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Samsung says the Galaxy S26 isn't a smartphone, and that's a dangerous gamble
Rebranding the word smartphone is a bold move
Hochul scrambles to save health program insuring 1.7M people in NY
Losing the Essential Plan after federal cuts would be a "freaking nightmare."
Pope: War is gravest attack possible against life and public health
Pope Leo XIV addresses participants in the Plenary Assembly of the Pontifical Academy for Life, and underlines the importance of promoting health in a ...
Holographic 3D printing breakthrough produces objects in less than a second
The technique is called Digital Incoherent Synthesis of Holographic light fields (DISH). Instead of assembling materials layer by layer, DISH projects a three-dimensional holographic light field directly...
Scientists confirm one-dimensional electron behavior in phosphorus chains
For the first time, researchers have shown that self-assembled phosphorus chains can host genuinely one-dimensional electron behavior. Using advanced imaging and spectroscopy techniques, they separated the signals from chains aligned in different directions to reveal their true nature. The findings suggest that squeezing the chains closer together could trigger a dramatic shift from semiconductor to metal. That means simply adjusting density could unlock entirely new electronic states.
State remains in psychiatric hospital business where deferred maintenance costs are adding up
Pipes crumbling behind the walls at Mildred Mitchell-Bateman Hospital in Huntington.
State remains in psychiatric hospital business where deferred maintenance costs are adding up
Pipes crumbling behind the walls at Mildred Mitchell-Bateman Hospital in Huntington.
Tracking global water circulation using atomic fingerprints
Scientists have developed a powerful new way to trace the journey of water across the planet by reading tiny atomic clues hidden inside it. Slightly heavier versions of hydrogen and oxygen, called isotopes, shift in predictable ways as water evaporates and moves through the atmosphere. By combining eight advanced climate models into a single ensemble, researchers created the most accurate large-scale simulation yet of how water circulates worldwide.
Flutter Entertainment (NYSE:FLUT) Valuation After Analyst Downgrades And US Betting Slowdown
Flutter Entertainment (NYSE:FLUT) has been in focus after several banks cut their views following reports of slower US online sports betting growth and a broad selloff in gambling stocks. This has left shares volatile and investors reassessing risk. See our latest analysis for Flutter Entertainment. Those analyst revisions have landed on a stock that was already under pressure, with a 1 day share price return of 11.46% decline, a 30 day share price return of 37.37% decline and a 1 year total...
'Runaway' black hole detected by the James Webb telescope adds a strange new chapter to our universe's story
Recent observations suggest that 'runaway' black holes are tumbling through the cosmos. Building on decades of theory, the discovery adds a remarkable new chapter to the story of the universe.
Colorado Politics Calendar Feb. 16-22
CoPo’s weekly political calendar will help you find political and public-policy events throughout Colorado. It includes candidate and issue campaign events, public policy meetings, court hearings, state and local party conventions, assemblies, debates, rallies, parades, speaking engagements, traveling dignitary appearances, water meetings, book signings, county commission hearings, city council meetings and more. As a subscriber, […]
Accidental discovery hints at mystery structures within our brain
Scientists may have stumbled across a network of vessels in the brain that helps clear out waste fluid – a discovery that could "represent a paradigm shift in our understanding of all neurodegenerative diseases"
OpenAI and Anthropic battle in the political arena
Opposing AI forces are scrambling to impose their political agendas as the next tech disruption takes shape.
Tennessee Titans finalize 2026 coaching staff
Robert Saleh has assembled his 2026 Titans coaching staff
Play Rayman: 30th Anniversary Edition Tomorrow!
The edition celebrates 30 years of the limbless hero with five versions of the game, a never-before-playable prototype, 120 additional bonus levels, an exclusive interactive documentary, and more.
Tumbler Ridge shooting suspect had police visits over mental health struggles
Police say the suspect's firearms licence expired two years ago, and exactly who owned the guns used in the attack is unclear.
Guns and mental health struggles. What the apparent online footprint of the Canada school shooter tells us
The suspect in Canada’s Tumbler Ridge mass shooting posted about guns and hunting on her YouTube channel and appeared to have written about her struggles with mental health online, according to social media posts.
Edmund McMillen on assembling Mewgenics' meow cameo list: "the inclusion of people with clashing ideologies felt appropriate"
We spoke to Mewgenics co-developer Edmund McMillen about putting together the game's list of internet celebrity meow cameos.
The scramble to save D.C. sports journalism
There's a lot of chatter to create something new, but no organized campaign.
Snowball Earth was not completely frozen, new study reveals
Even when Earth was locked in its most extreme deep freeze, the planet’s climate may not have been as silent and still as once believed. New research from ancient Scottish rocks reveals that during Snowball Earth — when ice sheets reached the tropics and the planet resembled a giant snowball from space — climate rhythms similar to today’s seasons, solar cycles, and even El Niño–like patterns were still pulsing beneath the ice.
New Mandated Reporter Requirements for the Entertainment Industry in California
Effective January 1, 2026, California Assembly Bill (AB) 653, dubbed the California Abuse Mandated Entertainment Reporter Act (“CAMERA”), expanded the list of “mandated reporters” under...
Scientists reveal formation mechanism behind spherical assemblies of nanocrystals
From table salt to snowflakes, and from gemstones to diamonds—we encounter crystals everywhere in daily life, usually cubic (table salt) or hexagonal (snowflakes). Researchers from Noushine Shahidzadeh's ...
Approval of Trump's immigration policies tumbles in new poll
In an NBC News survey taken the week after Alex Pretti's death in Minneapolis, Americans appear to sour on Trump and immigration enforcement tactics.
Robinhood stock tumbles after earnings show crypto winter chills revenue
Robinhood's crypto trading revenue declined last quarter amid bitcoin's brutal bear market. The company hailed prediction markets as a new frontier.
Morgan Freeman narrates the glorious rise and meteoric fall of 'The Dinosaurs' in new Netflix series (video)
Steven Spielberg and Amblin Entertainment's 4-part dino-doc arrives March 6
Lutnick’s Flip-Flop Deepens White House Epstein Woes
Plus, immigration-enforcement chiefs defend the administration’s crackdown, and Vance stumbles on the Armenian genocide issue.
Notepad's new Markdown powers served with a side of remote code execution
: Smug faces across all those who opposed the WordPad-ification of Microsoft's humble text editor
Poll: Trump's ratings on immigration tumble as Americans lose confidence in his top issue
Immigration has been one of President Donald Trump’s strong suits, but the new NBC News Decision Desk Poll shows his numbers falling to the same level as his overall approval.
Celebrating Women in Science Day 2026 at CERN
Every year, on 11 February, CERN celebrates the International Day of Women and Girls in Science. In an effort to amplify diverse voices in STEM, six women scientists from CERN open up about their careers and the lessons they hope to pass on to the next generation. Francesca is an Italian biomedical engineer pursuing her PhD at CERN, working in the robotics team of the Beams Department. She’s currently working on the MARCHESE project, in affiliation with Campus Bio-Medico University of Rome, focusing on contactless monitoring of physiological parameters. Despite choosing a scientific career and often volunteering in scientific outreach initiatives, Francesca continues to nurture her passion for the humanities and arts. “I firmly believe that collaboration and inclusion are the right paths to improve the world together. I’m driven by a strong curiosity about everything around me.” Berare is a Turkish experimental physicist who worked with the ATLAS experiment during her MSc and PhD on searches for physics beyond the Standard Model. During her PhD, she became a Support Scientist for the Beamline for Schools (BL4S) competition, which marked the beginning of her journey combining research with science communication. She now works for both BL4S and ELISA, the mini proton accelerator at CERN’s Science Gateway. She fondly remembers the moment when the BL4S 2022 winners arrived at the experimental zone: “I felt incredibly lucky to share my passion with young, curious and really passionate people. We spent two weeks of beam time together watching their ideas turn into reality. All the intricate details of running an experiment, we accomplished them as a team.” Mia is a Canadian research fellow in the Accelerator Systems Department, working on beam developments for fundamental physics with radioactive molecules. Mia pursued a bachelor’s degree in mechanical engineering before moving to Vancouver for a master’s degree in engineering physics. Her interest in radioactive ion beam production brought her to CERN, where she studied actinide beams for three years as a PhD student in the Marie Curie European Training network “LISA” (Laser Ionisation and Spectroscopy of Actinides) at ISOLDE – a facility at CERN where scientists study the properties of atomic nuclei, with further applications in fundamental studies, astrophysics, and material and life sciences. Laura is a German mechanical engineer at CERN working on research and development to produce cavities for future accelerators. She studied mechanical and aerospace engineering at the Technical University of Munich. She joined CERN four years ago as a technical student for her master’s thesis and continued as a fellow working on collimators. Laura says that “as a child, I took part in girls’ day initiatives, which sparked my fascination for astrophysics and engineering. Later, it felt natural for me to give something back by organising workshops for young students to make STEM seem less intimidating and more accessible.” She particularly enjoys being close to the CERN Main Workshop and understanding how design ideas become real components. Paraskevi is a Greek physicist working at CERN’s HiRadMat (High-Radiation to Materials) facility, designed to deliver high-intensity beams to an irradiation area where material samples, as well as accelerator component assemblies, can be tested. She studied physics at NKUA, specialising in nuclear and particle physics, and is now pursuing her PhD at HiRadMat in collaboration with the University of Liverpool, studying novel materials for high-intensity beam diagnostics. “Continuous learning is one of my biggest motivators, and I am looking forward to exploring the limits of our knowledge on beam-material interactions,” says Paraskevi. Silvia is a Spanish physicist and deputy project manager for the Muon Drift Tube of the CMS detector, a general-purpose detector at the Large Hadron Collider (LHC). She started her career at CERN more than 20 years ago as a technical student, working on prototypes of the first dipoles for the LHC. “My first motivation came in high school, from my teacher,” says Silvia about what made her pursue a career in STEM. “My favourite part about my job is learning. You can learn something new every day.” In parallel to this initiative, like every year since 2017, from 2 to 6 February 66 women scientists and engineers visited schools in Geneva, Switzerland, and in the Haute-Savoie and Ain regions of France to meet with students. Organised in collaboration with CERN, the University of Geneva, EPFL, LAPP and LAPTh, this event allowed more than 4200 students between 6 and 17 years old to meet a woman scientist, discuss their profession and career path, ask questions and participate in classroom activities.
UK Carbon Slumps as Political Turmoil Widens Gap to EU Benchmark
UK carbon futures tumbled, driving the gap with the European Union benchmark to its widest in months as political uncertainty and currency weakness weighed on the market.
Virginia Democrats quickly send proposed redistricting map to Spanberger
Democrats in the Virginia General Assembly sent proposed congressional maps that favor their party to Gov. Abigail Spanberger (D) Tuesday as part of a budget package.
Hillsborough Health Care Plan Sees Surge in New Applications
With ACA Subsidies expired, some Hillsborough residents are scrambling to find new, affordable health care
The Biggest Reason to Travel This Year? Sports
With more and more interest from fans in catching tournaments, matches, and races all over the world, sports is the biggest motivator for travel right now.
Anas Sarwar makes his biggest political gamble - but can it pay off?
The call for Sir Keir Starmer to resign is a defining moment in Sarwar's leadership of Scottish Labour.
The Easter Eggs From Bad Bunny's Super Bowl Performance, Explained
From a light blue Puerto Rican flag to a young boy resembling a young Bad Bunny — here are some of the Easter eggs from his historic halftime show.
AFC Wimbledon Fans Verdict: Dons Punish Reading’s Costly Errors
The fans were not in a good mood after a rollercoaster game in South London.
Don’t Let Greed Tarnish the Future of Sports Betting
Sports betting operators and responsible gaming firms must balance short-term profit with supporting long-term industry success of legal sports gambling.
Assemblywoman Alexandra Macedo calls Newsom's High-Speed Rail update an "absolute disgrace"
Republican Assemblywoman Alexandra Macedo did not mince her words when it comes to the High-Speed Rail after Gov. Gavin Newsom announced the completion of the project's southern railhead and as some lawmakers seek to keep project records secret.
Lawmaker Lori Wilson on her "mileage tax" study, effort to keep some High-Speed Rail records secret
Democratic California Assemblywoman Lori Wilson is carrying two controversial proposals as the leader of the Assembly's Transportation Committee this year involving a study of a possible mileage tax and shielding some records around the state's embattled High-Speed Rail project.
From A’s games to Sur La Table: What lawmakers’ campaign finance filings reveal
Sacramento Bee reporters looked into the campaign financial filings, hundreds of which were released this week. Here’s what caught our eye.
For $4,550, Would You Buy a Single Premium Watch or a Swarm of Affordable Ones?
You could go all in on one pricey, luxe watch or assemble a collection of lower-budget timepieces. Let’s crunch the numbers.
Who Calls 1-800-GAMBLER? Around Big Sports Events, It’s Often Young Men.
Calls to Ohio’s gambling addiction help line have surged since sports betting was legalized in 2023, something the governor now regrets.
Seth Trimble hits 3 to cap No. 14 UNC's largest comeback win vs. No. 4 Duke in last 25 years, inspiring 2 court storms
The Tar Heels didn't lead until the final second of the game.
Seth Trimble hits 3 to cap No. 14 UNC's largest comeback win vs. No. 4 Duke in 25 years, inspiring 2 court storms
The Tar Heels didn't lead until the final second of the game.
Former Chargers coaches that Jesse Minter has brought with him
Jesse Minter has been hard at work assembling his Ravens staff, which has included a few former Chargers coaches.
Prediction Markets and Casinos Go to War Over Sports Betting
Kalshi and Polymarket say their prediction markets are not subject to gambling laws and taxes. The casino industry is lobbying to shut them down as a wave of court cases take on the question.
Colorado Politics Calendar Feb. 9-15
CoPo’s weekly political calendar will help you find political and public-policy events throughout Colorado. It includes candidate and issue campaign events, public policy meetings, court hearings, state and local party conventions, assemblies, debates, rallies, parades, speaking engagements, traveling dignitary appearances, water meetings, book signings, county commission hearings, city council meetings and more. As a subscriber, […]
Americans now bet on every game like it’s the Super Bowl
Danny Funt: Prop bets used to be a sideshow in sports gambling — now they’re the main draw.
This is Missouri's first Super Bowl with legal sports gambling — even though the Chiefs aren't in it
Missouri's top gambling official expects "an uptick in bets" for the first Super Bowl since the state legalized sports betting. But the state won't likely make much in revenue from the bets.
Ex-Dodger Yasiel Puig convicted of federal charges in sports gambling case
Scientist accidentally stumbles across bizarre ancient ‘wrinkle structures’ in Morocco that shouldn't be there
Ancient fossil structures imprinted on rocks that were once deep beneath the ocean suggest the search for the first life on Earth needs to be broadened.
Yemen’s crumbling health system leaves patients without treatment options
Outdated medical equipment, airport closures, and funding cuts combine to jeopardise patient outcomes in Yemen.
Loyola Chicago Hosts VCU For National Girls and Women in Sports Day
The Loyola University Chicago women's basketball team hosts VCU for National Girls and Women in Sports Day this Saturday (Feb. 7) at Gentile Arena. Tip-off on ESPN+/Marquee Network is set for 2 p.m. with Sam Brief (play by play) and Karli Bell calling the action (color).
Jeep maker Stellantis announces a ‘reset’ of its business and massive charges. Shares crumble
Stellantis, the owner of Jeep and Chrysler, announced a “reset” of its business after its enormous investments in electric vehicles failed to pay off .
Sports Betting Is Skyrocketing. Will It Take Over the Olympics?
Typically, the Olympics aren’t a hotbed of gambling. For the 2026 Winter Games, sportsbooks and betting platforms are watching for illicit activity while testing new ways to get people to bet.
Ron DeSantis rips media for smearing Casey DeSantis in Hope Florida Foundation coverage
'It was all a political scam, and there was a political agenda.'
N.Y. Assembly GOP leader won't run again, will step down from leadership
Will Barclay currently represents the 120th state Assembly District, which includes Oswego County and parts of northern Cayuga and Jefferson counties.
N.Y. assemblyman's bill would reform appointments to Public Service Commission
The Public Service Commission has been scrutinized lately over approving National Grid rate hikes last summer.
CEPI and Korea discuss future of AI-driven international health cooperation
Seminar held at Korea's National Assembly to discuss the link between AI and health ODA.
Binary Haze Interactive and Adglobe announce multi-genre action game TOKYO SCRAMBLE for Switch 2
Publisher Binary Haze Interactive and developer Adglobe have announced multi-genre action game TOKYO SCRAMBLE for Switch 2. It will launch via Nintendo eShop on February 11 for $29.99.
Newborn parties are scrambling Japanese politics
Though small, they have large megaphones
'Losing Big': Author Jonathan Cohen on the dangers of America's sports betting boom
Jonathan Cohen, ‘Losing Big’ author, joins 'Squawk Box' to discuss America's sports betting boom, sports gambling and prediction markets' impact on the youth, what the potential solutions are, practicality of company self-regulation, and more.
Wanna bet? Super Bowl gamblers find a way around bans thanks to prediction markets
Though California residents have emphatically said no pro and college wagers, Kalshi and Polymarket see opportunity.
Trump’s deportation push is scrambling New York’s suburban politics
Fury over immigration enforcement is dividing swing districts and putting pressure on moderate Democrats and pro-Trump Republicans.
House votes to legalize online sports betting and divert $600M to pension system
Proponents say this could generate tens of millions of dollars a year in new tax revenue, but critics warn it would fuel gambling addiction and hurt brick-and-mortar casinos.
Assembly Committee on Science, Technology, and AI
On February 4, 2026, the Assembly Committee on Science, Technology, and AI will hold a public hearing on the following: Assembly Bill 892 Relating to: digital asset staking and the state’s securities laws Assembly Bill 959 Relating to: the legal status of artificial intelligence Assembly Bill 965 Relating to: artificial intelligence systems that simulate humanlike […]
Small Business Owners to Missouri General Assembly: Curb Lawsuit Abuse Now
Annual small business survey finds the majority of Main Street members oppose the regulation of websites.
The Good Old Days of Sports Gambling
Recent memoirs by the retired bookie Art Manteris and the storied gambler Billy Walters provide a glimpse of an industry in its fledgling form—and a preview of the DraftKings era to come.
The Scourge of Online Sports Betting
States and leagues must face up to the damage from app-based gambling for the next generation of bettors, most of them young men.
Trump tried to gut science research funding. Courts and Congress have rebuffed him.
A year ago, federal support for scientific research appeared to be crumbling. But thanks to Congress and several lawsuits, scientists’ worst fears haven’t come to pass.
Starmer agrees to release some files on Mandelson’s appointment as US ambassador in wake of Epstein scandal
Move comes in response to Tories forcing ‘humble address’ vote in Commons
Students’ skills and interest in science tumble in first post-COVID-19 test
The 74 reports that U.S. eighth graders' science skills and interest have declined post-COVID, with proficiency falling from 33% to 29%.
CHCF Board of Directors Welcomes Health Policy Leader Jim Wood - California Health Care Foundation
The health policy leader has deep expertise in rural health. He chaired the California Assembly Health Committee for eight years.
Drake Maye's shoulder injury improves ahead of Super Bowl showdown
Drake Maye said the shoulder injury that limited him in practice last week has improved enough that he had a normal workout on his first full day in the Bay Area for the Super Bowl. Maye was unable to practice fully last week for the New England Patriots after injuring his throwing shoulder on a scramble in the AFC championship game win against the Denver Broncos.
This to-do app actually keeps up with my brain
Speaking is faster than typing, and it actually works
How Alex Pretti’s killing scrambled the world of gun politics
Several niche, left-leaning gun advocacy groups said that since Alex Pretti was killed, they can hardly keep up with the surging demand for firearms training.
Alzheimer’s scrambles memories while the brain rests
When the brain rests, it usually replays recent experiences to strengthen memory. Scientists found that in Alzheimer’s-like mice, this replay still occurs — but the signals are jumbled and poorly coordinated. As a result, memory-supporting brain cells lose their stability, and the animals struggle to remember where they’ve been.
‘They ruined that for me’: How sports gambling addiction and recovery affects men’s bonds with friends, family and fandom
CNN Sports reports on the way gambling addictions prey on fandom, the convenience of online sportsbooks, and masculine culture of competitiveness to corrupt the role of sports in their lives.
A ‘bizarro world’: How Trump’s words have scrambled America’s gun politics
In the wake of a horrific shooting that shocked the nation, President Donald Trump starkly broke with pro-gun groups in off-the-cuff remarks: “Take the guns first, go through due process second,” Trump said during a televised meeting with lawmakers.
Macau Gaming Revenue Beats Estimate on Entertainment Offerings
Macau’s gaming revenue rose 24% in January, beating analyst estimates as casinos in the world’s biggest gambling hub continued to rely on perks like free concert tickets and entertainment offerings to lure high-spending travelers.
Updated List Of WWE Royal Rumble Participants Following WWE SmackDown
The go-home episode of "WWE SmackDown" saw a few additions to the Royal Rumble ahead of Saturday's event.
Lapsed Milwaukee County health care contract poses 'catastrophic risk'
Milwaukee County is scrambling to address a lapse in one of its largest contracts, covering employee health care , after it expired in 2025.
Avalanche eager to regain footing in encounter vs. Red Wings
After beginning January on a historic pace, the Colorado Avalanche find themselves stumbling as they wrap up the month at the Detroit Red Wings on Saturday afternoon.
Ferris wheel, Berglund Center, Science Museum; Rasoul requests $600k from General Assembly for study to improve Roanoke
Delegate Sam Rasoul is requesting $600,000 from the General Assembly to evaluate improvement ideas for Roanoke, including a Ferris wheel on Center in the Square. Rasoul emphasizes the importance of creative investment for Roanoke's redevelopment, focusing on feasibility and structural studies.
US Senate scrambles to reach funding deal as partial shutdown deadline looms
Killings of Alex Pretti and Renee Good prompted Democrats to block passage of a measure funding DHS
Australian Open: Novak Djokovic dethrones Jannik Sinner in five-set classic to set up final with Carlos Alcaraz
Novak Djokovic rolls back the years to reach his first Grand Slam final since Wimbledon in 2024, dethroning Jannik Sinner to set up a meeting with Carlos Alcaraz; watch the ATP and WTA Tours live on Sky Sports Tennis and Sky Sports+, streaming service NOW and the app
Prison Stocks Tumble With ICE Backlash Stoking Business Angst
Wall Street investors who drove a massive surge in the shares of the two biggest private prison operators when President Donald Trump won the US election are seeing the trade fizzle out barely a year into his second term.
How Trump's Tom Tiffany endorsement scrambles Wisconsin governor race
Tom Tiffany is now running alone in the Republican field for governor while seven Democrats battle it out. Here's how that changes the race.
Louisiana company that turns placentas into skin grafts pivots to 3D bioprinter business
Placentas are processed into wound-care patches resembling Listerine breath strips.
Gambling could become a mental health crisis for teen boys
A new report from Common Sense Media found that more than a third of boys ages 11 to 17 have gambled in the past year. NBC News Now Daily anchor Kate Snow joins the "Here's the Scoop" to discuss the rise in gambling among teenage boys and why some experts worry it could cause a mental health crisis.
SEC survey results: Fans on the state of the conference, Indiana and the future of the sport
By and large, SEC football fans are humbled. However, they’re not in a panic, based on the results of a reader survey by The Athletic.
The Memo: Minneapolis trauma shifts the politics of immigration
Public outrage over the killings of Alex Pretti and Renee Good in Minneapolis is scrambling the politics of immigration. The Trump administration’s initial reaction to the Pretti killing, in partic…
Short-seller report accuses Carvana of overstating earnings
After the report, written by Gotham City Research but not naming an author, was released, the share value tumbled about 14%.
Online Gambling Corrupts Sports—And Americans, Too
The legalization of sports betting, especially at the college level, is a corruption not only of athletics and of education but of American society in general.
New York lawmakers join in calling for ICE’s removal from Minnesota
Dozens of New York state senators and assemblymembers released a joint statement Wednesday at the State Capitol.
Mike DeWine says biggest mistake as governor was to sign bill legalizing sports gambling
Gov. Mike DeWine says he considers his signing of legislation legalizing sports gambling his biggest mistake as governor. “Any control that we can get over this, anything we can do, we should be doing,” DeWine said Wednesday.
Tesla
Telsa’s revenue and profits tumbled in the fourth quarter, capping off the most difficult year for the electric automaker since it became profitable six years ago.
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