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Spotlight on St. Johns: Small businesses struggle but community holds on
St. Johns businesses struggle with safety and costs, but community ties keep owners hopeful as KATU spotlights their fight to survive.
World Baseball Classic: Team USA holds off Dominican Republic to win on controversial strike three call, advance to final
World Baseball Classic: Team USA holds off Dominican Republic to win on controversial final pitch, advance to WBC final
The U.S. bullpen held off the Dominican Republic by a score of 2-1, with the game ending on a questionable called strike three.
World Baseball Classic: USA holds off Dominican Republic to win on controversial final pitch
Science Central holds ‘Groundwater Day’ celebration
National Groundwater Awareness Week was March 8-14, 2026.
ACC basketball tournament scores, schedule, results: Duke holds off Virginia to win conference title game
Duke needed to rely on its defense to close out Virginia.
Shifting police approach to enforcing psychiatric holds in Sonoma County can leave loved ones at a loss and those in crisis at risk, advocates say
Involuntary mental health holds have been one option to ensure someone in crisis, and deemed a danger to themselves, gets help. But increasingly, local police are refusing to carry out those holds.
The Players Championship 2026 purse, payouts: Ludvig Åberg holds 3-shot lead entering Sunday at TPC Swagrass
In Arizona, an Electric Utility Holds an Election, Open Only to Property Owners
Turning Point is involved, as is the Sierra Club. But voting rules that seem to echo feudalism exclude renters, favor large landowners and limit who can influence a Phoenix utility board.
Big 12 basketball tournament live updates, scores, results: Houston holds off BYU; follow TCU-Kansas
One-third of Americans skip meals or other needs to afford health care
About half of middle-income households said they have delayed a major life event because of medical costs, new Gallup polls found.
The dangerous politics of US oil-driven redistribution
U.S. stock market indexes have weathered this month's oil shock well so far because investors expect only a glancing overall GDP hit from higher energy costs. But that resilience masks a potentially toxic shift of income from households to "Big Energy" - and packs big risks in an election year.
WATCH LIVE: White House holds briefing as U.S. announces 'most intense' day of strikes on Iran
Pres. Trump hopes to fix college sports
Trump holds a “College Sports Roundtable”
Super-early Pixel 11 Pro Fold leak provides ultra-clear look at Google's next big foldable
Google's 2026 rival for the Galaxy Z Fold 8 and Apple's first-ever iPhone Fold already holds no more cosmetic secrets.
More than ever, Broadway is 'reflecting who we are' as Americans
The theater has long been a place where the nation goes to work through social tensions of the moment. Here's how Broadway holds a mirror to America.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
‘Stand Up for Science’ holds National Day of Action
Science and health activists gathered Saturday at 48 locations across the country to protest what they describe as the dismantling of science and health institutions during President Donald Trump’s second term.
Jerry Bruckheimer Holds the Line on Entertainment for Everyone
The producer says it’s not just the movies that need saving.
WATCH: Trump hosts AI leaders to sign pledge that households won't bear utility bill increases
James Talarico holds slim lead against Jasmine Crockett in Democratic primary for U.S. Senate
Talarico and Crockett, competing for a place on November ballots in Texas, are seeking to give Democrats their first win in a statewide election in more than 30 years.
Microbes That 'Disarm' Peanut Allergy Proteins Discovered in Mouth And Gut
Hidden allies.
NovaBridge to Host Business Update Call to Review Phase 2a Data for VIS-101 in Wet AMD on Monday, March 9, 2026
VIS-101, purpose-designed to be a best-in-class dual VEGF-A/ANG-2 inhibitor, has the potential to provide more effective and durable treatment than the current standard of care for patients with wet AMD, DME and RVO Visara, a NovaBridge Majority-Owned Subsidiary, Holds Global Rights to VIS-101 Outside of Greater China and Certain Asian Territories ROCKVILLE, Md., March 03, 2026 (GLOBE NEWSWIRE) -- NovaBridge Biosciences (Nasdaq: NBP) (NovaBridge or the Company) a global biotechnology platform co
Texas Holds First Elections Since Starting the Gerrymandering War
The state’s congressional map looks much different, and so do those in other states across the country.
Politics Unplugged Podcast: Paul Bentz on latest polling
Arizona pollster Paul Bentz joins with exclusive polling data on the heated Democratic primary in Congressional District 1, where Amish Shah holds a commanding lead, but nearly half of voters remain undecided. We discuss what voter registration trends mean for 2026, why affordability tops every other issue, and whether Democrats can replicate their 2022 success. Then, Dennis and Colin debate this year's Rock and Roll Hall of Fame nominees—from Joy Division to Mariah Carey to Wu-Tang Clan—and reveal which acts truly deserve a spot.
Group holds dance parties on Berkeley overpass to call for peace in politics
Why The Narrative Around Accel Entertainment (ACEL) Is Shifting As Valuation Holds And Leadership Evolves
The fair value estimate for Accel Entertainment holds steady at $15.17, with no change to the target level in the latest update. Bullish and bearish analysts are reading this unchanged target differently, with some highlighting it as support for the current thesis and others pointing out that it leaves limited room if execution does not fully match expectations. As you read on, you will see how this stable $15.17 target fits into the evolving narrative around leadership changes, risk inputs,...
Shell grapples with debt crisis at Brazilian biofuels business Raízen
Lula intervenes as UK oil major holds crunch talks to rescue one of its biggest bets on clean energy
Missouri and Kansas families pay nearly 10% of their income on employer-provided health insurance
A new report found that nearly 10% of median household income in Missouri and Kansas goes toward deductibles and premiums. At that level, economists say those households are underinsured.
Exclusive: Talking to new Xbox CEO Asha Sharma and CCO Matt Booty — "This team has brought it back before, and I'm here to help us do it again."
As former Xbox CEO Phil Spencer prepares to exit, we caught up with incoming CEO Asha Sharma and newly promoted CCO Matt Booty to learn about what the future holds for Microsoft's gaming operation.
Smooth sailing so far for bill to address long mental health holds in jails
by Maya Shimizu Harris, WyoFile CHEYENNE—After zooming through the Senate in the first two weeks of session, a bill to reimburse jails for holding and
Sean Strickland
Former middleweight champion Sean Strickland is eyeing another shot at the 185-pound championship fresh off his UFC Houston TKO win over Anthony Hernandez. Strickland's former training partner turned bitter rival Khamzat Chimaev holds the middleweight crown but is considering moving up to the light ...
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Dr. Cliff Moore, the chief medical officer at Women’s Hospital, holds the two Cardiotocography monitors that are currently used during delivery to monitor the heat rate and contractions on Monday,
Katie Porter holds ‘F--- TRUMP’ sign at California Democratic convention
Former Rep. Katie Porter, who is running for Golden State governor, said "F--- Trump" during remarks at the California Democratic Party state convention.
Hicks Commentary: Quality of Life Is a Smart Business Attraction Tool
This column was originally published on the Ball State University Center for Business and Economic Research Weekly Commentary blog. By Michael J. Hicks February 22, 2026 Quality of life matters more to businesses than it does to households. That may seem counterintuitive, but the data are unambiguous and the implications for economic development are profound.
Missouri and Kansas families pay nearly 10% of income on work-provided health insurance
A new report found that nearly 10% of median household income in Missouri and Kansas goes toward deductibles and premiums. At that level, economists say those households are underinsured.
Pappas Holds Discussion with NH Health Care Leaders on Protecting and Expanding Telehealth Access
Today Congressman Chris Pappas (NH-01) held a roundtable conversation with local health advocates from organizations and hospitals, including New Futures, Speare Memorial Hospital, Home Care, Hospice and Palliative Care Alliance of NH, HealthFirst, to highlight the importance of telehealth for Granite Staters and his recently introduced bipartisan legislation to protect and expand access to telehealth.
WATCH LIVE: Trump holds news conference after Supreme Court strikes down his global tariffs
DC Wrap: Board of Peace holds first meeting; U.S. and Iran prep for conflict
A look at the day's biggest stories in national politics
Walmart's growing share of high-income shoppers helped its e-commerce business turn into a powerhouse
Walmart has steadily gained share from households earning over $100,000 who come for the savings and stay for the convenience — and AI is helping.
High-income shoppers boost Walmart's e-commerce business
Walmart has steadily gained share from households earning over $100,000 who come for the savings and stay for the convenience — and AI is helping.
Jim Cramer says this stock is 'the one to buy' because AI makes its business stronger
The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET.
Walmart delivers another quarter of impressive sales but offers a muted outlook
Walmart delivered another standout quarter as the promise of lower prices and speedy deliveries drew in a broader spectrum of Americans during the critical holiday shopping period, including wealthier households.
Trump Moves Toward War and Peace
Plus, a Chinese pressure campaign holds up a U.S. arms deal for Taiwan and RFK Jr. again reshuffles his leadership ranks.
Microsoft's Glass Chip Holds Terabytes of Data for 10,000 Years
"This will change the way we think about keeping data and archival preservation."
Cramer is looking to nibble on a software stock and bail on a health-care name
The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET.
Strategy session: Trump's team huddles on midterm messaging with spotlight on economy
Trump's political team holds closed-door strategy session focusing on economy as top midterm issue. White House aims to spotlight affordability efforts.
Employer health coverage strains families in Kansas and Missouri
Kansas families spend nearly 10% of income on employer coverage, slightly more than Missouri households.
Business Restructuring Review
In This Issue: The Year in Bankruptcy: 2025 A brief chronicle of the year's notable developments in corporate bankruptcy and restructuring, including business bankruptcy filings, significant court rulings, and legislative developments. [read more …] U.S. Bankruptcy Court Denies Chapter 15 Recognition of Maltese Liquidation Absent Evidence of Meaningful Activities Supporting Finding of COMI or Establishment in Malta In In re Geden Holdings, Ltd., No. 25-90138, 2025 WL 2484883 (Bankr. S.D. Tex. Aug. 28, 2025), stay pending appeal denied, No. 25-90138, 2026 WL 97993 (Bankr. S.D. Tex. Jan. 13, 2026), the U.S. Bankruptcy Court for the Southern District of Texas ruled that, for purposes of recognition under chapter 15 of the Bankruptcy Code, although a foreign debtor may have had its center of main interests ("COMI") or an establishment in Malta when a liquidation proceeding was commenced for it in a Maltese court in 2017, the absence of any meaningful activity by the debtor's liquidator from that time until the liquidator filed a chapter 15 petition in the United States more than five years later meant that the debtor had neither a COMI nor an establishment in Malta on the chapter 15 petition date. The court accordingly denied the petition for recognition. [read more …] The Ninth Circuit's Expansive Reading of "Financial Accommodations" that Cannot Be Assumed or Assigned in Bankruptcy It is generally well understood that agreements to extend credit or provide financing to a debtor cannot be assumed or assigned in bankruptcy. Even so, the provision of the Bankruptcy Code that precludes assumption or assignment—section 365(c)(2)—also extends to "financial accommodations," a term that is not defined in the Bankruptcy Code and has been the subject of relatively few bankruptcy and appellate court rulings. The U.S. Court of Appeals for the Ninth Circuit examined the meaning of the term in In re Svenhard's Swedish Bakery, 154 F.4th 1100 (9th Cir. 2025). The court of appeals ruled that a deeply discounted settlement of pension plan withdrawal liability is a "financial accommodation" that cannot be assumed or assigned, thereby extending the reach of section 365(c)(2) well beyond conventional lending arrangements. [read more …] Pennsylvania District Court Applies "Hypothetical Test" in Determining that Patent License Agreement Is Assignable in Bankruptcy In Crivella Holdings Ltd. v. Mesearch Media Technologies Ltd., No. 2:25-cv-333, 2025 WL 2443400 (W.D. Pa. Aug. 25, 2025), the U.S. District Court for the Western District of Pennsylvania affirmed a bankruptcy court ruling denying a software licensor's motion for relief from the automatic stay to terminate the license agreement. The court found the license was assumable in bankruptcy under the Third Circuit's hypothetical test as a result of language in the agreement stating that it could be assigned to a "successor in interest" of the debtor without the licensor's further consent, thereby overriding federal patent law's general prohibition against the assignment of patents. [read more …] New York Bankruptcy Court Denies Motion to Terminate Chapter 15 Recognition and Dismiss Chapter 15 Case In In re Oi S.A., No. 23-10193 (LGB), 2025 WL 2806591 (Bankr. S.D.N.Y. Oct. 1, 2025), the U.S. Bankruptcy Court for the Southern District of New York considered whether chapter 15 recognition of a debtor's Brazilian restructuring proceeding should be terminated and the case dismissed due to the debtors' financial deterioration and inability to satisfy its restructuring plan obligations after entry of the recognition order. The court denied the motion, concluding that recognition of the Brazilian proceeding and a court-approved restructuring plan for the debtors should not be terminated under section 1519(d) of the Bankruptcy Code—according to the court, the sole authority for revocation of chapter 15 recognition—because, among other things, the restructuring proceeding was still pending, the debtors might still need relief authorized under chapter 15, and the debtors' prospects for reorganizing under a hypothetical chapter 11 case were uncertain at best. It also found that no provision of the Bankruptcy Code authorizes the dismissal of a chapter 15 case. [read more …] Newsworthy Effective January 1, 2026, Jones Day welcomed Isel M. Perez (Miami), Andrew M. Butler (New York), Sid Pepels (Amsterdam), and Anna C. Bretting (Munich) to the partnership in the Business Restructuring & Reorganization Practice. Sid Pepels (Amsterdam) has been nominated for the Future Leader Award by the Global Restructuring Review, an organization that acknowledges and honors excellence within the global restructuring and insolvency sector. This award is designed to recognize exceptional contributions made by both individuals and firms in the field. The 2026 edition of Chambers UK recognized Ben Larkin (London) in the practice area Restructuring/Insolvency and Adam R. Brown (London) in the practice area Restructuring/Insolvency: Litigation. The 2026 edition of Chambers Asia-Pacific ranked Roger Dobson (Sydney) in the practice area Restructuring/Insolvency. An article written by Corinne Ball (New York) titled "Backstop Fees for Lenders in Chapter 11 Plans: Absent Market Test, Equality of Treatment Now Required in Fifth Circuit After 'ConvergeOne'" was published on November 12, 2025, in the New York Law Journal. An article written by Oliver S. Zeltner (Houston) titled "Delaware Bankruptcy Court: No Legal Authority for Chapter 11 Plan Gatekeeping Provision" was published on November 20, 2025, by Lexis Practical Guidance. An article written by Daniel J. Merrett (Atlanta) titled "First Impressions: Eleventh Circuit Rules that Annulment of Automatic Stay Does Not Violate U.S. Supreme Court's Prohibition of Nunc Pro Tunc Orders" was published on November 21, 2025, by Lexis Practical Guidance. An article written by Genna Ghaul (New York) titled "Iowa District Court: Avoidance Claims Cannot Be Encumbered by Pre-Bankruptcy Liens" was published on November 20, 2025, by Lexis Practical Guidance. An article written by Dan T. Moss (Washington/New York), Corinne Ball (New York), David S. Torborg (Washington), and Ben Rosenblum (New York) titled "New York Bankruptcy Court Rejects Challenge to Barnet Rule Permitting Foreign Debtors to Obtain Chapter 15 Recognition With Only Minimal U.S. Assets" was published on November 21, 2025, by Lexis Practical Guidance. The M&A Advisor has recognized the Silvergate Capital Corporation Bankruptcy case as the Chapter 11 Reorganization of the Year (over $5 billion) during its 20th Annual Turnaround Awards. Jones Day is listed among the professionals for the representation of Exploration Capital, which was led by Joshua M. Mester (Los Angeles). Lawyer Spotlight: Sid Pepels Sid Pepels, a partner in Jones Day's Amsterdam Office, litigates and advises clients on commercial and international insolvency matters, with a focus on complex restructurings and insolvencies. He has advised and litigated high-profile cases, including: the cross-border WHOA (Wet Homologatie Onderhands Akkoord) proceedings concerning Vroon Group and Diebold Nixdorf; proceedings on behalf of expropriated SNS Reaal bond holders against the Dutch State; the bankruptcy of Intertoys, the leading Dutch toys retailer; the restructuring of Oi, the Dutch finance vehicle of the Brazilian telecom giant; and Blokker, the leading Dutch home appliances retailer. Sid holds a Ph.D. in European insolvency law and regularly publishes in academic journals on topics of cross-border insolvency. He has been recognized in The Legal 500 Netherlands and was noted by his peers for being client-minded and a creative thinker with a "strong grasp of the law and strong interpersonal skills." Sid was also nominated for the "Future Leader" award at the Global Restructuring Review Awards 2025. He is a board member for the Netherlands Association for Comparative and International Insolvency Law and a NextGen member of the International Insolvency Institute.
After days of disappointment, Mikaela Shiffrin storms to slalom lead after first run
The American superstar skier holds a lead of nearly a second after the first of her two runs Wednesday.
Texas holds off LSU rally for 88-85 win
Two Longhorns recorded double-doubles in another conference win.
Griffin Museum of Science and Industry holds Bessie Coleman Flight School
Trump vowed to boost Black business. Critics say he's failed so far
"When the economy weakens, Black households are usually the first to feel the effects," a researcher says.
It's a dangerous complication of pregnancy -- but a new drug holds promise
Researchers celebrate early results of a drug that may become the first treatment for a serious complication of pregnancy called preeclampsia. It's got the potential to save many lives.
Science news this week: China turns a desert into a carbon sink, a Viking Age grave holds a giant who had brain surgery, real-life inception, and a last-minute Valentine's gift idea from nature
Feb. 14 2026: Our weekly roundup of the latest science in the news, as well as a few fascinating articles to keep you entertained over the weekend.
White House Withholds Funding for NASA Science Missions Despite Recent Budget Bill
NASA has been forced to pause funds for Chandra X-Ray Observatory and other missions until further notice.
Tarique Rahman promises era of clean politics as Bangladesh holds first election since fall of Hasina
Jailed then exiled in London, Rahman returns home as the main contender to be next prime minister of Bangladesh
White House withholds NASA science funds
It affects climate-related efforts and key programs that study the Earth and other planets in the universe.
Elon Musk holds xAI all-hands meeting amid staff departures
Following the departures of two cofounders, Elon Musk held an all-hands meeting with xAI staffers — and talked about data centers in space again.
'Melania' falls steeply and 'Send Help' holds steady at No. 1
Studios instead put their focus on advertising movies for the massive television audience
'Melania' falls steeply and 'Send Help' holds steady at No. 1
Studios instead put their focus on advertising movies for the massive television audience
‘Melania’ falls steeply and ‘Send Help’ holds steady at No. 1 on a quiet weekend in theaters
NEW YORK (AP) — Hollywood largely ceded attention to football over a slow box-office weekend, with the survival thriller “Send Help” repeating as No. 1 in ticket sales and the Melania Trump documen…
'Melania' falls steeply and 'Send Help' holds steady at No. 1 on a quiet weekend in theaters
Hollywood is largely ceding attention to football this weekend. The survival thriller “Send Help” repeated as the weekend's No. 1 film at the box office and the Melania Trump documentary...
Louisiana is trying to avoid a nearly $100 million penalty by fixing errors in food stamp program
With $95 million on the line, Louisiana health officials are rolling out cash bonuses, tighter reviews and new wage checks to reduce errors in SNAP, the food assistance program serving one in five households statewide.
BHM: Valerie Daniels-Carter: Faith-Fueled Trailblazer of Milwaukee
Valerie Daniels Carter, a pioneering entrepreneur and community leader in Milwaukee, has built a restaurant empire, holds positions with major sports teams, and supports entrepreneurs globally
Amazon's AI bet on Anthropic soars to $61 billion valuation
The cloud giant holds convertible notes in Anthropic. As the AI startup raises more money, this debt converts to equity.
“Déjà vu”: what scientists have discovered is even stranger! - Futura-Sciences
Human memory still holds many mysteries. While déjà vu is a relatively well known experience, its lesser known counterpart, jamais vu, remains largely unfamiliar to the general public. Yet this intriguing cognitive phenomenon could teach us a great deal about how our brain works. A recent study, published in September...
Ninth Circuit Upholds Administrator’s Denial of Residential Mental Health Benefits Under ERISA
In an unpublished memorandum decision, the Ninth Circuit in R.R. v. California Physicians' Service d/b/a Blue Shield of California, affirmed the insurer
Norman aims to retain high-income families with new entertainment district
Economic experts in Norman believe a billion-dollar entertainment district could help reverse the decline in high-income families, as the city faces a significant drop in such households.
Live updates: N.J. holds special primary election for Mikie Sherrill's former congressional seat
Live updates: N.J. holds special primary election for Mikie Sherrill's former congressional seat
Alabama Rural Health Transformation Advisory Group holds first meeting
Governor Kay Ivey announced theon Wednesday marked the first meeting of the Alabama Rural Health Transformation Advisory Group, which she established by Execu
WATCH LIVE: Noem holds news conference on U.S.-Mexico border wall progress
At 82, he’s as fit as a 20-year-old. His body holds clues to healthy aging.
Scientists are studying Juan López García, 82, a world-record-holding ultramarathoner, to learn how we can stay healthy as we age.
At 82, he’s as fit as a 20-year-old. His body holds clues to healthy aging.
Scientists are studying Juan López García, 82, a world-record-holding ultramarathoner, to learn how we can stay healthy as we age.
The Review of Politics is pleased to welcome Thom Brooks to our editorial advisory board.
Professor Brooks serves as Principal of Collingwood College and holds a personal Chair in Law, Ethics and Government at Durham University, whe...
Are western New Yorkers spending more on digital entertainment as winter sets in?
As winter settles across Genesee County, colder evenings and shorter days are reshaping how households in Batavia and nearby communities spend their discretionary dollars. With outdoor options limited and heating
Cody Rhodes Explains Why He 'Misses' WWE Live Events
With WWE reducing the number of untelevised live events it holds each year, Cody Rhodes explained why he misses the heavier schedule.
No. 3 Michigan holds off Michigan State's second-half comeback for 83-71 win in East Lansing
Epstein files released, but DOJ withholds some 200,000 documents
Deputy Attorney General Todd Blanche said the DOJ will withhold or redact about 200,000 pages that it has deemed protected by "various privileges."
Former State Sen. Brett Lindstrom out of Nebraska’s 2nd District GOP race
Omaha City Councilman Brinker Harding is now the likely GOP nominee to defend the seat Bacon holds in the 2nd District.
Portland businesses closing Friday for 'National Shutdown' strike amid federal immigration concerns
Multiple businesses and restaurants across Portland are expected to close Friday, Jan. 30, in solidarity with a “National Shutdown” strike responding to growing concerns over federal immigration enforcement nationwide. The […]
A Business Owner Is Getting Divorced, Asks Dave Ramsey If He'll Lose The Business. 'She's Actually 98% Owner Of The Business And I'm 2% Owner'
A Texas business owner is facing a painful split, not just from his wife, but potentially from the company he helped build. He says he’s done almost all the work since 2021, but legally owns just 2% of the business. His wife holds the other 98%, a structure their accountant recommended for tax reasons. Divorce And Ownership Don't Match Up Manny, who shared his story on the “EntreLeadership” podcast recently with personal finance expert Dave Ramsey, said, “She’s actually 98% owner of the business
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.
Fed holds interest rates steady, pausing rate cuts amid economic uncertainty
Federal Reserve policymakers left interest rates unchanged at its January meeting after cutting rates at its three prior meetings amid uncertainty over the labor market and inflation.
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
Rebuilding Colorado’s talent pipeline system
By Randy Johnson The rule of thumb in designing and building anything is form follows function — you always build for a clear and specific purpose. This principle holds true for structures, vehicles, applications, seemingly anything, other than many educational systems and government functions. During the next few months, Colorado has a powerful opportunity to […]