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Three months after Hurricane Melissa: PAHO continues supporting health system recovery across the Caribbean

Washington, DC, 28 January 2026 (PAHO)- Ninety days after Hurricane Melissa swept across parts of the Caribbean, countries are transitioning from emergency response toward recovery—while continuing to confront public health risks linked to damaged infrastructure, disrupted services, and heightened vulnerability to disease. The Category 5 storm made landfall first in Jamaica on 28 October 2025, causing widespread damage in several Caribbean nations, mainly across Jamaica, Cuba and Haiti, and placing sustained pressure on national health systems.

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Jan 29 • 5:18 PM EST • Health • paho.org
Rochester businesses join Friday’s national strike against ICE

ROCHESTER, N.Y. (WROC) – In response to the immigration crackdown taking place in Minnesota, businesses across the country and close to home are planning to go on strike this Friday. It’…

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Jan 29 • 5:05 PM EST • Business • rochesterfirst.com
Intermountain Health freezes pension plans. What does it mean for employees?

Intermountain has been a holdout in a business sector that has mostly migrated to contribution-based retirement plans

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Jan 29 • 4:51 PM EST • Health • deseret.com
Tittle Law Firm Guides Dallas Businesses Through Chapter 7 Bankruptcy Attorneys Support

When debt problems escalate, local leaders can contact Tittle Law Firm, PLLC for Chapter 7 bankruptcy attorneys support and clear next-step direction. Tittle Law Firm Guides Dallas Businesses Through Chapter 7 Bankruptcy Attorneys Support When debt problems escalate, local leaders can contact Tittle Law Firm, PLLC for Chapter 7 bankruptcy attorneys support and clear next-step direction. Dallas, TX , Jan. 29, 2026 (GLOBE NEWSWIRE) -- Dallas businesses dealing with mounting debt and tightening cas

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Jan 29 • 4:35 PM EST • Business • finance.yahoo.com
Rumors about Anthony Muñoz's health are untrue, his foundation says

Anthony Muñoz is "alive and well," his foundation announced in a Jan. 29 social media post.

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Jan 29 • 4:32 PM EST • Health • cincinnati.com
Entertainment lineup announced for 2026 Bacchus Bash

As we count down to Mardi Gras day, krewes host some of the city's biggest parties leading up to their rolls through New Orleans.

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Jan 29 • 2:32 PM EST • Entertainment • yahoo.com
Entertainment lineup announced for 2026 Bacchus Bash

As we count down to Mardi Gras day, krewes host some of the city’s biggest parties leading up to their rolls through New Orleans.

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Jan 29 • 2:32 PM EST • Entertainment • wgno.com
Contractor data breach nay have exposed the protected health info of thousands of Central Oregonians

BEND, Ore. (KTVZ) -- Thousands of Central Oregonians soon will receive letters in the mail to inform them of a data breach at TriZetto Provider Solutions last fall that may have exposed the personal health information of more than 700,000 people around the country. TPS is a third-party contractor that provides insurance-eligibility verification services to

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Jan 29 • 2:19 PM EST • Health • ktvz.com
Genes may shape how long we live more than once thought

New research challenges the view that human life span depends mostly on lifestyle. Genes may account for half the factors that determine longevity.

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Jan 29 • 2:00 PM EST • Science • sciencenews.org
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Ruben Ostlund may hold ‘The Entertainment System Is Down’ until ...

Satire is in lengthy post-production, has been expected to debut on Croisette this year.

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Jan 29 • 1:46 PM EST • Entertainment • screendaily.com
A Business Owner Is Getting Divorced, Asks Dave Ramsey If He'll Lose The Business. 'She's Actually 98% Owner Of The Business And I'm 2% Owner'

A Texas business owner is facing a painful split, not just from his wife, but potentially from the company he helped build. He says he’s done almost all the work since 2021, but legally owns just 2% of the business. His wife holds the other 98%, a structure their accountant recommended for tax reasons. Divorce And Ownership Don't Match Up Manny, who shared his story on the “EntreLeadership” podcast recently with personal finance expert Dave Ramsey, said, “She’s actually 98% owner of the business

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Jan 29 • 1:31 PM EST • Business • finance.yahoo.com
Livingston County establishes registry for people convicted of animal abuse

The county board of supervisors voted on the proposal Wednesday during a meeting to establish the registry.

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Jan 29 • 12:18 PM EST • Politics • spectrumlocalnews.com
An AI Toy Exposed 50,000 Logs of Its Chats With Kids to Anyone With a Gmail Account

AI chat toy company Bondu left its web console almost entirely unprotected. Researchers who accessed it found nearly all the conversations children had had with the company's stuffed animals.

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Jan 29 • 12:00 PM EST • Technology • wired.com
Democratic Governors Promise Accountability After Alex Pretti Killing

The chin-out rhetoric of Democratic governors about holding Trump administration officials responsible for violence in their cities may be more political than practicable.

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Jan 29 • 11:59 AM EST • Politics • nytimes.com
Time to climb a weird mountain in Cairn, the windy backpacking odyssey from the creators of Haven and Furi

The new mountain climbing survival game from The Game Bakers is out now on Steam

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Jan 29 • 11:20 AM EST • Technology • rockpapershotgun.com
Out West Midland launches as new live entertainment promoter

Out West Midland has officially launched as a live entertainment promoter, with plans to bring concerts and large-scale events to the Midland County Horseshoe throughout 2026.

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Jan 29 • 11:18 AM EST • Entertainment • firstalert7.com
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Hill Country floods are worsening mental health issues in Kerr County, report finds

In Kerr County, the July 4 flood is expected to quadruple serious emotional disturbances in children and more than triple adult PTSD cases this year.

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Jan 29 • 11:05 AM EST • Health • texastribune.org
Buncombe County officials hold public health briefing to address rise in measles

Buncombe County Public Health officials will hold a media briefing Thursday morning to update the community on measles in the county and state.

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Jan 29 • 10:56 AM EST • Health • wlos.com
Will the government shut down this weekend? Latest updates

The country is facing a partial shutdown this weekend if lawmakers can't find a deal over a DHS funding measure.

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Jan 29 • 10:41 AM EST • Politics • usatoday.com
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Apple Stops Selling $200 'Pro Apps' Bundle With Final Cut Pro and More

Following the launch of Apple Creator Studio this week, Apple has quietly stopped selling its valuable "Pro Apps Bundle for Education" (archived link). "Pro Apps Bundle for Education" included one-time-purchase versions of Apple's Final Cut Pro, Logic Pro, Motion, Compressor, and MainStage apps at a steep discount, with U.S. pricing set at $199.99. Purchasing each of the included apps separately costs $629.95, so the bundle provided more than $400 in savings.

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Jan 29 • 10:22 AM EST • Technology • macrumors.com
Cairn review – obsession, suffering and awe in a climbing game that hits exhausting new heights

A punishing, beautiful survival game that turns mountaineering into an intimate test of endurance, fixation and emotional resolve – you’ll be in tears by the end

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Jan 29 • 9:00 AM EST • Technology • theguardian.com
A Soulslike where survival is everything and a mountain is the boss

Climbing is combat in the tough, mesmerizing mountaineering game Cairn

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Jan 29 • 9:00 AM EST • Technology • polygon.com
DOH-Lee Issues Blue Green Algae Health Alert for Caloosahatchee River-Sebastian Canal - Florida Department of Health in Lee County

Contact:

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Jan 29 • 8:41 AM EST • Health • lee.floridahealth.gov
Should you update to the new Pages, Numbers, Keynote, and Freeform on Mac?

Yesterday’s launch of Apple Creator Studio (ACS) created a certain amount of confusion for Mac users not planning to subscribe....

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Jan 29 • 7:20 AM EST • Technology • 9to5mac.com
Campaign over, Wu has to take on the messy work of running City Hall

Right on schedule, the adrenaline jolt of the campaign trail has been replaced by the much more challenging day-to-day grunt work of running city government.

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Jan 29 • 7:15 AM EST • Politics • bostonglobe.com
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Comcast sheds more broadband customers as wireless competition mounts

Comcast lost more broadband customers than expected in the fourth quarter, as rivals lured away consumers with aggressive offers, piling pressure on the company's mainstay business.

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Jan 29 • 7:07 AM EST • Business • reuters.com
The Joy Rematch: How can sports win over non-fans?

How can sports leagues attract non-fans? Download The Joy Rematch to see how leagues can secure this untapped market.

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Jan 29 • 7:00 AM EST • Sports • theharrispoll.com
IDF accepts Gaza Health Ministry estimate of over 70,000 Palestinians killed in the war

Although Many International Experts Have Accepted the Health Ministry's Data as Reliable, and Even Conservative Relative to the True Death Toll, Israel Had Refused to Accept the Health Ministry's Count Until Noiw

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Jan 29 • 5:20 AM EST • Health • haaretz.com
Cairn and Peak Capture the Thrill of Climbing Mountains

With infinite pathways and incredible tension, video games like Cairn and Peak are recreating the activity’s emotional highs and lows.

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Jan 29 • 5:01 AM EST • Technology • nytimes.com
Pakistan becomes latest Asian country to introduce checks for deadly Nipah virus

Authorities in Pakistan have ordered enhanced screening of people entering the country for signs of infections of the deadly Nipah virus after India confirmed two cases, adding to the number of Asian countries stepping up controls.

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Jan 29 • 1:24 AM EST • Health • reuters.com
Xi-Starmer meeting: Chinese leader tells PM he hopes both countries can ‘rise above differences’

At Beijing talks, British prime minister Keir Starmer tells Xi he wants a ‘more sophisticated’ relationship with China

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Jan 29 • 12:31 AM EST • Politics • theguardian.com
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SF changes method to count unhoused; advocate believes it's political, will lead to undercount

For the first time in more than two decades, San Francisco is changing the way it counts the number of unhoused individuals on its streets.

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Jan 29 • 12:25 AM EST • Politics • abc7news.com
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Betts, No. 2 UCLA too much down low for Illinois

Illinois couldn’t mount a big comeback.

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Jan 28 • 11:55 PM EST • Sports • thechampaignroom.com
Lakers routed in LeBron's possible last game in Cleveland

Donovan Mitchell scored 25 points and the Cleveland Cavaliers routed the Los Angeles Lakers 129-99 on Wednesday, spoiling what might be the final Cleveland game for superstar LeBron James.Jaylon Tyson added 20 points for the Cavs and De'Andre Hunter scored 19 off the Cleveland bench while Luka Doncic had a game-high 29 points for the Lakers (28-18), who also had eight points from Bronny James, LeBron's son.

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Jan 28 • 11:40 PM EST • Sports • sports.yahoo.com
Rep. Ilhan Omar points finger at Trump's 'hateful rhetoric' after town hall attack

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

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Jan 28 • 11:36 PM EST • Politics • nbcnews.com
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Health officials report new measles exposure in Mesa

The Maricopa County Department of Public Health says there was an exposure at the Arizona Athletic Grounds in Mesa on Jan. 23 and Jan. 24.

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Jan 28 • 11:11 PM EST • Health • fox10phoenix.com
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State approves tax credits for 6 business projects, including 2 in Cuyahoga County

CSA America Testing & Certification and Rupes USA are expanding in Cuyahoga County with tax credits from the Ohio Tax Credit Authority.

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Jan 28 • 10:50 PM EST • Business • cleveland.com
The President Sees Iran as a Gas Station with a Flag

Get ready—Trump is going to be talking about the country for a while to cover for the fact that he’s backed down on Greenland and Minneapolis.

esquire.com logo
Jan 28 • 9:19 PM EST • Politics • esquire.com
Tri-County Community Health Coalition releases first unified health report in Fox Valley

With the Unified Health Report, organizations across the Fox Valley now have the same information on local health problems and can plan together.

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Jan 28 • 9:04 PM EST • Health • fox11online.com
Seattle restaurants show support to Minneapolis businesses amid protests and unrest

Seattle restaurants are banding together to show solidarity with businesses in Minneapolis, raising funds to support their counterparts.

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Jan 28 • 7:39 PM EST • Business • komonews.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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How Ohio mayors are responding to ICE

The fatal shooting of two Minneapolis residents by federal agents this month has triggered protests in cities across the country, as well as a range of responses from local officials.

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Jan 28 • 6:59 PM EST • Politics • spectrumnews1.com
Trump Rallies Business Leaders to Fund Accounts for Babies

The President joined with celebrities, CEOs, and officials to stoke support for the new Trump Accounts.

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Jan 28 • 6:42 PM EST • Business • time.com
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Big businesses back Trump accounts

Companies will match government contributions to investment accounts for newborns after a push from the White House.

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Jan 28 • 5:33 PM EST • Business • politico.com
Accountant stole more than $1M from N.J. business owner to fund sports betting, mortgage, state says

He is accused of using the funds for sports betting, credit card bills and mortgage payments, authorities said.

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Jan 28 • 5:18 PM EST • Business • nj.com
Everyone Really Needs to Pump the Brakes on That Viral Moltbot AI Agent

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

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Jan 28 • 4:40 PM EST • Technology • gizmodo.com
Martens are focus of Yampatika community science program

Pacific martens are the focus of a community science program being offered by the local nonprofit Yampatika. “Caught on Camera: Using Trail Cams for Science” will teach attendees about the elusive Pacific marten, a small,...

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Jan 28 • 4:31 PM EST • Science • steamboatpilot.com
The Alliance for Primary Health Care in the Americas marks two years and formally welcomes Bolivia and Uruguay as members

PAHO, the World Bank, and the IDB initiative has driven health system transformation and aligned more than one billion dollars in investments across five countries. Brazil expressed its support, signing a letter of intent.Rio de Janeiro, 28 January 2026 — The Alliance for Primary Health Care (PHC) in the Americas, a joint initiative of the Pan American Health Organization (PAHO), the World Bank (WB), and the Inter-American Development Bank (IDB), is celebrating its second anniversary with achievements in transforming health systems across the region.

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Jan 28 • 4:30 PM EST • Health • paho.org
Pa. county commissioners call for $40M increase to support mental health services

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

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Jan 28 • 4:10 PM EST • Health • lancasteronline.com
'Miracle on Ice' players discuss political climate heading into Winter Olympics

Mike Eruzione says the country needs a unifying moment: "We could use an '80 now."

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Jan 28 • 4:09 PM EST • Politics • nbcnews.com
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Legionella detected in North Oakland Health Center and the Resource and Crisis Center in Oakland County

Oakland County is taking proactive measures after routine water testing detected Legionella bacteria at the North Oakland Health Center (NOHC) and the Resource and Crisis Center (RCC).

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Jan 28 • 3:58 PM EST • Health • clickondetroit.com
Republicans Gave ICE a Slush Fund. Democrats Want to Limit It.

The sweeping domestic policy law that Republicans muscled through Congress last year made ICE the highest-funded federal law enforcement agency in the country, with no strings attached.

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Jan 28 • 3:43 PM EST • Politics • nytimes.com
Eau Claire County Health Department releases measles and respiratory update

The Eau Claire City-County Health Department’s communicable disease team released statements about both measles and a respiratory update.

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Jan 28 • 3:34 PM EST • Health • weau.com
Pulaski County Sports and Entertainment unveils new logo for Sportsplex

Pulaski County Sports and Entertainment unveiled a new logo on Wednesday for the Pulaski County Sportsplex, a transformative new indoor sports complex that will serve as a premier destination for athletic competition.

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Jan 28 • 3:19 PM EST • Entertainment • wsls.com
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Schaumburg Boomers officially purchased by REV Entertainment, owner of the Kane County Cougars

REV Entertainment announced Wednesday that the group has acquired the Schaumberg Boomers from the Salvi family.

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Jan 28 • 2:52 PM EST • Entertainment • fox32chicago.com
Geauga County’s largest behavioral health provider to merge with Ashtabula agency

Ravenwood Health will merge with Ashtabula County’s Community Counseling Center as longtime CEO Vicki Clark retires, expanding behavioral health services.

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Jan 28 • 1:46 PM EST • Health • cleveland.com
Pulaski County Sports & Entertainment Unveils Official Sportsplex Logo

New Facility Designed to Serve the Community and Welcome the World Pulaski County, Virginia – Pulaski County Sports & Entertainment is proud to unveil the official logo for the Pulaski County Sportsplex, a transformative new indoor sports complex that will serve as a premier destination for athletic competition while providing a year-round recreational asset for […]

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Jan 28 • 1:37 PM EST • Entertainment • pcpatriot.com
Iran delegates import powers as US war threats keep economy unstable

Iranian governors gain new powers as country prepares for possible war amid sanctions and looming geopolitical tensions.

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Jan 28 • 1:17 PM EST • Politics • aljazeera.com
Roadkill is a surprising and untapped source for scientists

Millions of animals unfortunately die on roads each year, but the casualties hold important data.

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Jan 28 • 1:01 PM EST • Science • popsci.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
Trump’s immigration approach is gumming up the courts, frustrating his DOJ and judges

The Justice Department and federal courts are struggling to keep up with the exponential increase in federal court cases of immigrants in custody who are challenging their detentions, another result of the Trump administration’s aggressive immigration enforcement policies across the country.

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Jan 28 • 12:40 PM EST • Politics • cnn.com
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Paramount+ plans move into short-form video, UGC: internal docs

Paramount executives want to add short-form video and user-generated content to Paramount+, according to leaked emails and presentations.

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Jan 28 • 12:33 PM EST • Business • businessinsider.com
Footy Fix: Catch Champions League action only on Paramount+

All eyes will be on Napoli where Chelsea chase top 8 and the hosts look to sneak into the top 24

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Jan 28 • 12:02 PM EST • Sports • cbssports.com
PlayStation Plus Monthly Games lineup for February 2026 announced

Sony Interactive Entertainment has announced the February 2026 Monthly Games lineup for PlayStation Plus Essential subscribers. All titles will be available from February 3, 2026 until March 2, 202…

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Jan 28 • 11:33 AM EST • Technology • gematsu.com
‘A sacred space of healing’: Church of Jesus Christ transforms health center in Liberia

A health center in Liberia was in ruins until it was transformed into “a sacred space of healing” through a project funded by The Church of Jesus Christ of Latter-day Saints.

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Jan 28 • 9:42 AM EST • Health • deseret.com
Looney’s Amphitheater announces 2026 entertainment lineup following venue revival

Looney’s Amphitheater Complex and Cultural Center, nestled in the heart of Bankhead National Forest, is marking its return as a live entertainment destination with a full slate of concerts and […]

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Jan 28 • 9:00 AM EST • Entertainment • 256today.com
Viral AI assistant Moltbot rapidly gains popularity but poses security risks

The open source "Jarvis" chats via WhatsApp but requires access to your files and accounts.

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Jan 28 • 7:30 AM EST • Technology • arstechnica.com
Firefighters respond to business fire in West Jordan

In and out of the buildling.Fans and a hose going into the building.Several firefighters and engines responded to the scene.Rocky Mountain Power responded

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Jan 28 • 7:30 AM EST • Business • kutv.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
Bank of America to match $1,000 government deposits for Trump accounts

Bank of America said it will match the federal government’s $1,000 contribution to Trump accounts for eligible U.S. employees with qualifying children.

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Jan 28 • 7:00 AM EST • Business • foxbusiness.com
‘Rodent droppings, live roach’: Jefferson County’s worst January 2026 restaurant health ratings

In January, 11 restaurants, convenience stores and other food establishments received scores of 84 or below.

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

Community

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Jan 28 • 7:00 AM EST • Entertainment • ilitchnewshub.com
Sharing Good News Pays Off for Palm View K-8 Science Teacher

On Friday, we were proud to SURPRISE and announce the second-ever recipient of the School District ...

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Jan 28 • 7:00 AM EST • Science • manateeschools.net
This week in Santa Cruz County business: Scotts Valley solar cell company goes dark; passing the torch at Alta Organic Coffee

In her weekly look at Santa Cruz County business, Jessica M. Pasko reports on the demise of Ambient Photonics, notes a generational shift at a local coffee roaster and delivers names, numbers and events to know.

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Jan 28 • 7:00 AM EST • Business • lookout.co
iPhone 18 Pro Could Feature Teleconverter Alongside Variable Aperture

Apple's rumored new variable aperture camera system for this year's iPhone 18 Pro models has reached the sampling stage, according to a new claim from a Chinese leaker. Posting on Weibo today, the account known as "Smart Pikachu" said the feature had entered late-stage engineering samples, while a teleconverter is also "under evaluation" for the device. The iPhone 18 Pro and iPhone 18 Pro Max are expected to launch in September 2026.

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Jan 28 • 6:01 AM EST • Technology • macrumors.com
What to Know About Skimo, the 2026 Olympics' Only New Sport

Ski mountaineering makes its debut at the Milano Cortina Winter Games

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Jan 28 • 6:00 AM EST • Sports • time.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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