware athletic director

Skolnick has been part of Blue Hens' athletic staff since 2016 move from Michigan

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Jan 30 • 10:33 AM EST • Sports • delawareonline.com
☹️ Negative (-6%)
Vaulted Deep Named Honoree for the Wichita Business Journal Innovation Awards

Vaulted Deep, a waste management and carbon removal company, has been selected as an honoree for the 2026 Wichita Business Journal Innovation Awards. The award recognizes Vaulted's work modernizing waste management infrastructure while delivering tangible economic and environmental benefits for Kansas communities.

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Jan 30 • 10:00 AM EST • Business • finance.yahoo.com
The World’s Largest Biological Battle Is Being Fought in Space

But this evolutionary “arms race” looks a little different when playing out in microgravity.

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Jan 30 • 9:30 AM EST • Science • popularmechanics.com
Tech CFOs face a new challenge: Selling unprecedented capex as ‘disciplined’

Meta and Microsoft CFOs frame AI spending as disciplined, demand-driven.

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Jan 30 • 9:00 AM EST • Business • fortune.com
The Next Crisis Won’t Wait: Why Pandemic Preparedness Is a Business Imperative

Global health security —the ability to protect against the negative impacts of disease outbreaks — is too important to be left solely to the public sector. Industry has a vital interest in helping countries better prepare for future epidemics and pandemics.

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Jan 30 • 8:34 AM EST • Business • nti.org
As ACA subsidies expire, voters cite health costs as top economic worry, survey finds

Health costs are top of mind for voters as the 2026 midterm elections loom in November.

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Jan 30 • 8:30 AM EST • Health • cnbc.com
Radiologists continue to dominate in No Surprises Act payment disputes

The federal government recently released new data pertaining to the landmark legislation, meant to protect patients from receiving unexpected medical bills.

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Jan 30 • 7:52 AM EST • Business • radiologybusiness.com
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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Microsoft is experimenting with a top menu bar for Windows 11

Microsoft wants feedback on its dock proposal

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Jan 30 • 6:22 AM EST • Technology • theverge.com
Mid-Michigan entertainment for the weekend of Jan. 30 to Feb. 1 and beyond

Check out what’s going on around the region.

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Jan 30 • 6:08 AM EST • Entertainment • themorningsun.com
Dr. Michael Greger’s Bias Is Food for Thought

How can we distinguish between a sufficiently objective science communicator and an advocate? Communicating science to the public means choosing scientific papers, reading them, and appraising their

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Jan 30 • 6:08 AM EST • Science • mcgill.ca
CT’s largest business group lays out top priorities. They sound familiar

Speakers said Connecticut is at a crossroads with a mixed economic picture, uncertainty due to federal policy changes, inflation and cost of living.

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Jan 30 • 5:11 AM EST • Business • courant.com
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Minneapolis business owner working 16-hr shifts, help staff avoid ICE

Michael Knox runs a restaurant near Minneapolis. He said employees are afraid to come in, and even his regular customers have been absent.

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Jan 30 • 5:09 AM EST • Business • businessinsider.com
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Trump warns UK against doing business with China after Starmer visits Beijing

It comes after the US president threatened to impose tariffs on Canada if it went through with economic deals struck with China

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Jan 30 • 4:33 AM EST • Business • theguardian.com
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Trump warns UK against doing business with China after Starmer visits Beijing

It comes after the US president threatened to impose tariffs on Canada if it went through with economic deals struck with China

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Jan 30 • 4:33 AM EST • Politics • theguardian.com
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How liberals lost the internet

In the first part of our series on digital politics, we look at how centrists have lost ground fighting disinformation – when the real battle is over emotion and attention, says digital media academic Robert Topinka

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Jan 30 • 3:00 AM EST • Politics • theguardian.com
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Trump to announce Federal Reserve chair nominee today; French economy slows

Rolling coverage of the latest economic and financial news

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Jan 30 • 1:50 AM EST • Business • theguardian.com
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Can Science Still Afford Serendipity?

Serendipitous observations have shaped science for centuries. What happens to such discoveries when the academic atmosphere leaves no room for detours?

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Jan 30 • 1:00 AM EST • Science • the-scientist.com
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
Joey Votto finalizing broadcast deal with NBC Sports

Longtime Red Joey Votto is finalizing a deal with NBC Sports to be part of its MLB coverage, according to Front Office Sports' Michael McCarthy.

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Jan 29 • 9:25 PM EST • Sports • cincinnati.com
Eugene businesses close during nationwide economic shutdown

Portal Teas, Noisette Pastry Kitchen, Acorn Community Cafe, and more disrupt business as usual for protest on Jan. 30

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Jan 29 • 8:58 PM EST • Business • registerguard.com
Colorado's snow drought creates economic challenges for ski resorts, local businesses
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Jan 29 • 8:47 PM EST • Business • 9news.com
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Microsoft explores bringing Linux-like top menu bar to Windows 11 with new PowerToys feature

Microsoft's PowerToys team is exploring a new feature that would add a menu bar to the top of the Windows desktop, offering power user shortcuts similar to the menu bar on a Mac or Linux distro.

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Jan 29 • 7:22 PM EST • Technology • windowscentral.com
UK business confidence weakens as doubts grow over wider economy

British business confidence has weakened this month after executives' view of the global economic outlook declined to its darkest in a year, a survey by Lloyds showed on Friday.

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Jan 29 • 7:02 PM EST • Business • reuters.com
The Observatory and WHO Ukraine reflect on productive partnership and continued collaboration

Why have some health systems coped better than others during the COVID-19 pandemic? Some answers might become clear if we could assess how resilient health systems are in response to crises or shocks, such as the current pandemic and other emergencies, including financial ones, or how well health systems were prepared for such events in the first place. The European Observatory on Health Systems and Policies has just published a new policy brief, “Strengthening health systems resilience”, which includes a framework to help policy-makers understand health system resilience and how to strengthen it. This policy brief highlights the key features of resilience and provides examples of strategies which have been applied in different countries.

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Jan 29 • 7:00 PM EST • Health • eurohealthobservatory.who.int
New radon story map explains how it enters the indoors, health risks and how to fix it

The latest story map published by EGLE provides a detailed look at radon.

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Jan 29 • 7:00 PM EST • Health • michigan.gov
M12's Cheng: Health Care One of The Fastest AI Adopters

Cheryl Cheng, managing partner at M12, Microsoft’s venture fund, says health care has shifted from being slow to adopt technology to becoming one of the fastest adopters of AI. She speaks with Romaine Bostick and Katie Greifeld on “The Close.” (Source: Bloomberg)

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Jan 29 • 6:13 PM EST • Health • bloomberg.com
Chicago business leader launches Bear Down Community Investment Group to spur regional economic development

Bear Down Community Investment Group will focus on housing, workforce training and economic development across the Greater Chicago region, with plans to eventually go nationwide.

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Jan 29 • 5:45 PM EST • Business • chicago.suntimes.com
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UND Nistler College of Business & Public Administration announces newly named Fransen Department of Real Estate, Economics & Finance

UND alum Bob Fransen's gift establishes real estate major, renames department

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Jan 29 • 4:36 PM EST • Business • blogs.und.edu
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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The chemical genius of Katharine Burr Blodgett

The story of a woman whose discoveries in materials science quietly shape our everyday world but whose legacy was long eclipsed by the famous scientist she worked with at the General Electric Company

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Jan 29 • 1:00 PM EST • Science • scientificamerican.com
Anne's College professor selected to Digital Science Communication Fellowship

Florida State University Margaret A. Sitton Endowed Professor Michael Ormsbee has been selected for the 2026 Digital Science Communication Fellowship, a

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Jan 29 • 12:02 PM EST • Science • news.fsu.edu
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Microsoft is working to rebuild trust in Windows

2026 is all about improving Windows

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Jan 29 • 12:00 PM EST • Technology • theverge.com
Michigan State business school to host ‘Rails to the Future' conference

TROY, Mich. — Michigan State University’s Eli Broad College of Business will host “Rails to the Future: 200 Year of Progress, Building What’s Next,” a conference featuring key rail industry officials May 11-13 at the MSU Management Education Center in Troy. Keynote speakers will include Federal Railroad Adminstration Administrator David Fink; Surface Transportation Board [...] Read More...

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Jan 29 • 11:44 AM EST • Business • trains.com
Columnist says ‘socialism can't succeed anywhere’ amid Venezuela’s political turmoil

Washington Post opinion columnist Carine Hajjar joins ‘America’s Newsroom’ to discuss Venezuela’s economic unraveling and its political future after U.S. forces captured Nicolas Maduro.

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Jan 29 • 10:56 AM EST • Politics • foxnews.com
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“Entertainment Weekly” reveals Breaking Big honorees for 2026 SCAD TVfest

Sean Kaufman ("For All Mankind"), Michelle Randolph ("Landman"), Amirah J ("High Potential"), and Taylor Dearden ("The Pitt") will speak on a panel moderated by EW's Gerrad Hall.

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Jan 29 • 10:00 AM EST • Entertainment • yahoo.com
Health care and academic workers share concerns over halt to H-1B visas in Texas

Since Houston is home to the world's largest medical center, ABC13 wanted to know how Gov. Greg Abbott's directive could affect operations.

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Jan 29 • 9:58 AM EST • Health • abc13.com
John Hancock CEO: We all have a role in driving better health outcomes for Americans

I recently testified before the U.S. Congress Joint Economic Committee on improving long-term health outcomes and reducing healthcare costs.

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Jan 29 • 9:10 AM EST • Health • fortune.com
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New study shows WVU, WVU Health System have huge impact on West Virginia

President Michael T. Benson and Albert L. Wright, Jr. share details from the Tripp Umbach Economic Impact Report.

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Jan 29 • 8:01 AM EST • Health • enews.wvu.edu
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Mia Bonta pleads for ‘pandemic-level’ response to Feds’ gutting of Medi-Cal

Up to two million of the state’s lowest-income people may lose health insurance due to federal changes. Bonta wants to lead the charge to stop that.

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Jan 29 • 8:00 AM EST • Health • sacbee.com
Scientists use AI to crack the code of nature’s most complex patterns 1,000x faster

Order doesn’t always form perfectly—and those imperfections can be surprisingly powerful. In materials like liquid crystals, tiny “defects” emerge when symmetry breaks, shaping everything from cosmic structures to everyday technologies. Now, researchers have developed an AI-powered method that can predict how these defects will form and evolve in milliseconds instead of hours. By learning directly from data, the system accurately maps molecular alignments and complex defect behavior, even in situations where defects merge or split.

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Jan 29 • 7:00 AM EST • Science • sciencedaily.com
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
Illinois job market loses momentum after year-end slide

Illinois shed jobs for a second straight month at the end of 2025, the sharpest pullback since the post-pandemic rebound began, even as Chicago’s job market proved more resilient.

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Jan 29 • 6:31 AM EST • Business • chicagobusiness.com
‘What if I told you this school had no teachers?’: Is AI schooling the future of education — or a risky bet?

Alpha School, which purports to teach children academics using AI for two hours a day, has got the support of the Trump administration, but leaves some education experts and parents unimpressed.

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Jan 29 • 6:00 AM EST • Politics • cnn.com
Fall Sports of XC, FB, VB, & Soccer Earn Academic All-Big 12 Honors

IRVING, Texas – The Big 12 Conference has announced its Fall Academic All-Big 12 honorees for the 2025 fall semester, released Thursday.

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Jan 29 • 6:00 AM EST • Sports • baylorbears.com
Google Chrome Gets Gemini Side Panel and Agentic Browsing Features

AI-powered browsing features have become a battleground among browser makers in recent months. OpenAI launched its Atlas browser in October, while Microsoft Edge and Opera have also introduced AI assistants and automated browsing capabilities. And now Google is upping the ante. The company has announced a slew of new AI features fro Chrome, including a persistent sidebar for the Gemini chatbot and "auto browse" capabilities that can perform web tasks on your behalf.

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Jan 29 • 5:44 AM EST • Technology • macrumors.com
Meta Overshadows Microsoft by Showing AI Payoff in Ad Business

The Facebook parent’s results highlight the advantages of its simpler, ad-focused business model.

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Jan 29 • 5:30 AM EST • Business • wsj.com
SBA programs for native businesses face scrutiny

The Native Hawaiian Organizations Association is urging President Donald Trump’s administration to distinguish between “isolated allegations” about the Small Business Administration’s program aimed at developing native-run businesses and its success expanding economic opportunity, as U.S. Rep. Ed Case calls for a formal review.

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Jan 29 • 5:05 AM EST • Business • staradvertiser.com
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How Stephen Miller micromanages Trump’s immigration policies

Stephen Miller has sought this week to distance himself from the recent fatal shootings in Minneapolis and the administration’s miscalculated response. But more than anyone, Miller has been the overall architect of Trump’s aggressive deportation push, encouraging heavy-handed operations in blue cities, and urging agencies to cast a wide net to meet hefty arrest quotas.

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Jan 29 • 5:00 AM EST • Politics • cnn.com
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Americans Are More Worried About Health Care Costs Than Gas or Groceries

The price of health care tops the US public’s long list of economic worries ahead of the midterm elections, according to new polling data, as “affordability” has become a buzzword championed by politicians on both sides of the aisle.

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Jan 29 • 5:00 AM EST • Health • bloomberg.com
Health Care Costs Tops the Public’s Economic Worries as the Runup to the Midterms Begins; Independent Voters Are More Likely to Trust Democrats than Republicans on the Issue

Heading into this midterm election year, the cost of health care tops the public’s economic anxieties and more than 4 in 10 voters say the issue will have a major impact on their vote, this KFF Health Tracking poll finds.

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Jan 29 • 5:00 AM EST • Health • kff.org
KFF Health Tracking Poll: Health Care Costs, Expiring ACA Tax Credits, and the 2026 Midterms

Looking ahead to the midterm elections, health care costs are the public’s top economic concern, and many voters say the issue will have a major impact on their vote. On health care issues, including the cost of health care, voters currently trust Democrats more than Republicans, though neither party has an advantage on addressing the overall cost of living. Following the expiration of the ACA enhanced tax credits, two-thirds of the public say Congress did the “wrong thing” by not extending them.

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Jan 29 • 5:00 AM EST • Health • kff.org
NJ's employment, economic numbers look bad. Can Sherrill fix that?

Mikie Sherrill has taken office as governor as New Jersey faces economic hurdles. The state’s gross domestic product lags behind much of the nation.

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Jan 29 • 4:31 AM EST • Business • northjersey.com
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Weak dollar drives gold over $5,500 an ounce for first time, amid geopolitical and debasement fears

Rolling coverage of the latest economic and financial news

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Jan 29 • 2:24 AM EST • Business • theguardian.com
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Premier Radiology Services acquires rival teleradiology group NRad

Backed by private equity investors at Grovecourt Capital Partners, the Florida firm is buying National Radiology Solutions for an undisclosed sum.

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Jan 29 • 2:12 AM EST • Business • radiologybusiness.com
Throwback Thursday: Notre Dame Fighting Irish Football VS Michigan, 1992

This week’s Throwback Thursday takes us back to one of the most emotionally charged games ever played inside Notre Dame Stadium — the 1992 showdown between Notre Dame and Michigan. I chose this game in honor of Reggie Brooks, whose birthday we just celebrated on January 19th. Reggie’s legacy at Notre Dame extends far beyond […]

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Jan 29 • 1:51 AM EST • Sports • onefootdown.com
Behavioral Health as Economic Infrastructure

As behavioral health shapes productivity and inclusion, Catalight is building sustainable care models fit for the global economy

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Jan 29 • 12:00 AM EST • Health • cbsnews.com
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Senators probe experts during Capitol Hill investigation into Palisades fire

The state and local response to the Palisades fire last year was back under a microscope

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Jan 28 • 7:50 PM EST • Politics • spectrumlocalnews.com
Snowstorm brings economic boom to some Delaware County businesses while others struggle
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Jan 28 • 7:26 PM EST • Business • cbsnews.com
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US Federal Reserve holds interest rates steady despite political pressure

The central bank will maintain rates at 3.5 to 3.75 percent and warned of 'elevated' economic uncertainty.

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Jan 28 • 2:23 PM EST • Politics • aljazeera.com
Fed holds interest rates steady, pausing rate cuts amid economic uncertainty

Federal Reserve policymakers left interest rates unchanged at its January meeting after cutting rates at its three prior meetings amid uncertainty over the labor market and inflation.

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Jan 28 • 2:00 PM EST • Business • foxbusiness.com
Google confirms ‘Take a Message’ microphone bug, disabling on old Pixel phones

For a small number of users, the Pixel Phone app’s “Take a Message” feature inadvertently sent audio to the caller...

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Jan 28 • 1:52 PM EST • Technology • 9to5google.com
Can We Protect Science?

Can We Protect Science? It was a burning question at the World Economic Forum last week.

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Jan 28 • 1:50 PM EST • Science • nautil.us
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Windows 11 will support resuming Spotify, web browsing, and other apps from Android

Microsoft might’ve ditched Android apps in Windows 11 a couple of years ago, but that doesn’t mean it’s abandoned cross-platform...

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Jan 28 • 1:13 PM EST • Technology • 9to5google.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
Samsung's Cool New Gadget Has The First Display Of Its Kind In The World

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

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Jan 28 • 12:44 PM EST • Technology • bgr.com
Manu Ginobili among backers of new planned sports performance project in South Florida

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

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Jan 28 • 11:36 AM EST • Sports • nbcmiami.com
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KPN Consulting Services Announces Over 20M USD in Business Acquisitions and Launch of Financial Wealth Symposium

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

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Jan 28 • 10:21 AM EST • Business • usatoday.xpr-gannett.com
FreshBooks 2025 Ontario Small Business Snapshot: Owners More Reserved Than U.S. Peers, but Most Say Their Businesses Are Stable

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

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Jan 28 • 7:29 AM EST • Business • finance.yahoo.com
General Dynamics fourth-quarter revenue rises on strong defense business

General Dynamics posted a rise in fourth-quarter revenue on Wednesday, driven by growth in its combat and marine systems segments.

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Jan 28 • 7:18 AM EST • Business • reuters.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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