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CARBON HEALTH IMPLEMENTS FINANCIAL RESTRUCTURING

Carbon Health Technologies, Inc., (Carbon Health) a technology-enabled healthcare provider, announced today that it has reached an agreement with its existing lenders on the terms of a comprehensive restructuring that establishes a clear path to recapitalization and new ownership.

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Feb 2 • 12:53 PM EST • Health • finance.yahoo.com
2-month-olds see the world in a more complex way than scientists thought, study suggests

A new study suggests that babies are able to distinguish between the different objects they see around them at 2 months old, which earlier than scientists previously thought.

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Feb 2 • 11:04 AM EST • Science • seattletimes.com
Linden Entertainment Taps Jenna Jackson as Brand Ventures Executive (Exclusive)

Jackson will seek out new opportunities for the firm and its clients as well as assist preexisting labels like Once Upon a Farm from Jennifer Garner and YSE Beauty from Molly Sims.

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Feb 2 • 11:00 AM EST • Entertainment • hollywoodreporter.com
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How music's biggest stars protested Trump's immigration crackdown at the Grammys

Entertainment’s awards season has coincided with the Trump administration’s mass deportation campaign in Minneapolis, forcing artists to decide whether and how to join the growing cultural revolt against immigration crackdowns. Pushback from music’s biggest stars was visible Sunday from the Grammys red carpet and throughout the telecast. Activists spent the week pressing celebrities to don pins protesting the U.S. Immigration and Customs Enforcement presence in cities, working with their teams to spread the message and

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Feb 2 • 10:32 AM EST • Politics • pbs.org
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Tear gas and pepper spray can have lasting health effects

The chemicals are widely used for crowd control, but their long-term health risks are poorly understood.

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Feb 2 • 9:00 AM EST • Health • sciencenews.org
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
Ricky Gervais mocks Grammy winners making political speeches, says they're 'still not listening'

Ricky Gervais slammed Grammy winners for political speeches on Sunday, reposting his 2020 Golden Globes quote about celebrities lecturing the public.

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Feb 2 • 7:09 AM EST • Politics • foxnews.com
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‘The Greatest Heist’: Mike Tirico’s Super Bowl-sized decision that transformed sports TV

NBC's top on-air talent will be pulling unprecedented double-duty this week, calling the Super Bowl, then hosting the Winter Olympics.

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Feb 2 • 5:55 AM EST • Sports • nytimes.com
Why investing in youth agency is now a business imperative

Reverse mentoring, youth advisory boards and corporate innovation labs are tools businesses can use to empower young people and build a strategic edge.

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Feb 2 • 4:20 AM EST • Business • weforum.org
Celtics’ Joe Mazzulla Reveals Plan For NBA Trade Deadline

The NBA Trade Deadline is coming up on Feb. 5, and players are already starting to change teams. The Boston Celtics are in an interesting position this year. While they were expected to be deadline sellers coming into the season, they’ve wildly surpassed expectations, going 31-18 and ranking second in net rating. Accordingly, the Celtics […]

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Feb 2 • 1:22 AM EST • Sports • sports.yahoo.com
French tech giant is divesting US subsidiary over ICE contract

Capgemini has come under pressure from French lawmakers and its trade union over a contract its subsidiary signed with ICE.

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Feb 2 • 12:37 AM EST • Business • businessinsider.com
Browns DC Jim Schwartz updates: Reconciliation possible?

Cleveland Browns HC Todd Monken has made a lot of moves but none on defense. DC Jim Schwartz updates are interesting

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Feb 1 • 5:54 PM EST • Sports • dawgsbynature.com
Kamen takes leave of absence from FIRST

Dean Kamen agreed to take a leave of absence from FIRST Robotics, a nonprofit organization hosting programming for ages 5-18, while a private firm investigates his connection to Jeffrey Epstein.

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Feb 1 • 5:45 PM EST • Business • unionleader.com
Companies reporting earnings are doing just fine, despite tariffs

Companies in the S&P 500 may be on track to report the highest net profit margins in at least 15 years, suggesting tariffs aren't harming industry.

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Feb 1 • 2:24 PM EST • Business • usatoday.com
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Video What to know about having a healthy heart

Dr. Jessica Shepherd offers tips on diet, testing, and screening as a way to prevent cardiovascular disease.

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Feb 1 • 12:18 PM EST • Health • abcnews.go.com
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Report: Apple 'exploring' clamshell foldable iPhone as potential follow-up model

In today’s Power On newsletter from Mark Gurman, an interesting new possibility was shared for the iPhone lineup: a smaller,...

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Feb 1 • 12:10 PM EST • Technology • 9to5mac.com
How Disney Is Investing In Sports To Bring In New Fans

While Disney’s partnership with championship games isn’t going anywhere anytime soon, the company is growing its partnerships with sports teams, events and leagues.

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Feb 1 • 9:34 AM EST • Sports • forbes.com
How to watch Caitlin Clark's debut on NBC Sports’ 'Sunday Night Basketball' tonight

Caitlin Clark will make her debut in the broadcasting booth on Feb. 1 for the NBA's Sunday Night Basketball broadcast, here's how to watch.

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Feb 1 • 7:05 AM EST • Sports • sports.yahoo.com
A “spiritual entertainment” inspired by faith, international intrigue, and Cardinal Zen

Crafting an interesting story is more difficult than simply pulling something from today’s headlines. However, in the hands of a gifted storyteller, current events can be an inspiration for profoundly interesting and edifying stories. David […]

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Feb 1 • 5:00 AM EST • Entertainment • catholicworldreport.com
Farmers tell BBC Politics East why they are protesting again

Farmers want better support to deal with rising production costs and cheaper imports.

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Feb 1 • 1:14 AM EST • Politics • bbc.com
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This IG Page Collects Funny Dating App Screenshots And These 43 Are The Best

People say that dating is hell nowadays. But after you look at these hilarious interactions on Hinge, you might change your opinion. There's no shortage of funny people on dating apps, and Bored Padna has collected the most interesting screenshots of unhinged and sweet chats to show you that not all has been lost in the dating scene. Fails, Funny

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Jan 31 • 6:01 PM EST • Technology • boredpanda.com
Bengals free agent’s news fuels speculation about return

Fans noticed some interesting news about a Bengals free agent.

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Jan 31 • 4:14 PM EST • Sports • bengalswire.usatoday.com
Who's hosting 'SNL' tonight? How to watch Jan. 31 show

See the host and musical guest for the Jan. 31 "SNL" episode.

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Jan 31 • 3:00 PM EST • Entertainment • usatoday.com
Cardiologist: think of heart health as investing, start early

Lifestyle changes can make a big impact on your heart health. A cardiologist says we should start early.

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Jan 31 • 1:05 PM EST • Health • businessinsider.com
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When the Doctor Needs a Checkup

The physician work force is aging fast, and some hospitals now require that older clinicians undergo testing for cognitive decline. Many have resisted.

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Jan 31 • 10:25 AM EST • Health • nytimes.com
The 4 best wired earbuds for super-reliable sound, tested by editors

Wired earbuds can offer superior sound quality, and they never run out of battery. Here are the four best pairs our editors found after years of testing.

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Jan 31 • 10:00 AM EST • Technology • cnn.com
Wisconsin communities invest in sports tourism to grow hosting opportunities

Tournaments and games — large and small — offer tourism sector opportunities. A pair of Green Bay sporting facilities have projects built around expanding tourism.

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Jan 31 • 10:00 AM EST • Sports • spectrumnews1.com
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Wisconsin communities invest in sports tourism to grow hosting opportunities

Tournaments and games — large and small — offer tourism sector opportunities. A pair of Green Bay sporting facilities have projects built around expanding tourism.

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Jan 31 • 10:00 AM EST • Sports • spectrumnews1.com
Garmin Enduro 3 review: The longest-lasting sports watch series gets a price cut

If you’re after a high-end sports watch, minus the upkeep and attention-grabbing smartwatch tech, this one is for you.

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Jan 31 • 6:30 AM EST • Science • livescience.com
Healing Childhood Trauma: What Science Says About Breaking the Cycle

Decades after a landmark study showed the lasting health effects of such trauma, researchers are finding ways to guard against enduring harm.

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Jan 31 • 5:00 AM EST • Health • nytimes.com
Arts and entertainment throughout the region

A listing of local arts and entertainment events.

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Jan 31 • 4:30 AM EST • Entertainment • johnsoncitypress.com
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Arts and entertainment throughout the region

A listing of local arts and entertainment events.

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Jan 31 • 3:30 AM EST • Entertainment • timesnews.net
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Sardine fasting: a fad or does eating only fish really boost health and weight loss?

Once a diet fad hits social media, it kind of takes on a life of its own, like sardine fasting -- eating nothing but sardines to get the body to burn fat.

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Jan 31 • 1:40 AM EST • Health • abc7.com
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How Singapore is Emphasizing K-pop to Become Asia’s Ultimate Entertainment Hub with BTS and Major Concerts - Travel And Tour World

Explore how Singapore has become a hub for K-pop culture and live entertainment, hosting major concerts and boosting tourism through global collaborations.

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Jan 30 • 11:25 PM EST • Entertainment • travelandtourworld.com
Judge blocks additional citizenship provisions in latest setback to Trump's election executive order

A federal judge has blocked certain federal agencies from requesting citizenship status when distributing voter registration forms

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Jan 30 • 7:59 PM EST • Politics • washingtonpost.com
Ferris wheel, Berglund Center, Science Museum; Rasoul requests $600k from General Assembly for study to improve Roanoke

Delegate Sam Rasoul is requesting $600,000 from the General Assembly to evaluate improvement ideas for Roanoke, including a Ferris wheel on Center in the Square. Rasoul emphasizes the importance of creative investment for Roanoke's redevelopment, focusing on feasibility and structural studies.

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Jan 30 • 1:54 PM EST • Science • wsls.com
'Cool' science experiments to try in the snow, frigid temperatures

Action News reporter Corey Davis put on his science hat to test some interesting experiments that demonstrate the power of freezing temperatures.

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Jan 30 • 12:10 PM EST • Science • 6abc.com
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Pace(R) Earns Environmental Business Journal Award for Adding Respirable Crystalline Silica Testing

Company awarded Business Achievement Award for New Practice in 2025 MINNEAPOLIS, MINNESOTA / ACCESS Newswire / January 30, 2026 / Pace® Analytical Services, the preferred provider of regulatory testing and analytical laboratory services, and a Division ...

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Jan 30 • 9:00 AM EST • Business • finance.yahoo.com
Local Small Business Owner Opens Pak Mail Inside of His Existing Accounting Business in Springville, Alabama--Offering Shipping and Office Services

Annex Brands, Inc., one of the leading franchisors in the packing, shipping and office services industries, is excited to announce the opening of its newest Pak Mail location inside of Chapman Accounting Solutions in Springville, AL to new owner, Edward Chapman. This new Pak Mail is set to offer a wide range of essential shipping and office services to the local community, making it easier to provide more service to more people in more places.

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Jan 30 • 8:32 AM EST • Business • finance.yahoo.com
Scientists take first look inside one of world’s most extreme engines

Scientists used optical diagnostic techniques to 'see inside' solid-fuel ramjets, one of the most extreme engines in the world.

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Jan 30 • 8:27 AM EST • Technology • interestingengineering.com
Fintech lender SoFi profit jumps on strong growth in fee‑based businesses

Consumers are shifting high-cost credit-card balances to fintech lenders to take advantage of low-interest personal loans. SoFi's financial services ⁠business, which includes credit card ‌and investing products, saw revenue surge 78% in the quarter ended December 31 to $456.7 million. Fee-based businesses help insulate fintechs from ‍interest-rate swings.

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Jan 30 • 7:16 AM EST • Business • finance.yahoo.com
Dr. Michael Greger’s Bias Is Food for Thought

How can we distinguish between a sufficiently objective science communicator and an advocate? Communicating science to the public means choosing scientific papers, reading them, and appraising their

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Jan 30 • 6:08 AM EST • Science • mcgill.ca
Denver businesses join nationwide strike protesting immigration enforcement
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Jan 29 • 11:47 PM EST • Business • 9news.com
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Eugene business owners grapple with decision to open or close for Friday’s general strike

The general strike protesting federal law enforcement crackdowns leave business owners contemplating what action is best: close in solidarity or stay open to be of service.

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Jan 29 • 7:56 PM EST • Business • klcc.org
IDF officials shift stance, accept Gaza Health Ministry data on death toll

After two years of war, senior military officials for the first time aligned with an update from Gaza’s Hamas-run Health Ministry, saying they estimate about 70,000 Gazans have been killed, excluding the missing, while stressing that efforts to distinguish terrorists from civilians are ongoing

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Jan 29 • 7:06 PM EST • Health • ynetnews.com
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Scaling innovations in public health systems: guidance and toolkit

This guidance is a strategic instrument to position governments as drivers of health systems transformation. By embracing the roles, processes and strategies outlined herein, public sector leaders can move beyond short-term initiatives and isolated successes toward lasting, large-scale improvements in health outcomes.

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Jan 29 • 7:00 PM EST • Health • who.int
A 20-year-old cancer vaccine may hold the key to long-term survival

Two decades after a breast cancer vaccine trial, every participant is still alive—an astonishing result for metastatic disease. Scientists found their immune systems retained long-lasting memory cells primed to recognize cancer. By enhancing a key immune signal called CD27, researchers dramatically improved tumor elimination in lab studies. The findings suggest cancer vaccines may have been missing a crucial ingredient all along.

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Jan 29 • 7:00 PM EST • Science • sciencedaily.com
Testing the system: regional simulation exercises advance global health security

These exercises – South-East Asia Regional Practice of All-Hazard IHR Event Communications (SAPHIRE), Joint Assessment and Detection of Events (JADE) in the European Region, and IHR Exercise Crystal in the Western Pacific Region – bring together National Focal points (NFPs), who play a critical role under the IHR in safeguarding global health security. These annual exercises stress-test IHR event communication procedures and contingency plans, demonstrating a sustained commitment by countries to strengthening preparedness and learning.

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Jan 29 • 7:00 PM EST • Health • who.int
Thom Browne Is the King of the Sports-Fashion Crossover

From dressing LeBron and Serena to hosting an annual football game, few designers are as tapped in to the world of athletics as the shrunken-suit OG.

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Jan 29 • 2:00 PM EST • Sports • gq.com
Here's Everything Apple Released This Week

Following a quiet start to 2026, the final week of January has been a busy one for Apple so far. There are new versions of the AirTag and the Black Unity band for the Apple Watch, and the Apple Creator Studio bundle is now available. Apple also released iOS 26.2.1 and watchOS 26.2.1 updates, and iOS 26.3 beta testing continues.

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Jan 29 • 11:40 AM EST • Technology • macrumors.com
Cairn review – obsession, suffering and awe in a climbing game that hits exhausting new heights

A punishing, beautiful survival game that turns mountaineering into an intimate test of endurance, fixation and emotional resolve – you’ll be in tears by the end

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Jan 29 • 9:00 AM EST • Technology • theguardian.com
Stop killing your SSD: 6 must-do Windows 11 tweaks

Follow these tips for a long-lasting SSD!

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Jan 29 • 9:00 AM EST • Technology • pcworld.com
Spring Health Set to Acquire Alma to Enhance Existing Care Infrastructure

Global mental health benefits platform Spring Health has entered into an agreement to acquire Alma, a digital platform that helps providers streamline

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Jan 29 • 8:00 AM EST • Health • bhbusiness.com
SBA programs for native businesses face scrutiny

The Native Hawaiian Organizations Association is urging President Donald Trump’s administration to distinguish between “isolated allegations” about the Small Business Administration’s program aimed at developing native-run businesses and its success expanding economic opportunity, as U.S. Rep. Ed Case calls for a formal review.

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Jan 29 • 5:05 AM EST • Business • staradvertiser.com
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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

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Jan 29 • 12:00 AM EST • Science • theguardian.com
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Defining Lung Health Through the Lifespan

The National Heart, Lung, and Blood Institute is hosting the virtual workshop "Defining Lung Health Through the Lifespan" on March 4–5, 2026.

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Jan 28 • 11:02 PM EST • Health • nhlbi.nih.gov
State approves tax credits for 6 business projects, including 2 in Cuyahoga County

CSA America Testing & Certification and Rupes USA are expanding in Cuyahoga County with tax credits from the Ohio Tax Credit Authority.

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Jan 28 • 10:50 PM EST • Business • cleveland.com
Galaxy S26 phones look sleek in new official-looking photos

A case listing reveals the official design of the Galaxy S26, S26+, and S26 Ultra.

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Jan 28 • 8:23 PM EST • Technology • phonearena.com
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.

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Jan 28 • 7:00 PM EST • Science • sciencedaily.com
Android Gets Enhanced Set of Theft Protection Feature Updates

Android is getting a host of new theft protection updates from Google, designed for users on Android 16+. The updates are being built onto existing features, “designed to give you... #Android #Google

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Jan 28 • 6:26 PM EST • Technology • droid-life.com
Legionella detected in North Oakland Health Center and the Resource and Crisis Center in Oakland County

Oakland County is taking proactive measures after routine water testing detected Legionella bacteria at the North Oakland Health Center (NOHC) and the Resource and Crisis Center (RCC).

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Jan 28 • 3:58 PM EST • Health • clickondetroit.com
‘Trust, love, commitment’: Esteemed business leaders and former Notre Dame football student-athletes reflect on how to be champions of hope at Walk the Walk Week event

On Monday (Jan. 26), two distinguished business leaders and former Notre Dame football student-athletes — Tracy Graham ’95 and Byron Spruell...

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Jan 28 • 3:00 PM EST • Business • news.nd.edu
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Manu Ginobili among backers of new planned sports performance project in South Florida

Manu Ginobili is investing in South Florida’s potential with a new venture. The former San Antonio Spurs star is part of a group building the Sports Performance Hub in Homestead, Florida. It’ll be a next-generation sports, education and community development project. It will feature a 10,000-seat stadium for Miami FC, sports training facilities, a basketball facility, a boarding school and more. Groundbreaking is set for March, with plans to open in 2028. Ginobili, along with partners like Riccardo Silva and Juan Sebastian Veron, aims to connect sports training with academics. They believe Miami’s multicultural environment makes it an ideal location.

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Jan 28 • 11:36 AM EST • Sports • nbcmiami.com
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🧪 Science with Sarah: Graham Cracker Plate Tectonics 🌋

Hello parents, teachers and students! Explore our shifting Earth on a mantle of frosting

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Jan 28 • 10:55 AM EST • Science • ksat.com
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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

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Jan 28 • 7:17 AM EST • Entertainment • mansionglobal.com
Leaker makes unlikely claim about improved iPhone 18 telephoto lens

A leaker better known for posting about Android smartphones has made a claim potentially pointing to improved telephoto performance in...

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Jan 28 • 6:56 AM EST • Technology • 9to5mac.com
Windows 11’s ability to resume Android apps on your PC is getting closer

The feature is now in Release Preview testing

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Jan 28 • 6:18 AM EST • Technology • theverge.com
iPhone 18 Pro Could Feature Teleconverter Alongside Variable Aperture

Apple's rumored new variable aperture camera system for this year's iPhone 18 Pro models has reached the sampling stage, according to a new claim from a Chinese leaker. Posting on Weibo today, the account known as "Smart Pikachu" said the feature had entered late-stage engineering samples, while a teleconverter is also "under evaluation" for the device. The iPhone 18 Pro and iPhone 18 Pro Max are expected to launch in September 2026.

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Jan 28 • 6:01 AM EST • Technology • macrumors.com
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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