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Jose Mourinho contract clause opens door to Real Madrid return
On Tuesday, Real Madrid will be reunited with former manager Jose Mourinho for the second time in a matter of weeks, as they face off against Benfica in the first leg of their Champions League play-of...
OpenPayd Wins ‘Best Early-Stage or Future Payments Initiative’ Award for Stablecoin Infrastructure Innovation
London, United Kingdom, February 16th, 2026, ChainwireOpenPayd, a leading provider of financial infrastructure, has won the &...
Keller Makes Olympic Debut As Matthews Leads USA Past Germany
The United States men's hockey team wrapped up group play on Sunday with a commanding 5-0 victory over Team Germany as they clinched Group C with nine points.
Imported pears from Argentina are causing problems for California farmers
California pear growers are facing challenges as the United States imports many pears from Argentina, a move that is affecting the state's market and prompting calls for government intervention.
UAMS offers quick, noninvasive heart screenings during American Heart Month
American Heart Month is putting a spotlight on cardiovascular health, as heart disease remains the leading cause of death in the United States, accounting for n
Rubio says U.S., Europe ‘belong together,’ despite rifts over Trump policies
Secretary of State Marco Rubio declared that the United States and Europe “belong together” in a speech Saturday seeking to unify the Western alliance.
The one industry powering the U.S. labor market
Without health care, the United States would have nearly 400,000 fewer jobs than it did a year ago, according to Labor Department figures through January.
Team USA Crush Italy After Explosive Second Period, Advance To Semifinal
The United States Women's hockey is onto the semifinals in Milan after crushing Italy in commanding fashion 6-0.
Marquis Who’s Who Honors Youcef Hammoudi for Entrepreneurial Leadership and Business Growth
Uniondale, NY, United States, February 13th, 2026, FinanceWireMarquis Who’s Who honors Youcef Hammoudi for his leadersh...
Wendy’s is closing 6% of its stores by mid-2026
Wendy’s is planning to close hundreds of locations across the United States as part of its turnaround plan.
Aretas Solutions Makes an Immediate Impact on Grand Rapids' Small Business Community
United States, February 13, 2026 -- Aretas Solutions, a sales and consulting firm specializing in direct client engagement with small and mid-s...
How Manchester United co-owner Sir Jim Ratcliffe sparked a political storm
Sir Jim Ratcliffe's claims that the United Kingdom has been “colonised by immigrants” drew a reaction inside and outside Old Trafford
Brock Nelson Leads USA Hockey Past Latvia In Commanding Victory
Despite a chaotic first period with two overturned goals in favor of Latvia, the United States orchestrated an explosive second period as they settled into their game to establish an insurmountable lead.
Trump wants a deal with Iran, but could military strikes be coming? : The NPR Politics Podcast
Israeli Prime Minister Benjamin Netanyahu met with President Trump this week to discuss the United States’ ongoing talks with Iran over that country’s military capabilities. We discuss what each side wants and possible next steps, plus the latest in the efforts for peace in Gaza.This episode: voting correspondent Miles Parks, White House correspondent Franco Ordoñez, and national security correspondent Greg Myre.This podcast was produced by Casey Morell and Bria Suggs, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
International Women in Science Day – local schools look to narrow gender gap in STEM
In 2015, the United Nations proclaimed February 11 as “International Women in Science Day,” a day to celebrate women’s accomplishments and raise awareness against gender inequality. For decades, men h...
UN agency begins clearing huge Gaza City waste dump as health risks mount
The United Nations Development Programme began clearing a huge wartime garbage dump on Wednesday that has swallowed one of Gaza City’s oldest commercial districts and is an environmental and health risk.
Fix energy prices to be competitive, business leaders tell EU
Top business leaders urged the European Union on Wednesday to act urgently to bring down energy prices, saying that was key for European industries to be able to compete with the United States and China.
You break it, you bought it: The medals at these Winter Olympics are fragile
The medals for the United States were plentiful on Tuesday. The question now is how long before they break?
Trump Wants to Revive Shipping. Investors Are Slow to Back Him.
A French logistics behemoth promised $20 billion for the United States, but a year into President Trump’s second term, only a fraction of the money has arrived.
USA's Ilia Malinin leads men's singles after commanding short program
The United States' Ilia Malinin delivered a near-perfect short program Tuesday night in Milano, putting the two-time world champion firmly atop the men's singles standings heading into Friday's free skate.
Trump admin removes Pride flag from Stonewall National Monument
The Trump administration has removed an LGBTQ Pride flag from the Stonewall National Monument in New York City, the United States’ first national monument to LGBTQ rights, following a directive restricting what kinds of flags can be flown on National Park sites.
Turbulence warning was not relayed to plane before flight attendants were seriously injured
Pilots aboard a United Airlines flight where three flight attendants were seriously injured were not warned about turbulence reported by a plane in front of them, the National Transportation Safety Board concluded Tuesday.
Women and girls in science: Dismantling barriers, closing gender gaps
Although women are more likely than young men to pursue higher education, they make up only 35 per cent of science graduates.
An American xc skier charms the world at a tense political moment: He’s “the kind of president America should have”
PREDAZZO, ITALY — Particularly among the citizens of the Scandinavian nations where cross-country skiing is religion, bringing up the United States right now does not exactly elicit warm fuzzies in Europe. U.S. President Donald Trump, after all, has done his best to shred traditional North Atlantic alliances, complained to Norway’s prime minister that he should have been awarded the Nobel Peace Prize and said he could take over Greenland by force. At the Winter Olympics…
Utah Gov. Cox blames media after Trump calls Team USA athlete ‘loser’ for political comments
Utah Gov. Cox blamed journalists when asked about President Trump calling a Team USA athlete a “loser” for their criticism of the United States government.
Utah governor chides Winter Olympics media: 'Hate the questions you ask athletes'
Utah Gov. Spencer Cox chided reporters at the 2026 Winter Olympics on Feb. 10 for asking US athletes about political division in the United States.
The day Manchester United and the New York Yankees teamed up – and the missed opportunity
Two of the world's biggest sports franchises teamed up — but the relationship could have gone much further
Operator of Eddie Bauer stores in the US and Canada files for bankruptcy
Eddie Bauer LLC filed for Chapter 11 bankruptcy protection on Monday and hopes to sell about 200 of its namesake outdoor sportswear stores in the United States and Canada, blaming declining sales and supply chain challenges.
Young scientists from across the UK shortlisted for largest unrestricted science prize
The Blavatnik Awards for Young Scientists today announced the Finalists for the 2026 Blavatnik Awards for Young Scientists in the United Kingdom. The Awards recognise scientific advances by UK researchers across Life Sciences, Chemical Sciences, and Physical Sciences & Engineering. Now in its ninth year, each Blavatnik Awards Laureate will receive an unrestricted £100,000 (US$135,000) prize, while the remaining six Finalists will be awarded £30,000 (US$40,400) each. This year’s Finalists include: Chemical Sciences Finalists Michael J. Booth, PhD – University College London (UCL) Mathew H. Horrocks, PhD – The University of Edinburgh Maxie M. Roessler, DPhil – Imperial College London Life Sciences Finalists Nicholas R. Casewell, PhD – Liverpool School of Tropical Medicine Thi Hoang Duong (Kelly) Nguyen, PhD – MRC Laboratory of Molecular Biology Pontus Skoglund, PhD – The Francis Crick Institute Physical Sciences & Engineering Finalists Radha Boya, PhD – The University of Manchester Paola Pinilla, PhD – University College London (UCL) Iestyn Woolway, PhD – Bangor University
Watch Brands Increasingly Turn to Sports for Spark
In a cooling market, makers have been putting more emphasis on sponsorships and famous athletic ambassadors, especially in the United States.
Eddie Bauer's retail operator has officially filed for bankruptcy
Eddie Bauer retail and outlet stores in the United States and Canada will remain open for now as the company begins shutting down certain stores.
Cable UCC to hold Mardi Gras pancake supper
The public is invited to attend the Mardi Gras Pancake Supper on Tuesday, Feb. 17 from 5 to 6:30 p.m. in the Fellowship Hall at Cable United Church of Christ.
INTEGRIS Health could be 'out-of-network' for some Oklahomans starting March 9
If negotiations with United Healthcare fall through, Oklahomans using UnitedHealthcare would lose access to INTEGRIS Health doctors, clinics and hospitals.
The Largest US Particle Collider Stops Its Collisions | Science Friday
The Relativistic Heavy Ion Collider (RHIC), the largest particle collider in the United States, collided its last particles in early February. RHIC is a massive accelerator ring and s...
U.S. Olympic athletes in Italy are speaking out about the political situation at home
American skiers Mikaela Shiffrin and Hunter Hess and other Milan-Cortina Olympic athletes aren't shying away from talking about what's going on in the United States.
‘Take the vaccine, please,’ a top US health official says in an appeal as measles cases rise
A leading U.S. health official on Sunday urged people to get inoculated against the measles at a time of outbreaks across several states and as the United States is at risk of losing its measles el…
'Take the vaccine, please,' a top US health official says in an appeal as measles cases rise
A leading U.S. health official is urging people to get inoculated against the measles at a time of outbreaks across several states. The appeal is from Dr. Mehmet Oz, the Centers for Medicare and Medicaid Services administrator. And it comes as the United States is at risk of losing its measles e...
‘Take the vaccine, please,’ a top US health official says in an appeal as measles cases rise
WASHINGTON (AP) — A leading U.S. health official on Sunday urged people to get inoculated against the measles at a time of outbreaks across several states and as the United States is at risk of losing…
Temporary agreement reached between United Healthcare and INTEGRIS Health
United Healthcare and INTEGRIS Health have reached a temporary agreement to extend their contract, providing relief to thousands of Oklahomans who faced losing their healthcare coverage.
British Politicians Are Still Capable of Shame. Americans Aren’t.
The Epstein case keeps threatening politicians—just not in the United States.
INTEGRIS Health could be 'out-of-network' for some Oklahomans starting March 9
If negotiations with United Healthcare fall through, Oklahomans using UnitedHealthcare would lose access to INTEGRIS Health doctors, clinics and hospitals.
Building Health Resilience in Burundi Through the America First Global Health Strategy - United States Department of State
On February 6, the United States and the Government of the Burundi signed a five-year bilateral health cooperation Memorandum of Understanding (MOU) that advances the America First Global Health Strategy while protecting Americans from infectious disease threats. Through the MOU, working with Congress, the Department of State intends to provide more than $129 million over the next […]
As political talk rages in Milan, U.S. athletes are answering for their country
The Olympics have always been a political crucible. What's different about this one is that it's the United States that's taking heat.
Oklahomans lose health care coverage as INTEGRIS Health, United Healthcare fail to reach agreement
Integris and United Healthcare did not reach a deal by the deadline, leaving thousands of Oklahomans without healthcare coverage.
INTEGRIS out of contract with UnitedHealthcare after dispute
After months of waiting, patients with INTEGRIS Health got an update Saturday that they are no longer contracted with UnitedHealthcare.
These Game Boy, DS, 3DS, GameCube, Wii, and Wii U games sold exactly 1 copy each in the U.S. in 2025
New data has been released that reveals games that sold exactly one unit in the United States during 2025 on older Nintendo platforms. Wii U is the newest of the bunch, but this stretches all the way back to the Game Boy. The full list is as follows: Game Boy GB Boxing GBA Legend of Spyro: A New Beginning GBA...
Glazers make huge bid for Indian Premier League teams
Manchester United’s owners, the Glazer family, are planning their next sports purchase.Deeply unpopularIn spite of Ineos and Sir Jim Ratcliffe buying a minority stake in the club and taking over con...
Redding nurses and health care workers announce Feb. 19 strike
Shasta Regional staff have been in negotiations since August, 2025 for a new contract with little to no movement on key issues. The staff urges management to agree to a contract that provides safe staffing and a commitment to practices that recruit and retain workers.
Integris Health and United Healthcare dispute leaves patients worried in Oklahoma City
Integris Health and United Healthcare are in a dispute that could leave many patients without in-network care, causing concern among those relying on Integris facilities.
Fostering ocean leaders through science-policy support at U.S. academic institutions
npj Ocean Sustainability - The science enterprise faces growing challenges in the United States that require stronger connections between research and decision-making. Yet training at the...
From The Sports Desk: An authentically Italian opening ceremony
Lindsey Vonn tested her knee, figure skating kicked off, and host country Italy paid tribute to its culture and artistry at the opening ceremony.
How a pro-Israel super PAC made a losing bet to open Democratic primary season
United Democracy Project, a super PAC affiliated with AIPAC, is expected to play a big role in Democratic primaries this year. It got off to a bad start in New Jersey on Thursday.
James Rodriguez to Minnesota United: Colombian midfielder remains star passer
Coming off a stint at Leon, and looking forward towards the World Cup, the attacking midfielder still has a lot to offer Minnesota
US accuses China of secret nuclear test as Trump admin calls for broader nuclear weapons agreement
The United States on Friday accused China of carrying out a secret nuclear test in 2020 as the Trump administration calls for a broader nuclear weapons agreement including both China and Russia.
China criticizes U.S. for WHO pullout, accusing it of sidestepping international law
China criticized the United States for withdrawing from the WHO, saying countries should not place domestic politics ahead of international law.
United Arab Emirates Loyalty Business Report 2026: A $592.4 Million Market by 2030 - Majid Al Futtaim SHARE, Emirates Skywards, ADNOC Distribution, and e& Smiles Compete with Careem and Noon
Key market opportunities in UAE's loyalty sector include embedding loyalty programs into high-frequency transactions, expanding coalition programs across sectors like retail and travel, integrating loyalty with digital identity platforms, and shifting focus from discounts to utility and access-based benefits. Emirati Loyalty Market Emirati Loyalty Market Dublin, Feb. 06, 2026 (GLOBE NEWSWIRE) -- The "United Arab Emirates Loyalty Market Size & Forecast by Spend Value Across 100+ KPIs by Program T
United Kingdom Loyalty Business Report 2026: A $4.06 Billion Market by 2030 from $2.33 Billion in 2025 - Competition is Centred on Optimisation Rather Than Program Creation
The UK loyalty market presents key opportunities by evolving beyond "points" to personalized, app-led models integrated into daily shopping, emphasizing frictionless digital experiences. Expanding into financial services enhances retention, while partnerships increase ecosystem value, maintaining compliance in a competitive landscape. United Kingdom Loyalty Market United Kingdom Loyalty Market Dublin, Feb. 06, 2026 (GLOBE NEWSWIRE) -- The "United Kingdom Loyalty Market Size & Forecast by Spend V
Lasses Preview: Friday Nights Under The Lights!
Charlotte Patterson previews tonight’s clash between Sunderland Women and Sheffield United — a big game awaits!
New York City joins UN health network after Trump’s withdrawal from WHO
New York City has joined a United Nations health network in the wake of the United States leaving the World Health Organization (WHO). In a press release Thursday, the New York City Department of H…
Organic & Natural Health Association Honors SENPA’s Debra Short with Champion Award at Conference Shaping Policy, and the Future of Retail
FT. LAUDERDALE, Fla., Feb. 05, 2026 (GLOBE NEWSWIRE) -- The Organic & Natural Health Association’s 11th annual conference, “The United States of Health: Building Bridges to Opportunity,” concluded Jan. 22 with a celebration of industry and a clear message: the future of natural health depends on independent retailers, credible science and modernized policy grounded in transparency and consumer protection. The conference convened Organic & Natural Health members, board leaders, and industry stake
'The View' star Sara Haines cries upon learning she's related to 2 U.S. presidents
'The View' cohost Sara Haines broke down in tears upon learning that she's biologically related to two United States presidents, including one of the Founding Fathers.
Visa Introduces Visa & Main, A New Platform to Accelerate Small Business Growth Across the U.S.
New program aims to tackle biggest challenges for entrepreneurs across three pillars: Business Capital, Business Connect and Business Essentials Visa Main launches $100M working capital facility Visa (NYSE: V) today announced the launch of Visa Main , a new platform designed to give small business owners across the United States better access to the resources they need to succeed. Built in direct response to the most pressing challenges entrepreneurs face—access to capital, reaching customers and adopting modern business tools—the platform brings together capabilities across Visa’s network to help small businesses succeed. Attendees at Visa Main launch event in Atlanta “Small businesses are the heartbeat of local communities and represent nearly half of our country’s economic activity,” said Kim Lawrence, Regional President of North America, Visa. “With Visa Main, we’re connecting Visa’s products and in-house knowledge with the expertise of our clients and
Black Castle Capital Partners Wins Best Venture Capital & Private Equity Business of the Year 2026
LONDON, Feb. 05, 2026 (GLOBE NEWSWIRE) -- London-based consultancy Black Castle Capital Partners has been honoured with the Global 100 – 2026 award for Best Venture Capital & Private Equity Business of the Year in the United Kingdom, recognising its boutique expertise in guiding companies through successful and efficient fundraising processes. Black Castle Capital Partners specialises in tailored introduction services across Private Equity, Venture Capital and Real Estate. The firm’s lean and ni
Ryan Expands UK Business Rates and Property Tax Capabilities with Acquisition of WYM Rating
PLANO, Texas & EDINBURGH, Scotland, February 05, 2026--Ryan, a leading global tax services and software provider, is pleased to announce the acquisition of Williams Young McKaig Ltd, a specialized commercial property consultancy, and its specialist rating division, WYM Rating, based in Edinburgh. The acquisition establishes Ryan’s property tax and business rates presence in Scotland and expands the Firm’s ability to serve clients with complex commercial property portfolios across the United King
Fears of nuclear arms race rise as US-Russia treaty expires
The expiration of the last remaining nuclear treaty between the United States and Russia on Thursday has sparked fears about a nuclear arms race, with the two biggest nuclear superpowers without limits on their arsenals for the first time in decades.
Alexa+ is Now Free to Amazon Prime Members
Amazon has rolled out its advanced AI-powered assistant, known as Alexa+, to all Prime members in the United States as of February 4, 2026. This marks a significant expansion following an early access phase that began nearly a year earlier and attracted tens of millions of participants. The upgraded assistant is now fully available without […]
Steelers hire Vikings' Brian Angelichio as offensive coordinator
The Pittsburgh Steelers hired Brian Angelichio as offensive coordinator, they announced Wednesday. The Steelers confirmed four additional hirings.
SAMHSA Distributes Nearly $800 Million in Block Grants Nationwide for Community-Based Mental Health and Substance Abuse Programs
SAMHSA, recently distributed $794 million in block grant funding across the United States and territories for community mental health services and substance abuse treatment and prevention.
United Rentals Empowers Frontline Decision-Making with Business Intelligence Agent Built on Snowflake
No-Headquarters/BOZEMAN, Mont. & STAMFORD, Conn., February 04, 2026--Snowflake (NYSE: SNOW), the AI Data Cloud company, today announced that United Rentals, widely recognized as the world’s largest equipment rental provider, has rolled out a new AI agent built on Snowflake Intelligence to operational teams working across 1,600+ branches. The Business Intelligence Agent allows branch managers, sales leaders, and regional teams to ask questions of their company data in plain language, drill down,
The science behind the storms
Penn State researchers spent six weeks chasing storms during the first hail research campaign in the United States in four decades. Named the In-situ Collaborative Experiment for the Collection of Hail In the Plains, or ICECHIP, it was the largest, most sophisticated international collaborative hail research campaign to date.
Liverpool to rival Man Utd for Wharton
Liverpool, Manchester United and Real Madrid eye Adam Wharton deal, Manchester United could move for Jean-Philippe Mateta and Sandro Tonali, Leeds keeper Illan Meslier looks to be heading to Turkey.
'System in flux': Scientists reveal what happened when wolves and cougars returned to Yellowstone
Large carnivores are both clashing and coexisting in the western United States. Although wolves dominate cougars and steal their prey, cougars' shift from elk- to deer-heavy diets, paired with a rugged landscape for escape, might help cougars avoid violent wolf encounters.
Thorniley departs Oxford after contract terminated
Oxford United defender Jordan Thorniley leaves the club after an agreement was mutually reached to terminate his contract.
Super Bowl LX: Patriots, Seahawks ready for 'identity war'
Coach Mike Vrabel expects an "identity war" when his New England Patriots meet the Seattle Seahawks on Sunday in Super Bowl LX, he said Monday.
Musheinesh: Trump ignores the devastating toll tariffs have on Michigan businesses
No person — not even the President of the United States — has the unilateral power to slap taxes on the entire nation whenever they feel like it.
Joint statement on the renewed Quadripartite Memorandum of Understanding regarding cooperation on One Health until 2030
Through the renewal of the Memorandum of Understanding (MoU) on One Health, the Food and Agriculture Organization of the United Nations (FAO), the United Nations Environment Programme (UNEP), the World Health Organization (WHO), and the World Organisation for Animal Health (WOAH) reaffirm their shared commitment to advancing the implementation of the One Health approach.
From Park City to Boulder and Beyond, United for Business Keeps Festivals and Productions Moving With Travel Solutions
United supports the entertainment industry with specialized travel programs and high-touch service
Trump cuts deal with India to reduce tariffs, increase oil purchases
Donald Trump said he was lowering the tariff on India as part of a deal for the country to stop buying Russian oil and increase purchases from the United States.
Milwaukee County HR director fired following lapse in health insurance contract
Milwaukee County Executive David Crowley announced an "employee" who let the county's health insurance contract with UnitedHealthcare lapse last year has been fired.
Global health systems ‘at risk’ as funding cuts bite, warns WHO
The UN World Health Organization (WHO) warned on Monday that cuts to international aid and persistent funding gaps are undermining the global health system.
A telling UnitedHealth chart, and the Medicare Advantage earthquake
This is the online version of STAT's Health Care Inc. newsletter
Liverpool 4-1 Newcastle — Match Report: Mid-Table Nightmare
Newcastle United’s return to Premier League action ended in frustration as Liverpool stormed back to earn a 4–1 comeback win at Anfield. The Magpies have now dropped 16 points from winning positions in the league, keeping just two clean sheets in their last 17 games. Eddie Howe’s boys made a promising start but left Merseyside […]
Gossip: Magpies reject £20m bid for Willock
Fulham have had a £20m offer for Joe Willock rejected by Newcastle United, who will not sanction a move for the 26-year-old English midfielder unless they find a replacement. (Talksport)
Union, Marathon meeting as strike deadline looms for US refineries
Negotiators for the United Steelworkers union (USW) and Marathon Petroleum continued to meet on Saturday, just hours ahead of a deadline for possible strikes at multiple U.S. refineries and chemical plants, the union said.
New US envoy to Venezuela arrives in Caracas as administration aims to reopen embassy
Laura F. Dogu, the United States’ new top envoy to Venezuela, arrived in Caracas on Saturday as the Trump administration aims to reopen an embassy there for the first time in nearly seven years.
Newcastle United pushing hard to sign Barcelona youth team gem
According to a recent report from SPORT, a new name from Barcelona’s youth setup has begun attracting serious attention from across Europe. As such, Premier League side Newcastle United are making ...
Trump says 'very dangerous' for UK to get into business with China
U.S. President Donald Trump on Thursday warned the United Kingdom against getting into business with China, saying it would be "very dangerous."
UN criticizes Haiti for lack of progress on a political transition
UNITED NATIONS (AP) — The U.N. Security Council criticized Haitian authorities Thursday for the lack of progress in achieving a political transition and called for urgent security sector reforms to tackle increasing violence by gangs and criminal groups.
U.S. Department of State and National Football League Sports Diplomacy Partnership - United States Department of State
Today, the U.S. Department of State and the National Football League (NFL) announced a partnership to support and enhance the Department’s sports diplomacy initiatives and to collaborate on major sporting events, including international NFL games, the Super Bowl, and the debut of flag football at the 2028 Summer Games in Los Angeles (LA28). As American […]
Dispute over the Olympic medal stripped from US gymnast Jordan Chiles goes back to Swiss court
A gymnastics medal disputed by the United States and Romania at the 2024 Paris Olympics is heading for a fresh legal review in a Swiss court.
World discovers it can hedge US trade risk
It will be many years before the United States' allies can contemplate dispensing with the need for its military might or challenging the tech supremacy of its Silicon Valley giants.
Galaxy Z TriFold seemingly won’t allow trade-ins, as it briefly went up for sale early
Samsung announced earlier this week that the Galaxy Z TriFold would be available for purchase in the United States on...
I flew in United business class using points; worth it for long flight
I used points to upgrade to United Polaris business class on an eight-hour flight. From the lounge access to the amenities, the upgrade was worth it.
Trump’s National Guard deployments have cost taxpayers nearly $500 million dollars
President Donald Trump’s sweeping deployment of National Guard troops to several major cities across the United States cost taxpayers approximately $496 million from June through December last year, according to an estimate from the Congressional Budget Office.
Prosecution requests July 1 state trial for Mangione in health care executive's killing
Defense attorneys for Luigi Mangione, charged with fatally shooting UnitedHealthcare CEO Brian Thompson in 2024, said the date is unrealistic with a federal case also pending.
Cleveland Browns to hire Todd Monken as new coach
The Cleveland Browns agreed to hire Baltimore Ravens offensive coordinator Todd Monken as their head coach, a league source told UPI on Wednesday.
KPN Consulting Services Announces Over 20M USD in Business Acquisitions and Launch of Financial Wealth Symposium
CHARLOTTE, NC, UNITED STATES360-Degree Consulting Firm Expands Economic Empowerment Footprint Through Strategic
As college sports look more professional, sponsors turn to high school
High school sports, some marketers are finding, can provide brands with national reach and inroads with potential future star athletes.
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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