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Patriots O-line keeping with tradition before Super Bowl

Even with the Super Bowl coming up, the Patriots O-line found time to hold its weekly dinner on Thursday night.

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Feb 5 • 5:19 PM EST • Sports • patspulpit.com
Super Bowl 2026: Picks, predictions for Patriots-Seahawks, including winner, MVP and Bad Bunny halftime show
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Feb 5 • 3:55 PM EST • Sports • sports.yahoo.com
9 Ada County residents sickened by raw milk, health officials investigating
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Feb 5 • 3:14 PM EST • Health • ktvb.com
Source: Jonathan Kuminga 'shocked' Warriors ultimately traded him to Hawks to end drawn-out saga

Jonathan Kuminga wanted the Warriors to trade him, but he wasn't expecting the ultimate destination Golden State settled on.

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Feb 5 • 1:21 PM EST • Sports • nbcsportsbayarea.com
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…

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Feb 5 • 1:05 PM EST • Health • thehill.com
Business Matters: Nathan’s Hair marks 50 years as family-run salon

Jeff and Krystal Zienert own Nathan’s Hair Unlimited at 1209 E. Wackerly St.

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Feb 5 • 12:22 PM EST • Business • ourmidland.com
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CVS Health to lay off 300 Hartford Aetna HQ

CVS has been rolling out layoffs semi frequently over the past few years, with over 1,000 having been laid off by early 2025.

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Feb 5 • 11:27 AM EST • Health • ctinsider.com
In the Bay Area, sticking to sports is impossible with Super Bowl LX

OPINION NEWSLETTER: The backlash over Bad Bunny’s Super Bowl halftime show is part of the overflow of politics into sports.

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Feb 5 • 10:30 AM EST • Sports • sfchronicle.com
What fans can expect from CT-based NBC Sports’ Super Bowl coverage

Stamford-based NBC Sports will deploy several hundred people to work on its coverage of Super Bowl LX.

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Feb 5 • 5:00 AM EST • Sports • ctinsider.com
Uncertainty looms large for Minnesota businesses

While it’s too early to draw firm, data-driven conclusions, no one is going out on a limb by saying the combination of turbulence and uncertainty seen in Minnesota right now will exact an economic price on the state.

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Feb 5 • 5:00 AM EST • Business • mprnews.org
Assessing Kraft Heinz (KHC) Valuation As Earnings, Options Activity And Planned Business Split Attract Fresh Attention

Kraft Heinz stock in focus as earnings, options activity and corporate split converge Kraft Heinz (KHC) is drawing fresh attention as its February 11 earnings date approaches. Analysts expect declines in earnings per share and revenue, there is heavier call option activity, and the company has announced a planned sauces and grocery split later this year. See our latest analysis for Kraft Heinz. At a share price of US$24.48, Kraft Heinz has seen short term momentum pick up, with a 7 day share...

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Feb 5 • 12:15 AM EST • Business • finance.yahoo.com
New Mexico newborn dies from Listeria infection after mother drank raw milk while pregnant: state officials

Newborn dies from Listeria infection likely linked to mother drinking raw milk during pregnancy, according to New Mexico health officials who renewed warnings.

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Feb 5 • 12:14 AM EST • Health • foxnews.com
New York City joins UN health network after Trump withdrew US from WHO

The New York City Health Department on Wednesday said it has joined the World Health Organization's global outbreak response network following President Donald Trump's withdrawal of the U.S. from the U.N. health agency.

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Feb 4 • 10:00 PM EST • Health • reuters.com
New York City Joins UN Health Network After Trump Withdrew US From WHO

By Kanishka Singh WASHINGTON, Feb 4 (Reuters) - The ‌New York City Health Department ‌on Wednesday said it has joined the World Health Organization's global outbreak response network following President Donald Trump's withdrawal of the ‍U.S. from the U.N. health agency. WHY'S IMPORTANT Following ...

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Feb 4 • 10:00 PM EST • Health • usnews.com
A newborn's death likely linked to the mom drinking raw milk while pregnant

Health officials in New Mexico have said a newborn baby died from a listeria infection likely linked to the child's mother drinking raw milk during pregnancy.

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Feb 4 • 8:14 PM EST • Health • apnews.com
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Measles cases in Northern California linked to Disneyland

Several newly reported measles cases in California have been linked to a recent visit to Disneyland, health officials said.

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Feb 4 • 7:50 PM EST • Health • sfchronicle.com
New York City Partners with W.H.O. as U.S. Withdraws From Global Effort

City health authorities are joining a network that counters new pathogens and emerging outbreaks.

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Feb 4 • 7:37 PM EST • Health • nytimes.com
Curiosity Blog, Sols 4788-4797: Welcome Back from Conjunction

Written by Alex Innanen, Atmospheric Scientist at York University, Toronto

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Feb 4 • 6:05 PM EST • Science • science.nasa.gov
Tate McRae draws backlash from Canadian fans after appearing in a Winter Olympics promo for Team USA: 'Even the owl was GAGGED girl'

Kate McRae's Canadian fans were quick to question her decision to team up with Team USA, considering she's from Calgary.

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Feb 4 • 4:24 PM EST • Entertainment • yahoo.com
How Big Is the Minnesota ICE Drawdown?

Border czar Tom Homan says 700 federal agents are leaving. State and local leaders say the Trump administration needs go further.

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Feb 4 • 3:59 PM EST • Politics • nymag.com
How Houston's leaders hope to transform the city into a hub for brain health

Houston institutions recently announced Project Metis, an ambitious effort to position the region as a leader in brain health and emerging technologies.

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Feb 4 • 2:35 PM EST • Health • houstonchronicle.com
New York health staff blast 'pile of poop' air quality meeting

At an aging Albany facility, NY Health Dept leaders met staff over air quality complaints, outlining a move to Latham by year’s end with no lease signed.

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Feb 4 • 2:23 PM EST • Health • timesunion.com
Supreme Court, with no dissents, rejects GOP challenge to California's new election map

With newly drawn maps, California may elect five more Democrats to Congress while Texas elects five more Republicans.

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Feb 4 • 2:10 PM EST • Politics • latimes.com
States Join WHO Network After U.S. Withdrawal

Illinois on Tuesday followed in California’s footsteps to become the second state to join the World Health Organization’s pandemic response network after President Donald Trump withdrew the U.S. from the organization. The U.S. departure from WHO became official in late January, with the Department ...

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Feb 4 • 12:11 PM EST • Health • usnews.com
Live updates: The latest on the Trump administration

The Department of Homeland Security will withdraw 700 personnel from Minneapolis, according to border czar Tom Homan. Follow for live news updates.

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Feb 4 • 9:24 AM EST • Politics • cnn.com
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Communicating Science in a Misinformation Age

S4, E7: Drawing on decades of experience, infectious disease expert William Schaffner, MD, explains why effective science communication must reach hearts as well as minds to change behavior ...

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Feb 4 • 1:28 AM EST • Science • nfid.org
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GTA 6 Marketing Will Kick Off This Summer, as Take-Two Confidently Reaffirms November Release Date

Grand Theft Auto VI's November 19, 2026 release date is drawing nearer, and Take-Two Interactive is starting to sound more confident than ever that this time, it's really happening. So confident, in fact, it's announced that Rockstar will be spinning up its marketing beats this summer.

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Feb 3 • 4:15 PM EST • Technology • ign.com
New Mexico warns against drinking raw milk after newborn dies from listeria
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Feb 3 • 4:07 PM EST • Health • cbsnews.com
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Illinois joins World Health Organization after Trump withdraws U.S.
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Feb 3 • 3:51 PM EST • Health • cbsnews.com
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House passes funding bill to reopen government and sends it to Trump for his signature

The House on Tuesday passed a sprawling spending package that will end the partial government shutdown — but created another funding cliff for the Department of Homeland Security in two weeks.

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Feb 3 • 2:11 PM EST • Politics • cnn.com
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NFL coaching carousel: College assistants drawing growing interest

The wave of coaches going from college to the NFL ranks has begun.

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Feb 3 • 10:50 AM EST • Sports • cbssports.com
Country star Tim McGraw will perform in Hershey this summer

Grammy Award-winning country music star Tim McGraw will perform in Hershey this summer, and he's bringing plenty of friends with him.

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Feb 3 • 8:50 AM EST • Entertainment • lancasteronline.com
Illinois joins World Health Organization network, after Trump administration withdraws from group

Joining the World Health Organization’s Global Outbreak Alert and Response Network is the state’s latest move into an area that was previously the domain of the federal government, before the…

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Feb 3 • 6:00 AM EST • Health • chicagotribune.com
Analysis: When Trump makes election threats, it’s best to believe him

When President Donald Trump looks like he’s gearing up to meddle in an election, still-raw history suggests he should be believed.

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Feb 3 • 12:00 AM EST • Politics • cnn.com
Magic: The Gathering's Newest Product Says the Quiet Part Out Loud

The latest Secret Lair sold the same drop at different prices, drawing anger from the community.

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Feb 2 • 5:56 PM EST • Technology • ign.com
Musk joins his rocket and AI businesses into a single company before an expected IPO this year

Elon Musk is joining his space exploration and artificial intelligence ventures into a single company before a massive planned initial public offering for the business later this year.

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Feb 2 • 5:47 PM EST • Business • sfchronicle.com
Trevor Noah draws Trump's ire after Grammys jokes about the president, Nicki Minaj

Noah saved his most pointed jokes for absentees, and elicited an angry post from the president.

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Feb 2 • 9:58 AM EST • Politics • pbs.org
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Disney's first quarter is powered by box-office hits 'Zootopia 2' and 'Avatar: Fire and Ash'

Disney is posting strong first quarter numbers, powered by box-office hits “Zootopia 2” and “Avatar: Fire and Ash.”The Walt Disney Co. earned $2.4 billion, or $1.34 per share, for the three...

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Feb 2 • 7:35 AM EST • Entertainment • sfchronicle.com
In Houston, the thorny politics of succession are on display in the primary for this redrawn congressional seat

Fresh off of a special election victory, Rep.-elect Christian Menefee now faces a primary with longtime Rep. Al Green and his runoff foe, Amanda Edwards, for a redrawn version of the district.

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Feb 2 • 6:00 AM EST • Politics • texastribune.org
1 trade Wild must make before NHL Olympic break

With the NHL's Olympic break drawing near, here is one trade the Minnesota Wild should try pulling off before the roster freeze.

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Feb 2 • 12:47 AM EST • Sports • clutchpoints.com
Gershon's Deli in Schenectady closes after 72 years in business

“I will miss seeing you all more than I can put into words,” said current owner Antonia “Toni” Nelson.

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Feb 1 • 8:14 PM EST • Business • timesunion.com
Elmore County District Science Fair Draws Record Middle School Participation, Advances Students To Regionals - Elmore-Autauga News

Amanda Pevey

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Feb 1 • 1:21 PM EST • Science • elmoreautauganews.com
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Why Puerto Rico is considering withdrawing from 2026 World Baseball Classic

Francisco Lindor and other notable Puerto Rican players have not been approved for insurance for the WBC

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Feb 1 • 11:54 AM EST • Sports • cbssports.com
Fairfield woman turns her Etsy business into a brick-and-mortar store

The building, painted blue with bright pink doors, reflects Ashby’s goal of creating a cheerful, welcoming space.

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Feb 1 • 5:00 AM EST • Business • ctinsider.com
Business school professors’ picks

Topical FT articles and suggested classroom questions

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Feb 1 • 1:14 AM EST • Business • ft.com
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School IB business management class: Carlsberg’s ‘core’ beer brands drop to less than half of sales for first time

Growth and evolution

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Feb 1 • 12:53 AM EST • Business • ft.com
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The P&Q Interview: Africa's Rabat Business School Looks To Seize The Moment Amid International Talent Shifts

Rabat Business School Dean Nicolas Arnaud on Africa’s rise, global rankings, and why the continent is drawing business schools’ attention.

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Jan 31 • 11:34 AM EST • Business • poetsandquantsforundergrads.com
Lindsey Vonn withdraws from super-G race a day after crash, no update on Winter Olympics status: 'Doing my best right now'
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Jan 31 • 7:54 AM EST • Sports • sports.yahoo.com
Dismissing 49ers’ EMF injury theory as ‘junk science’ misses the point

A power substation situated a stone’s throw from the 49ers’ practice field and training facilities is ground zero for a buzz that won’t go away as Levi’s Stadium prepares to host Super Bowl...

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Jan 31 • 7:00 AM EST • Science • sfchronicle.com
A legendary San Francisco sports bar adds a delicious new twist

"We're enhancing the experience, not replacing it."

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Jan 31 • 7:00 AM EST • Sports • sfgate.com
Businesses fear blowback from Saudi-UAE rift

Emirates workers have had visas to the kingdom rejected since tensions erupted between the Gulf powerhouses

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Jan 31 • 6:00 AM EST • Business • ft.com
CT Culture Corner: This 'Wicked' Bible forgot an important word

Yale will be holding an exhibition that looks at printing errors in history in the spring.

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Jan 31 • 5:00 AM EST • Entertainment • ctinsider.com
Venezuela’s Delcy Rodríguez announces amnesty for political prisoners

Move is a hopeful sign in repressive nation weeks after US toppled former leader Nicolás Maduro

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Jan 30 • 8:52 PM EST • Politics • ft.com
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San Antonio gem goes from silent movie theatre to bustling music venue

It kicked off the year with a new logo.

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Jan 30 • 7:03 PM EST • Entertainment • mysanantonio.com
Dueling S.F. ballot measures will pit unions against business leaders

The stage has been set for an expensive battle between labor unions and San Francisco’s business community over how the city should tax big businesses. Here’s what to know about the ballot...

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Jan 30 • 6:48 PM EST • Business • sfchronicle.com
Fertitta Entertainment names Nicki Keenan COO, overseeing Landry's

Longtime Landry's executive Nicki Keenan will oversee the nationwide operations of Tilman Fertitta's entertainment empire, Fertitta Entertainment said Friday.

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Jan 30 • 5:34 PM EST • Entertainment • houstonchronicle.com
Smoke BBQ + Skybar owner faces allegations he 'looted' bankrupt business

The allegations, which San Antonio restaurateur Adrian Martinez denies, were leveled by WellMed Medical Management Inc.'s former president.

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Jan 30 • 2:03 PM EST • Business • expressnews.com
Tickets on sale for Midland County Sports Hall of Fame’s 2026 induction

Buy $60 tickets now for the Midland County Sports Hall of Fame induction on April 11 at Dow Diamond; seating is limited.

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Jan 30 • 12:51 PM EST • Sports • ourmidland.com
2026 Governors Ball: Everything you need to know about tickets, lineup and dates

Returning to the iconic Flushing Meadows Corona Park in Queens, New York, the annual music festival that draws in festivalgoers from all over is bound to continue doing so with this year’s insane lineup.

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Jan 30 • 10:19 AM EST • Entertainment • al.com
Champions League's best playoff matches: Mourinho returns to Madrid

The UEFA Champions League playoff draw took place on Friday, here's what to look forward to

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Jan 30 • 7:36 AM EST • Sports • cbssports.com
A man died covered in feces in the jail's mental health unit. Nothing changed.

There is a desperate need to invest in mental health care in San Antonio, but officials aren’t on the same page.

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Jan 30 • 7:02 AM EST • Health • expressnews.com
Gavin Newsom says at SF event that he isn't sold on breaking up PG&E

"I'm not convinced," the California governor said.

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Jan 30 • 5:00 AM EST • Politics • sfgate.com
Cramping Alcaraz beats Zverev in epic to reach final

A cramping Carlos Alcaraz draws on every physical and mental reserve to beat Alexander Zverev in a five-set epic and reach the Australian Open final.

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Jan 30 • 4:32 AM EST • Sports • bbc.com
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Davis Webb withdraws from Las Vegas Raiders head coach job

Las Vegas loses another head coach candidate

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Jan 29 • 8:04 PM EST • Sports • silverandblackpride.com
Little Liam Conejo Ramos' health deteriorating in Texas ICE facility, mom says

The preschooler 'has stomach pain, he’s vomiting, he has a fever and he no longer wants to eat,' the boy's mother says.

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Jan 29 • 6:24 PM EST • Health • expressnews.com
Predictions market regulator scraps proposed ban on sports contracts, says new rules are coming

Contracts on live sports offered by Kalshi, Polymarket and others have drawn comparisons to the wave of legalized sports betting in the U.S.

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Jan 29 • 4:53 PM EST • Sports • cnbc.com
Austin businesses shutting down Friday in nationwide ICE protest

Local businesses will close Friday to join a nationwide protest against ICE operations, part of a growing wave of actions happening this weekend.

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Jan 29 • 3:38 PM EST • Business • statesman.com
Apple buys Israeli start-up Q.AI as it races Meta and Google on AI devices

Deal worth close to $2bn for secretive group that creates technology that analyses facial expressions

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Jan 29 • 12:32 PM EST • Technology • ft.com
Driver crashes into upholstery business in Kansas City, Kansas; one seriously hurt

A car crashed into Ramos Upholstery in Kansas City, Kansas, on Central Avenue and N Tremont Street in Strawberry Hill Thursday morning

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Jan 29 • 12:00 PM EST • Business • fox4kc.com
SF: Zoo Penguins Receive Annual Health Check-Up

Dozens of penguins at the San Francisco Zoo and Gardens received their annual physical exam Thursday, getting their health checked from head to toe.

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Jan 29 • 9:33 AM EST • Health • sfgate.com
Several propane tanks catch fire outside of business in Philadelphia's Roxborough neighborhood

Several propane tanks caught fire outside of a business in Philadelphia's Roxborough neighborhood on Thursday morning.

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Jan 29 • 7:42 AM EST • Business • 6abc.com
Calif. politicians introduce Minneapolis-inspired bill

The bill is the most recent from California lawmakers responding to ICE raids.

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Jan 28 • 8:00 PM EST • Politics • sfgate.com
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.

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Jan 28 • 3:57 PM EST • Politics • npr.org
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Shares of GE Vernova slide as investors focus on the wrong part of its business

Our focus is on the continued robust results from the power and electrification businesses, where demand is off the charts.

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Jan 28 • 1:39 PM EST • Business • cnbc.com
Laredo Chamber sets 2026 vision to strengthen business

With a vision of strengthening the Laredo business community at all levels as the nation's largest port, Monica Y. Martinez of the Laredo Chamber of Commerce is looking ahead to 2026.

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Jan 28 • 12:13 PM EST • Business • lmtonline.com
Sames Auto Arena serves as entertainment hub with 2026 event lineup

In 2026, familiar and big names are returning to the stage, and the Sames Auto Arena is preparing for even more.

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Jan 28 • 11:10 AM EST • Entertainment • lmtonline.com
Scott Pilgrim EX launches March 3

Retro-style side-scrolling adventure brawlerScott Pilgrim EX will launch digitally for PlayStation 5, Xbox Series, PlayStation 4, Switch, and PC via Steam on March 3 for $28.99, developer Tribute G…

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Jan 28 • 10:06 AM EST • Technology • gematsu.com
Davis Webb rumors reveal Raiders' competition for Broncos assistant coach

Denver Broncos passing-game coordinator and quarterbacks coach Davis Webb has drawn a lot of interest this offseason and the Las Vegas Raiders have some competition for his services.

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Jan 28 • 9:01 AM EST • Sports • sportingnews.com
Inside the reincarnation of Palo Alto's beloved sports bar

The beloved Stanford spot has a lot of homages to its former version inside.

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Jan 28 • 7:00 AM EST • Sports • sfgate.com
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.

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Jan 28 • 7:00 AM EST • Politics • sfchronicle.com
As the U.S. bids adieu to the World Health Organization, California says hello

In the wake of the U.S. withdrawal from WHO, California is the first state to participate in the agency's disease monitoring network. Are others following?

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Jan 28 • 6:47 AM EST • Health • npr.org
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Why it’s so hard to uncover the truth about a president’s health

Bruises on Trump’s hands and other apparent ailments have invited speculation. But secrecy, politics, and the vagaries of aging make drawing conclusions difficult.

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Jan 28 • 6:21 AM EST • Health • bostonglobe.com
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Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs

In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)­—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices­—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash

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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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