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Memphis People in Business for Jan. 29, 2026
A look at promotions, hirings, movers and newsmakers in the Memphis area business scene.
Scientists use AI to crack the code of nature’s most complex patterns 1,000x faster
Order doesn’t always form perfectly—and those imperfections can be surprisingly powerful. In materials like liquid crystals, tiny “defects” emerge when symmetry breaks, shaping everything from cosmic structures to everyday technologies. Now, researchers have developed an AI-powered method that can predict how these defects will form and evolve in milliseconds instead of hours. By learning directly from data, the system accurately maps molecular alignments and complex defect behavior, even in situations where defects merge or split.
Scientists found a way to cool quantum computers using noise
Quantum computers need extreme cold to work, but the very systems that keep them cold also create noise that can destroy fragile quantum information. Scientists in Sweden have now flipped that problem on its head by building a tiny quantum refrigerator that actually uses noise to drive cooling instead of fighting it. By carefully steering heat at unimaginably small scales, the device can act as a refrigerator, heat engine, or energy amplifier inside quantum circuits.
Exclusive | Spring Health to Buy Alma in Merger of Mental-Health Startups
Venture-backed digital-health startups are using mergers and acquisitions to expand offerings as AI competition intensifies.
5 Costco TVs That Are Perfect For The Super Bowl
Here are 5 Costco TVs from different brands and across various price points to enjoy the Super Bowl. You can pick from multiple size options.
Speedskater Jordan Stolz conquered World Cups. Olympic history is next
Speedskater Jordan Stolz has an almost unbreakable hold on the men's side of the sport. He could leave the 2026 Winter Olympics with four gold medals.
MLB offseason grades: Dodgers get top marks, plenty of Fs to go around
USA TODAY Sports issues grades for all 30 MLB teams this winter.
Videos emerge of previous confrontation between Alex Pretti and federal officers 11 days before he was killed
On Wednesday The News Movement published a video from 13 January where officers appeared to grab Pretti
How Trump is using his 'king-like' power of clemency a 2nd time around
Clemency gives the president the power to pardon or commute sentences. How has Donald Trump used his power in his first year back? What we know.
Commentary: Farewell to Peter Duesberg, a godfather of scientific disinformation
Peter Duesberg squandered his scientific reputation by advancing a debunked theory about AIDS, but his influence on anti-vaccine activists lives on.
Why is India’s Nipah virus outbreak spooking the world?
The virus spreads from animals to humans, via person-to-person contact or through consuming contaminated food.
IDF accepts Gaza Health Ministry estimate of over 70,000 Palestinians killed in the war
Although Many International Experts Have Accepted the Health Ministry's Data as Reliable, and Even Conservative Relative to the True Death Toll, Israel Had Refused to Accept the Health Ministry's Count Until Noiw
TPS Expiration Under Trump Hits Haitian Workers in Critical Health Care Roles
Haitians are a vital source of employees for health care providers in many communities. The Trump administration is removing legal status next month for 330,000 of them.
Captain 'essential' Fernandes - FPL team of the week
With a juicy run of fixtures coming up and his team in top attacking form, Bruno Fernandes is an easy captain choice this week, writes Thomas Woods.
Analysis: Trump 2.0 sees terrorism all over the place
The Trump administration is living in a state of perpetual terror, both foreign and domestic.
Sunburn — The morning read of what’s hot in Florida politics
Grab a cup of joe and the best in Florida politics — Sunburn
The Polanski effect? These charts reveal how much the Greens have advanced
The Green party has made gains under its leader – but there is also uncertainty ahead
Weak dollar drives gold over $5,500 an ounce for first time, amid geopolitical and debasement fears
Rolling coverage of the latest economic and financial news
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.
AMC Entertainment Holdings, Inc. Announces Agreement With Its Lenders to Provide Additional Debt Refinancing Flexibility and Previews Fourth Quarter and Full Year 2025 Preliminary Results
LEAWOOD, Kan.--(BUSINESS WIRE)-- AMC Entertainment Holdings, Inc. (NYSE: AMC) (the “Company,” or “AMC”), today announced that it has…...
Throwback Thursday: Notre Dame Fighting Irish Football VS Michigan, 1992
This week’s Throwback Thursday takes us back to one of the most emotionally charged games ever played inside Notre Dame Stadium — the 1992 showdown between Notre Dame and Michigan. I chose this game in honor of Reggie Brooks, whose birthday we just celebrated on January 19th. Reggie’s legacy at Notre Dame extends far beyond […]
Alibaba to merge with China's Zelos on $2 billion robovan business, WSJ reports
Alibaba's logistics arm plans to merge its autonomous-driving unit Cainiao with China's Zelos Technology, forming a new entity valued at approximately $2 billion, the Wall Street Journal reported on Thursday, citing sources familiar with the matter.
Pakistan becomes latest Asian country to introduce checks for deadly Nipah virus
Authorities in Pakistan have ordered enhanced screening of people entering the country for signs of infections of the deadly Nipah virus after India confirmed two cases, adding to the number of Asian countries stepping up controls.
China, U.K. vow to build long-term strategic partnership in bid to reset strained ties
U.K. Prime Minister Sir Keir Starmer said he hopes to build "more sophisticated" ties with China as the two nations look to revive the bilateral relationships.
Student sport finals to come to Coventry
The major university sporting competition will see thousands of student athletes visit Coventry.
Xi-Starmer meeting: Chinese leader tells PM he hopes both countries can ‘rise above differences’
At Beijing talks, British prime minister Keir Starmer tells Xi he wants a ‘more sophisticated’ relationship with China
Analysis: Why the Minnesota deportation impasse will be so hard to solve
What happens now that the tough Minnesota deportation crackdown has turned tragic depends on whether President Donald Trump concludes he simply has an optics problem or whether he’s ready to make genuine changes to unpopular hardline policies that are central to his political identity.
Are men being misled over testosterone?
In part one of a miniseries exploring the popularity of testosterone, Madeleine Finlay hears from Professor Channa Jayasena of Imperial College London, who is chair of the Society for Endocrinology, about how this craze is manifesting in NHS clinics, and from ‘Sam’ who tells Madeleine about his own journey with the hormone
Lakers routed in LeBron's possible last game in Cleveland
Donovan Mitchell scored 25 points and the Cleveland Cavaliers routed the Los Angeles Lakers 129-99 on Wednesday, spoiling what might be the final Cleveland game for superstar LeBron James.Jaylon Tyson added 20 points for the Cavs and De'Andre Hunter scored 19 off the Cleveland bench while Luka Doncic had a game-high 29 points for the Lakers (28-18), who also had eight points from Bronny James, LeBron's son.
Business owner speaks out after Ypsilanti parents detained by ICE
Palat scores, assists in Islanders' 5-2 win over Rangers
Ondrej Palat scored the opening goal and added an assist in his debut with the New York Islanders, who defeated their cross-town rival New York Rangers 5-2 on Wednesday night. Simon Holmstrom had a goal and two assists, David Rittich made 14 saves, and the Islanders won their second straight game. Mathew Barzal, Jean-Gabriel Pageau and Emil Heineman also scored.
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%.
Super Bowl 2026 odds: Seahawks vs. Patriots predictions and picks
Who's favored to win the Super Bowl? Find the latest odds, picks and predictions for Seahawks vs. Patriots.
Chicago Bears’ Offensive Player of the Year is Caleb Williams
The Bears name Caleb Williams their Offensive Player of the Year. More here from @thechicagosares.
US ski resorts devastated as worsening crisis impacts business: 'It's been really slow'
"You lose people, employees."
Seattle restaurants show support to Minneapolis businesses amid protests and unrest
Seattle restaurants are banding together to show solidarity with businesses in Minneapolis, raising funds to support their counterparts.
Tiny mammals are sending warning signs scientists can finally read
Small mammals are early warning systems for environmental damage, but many species look almost identical, making them hard to track. Scientists have developed a new footprint-based method that can tell apart nearly indistinguishable species with remarkable accuracy. Tested on two types of sengi, the system correctly identified them up to 96% of the time. It offers a simple, ethical way to monitor ecosystems before they quietly unravel.
Mahoning Valley arts and entertainment
Art ARTS & EDUCATION AT THE HOYT, 124 E. Leasure Ave., New Castle, Pa.: “My Abandoned Heart: Photography by Diane Beatty,” ...
Halide co-founder Sebastiaan de With is joining Apple’s design team
A new role for de With.
U.S. health officials monitor deadly virus
Authorities in India have confirmed two cases of nipah virus, often carried by fruit bats. The CDC says it is monitoring the situation and stands ready to assist as needed. NBC News’ Raf Sanchez has more.
Carmen Bricillo, Shea Tierney joining Brian Daboll with Tennessee Titans
Shea Tierney, Carmen Bricillo reportedly heading to Tennessee.
Geoff Mason, Sports Producer Thrust Into Covering Terrorism, Dies at 85
He played a critical role in ABC Sports’s reporting on the attack by a Palestinian group at the 1972 Summer Games in Munich that left 11 Israeli team members dead.
Music notes: Taylor Swift, Ellie Goulding and more
The video for Taylor Swift's "Wildest Dreams" — the fifth single from her album 1989 — has become her latest to rack up 1 billion views on YouTube. It's her sixth video to hit that milestone, following “Blank Space,” “Shake It Off,” “You Belong With Me,” “Bad Blood” and “Look What You Made Me Do.”
As major CEOs respond to ICE Minneapolis crackdown, CNBC survey finds many leaders saying it’s 'not relevant to their business'
Apple, OpenAI CEOs respond to ICE crackdown in Minneapolis, but a CNBC survey finds some business leaders sensing no business need, or fearing Trump backlash.
How Do Menopause and a Treatment to Manage Its Symptoms Affect the Brain and Mental Health?
New research suggests an association between menopause and anxiety, depression and shrinkage in certain brain regions—which hormone replacement therapy might not mitigate
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.
Blackstone's biggest hedge fund business returned 12% in 2025, sources say
Blackstone's biggest hedge fund platform, Absolute Return Composite (AR), returned nearly 12% last year, beating the benchmark HFRX Global Hedge Fund Index's 7.1% gain, two people familiar with the numbers said on Wednesday.
Trump endorses Republican Rep. Tom Tiffany in Wisconsin's open race for governor
Trump announced the endorsement in a social media post on Tuesday night, saying Tiffany “has always been at my side.”
'Miracle on Ice' players discuss political climate heading into Winter Olympics
Mike Eruzione says the country needs a unifying moment: "We could use an '80 now."
These two viruses may become the next public health threats, scientists say
Two emerging pathogens with animal origins—influenza D virus and canine coronavirus—have so far been quietly flying under the radar, but researchers warn conditions are ripe for the viruses to spread ...
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.
ICE presence threatens small business in Minneapolis and Minnesota, some owners say: 'I can hardly do my normal job'
Some Minneapolis small-business owners say they fear for their personal safety, their community's safety and their businesses' survival amid ICE's presence in the city.
Internal review contradicts Trump administration on Alex Pretti shooting : The NPR Politics Podcast
An initial internal review into federal immigration officers’ fatal shooting of Alex Pretti in Minneapolis last weekend contradicts the description of the incident by Homeland Security Secretary Kristi Noem. We discuss President Trump’s shifting messages on immigration policy and how his administration’s efforts to restrict legal immigration pathways are changing the political environment. This episode: senior White House correspondent Tamara Keith, immigration policy correspondent Ximena Bustillo, and senior political editor and correspondent Domenico Montanaro.This podcast was produced by Bria Suggs and Lexie Schapitl, 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.
Eau Claire County Health Department releases measles and respiratory update
The Eau Claire City-County Health Department’s communicable disease team released statements about both measles and a respiratory update.
Schaumburg Boomers officially purchased by REV Entertainment, owner of the Kane County Cougars
REV Entertainment announced Wednesday that the group has acquired the Schaumberg Boomers from the Salvi family.
NBA legend Manu Ginobili invests in sports performance hub with Miami FC stadium, academy and hotel
US Federal Reserve holds interest rates steady despite political pressure
The central bank will maintain rates at 3.5 to 3.75 percent and warned of 'elevated' economic uncertainty.
Arlington-based REV Entertainment buys two independent professional baseball teams
Arlington-based REV Entertainment, the official sports and entertainment partner of the Texas Rangers, today announced it has purchased two independent...
Give Your Problems (and Passwords) to Moltbot, Then Watch It Go
A viral new virtual assistant formerly known as Clawdbot is complex and brings security risks—but some early adopters say it feels like the future.
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.
Iran delegates import powers as US war threats keep economy unstable
Iranian governors gain new powers as country prepares for possible war amid sanctions and looming geopolitical tensions.
Google’s New Chrome ‘Auto Browse’ Agent Attempts to Roam the Web Without You
Google’s latest addition to its Chrome browser puts generative AI behind the wheel and you in the passenger seat.
How your health is being commodified by social media
From heath tech developers to influencers, our health is being monetised – and we need to be aware of what's going on, says Deborah Cohen
Giannis Antetokounmpo trade rumors: Bucks listening on deals for star
Giannis Antetokounmpo has indicated he's ready to move on from the Bucks, and Milwaukee is reportedly willing to listen to offers. Here's the latest.
NFL Hall of Fame snubs Bill Belichick and sports world is gagged: 'I can't be reading this right'
Sports figures from Patrick Mahomes to LeBron James expressed shock and outrage after news broke that Bill Belichick failed to gain Hall of Fame election on his first ballot.
Community invited to Terry Schools Science Fair Feb. 3
Terry Schools will host a 7th–12th grade Science Fair on Monday, Feb. 3, from 1 to 3 p.m. in the study hall at Terry High School.
Healthy Returns: Botox, Trulicity among 15 drugs added to Medicare price negotiations
The Trump administration kicked off another round of Medicare drug price negotiations, while Kaiser Permanente agrees to pay a historic settlement.
Exclusive: Bertelsmann launches $200M health tech fund
The fund launch reflects growing international investor interest in digital health.
Footy Fix: Catch Champions League action only on Paramount+
All eyes will be on Napoli where Chelsea chase top 8 and the hosts look to sneak into the top 24
WATCH: Coons, Rubio disagree on whether Congress should’ve been consulted before Maduro ouster
Sen. Chris Coons, D-Del., said the Trump administration failed to properly consult with Congress in the months leading up to the dramatic U.S. military raid that ousted President Nicolás Maduro. Secretary of State Marco Rubio said it was "a trigger-based operation."
New Doc by Former Colleagues Explores Asian Americans' Growing Political Leadership
Two Asian American professors with ties to York College have collaborated on a timely and engaging new documentary examining the growing political influence of Asian Americans.
2nd Show Announced for State Fair 2026 Concert Lineup
The Great New York State Fair has announced its second music act for Suburban Park.
🧪 Science with Sarah: Graham Cracker Plate Tectonics 🌋
Hello parents, teachers and students! Explore our shifting Earth on a mantle of frosting
This 'perfect' Amazon Fire TV is on sale for under $200 right now — plus 5 more can't-miss TV deals
You don't need to spend a fortune to upgrade your TV.
Business groups back freight brokers in Supreme Court trucking liability fight
U.S. Chamber of Commerce, National Retail Federation among those supporting C.H. Robinson in the brief. The post Business groups back freight brokers in Supreme Court trucking liability fight appeared first on FreightWaves.
Patriots LT Will Campbell trending up ahead of Super Bowl
The Patriots’ left tackle had his best game of the postseason in the AFC Championship Game.
Deli manager stole $92K from Chicago-area business: police
A deli manager at a suburban Chicago business has been charged with felony theft after allegedly stealing over $92,000 by voiding cash transactions.
Do college sports actually want rules? How high should Indiana be ranked? Mandel’s Mailbag
Plus, why the SEC and Big Ten control the CFP, what coaching hires were actually downgrades and Deion Sanders' future at Colorado.
General Dynamics fourth-quarter revenue rises on strong defense business
General Dynamics posted a rise in fourth-quarter revenue on Wednesday, driven by growth in its combat and marine systems segments.
A Go-Kart Track Is Just the Start at This Arizona Home Built Like a Sports-and-Entertainment Complex
Over-the-top amenities at the $20 million listing include a batting cage, a basketball court, a shooting range, a day spa, a dance studio and a gaming lounge
The White House’s shocking lies about Minneapolis
Never forget how this administration misled you.
Mental health cases in Israel surged 30% during Gaza war, Health Ministry reports
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‘Rodent droppings, live roach’: Jefferson County’s worst January 2026 restaurant health ratings
In January, 11 restaurants, convenience stores and other food establishments received scores of 84 or below.
Barry Keoghan Is Nearly Unrecognizable with Long Hair in London, Plus Halle Berry, King Charles, Queen Camilla and More
Barry Keoghan is nearly unrecognizable with long hair in London, plus Halle Berry, King Charles, Queen Camilla and more. From London to Los Angeles, and everywhere in between, see what your favorite stars are up to.
Scientists turn tumor immune cells into cancer killers
Scientists at KAIST have found a way to turn a tumor’s own immune cells into powerful cancer fighters—right inside the body. Tumors are packed with macrophages, immune cells that should attack cancer but are usually silenced by the tumor environment. By injecting a specially designed drug directly into tumors, researchers were able to “reprogram” these dormant cells to recognize and destroy cancer.
5 things to know for Jan. 28: Minnesota ICE crackdown, Political violence, Severe weather, Social media trial, Epstein files
CNN’s 5 Things AM brings you the news you need to know every morning.
Night Owls Have Worse Heart Health, Study Finds
By Dennis Thompson HealthDay ReporterWEDNESDAY, Jan. 28, 2026 (HealthDay News) — Do you prefer to stay up late, living it up through the night while everyone else is snoozing away? You might be doing your heart health a disservice, a new study says. Middle-aged and older night owls appear to have ...
Who was Ajit Pawar, the Indian politician killed in plane crash?
Pawar was a key political figure and served as second-highest elected official in Maharashtra, India's wealthiest state.
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.
Windows 11’s ability to resume Android apps on your PC is getting closer
The feature is now in Release Preview testing
Vikings, other NFL teams not surprised Commanders hired Daronte Jones
Other NFL executives raved about new Commanders DC Daronte Jones.
Large Businesses Driving Crypto Payments Adoption, PayPal Survey Finds
About 4 in 10 U.S. merchants (40%) now accept crypto at checkout, PayPal and the National Cryptocurrency Association said, citing a Harris Poll survey. 50% ...
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
Congress is poised to take this big step intended to lower drug costs
A deal attached to the Senate government funding package would "delink" PBM compensation from drug prices in Medicare Part D.
Movies and TV shows casting across the US
Backstage compiled a list of movies and TV shows casting across the US.
Ashley Capps named one of SPIN's 2026 most influential people in music
Ashley Capps, who created Big Ears and co-founded Bonnaroo, has enriched countless people by bringing them music from the world's best artists.