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Cosm Expands its Leadership Team to Scale Its Sports and Entertainment Division
Cosm announces the appointment of two new leaders – Jeff Hughes (President, Sports and Entertainment) and Rob Laycock (Vice President, Head of Venues Marketing) – to scale its sports and...
Italian state broadcaster's sports boss quits after Olympic commentary backlash
Paolo Petrecca has resigned as head of the sports division of Italian state broadcaster RAI, the company said on Thursday, two weeks after his error-ridden commentary at the Winter Olympics opening ceremony triggered a revolt among its journalists.
Ulster heavyweights renew rivalry as Harte returns to Derry
It's round four of the National Football League and the runners and riders in all four divisions are becoming ever clearer.
Division of Biological Sciences Dean Richard Harland to conclude term in June 2027
Harland continued a long history of scientific and scholarly excellence throughout his many years of service to the division.
Sanders and Newsom clash over proposed tax on California's billionaires
As national Democrats search for a unifying theme ahead of the fall's midterm elections, a California proposal to levy a hefty tax on billionaires is turning some of the party’s leading figures into adversaries just when Democrats can least afford division from within.
Vanderbilt Health remembers C. Leon Partain, former chair of Radiology
Clarence Leon Partain, MD, PhD, professor emeritus of Radiology and Radiological Sciences, whose work in nuclear medicine and magnetic resonance imaging helped shape the field of academic radiology, died Jan. 28 in Brentwood, Tennessee. He was 85. After beginning his career as a nuclear engineer at Oak Ridge National Laboratory and as faculty at the University of Missouri and the University of North Carolina, Dr. Partain joined the ranks at Vanderbilt Radiology in 1980 and was promoted to professor in 1984. He later became the first Carol D. and Henry P. Pendergrass Professor of Radiology and Radiological Sciences and chair of the department (1992-2000), and subsequently the director of the Center for Imaging Research. Shortly after arriving in Nashville, Dr. Partain began to lead Vanderbilt Radiology’s nuclear medicine division. He remained in this role until he was named the department chair. Dr. Partain specialized in multiple fields, including nuclear medicine, magnetic resonance imaging and positron emission tomography. Following his time as chair, Dr. Partain shifted his focus to research and spent time working clinically with radiology’s chest imaging section. In 2015, he retired and was honored for his years of service and named as emeritus faculty. Dr. Partain also held an appointment as professor of Biomedical Engineering. A Tennessee native, Dr. Partain was born in Memphis and later graduated from high school in Clarksville. He then received his BS in nuclear engineering from the University of Tennessee, his MS and PhD in nuclear engineering from Purdue University and his MD from Washington University. He completed his residency training in diagnostic radiology and nuclear medicine at the University of North Carolina. Dr. Partain was clinically trained and certified in diagnostic radiology and nuclear radiology by the American Board of Radiology (ABR) and the American Board of Nuclear Medicine. Throughout his career, Dr. Partain contributed to the growth of Vanderbilt Radiology and received many academic and research accolades across the specialty through various associations. During his time leading the department, clinical studies increased from 180,000 to 260,000 cases per year, emerging technological imaging equipment expanded the department’s capabilities, and units for angiography and fluoroscopy were added to the tool kit. The department also expanded its footprint with outpatient imaging in Nashville, Bedford County and more. Research continued to expand with continued growth in scientific findings and millions in grant funding for radiopharmaceuticals, functional MRI, nuclear medicine, X-ray, ultrasound and more. Dr. Partain is celebrated for being instrumental in bringing the first MRI and PET/CT machines to the Medical Center. His efforts helped build Vanderbilt Radiology’s prestige in the world of academics and research both nationally and internationally. His society affiliations included the American College of Radiology, the American College of Nuclear Medicine, and the International Society of Magnetic Resonance in Medicine (ISMRM). He served as president of the Radiological Research Alliance of the Association of Academic Radiologists and has held executive roles as a member of many radiological society boards. Dr. Partain was editor-in-chief of the Journal of Magnetic Resonance Imaging from 2000 to 2013 and a member of the editorial boards of Magnetic Resonance in Medicine, Magnetic Resonance Imaging, the American Journal of Roentgenology, Academic Radiology, the Journal of Nuclear Medicine and Investigative Radiology. He has authored/co-authored/edited six textbooks, including one of the first comprehensive textbooks on MRI, “Nuclear Magnetic Resonance (NMR) Imaging.” Dr. Partain has also authored/co-authored/edited approximately 100-plus book chapters and 200-plus journal articles. In 2000, Dr. Partain received the Distinguished Service Award from the ABR. In 2014, he received the Distinguished Service Award from the ISMRM. In 2016, he received the Alumni Achievement Award from Washington University for his “contributions to advance the fields of nuclear medicine and medical imaging.” Dr. Partain served the ABR as an examiner for 20 years, the Accreditation Council for Graduate Medical Education as a member of the Nuclear Medicine Residency Review Committee, and Vanderbilt University School of Medicine in multiple capacities. A devout Baptist deacon and man of committed faith, he is survived by his wife of 62 years, Judy; children, David (Rebecca), Teri (Bland), and Amy; brother, Larry (Deb); brother-in-law, Tom (Cathy); grandchildren, Sarah (Brandon), Amy, Luke, Tucker, Alex, Ryan and Jake; cousins and a host of nieces and nephews. Vanderbilt Health is grateful to Dr. Partain for his decades of service and major contributions to clinical and research imaging.
Five Berkeley Lab Scientists Receive DOE Early Career Research Awards
Five scientists from Lawrence Berkeley National Laboratory (Berkeley Lab) have received Early Career Research Program (ECRP) awards from the Department of Energy. The ECRP program, now in its 16th year, was established to bolster the nation’s scientific workforce by supporting exceptional researchers at the outset of their careers, when many scientists do their most formative work. Recipients use the funding to pursue projects that have the potential to solve scientific challenges and advance the country’s STEM capabilities. To be eligible for the program, a researcher must be an untenured, tenure-track assistant or associate professor at a U.S. academic institution, or a full-time employee at a DOE national laboratory or Office of Science user facility, who is within 10 years of having earned their doctorate. Awards to an institution of higher education will be approximately $875,000 over five years, and awards to a DOE national laboratory or Office of Science user facility will be approximately $2,750,000 over five years. This year’s Berkeley Lab awardees and their projects are listed below: Timon Heim: Better detectors for more powerful particle colliders Timon Heim is a staff scientist in the Physics Division. His ECRP project will develop a new type of detector that can track the particles generated by collisions in particle colliders with high spatial and temporal resolution. Current detectors in use at high-energy colliders, like the ATLAS detector at the Large Hadron Collider (LHC) at CERN, can track the trajectory and measure momentum of particles, but they can’t track a particle’s time of arrival with sufficient precision to discern from which of the many particle interactions they originate. Heim’s proposed technology — called a 4D tracking detector, because it captures data about particles’ positions in space and time — aims to solve this challenge, allowing researchers to glean more precise data from collision experiments to uncover new insights into fundamental forces and potentially discover new particles. The enhanced capabilities of 4D detectors will be a necessity for experiments at future colliders, such as the Muon Collider or Future Circular Collider. The project will develop custom microelectronics that process the signal of a pixelated silicon sensor that can register charged particles passing through it in an extreme radiation environment that these colliders produce during operation. The goal is to measure individual particles’ position with 50-micro-meter spatial and 50 pico-second (one trillionth of a second) temporal precision, for an incoming flux of around 1 billion particles per second per square centimeter. Harrison Lisabeth: Studying underground processes to unleash abundant energy Harrison Lisabeth is a research scientist in the Energy Geoscience Division focused on combining real-world experiments and AI to guide development of geothermal energy systems. His project will explore how deep underground rock formations – where geothermal wells are dug – are stressed by chemical reactions of the minerals and mechanical strain from movements in the Earth. A better understanding of subsurface stresses is essential to engineer safe and reliable geothermal wells that access the heat of deep rocks to produce electricity. It is estimated that the U.S. could generate ten times the amount of energy needed to power the grid using geothermal sources. Lisabeth plans to simulate how minerals grow, dissolve, and influence the behavior of surrounding rock in geothermal reservoirs by tracking chemical changes in rock samples under pressure in the lab. The project will also develop machine learning models to predict geologic strain based on field measurements and refine existing models that describe how common rock types deform under stress. Combining these approaches, Lisabeth hopes to develop a framework to predict stress to improve stability and longevity of geothermal wells. Daniel Carney: Pushing the quantum boundaries of particle measurement Daniel Carney is a staff scientist in the Physics Division who uses quantum information science to study particle physics and gravity. At very small scales, “quantum noise” — random fluctuations from the act of measurement — can drown out faint signals from rare processes. Carney’s ECRP project, “Fundamental Physics at the Quantum Limits of Measurement,” aims to build a new mechanical quantum sensor that can measure extremely small particle interactions below the limits of that quantum noise. The approach uses lasers to hold a tiny bead containing radioactive atoms; when one decays, the system measures the bead’s motion and the energy of any particles emitted. The experiment’s initial goal is to search for heavy sterile neutrinos, hypothetical particles predicted by some extensions of the Standard Model. The system could also help measure the mass of the neutrino, study the way particles interact through the electromagnetic and weak forces, and hunt for low-mass dark matter — all unsolved mysteries in particle physics. Callum Wilkinson: Using machine learning to demystify neutrinos Callum Wilkinson is a staff scientist in the Physics Division and part of the international Deep Underground Neutrino Experiment (DUNE) hosted by Fermi National Accelerator Laboratory. DUNE will create an intense beam of neutrinos that interact in detectors in Illinois and, after an 800-mile journey through the earth, in massive detectors in South Dakota. By precisely measuring neutrinos and how they change, researchers will get a better understanding of their fundamental properties and whether they are responsible for why there is so much more matter than antimatter in our universe. Wilkinson’s ECRP project will apply two machine learning techniques to improve the analysis of DUNE’s data and enhance the experiment’s precision. One approach will look for hidden patterns in how neutrinos interact and produce low-energy particles, while the other will help correct for distortions in what the detectors record. The methods will be tested on one of DUNE’s prototype detectors and could be used in other neutrino experiments, improving their measurements and helping scientists build better models. Aditi Krishnapriyan: Machine learning methods that scale as datasets grow Aditi Krishnapriyan is a faculty scientist in Berkeley Lab’s Applied Mathematics and Computational Research Division (AMCR) and assistant professor at UC Berkeley. Her project, awarded through UC Berkeley, will develop machine learning methods that scale with dataset size for modeling complex, multi-scale phenomena. The resulting tools can be applied in a wide range of research, including the study of new electrolytes for batteries or the examination of molecular interactions. ### Lawrence Berkeley National Laboratory (Berkeley Lab) is committed to groundbreaking research focused on discovery science and solutions for abundant and reliable energy supplies. The lab’s expertise spans materials, chemistry, physics, biology, earth and environmental science, mathematics, and computing. Researchers from around the world rely on the lab’s world-class scientific facilities for their own pioneering research. Founded in 1931 on the belief that the biggest problems are best addressed by teams, Berkeley Lab and its scientists have been recognized with 17 Nobel Prizes. Berkeley Lab is a multiprogram national laboratory managed by the University of California for the U.S. Department of Energy’s Office of Science. DOE’s Office of Science is the single largest supporter of basic research in the physical sciences in the United States, and is working to address some of the most pressing challenges of our time. For more information, please visit energy.gov/science.
Prep basketball roundup: JSerra asserts its superiority in Division 1 playoffs
With no Trinity League teams left in Division 1, JSerra advances to semifinals.
University of Toledo Athletics launches program for youth sports
RYSL is a university-led platform, and the UToledo said it's believed to be the first of its kind in NCAA Division I athletics
Tribute to late Charlie Kirk illuminates division in Kansas politics on meaning of free speech
Republicans and Democrats in Kansas Legislature take bright-line approach to questions about Charlie Kirk's use of First Amendment right to speech.
Iran seeks to get out of FATF blacklist amid domestic political divisions
North Korea and Myanmar are other two countries on global financial blacklist as Tehran promises countermeasures.
Prep talk: Derrick Taylor continues his coaching magic at Blair
Blair upset top-seeded Bonita on Friday night to advance in Southern Section Division 4 boys' basketball playoffs.
Jon Jones reveals his favorite fighter
Most people have a favorite fighter including the greatest fighter of all time. Former two-division UFC champion Jon Jones named his favorite fighter of all time and his favorite currently active mixed martial artist in a recent interview with Helen Yee Sports. "My favorite fighter to watch, it's ...
MAGA vs MAGA: Georgia election exposes divisions in Trump’s base
Republican candidates vie for MAGA mantle in race to replace Rep. Marjorie Taylor Greene.
City Council Business Meeting on Tuesday, February 17, 2026, 9:00 a.m.
The Palm Coast City Council meets regularly to discuss and vote on official City business. These meetings are open to the public, and Palm Coast residents are strongly encouraged to attend. An increase in public engagement helps to build a stronger sense of community, increase valuable discussions, and decrease division.
Young Women Speak Up for Women’s Sports
There is definitive scientific proof that males and females are biologically different. Acknowledging this reality is not about exclusion; it is about fairness, safety, and equal opportunity for women and girls. Scripture reminds us that “God is not a God of confusion but of peace” (1 Corinthians 14:33). Recognizing biological truth brings clarity, not division. […]
Expedia’s B2B Business Drives 11% Sales Growth in Fourth Quarter
The company’s business-to-business division is bringing in more revenue as more corporate travel customers, airlines and banks turn to Expedia for technology, inventory and tools to power their own booking platforms.
High school roundup: Tarrier hits milestone in Goffstown victory
Senior captain Zack Tarrier registered three goals and an assist to break the career 100-point milestone, leading Goffstown to a 6-2 win over Spaulding in a Division II hockey game
Daniel Cormier: 'Jon Jones doesn't have anything left'
Former two-division UFC champion Daniel Cormier thinks Jon Jones' fighting days are likely behind him.
National Girls and Women in Sports Day Clinic Connects Young Athletes with Seawolves Role Models
Stony Brook University Athletics hosted more than 120 young athletes in the Pritchard Gymnasium for its annual National Girls and Women in Sports Day Youth Clinic. The February 1 clinic is a free community event designed to introduce girls to a wide range of sports while connecting them with the university’s Division I student athletes.
Prep talk: San Pedro vs. Washington Prep tops City Section basketball playoff openers
Marine League champion San Pedro faces Coliseum League champion Washington Prep in Open Division first-round playoff game on Wednesday.
Utah governor chides Winter Olympics media: 'Hate the questions you ask athletes'
Utah Gov. Spencer Cox chided reporters at the 2026 Winter Olympics on Feb. 10 for asking US athletes about political division in the United States.
Fremantle’s Director of Global Entertainment Andrew Llinares Stepping Down
Fremantle’s director of global entertainment Andrew Llinares is set to step down this spring. The global entertainment division and leadership team will report to group CEO Jennifer Mullin on an inter...
New food science center to get $30M | Pine Bluff Commercial News
Federal funding legislation signed into law the week of Feb. 6 included $30 million to support the construction of a new Center of Excellence for Food Science and Innovation in Fayetteville as part of the University of Arkansas System Division of Agriculture.
Rock The Country festival defends patriotic message after artists exit, 'loving America isn't political'
Kid Rock's Rock The Country festival canceled Anderson stop after Shinedown and multiple other artists withdrew over political division concerns.
Redding-area winter sports: Top games for final week of regular season
The 2025-26 winter sports season concludes with regular season finales for basketball and soccer, plus wrestling divisional championships this week.
How health system execs can foster cultures of digital transformation
Audrey Gregory, CEO of AdventHealth’s new Multi-Division Delivery Network, previews her HIMSS26 session – in which she'll discuss its 10-year roadmap to align leadership practices with workforce needs, from frontline clinicians to senior leaders.
Bad Bunny celebrates Puerto Rico at Super Bowl, angering Trump
Puerto Rican superstar Bad Bunny on Sunday turned the Super Bowl into a giant street party, emphasizing unity over division in his groundbreaking Spanish-language set -- but still earning President
LAPS Announces 2026 Los Alamos County Science Fair Results
Science Fair participants in the junior division with their awards. Photo Courtesy LAPS Los Alamos High School students Linus Plohr, Lilia Viteva and Tate Plohr won first place awards for their pro…
Sources: North Dakota State in serious discussions to join Mountain West as football-only member
North Dakota State’s long-awaited move to the Football Bowl Subdivision is inching closer to becoming a reality.
13th NCAA Division I school to add varsity women’s flag football team
USC Upstate is the 13th NCAA Division I program to add a women's flag football team at the varsity level and the second in the Big South Conference.
Ryan Expands UK Business Rates and Property Tax Capabilities with Acquisition of WYM Rating
PLANO, Texas & EDINBURGH, Scotland, February 05, 2026--Ryan, a leading global tax services and software provider, is pleased to announce the acquisition of Williams Young McKaig Ltd, a specialized commercial property consultancy, and its specialist rating division, WYM Rating, based in Edinburgh. The acquisition establishes Ryan’s property tax and business rates presence in Scotland and expands the Firm’s ability to serve clients with complex commercial property portfolios across the United King
AMD Confirms Steam Machine in Early 2026, Xbox SoC Powered by RDNA 5 in 2027
AMD posted its record fourth quarter revenue of $10.3 billion in 2025, and during the earnings call, the company issued some guidance on the upcoming product portfolio. During the call, AMD confirmed that Valve's Steam Machine is on track and shipping early this year, while its custom SoC division t...
Streaking Kraken, Ducks face off in key divisional tilt
Just think where Jared McCann and the Seattle Kraken might be if the forward had been healthy all season.
Driver license offices to return to normal business hours
ROCKY MOUNT, N.C. (WNCT) — Due to the exhaustion of federal funding, the North Carolina Division of Motor Vehicles said they will end the extended early-morning hours at 90 driver license offices. Officials said these offices have opened at 7am instead of the standard 8am to provide additional customer service time, but can no longer […]
Opinion | How a Conservative Texas District Rejected the Politics of Division
Many Americans are growing both exhausted and frightened by Trump’s scorched-earth, hyperpartisan, fire-ready-aim approach to the presidency.
UIL Realignment 2026: Here are the biggest moves for Texas high school sports
Monday was Realignment Day for high school sports in Texas as the University Interscholastic League released its list of division compositions that will govern matchups for the next two years.
Bob Iger, as He Readies Exit as Disney CEO, Says There’s ‘Healthy Competition’ Between Parks and Entertainment Divisions to Be No. 1 Profit Center
Disney CEO Bob Iger hasn't left the building yet, but said there's a 'healthy competition' now between its parks and entertainment divisions.
K2 International Expands Financial Lines Capabilities with Acquisition of Rising Edge’s Management Liability Business
LONDON, February 02, 2026--K2 Insurance Services announces today the acquisition of Rising Edge’s Management Liability Underwriting business. This team will form a new division, rebranded K2 Executive Risk Limited, as part of K2 Group Holdings Limited (K2 International).
AND NEW! Stevenson Dominates Lopez To Become Four-Division Champion
If there was ever any doubt as to how good Shaker Stevenson really is he put it all to rest last night (Sat., Jan. 31, 2026) in New York City against Teofimo Lopez, dominating “The Takeover” for pretty much the whole fight inside Madison Square Garden. From the jump Stevenson made it clear to Lopez […]
Watsonville’s Guillen records five goals in trounce over King City
Watsonville senior forward Diego Guillen notched five goals in the Wildcatz's 7-2 thumping win over King City in Pacific Coast Athletic League Mission Division boys soccer action Friday evening.
Response to Melania Trump documentary reflects America’s political division
CARMEL, Ind. — Marla Ailor attended President Donald Trump’s inauguration last year with her family, and remembered thinking it was a long day. So she ...
Pace(R) Earns Environmental Business Journal Award for Adding Respirable Crystalline Silica Testing
Company awarded Business Achievement Award for New Practice in 2025 MINNEAPOLIS, MINNESOTA / ACCESS Newswire / January 30, 2026 / Pace® Analytical Services, the preferred provider of regulatory testing and analytical laboratory services, and a Division ...
How the Miami RedHawks became college basketball's most unlikely undefeated team
At 21-0, the Miami (Ohio) men's basketball team is one of just two remaining undefeated Division I men's teams. Here's how the RedHawks got here
Burkina Faso junta announces ban on all political parties
The multiparty system had been "promoting division among citizens", the country's interior minister said.
Getty Images Photographers Recognized at 2026 World Sports Photography Awards
Getty Images Photographers Recognized at 2026 World Sports Photography Awards
Josh Allen Disrespects Patriots In New Sore Loser Comments
It’s always unlikable when a pro athlete plays the “shoulda, woulda, coulda” game during interviews, and that’s what Buffalo Bills QB Josh Allen just did. In a new presser, Allen insinuated that if he’d made one more play against the Denver Broncos in the Divisional round, the Bills would be headed to the Super Bowl […]
Ford names a new head to its energy business startup
Executive Lisa Drake has been tapped to run Ford Energy, a new division that will make battery storage systems.
Burkina Faso’s military government dissolves political parties
Interior Minister says multiplication of political parties has fuelled divisions and weakened social cohesion.
Game Preview: Chicago Blackhawks @ Pittsburgh Penguins 1/29/2026
Who: Chicago Blackhawks (21-23-9, 51 points, 6th place Central Division) @ Pittsburgh Penguins (26-14-11, 63 points, 2nd place Metropolitan Division) When: 7:00 p.m. eastern How to Watch: Locally broadcast on Sportsnet Pittsburgh and CHSN in the local markets, streaming on ESPN+ Pens’ Path Ahead: It’s a week-long sprint to the Olympic break finish line for the Pens. […]
Reign dominate Canucks in 6th straight home victory
The Ontario Reign (28-12-1-1; 58 points) take a commanding 5-2 victory over the Abbotsford Canucks (15-23-3-3; 36 points) Wednesday night at Toyota Arena. Five different skaters scored for the Reign, coming together for a full team-effort. Ontario remains in first place in the AHL Pacific Division.
Alexander Volkanovski shuts down Jean Silva title talk
Not yet, “Lord.” Ultimate Fighting Championship (UFC) Brazilian fan-favorite Jean Silva scored the biggest win of his career at UFC 324 last weekend (Sat., Jan. 24, 2026), outworking the ultra-durable Arnold Allen to a unanimous decision victory inside T-Mobile Arena in Las Vegas, Nevada. The win immediately launched Silva into the division’s elite and title […]
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.
12th NCAA Division I school to add varsity women’s flag football team
Charleston Southern is at least the 12th Division I program in the NCAA to add women's flag football, which is growing with the NFL's help.
Patriots Rival Reportedly Loses Defensive Coordinator, Longtime Coach To Packers
The New England Patriots are gearing up for the Super Bowl, but two of their division rivals are in the middle of coaching changes. The Miami Dolphins fired Mike McDaniel to hire Jeff Hafley, the Green Bay Packers’ defensive coordinator for the last two years. The Buffalo Bills promoted Joe Brady to head coach from […]
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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Alarm as US mulls prioritising citizens in research funding
A senior White House official said the Trump administration is considering ways to prioritise research funding to American citizens, triggering alarm in the research community that the country could destroy its century-long status as a magnet for overseas talent.Michael Kratsios, director of the White House Office of Science and Technology Policy (OSTP), said last week that it is “important for us to continue to emphasise the use of federal R&D dollars towards American scientists and technologists that are staffed by Americans in their labs.” Asked about support for Chinese students during a Congressional hearing, Kratsios went on to say that in future funding announcements, the OSTP would “emphasise” that “we're funding American students.”The precise meaning of his impromptu comments, and what they could mean in policy terms, isn’t yet clear. The OSTP did not respond to multiple requests for clarification from Science|Business.But given that US science and technology has relied on overseas talent for the past century, Kratsios’s words have alarmed former US science officials.Immigrants have made up around 30-40% of US Nobel Prize winners since the 1940s, for example. Except for some sensitive projects, countries typically grant research funding on a nationality-blind basis, lest they deter foreign scientists from immigrating. “If director Kratsios’s statements are taken literally and become official policy of the White House, [research-intensive] universities will likely have to close labs if not entire research divisions,” said David Biggs, a former science and technology official in the US State Department. In their most extreme interpretation, Kratsios’s comments would imply that foreign scientists established in the US would see access to funding curtailed. This would “result in many world-leading professors who work in the United States in fields that this administration considers a priority (like fusion energy, artificial intelligence, and quantum computing) leaving the country,” said Cole Donovan, a former US science diplomat, and now associate director at the Federation of American Scientists.CripplingHowever, given the context of the conversation, Kratsios may have been referring more narrowly to funding for doctoral or postdoctoral students. At the hearing, he said he wanted to see labs staffed by US citizens. But even this would have devastating consequences for the US science system, say former officials, because the country is so dependent on early-career foreign researchers. Recent statistics show that nearly half of those in the US with a PhD in science, technology, engineering or mathematics (STEM) are considered short-term visitors, or non-residents in the official terminology. If this included residents who are not yet citizens, the proportion would likely be even higher. “Foreign PhD students are really a significant and core part of the university STEM workforce, and postdocs is similarly large,” said Donovan. Preventing US-based academics from hiring them from overseas would be a serious blow, he said. “If it's the case that this administration intends to limit funding to labs staffed only with US citizens, the effect will be to cripple the American scientific enterprise,” said Chris Marcum, a former OSTP official. “To think that these researchers can simply be replaced is a pipe dream. The labs will close,” said Marcum. Go elsewhereAround half of US-trained postdocs are foreign-born, said Biggs. “If these top international students cannot get funding to do their research, or even if they hear that funding for foreign students has been greatly restricted and will be super competitive, they will no longer choose to study in the US and will go elsewhere.” It’s unclear for now if Kratsios’s comments will translate into a real policy shift. But they could add to turmoil in the US science system since Donald Trump took over as president one year ago. Related articlesNIH turmoil risks reciprocal EU-US access to health research fundingUS set to close office responsible for global science and technology dealsTrump halts new NIH grants to international health-research partnersSince then, nearly 8,000 grants at the National Institutes of Health and National Science Foundation have been frozen or terminated, Naturereports. Courts have overturned most of these cancellations, but the disruption caused remains significant. Both those agencies have also dished out around a quarter fewer grants this year than normal, the journal reported. International student enrolment is also down by 17%. The Trump administration also proposes to cut research budgets by around a third, although Congress may mollify the cuts.
Alarm over US plan to prioritise citizens in research funding
The US’s leading science official has said the country will focus its research spending on scientists with US citizenship, triggering alarm that the country could destroy its century-long status as a magnet for overseas talent.Michael Kratsios, director of the White House Office of Science and Technology Policy (OSTP), said last week that it is “important for us to continue to emphasise the use of federal R&D dollars towards American scientists and technologists that are staffed by Americans in their labs.” Asked about support for Chinese students during a Congressional hearing, Kratsios went on to say that in future funding announcements, the OSTP would “emphasise” that “we're funding American students.”Kratsios’s precise meaning, and what it could mean in policy terms, isn’t yet clear. The OSTP did not respond to multiple requests for clarification from Science|Business.But given that US science and technology has relied on overseas talent for the past century, Kratsios’s words have stunned former US science officials.Immigrants have made up around 30-40% of US Nobel Prize winners since the 1940s, for example. Except for some sensitive projects, countries typically grant research funding on a nationality-blind basis, lest they deter foreign scientists from immigrating. “If director Kratsios’s statements are taken literally and become official policy of the White House, [research-intensive] universities will likely have to close labs if not entire research divisions,” said David Biggs, a former science and technology official in the US State Department. In their most extreme interpretation, Kratsios’s comments would imply that foreign scientists established in the US would see access to funding curtailed. This would “result in many world-leading professors who work in the United States in fields that this administration considers a priority (like fusion energy, artificial intelligence, and quantum computing) leaving the country,” said Cole Donovan, a former US science diplomat, and now associate director at the Federation of American Scientists.CripplingHowever, given the context of the conversation, Kratsios may have been referring more narrowly to funding for doctoral or postdoctoral students. At the hearing, he said he wanted to see labs staffed by US citizens. But even this would have devastating consequences for the US science system, say former officials, because the country is so dependent on early-career foreign researchers. Recent statistics show that nearly half of those in the US with a PhD in science, technology, engineering or mathematics (STEM) are considered short-term visitors, or non-residents in the official terminology. If this included residents who are not yet citizens, the proportion would likely be even higher. “Foreign PhD students are really a significant and core part of the university STEM workforce, and postdocs is similarly large,” said Donovan. Preventing US-based academics from hiring them from overseas would be a serious blow, he said. “If it's the case that this administration intends to limit funding to labs staffed only with US citizens, the effect will be to cripple the American scientific enterprise,” said Chris Marcum, a former OSTP official. “To think that these researchers can simply be replaced is a pipe dream. The labs will close,” said Marcum. Go elsewhereAround half of US-trained postdocs are foreign-born, said Biggs. “If these top international students cannot get funding to do their research, or even if they hear that funding for foreign students has been greatly restricted and will be super competitive, they will no longer choose to study in the US and will go elsewhere.” It’s unclear for now if Kratsios’s comments will translate into a real policy shift. But they could add to turmoil in the US science system since Donald Trump took over as president one year ago. Since then, nearly 8,000 grants at the National Institutes of Health and National Science Foundation have been frozen or terminated, Naturereports. Courts have overturned most of these cancellations, but the disruption caused remains significant. Both those agencies have also dished out around a quarter fewer grants this year than normal, the journal reported. International student enrolment is also down by 17%. The Trump administration also proposes to cut research budgets by around a third, although Congress may mollify the cuts.
Nets take on the Celtics on 3-game skid
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Zhiyuan Robot Spins Off Dexterous Hand Business: Humanoid Robots Trigger a Division-of-Labor Revolution
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35th MLK Humanitarian Awards highlight tribute concert
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Sony is selling its TV and home entertainment division to one of the biggest Chinese consumer electronics company in the US - The Times of India
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Flag football voted as NCAA Emerging Sport
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Did PENN Entertainment's (PENN) Tech and Digital Shake-Up Just Reshape Its Omnichannel Investment Narrative?
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