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NASA is funded. Now what?
With the upheaval of 2025 behind us, here's what we're looking for in space policy this year.
S.F. opens health clinic to tackle pollution in Bayview-Hunters Point — a long time coming
Fears of exposure to radiation from the Hunters Point Shipyard prompted the Department of Public Health to open the clinic.
F.B.I. Search in Georgia Shows Trump’s Willingness to Pursue 2020 Grievances
The search might also be a harbinger of things to come, signaling the president’s disposition to use the powers of law enforcement to intervene in election matters as the 2026 midterms approach.
International Companies Doing Business With ICE Are Taking Heat
A number of companies have found themselves facing questions about their work with Immigration and Customs Enforcement amid the agency’s intense operation in Minnesota.
Trump-appointed judges are letting his immigration enforcement blitz continue
As President Donald Trump’s immigration crackdown has whisked through major US cities, trial-level judges attempting to restrain the frenzied actions of federal agents have been repeatedly slapped down by higher courts – sometimes with the help of judges the president put on the bench in his first term.
Medium says employees can join Friday's strike against ICE
The company's CEO wrote to employees that "sometimes it feels awkward to navigate being both on-mission and on-money."
Trump Threatens Canada Over Business Jet Dispute
The president said he would restrict the use of Canadian-built aircraft and impose a 50 percent on them until the dispute was resolved.
Businesses in the Triangle feeling the effects of winter weather
Local businesses are feeling the effects of the winter weather, especially when they have to close their doors. Many business owners told WRAL News that weekends are the busiest time, so having their doors closed and with no customers two weekends in a row is hurting their margins.
Joey Votto finalizing broadcast deal with NBC Sports
Longtime Red Joey Votto is finalizing a deal with NBC Sports to be part of its MLB coverage, according to Front Office Sports' Michael McCarthy.
Basil Talbott Jr., legendary Chicago Sun-Times political editor, has died
Talbott, 89, was known for his dogged pursuit of the story, chronicling in depth the political fortunes of Jane Byrne, the city’s first female mayor, Harold Washington, Chicago’s first Black mayor and the run-ups to the Rev. Jesse Jackson’s presidential campaigns.
Ice and snow bring down downtown Benton business, CJ'z Downtown Billiards
A longtime downtown Benton business was destroyed after its building collapsed under the weight of ice and snow from last week’s winter storm, county officials
UPS pilots union supports 'Fatigued Pilot Protection Act'
Lawmakers have introduced a bill to ensure commercial pilots follow the same rules for flight time and rest, whether they fly passengers or cargo.
Today's NYT Connections: Sports Edition Hints, Answers for Jan. 30 #494
Here's today's Connections: Sports Edition answer and hints for groups. These clues will help you solve The New York Times' popular puzzle game, Connections: Sports Edition, every day.
Kennedy Overhauls Federal Autism Panel in His Own Image
The new panel, which advises the government on research and service priorities for people with autism, includes many members who have argued that vaccines cause the disorder.
IDF officials shift stance, accept Gaza Health Ministry data on death toll
After two years of war, senior military officials for the first time aligned with an update from Gaza’s Hamas-run Health Ministry, saying they estimate about 70,000 Gazans have been killed, excluding the missing, while stressing that efforts to distinguish terrorists from civilians are ongoing
California Democrats help lead counter-offensive against Trump immigration crackdown
Democrats seized on a growing sense, shared by some Republicans, that the campaign has gotten so out of hand that the political winds have shifted heavily in their favor.
Senate Democrats and White House strike deal to avert shutdown, continue ICE debate
The deal could be approved by the Senate as early as Thursday night, but would still need House approval before midnight Friday to avert another government shutdown.
ROSÉ Is Hitting the Grammy Stage for the First Time
First-time Grammy nominee ROSÉ is set to take the stage at the 2026 Grammys, the event’s organizers announced today. This is a significant milestone in ROSÉ’s solo career. ROSÉ is… The post ROSÉ Is Hitting the Grammy Stage for the First Time appeared first on Where Is The Buzz | Breaking News, Entertainment, Exclusive Interviews & More.
Corpus Christi Hooks announce coaching staff for 2026 season
Ricky Rivera, the 10th manager in 21 seasons of Hooks baseball, returns to Corpus Christi for a second consecutive campaign.
The Madison businesses closing Friday for anti-ICE ‘national shutdown’
Rallies are also scheduled at UW-Madison and the Wisconsin Capitol during a nationwide protest to federal immigration enforcement.
Several Bellingham businesses will close Jan. 30 for nationwide ICE protest
“It’s time to speak up in the best way to make our government listen: the money in their pockets.”
Takeaways from Titans head coach Robert Saleh press conference
The Titans new coach met the Nashville media for the first time today.
Google Project Genie lets you create interactive worlds from a photo or prompt
Project Genie lets you generate new worlds 60 seconds at a time, but only if you pay for AI Ultra.
Mavericks put their hope in health as the 1-year anniversary of the Luka Doncic trade approaches
Anthony Davis and Kyrie Irving didn't play in that 118-105 loss to Minnesota — and might not be in a Mavericks uniform on the same night again — while it was a temporary injury absence for four-time NBA champion Klay Thompson and Cooper Flagg, the rookie No. 1 pick who landed in Dallas by crazy luck and is seen as the next face of the franchise after Doncic. Days shy of a year since the Mavs shipped their global superstar to the Los Angeles Lakers for Davis and rocked the core of a team that was just nine months removed from playing in the NBA Finals, Washington's hope for a return to contention rests with those four teammates being healthy alongside him.
'New evidence' gives Jordan Chiles a chance to secure the return of her Olympic bronze medal
Switzerland's highest court has sent the case of Jordan Chiles' disputed bronze medal from the 2024 Paris Olympics back to the CAS based on 'new evidence' that might prove favorable for the U.S. gymnast.
Groups Back Larson Challenger, Calling for Generational Change
Three outside political groups are backing Luke Bronin in his primary challenge to Representative John Larson, the 77-year-old Connecticut Democrat.
Trump Says He Only Appeared to Nod Off in Last Cabinet Meeting Because It Was ‘Boring’
Mr. Trump’s allies have strenuously insisted that he was alert and attentive at the meeting last month. The president said he had only closed his eyes.
Democrats Block Spending Package as D.H.S. Talks Continue
With about 36 hours to go before a shutdown deadline, the funding legislation stalled while Democrats sought a deal with President Trump to rein in his immigration crackdown.
Mistakes family made visiting Puerto Rico for first time; travel tips
I made mistakes when planning and budgeting for our family's first trip to Puerto Rico. Here's what I'd do next time we visit the Caribbean island.
How to watch the 2026 Grammy Awards: TV channel, start time, where to stream, nominations list and more
What to know about tuning into the 2026 Grammy Awards this weekend.
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.
Women in Science panelists present to Joanna Sackel's feminism class
Joanna Sackel, assistant professor in the College of Arts and Sciences, hosted a Women in Science guest panel for her feminism class, engaging Lynn…
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
The promise and reality of the rural health fund
In the 2025 budget bill, Congress created the $50 billion Rural Health Fund to help struggling hospitals, doctors, and patients in rural America. But rural hospitals are expected to lose three times that through Medicaid cuts in that same budget bill. So, what will it take to keep rural healthcare afloat?
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.
Glow Golf, Blind Boxes, and DIY Crafts Bring New Entertainment and Retail to South Shore Plaza - Boston Real Estate Times
Braintree, Mass.— South Shore Plaza, the premier shopping and dining destination south of Boston, has unveiled three new additions aimed at expanding its interactive and creative offerings: Aloha Mini Glow […]
FOX Sports Unveils Historic FIFA World Cup 2026™ Broadcast Schedule - Fox Sports Press Pass
Monumental Slate Features 340 Hours of Live First-Run Programming Across FOX Sports Platforms for This Summer’s Global Event All-New Record 70 Matches on Network Television and Unprecedented 40 Matches in Primetime Every Match will Stream Live and On-Demand in 4K on FOX […]
Xevant Named a 2025 Modern Healthcare Best in Business Company for AI
Xevant, a leader in real-time pharmacy benefits intelligence, today announced it has been named a 2025 Modern Healthcare Best in Business company in the Artificial Intelligence (AI) category. The recognition honors healthcare suppliers and technology partners whose innovations delivered measurable impact across the healthcare ecosystem in 2025.
A massive clump of dark matter may lurk in the Milky Way
Pulsating remnants of stars hint at a clump of invisible matter thought to be about 10 million times the sun’s mass.
Pre-Snap Reads 1/29: The Seahawks are for real
In the words of Linda Ronstadt: for a long, long time.
San José Mayor Matt Mahan, a Newsom critic and political moderate, is running to become California's next governor
San José Mayor Matt Mahan announced he is running for California governor, joining an already crowded field.
Mastercard to Cut 4% of Full-Time Employees After Business Review
The company is the latest of several to announce plans for sweeping job cuts in recent days.
Brandon Miller, Hornets aim to stay 'hungry' vs. Mavericks
These are heady times for the Charlotte Hornets, who have won four straight games for the first time in nearly two years.
AI Real Estate Business Taps $100 Million Private Credit Loan
Propy, a real estate technology company, tapped the private credit market for the first time, securing $100 million to support the startup’s acquisition strategy.
Confrontational politics is here to stay. It’s time Europe got on board.
It’s time to stop complaining about America First and get on with putting Europe First.
Amy Klobuchar Announces Run for Minnesota Governor
The Democratic senator, who signaled her bid after Gov. Tim Walz said he wouldn’t run again, talked about moving past political divides in a video announcement.
Friends talk politics for the first time: Alondra and Bailey take One Small Step
Alondra Rivas-Jimenez, 20, and Bailey Newcomb, 21, met in the spring of 2024 while interning at an advertising agency and built a friendship. The two sat down to talk politics for the first time in their friendship.
How Trump is using his 'king-like' power of clemency a 2nd time around
Clemency gives the president the power to pardon or commute sentences. How has Donald Trump used his power in his first year back? What we know.
Are These Unprecedented Times for Science, Really?
A science historian looks to the past to understand our current moment, and how ghostwriting in scientific papers is harming public trust.
Commentary: Farewell to Peter Duesberg, a godfather of scientific disinformation
Peter Duesberg squandered his scientific reputation by advancing a debunked theory about AIDS, but his influence on anti-vaccine activists lives on.
Super Bowl LX sets up Patriots Seahawks rematch
Super Bowl LX reignites New England Patriots and Seattle Seahawks rivalry, while Bad Bunny brings international star power to halftime show.
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.
TPS Expiration Under Trump Hits Haitian Workers in Critical Health Care Roles
Haitians are a vital source of employees for health care providers in many communities. The Trump administration is removing legal status next month for 330,000 of them.
Bruins plot to extend home winning streak vs. Flyers
The Boston Bruins get their final taste of home cooking before the Olympics on Thursday when they face the Philadelphia Flyers for the first time this season.
Weak dollar drives gold over $5,500 an ounce for first time, amid geopolitical and debasement fears
Rolling coverage of the latest economic and financial news
Iconic sports bar in Palo Alto reopens and prepares for the Super Bowl
Businesses are getting ready for big crowds and watch parties; that includes an iconic spot in Palo Alto that just reopened in time for the Super Bowl.
Turmoil at homeless program is a sign of harsh fiscal times
It is shameful that our nation is unable to support health care for all of its citizens in a meaningful way.
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.
At World’s Busiest Port, China’s Unbalanced Economy Comes Into View
The shipping traffic and factories never stop in China’s port city of Ningbo, but the local housing market has crashed and nearby restaurants sit empty.
America at a Boiling Point: From ICE Protests to an Attack on Rep. Omar
An attack at a town hall in Minneapolis, amid a surge in threats against lawmakers, was the latest sign of the fraying of the nation’s political fabric.
Convicted sex offender tried to rape a woman in a business, police said. They're searching for other victims
Convicted sex offender arrested for attempted rape inside DTLA business, captured in Skid Row
Does Joe Brady have impossible Bills task with Josh Allen?
There will be no grace period for the first-time head coach.
Tiny mammals are sending warning signs scientists can finally read
Small mammals are early warning systems for environmental damage, but many species look almost identical, making them hard to track. Scientists have developed a new footprint-based method that can tell apart nearly indistinguishable species with remarkable accuracy. Tested on two types of sengi, the system correctly identified them up to 96% of the time. It offers a simple, ethical way to monitor ecosystems before they quietly unravel.
Today's NYT Connections: Sports Edition Hints, Answers for Jan. 29 #493
Here's today's Connections: Sports Edition answer and hints for groups. These clues will help you solve The New York Times' popular puzzle game, Connections: Sports Edition, every day.
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.
Geoff Mason, Sports Producer Thrust Into Covering Terrorism, Dies at 85
He played a critical role in ABC Sports’s reporting on the attack by a Palestinian group at the 1972 Summer Games in Munich that left 11 Israeli team members dead.
Sergey Brin Spends $20 Million on California Political Effort Amid Wealth Tax Debate
Sergey Brin, the co-founder of Google, is donating toward campaigns to solve California’s housing crisis, spurring other billionaires to pitch in. Their efforts may also help ward off a wealth tax.
Attack on Ilhan Omar Follows Years of Trump’s Targeting Her
President Trump has spent years demonizing and dehumanizing the Somali-born Democrat from Minnesota, fueling escalating threats against her.
Hillary Clinton and Tucker Carlson Speak at Saudi Business Forum
The Democrat and the hard-right commentator found at least one thing to agree upon as they spoke at a conference in Riyadh.
Champions League live updates, scores: Arsenal, Liverpool, Manchester City cruising; Barcelona, Chelsea behind at halftime of Matchday 8
Trump's response to Pretti killing upends Second Amendment politics : Here & Now Anytime
Alex Pretti was legally carrying a gun when a federal agent shot and killed him in Minneapolis last weekend. President Trump and other federal officials blamed his death on the fact that he had a gun, but Minnesota Gun Owners Caucus chair Bryan Strawser explains why he disagrees.And, after leading immigration operations in Minneapolis, Border Patrol Commander Gregory Bovino has returned to his previous job in California. CalMatters investigative reporter Sergio Olmos talks about Bovino’s record in California.
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.
America’s biggest science loss: federal government loses over 10,000 STEM PhD scientists in 2025 | - The Times of India
Science News: The US federal government suffered one of the most severe losses of scientific expertise in its modern history in 2025, with more than 10,000 STEM PhD.
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.
Pixelmator Pro launches on iPad, here’s what the new app can do
Today Pixelmator Pro has launched on iPad for the first time, exclusive to Apple Creator Studio. Here’s what the app can do.
Ray J says he has only a short time left to live after hospitalization: 'Heart is only beating, like, 25 percent'
Ray J says he was notified by doctors that he only has a short time left to live after his recent hospitalization: 'My heart is only beating, like, 25 percent.'
Wheeling police to host crime watch meetings for businesses
For the first time, the Wheeling Police Department will host crime watch meetings specifically for local businesses, starting Feb. 4.Business owners from downt
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 […]
Social Sciences in the News: Political Science Professor Omar Wasow
Political Science Professor Omar Wasow authored an op-ed in The New York Times titled "We’re Seeing the Weakness of a Strong State." I study the political consequences of protest and state violence.
NFL Hall of Fame snubs Bill Belichick and sports world is gagged: 'I can't be reading this right'
Sports figures from Patrick Mahomes to LeBron James expressed shock and outrage after news broke that Bill Belichick failed to gain Hall of Fame election on his first ballot.
Justin Bieber Performance Locked In for Music’s Biggest Night at the 2026 Grammys
Justin Bieber has announced that he will be performing at the 2026 Grammy Awards, which will take place on Sunday, Feb. 1. Bieber is a two-time Grammy winner and also… The post Justin Bieber Performance Locked In for Music’s Biggest Night at the 2026 Grammys appeared first on Where Is The Buzz | Breaking News, Entertainment, Exclusive Interviews & More.
Leadership turmoil returns to Hispanic Silicon Valley business group
For the second time in seven years, the Hispanic Chamber of Commerce Silicon Valley has found itself embroiled in a leadership dispute that has led to the sudden ouster and replacement of multiple board members.
New Doc by Former Colleagues Explores Asian Americans' Growing Political Leadership
Two Asian American professors with ties to York College have collaborated on a timely and engaging new documentary examining the growing political influence of Asian Americans.
Leak shows Google's new Aluminium OS in action for the first time
In screenshots and videos, we get a first peek at Google's new operating system that combines Android and ChromeOS.
California mental health hospitals warn over cuts after state hands down staffing rules
Psychiatric hospitals could close beds under proposed state rules if regulators don’t allow implementation time, facilities warn.
Recognize Data Privacy Day by protecting your small business from cybercriminals
Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.
Getting yelled at comes with the job. Why Sacramento youth sports officials still show up
Youth sports officials in the Sacramento region face unsportsmanlike fans that make them sometimes question the work.
Nervous Allies and Fox News: How Trump Realized He Had a Big Problem in Minneapolis
President Trump often blusters his way through a crisis, refusing to back down. Minneapolis tested the limits of that strategy.
OpenAI digs in on a fundamental disconnect in new research: AI is ready for primetime, many businesses aren't
The real challenge isn't building better AI—it's actually using it.
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
Hidden struggles: Cambridge scientists share the truth behind their success
In a career defined by constant questioning, self-doubt can become an occupational hazard. Now, for the first time, a group of Cambridge scientists reveal the personal struggles they’ve faced – and continue to face – as they strive for success.
Artemis II and III: The science that brings us back to the Moon
This week on Planetary Radio, Sarah Al-Ahmed is joined by Kelsey Young, Artemis Science Flight Operations Lead and lead of the Artemis II Lunar…
Teamsters California endorses proposed billionaires tax
Teamsters California, with 250,000 members statewide, becomes the largest union to back the proposed November ballot measure to enact a onetime billionaires tax.
Why comedian Katherine Ryan won't make fun of her kids on stage: 'I don't wanna get Brooklyn Beckhamed'
The British-Canadian comedian says she steers clear of making any of her five children the punchline for fearing of stirring up Beckham-style family drama.
Expiration of federal health insurance subsidies: What to know in California
Thousands in California who rely on the state-run health insurance marketplace face premiums that are thousands of dollars higher as federal subsidies expire.
What to Know About Skimo, the 2026 Olympics' Only New Sport
Ski mountaineering makes its debut at the Milano Cortina Winter Games
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
Commentary: They said Katie Porter was dead politically. I checked her pulse
A one-two punch of unflattering videos caused many to write off Porter's gubernatorial candidacy. But the former O.C. congresswoman remains a top contender.