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From cosmetics to the classroom: A Bronx teacher’s journey to bringing earth science to life
She traded the glamorous world of cosmetics for a classroom in the Bronx. Now she’s helping write New York state Regents exams and building ‘living labs’ for her students.
Annunciation steps up to raise money for teacher, staff mental health
Annunciation Catholic School is bringing the community together with an event features parents and community members, including Lt. Ryan Kelly, the first MPD officer on the scene of August's mass shooting, and Tom Forchas, whose daughter Sophia, was the most critically injured survivor.
Colts star Jonathan Taylor lauds Titans ‘electric’ rookie Pro Bowler
Jonathan Taylor isolated Chimere Dike’s years-long work ethic as what’s stood out in Dike’s road to being named a Pro Bowler in 2026 as a rookie.
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...
Key business publications spotlight new Sportservice leaders
Two recently appointed leaders of Delaware North’s Sportservice business – Tom Barney and Adrian Dishington – were profiled this month in Sports Business Journal (SBJ) and Buffalo Business First, respectively. Together, their stories highlight both the company’s deep bench of homegrown talent and its ability to attract global hospitality expertise to Buffalo. Tom Barney featured in Sports Business Journal In an interview […]
This Breakthrough Lets Scientists See Arctic Ice Loss Coming
Scientists have unveiled a powerful new method for predicting Arctic sea ice months in advance, just as climate change drives rapid ice loss.
How a married couple quit 6-figure jobs to start a business together
A couple in Vancouver transitioned from corporate careers in fashion and tech to cofound No Reception Club and create travel products for parents.
Decision over 35 Castle Donington business units pushed back
Councillors have deferred whether to approve 35 new commercial units at Hill Top Farm in Castle Donington.
MAHA has reshaped health policy. Now it's working on environmental rules
WASHINGTON (AP) — On New Year's Eve, Lee Zeldin did something out of character for an Environmental Protection Agency leader who has been hacking away at regulations intended to protect Americans' air and water.
'We're going to handle it together': Some Winston-Salem businesses stayed open through winter storm
Businesses WXII spoke to say they wanted to give folks a place to go during the storm, knowing that many other businesses would be closed.
Scientists just mapped the hidden structure holding the Universe together
Astronomers have produced the most detailed map yet of dark matter, revealing the invisible framework that shaped the Universe long before stars and galaxies formed. Using powerful new observations from NASA’s James Webb Space Telescope, the research shows how dark matter gathered ordinary matter into dense regions, setting the stage for galaxies like the Milky Way and eventually planets like Earth.
Nancy Meyers' first movie in more than 10 years is finally happening
Here's when Nancy Meyers fans can expect a new movie, her first in 10 years, from the director of romantic comedies such as 'Something's Gotta Give.'
SPORTS, ENTERTAINMENT AND OLYMPIC STARS HEADLINE 2026 ANNEXUS PRO-AM
If Wednesday at the WM Phoenix Open feels a little bigger, louder, and more electric than most Pro-Am days, there’s a reason. The 2026 Annexus Pro-Am brings together an all-star mix of professional athletes, entertainers, musicians and Olympians for one of the most anticipated days of tournament week, turning TPC Scottsdale’s Stadium Course into a showcase of star power and personality before competition officially ramps up.
SPORTS, ENTERTAINMENT AND OLYMPIC STARS HEADLINE 2026 ANNEXUS PRO-AM
If Wednesday at the WM Phoenix Open feels a little bigger, louder, and more electric than most Pro-Am days, there’s a reason. The 2026 Annexus Pro-Am brings together an all-star mix of professional athletes, entertainers, musicians and Olympians for one of the most anticipated days of tournament week, turning TPC Scottsdale’s Stadium Course into a showcase of star power and personality before competition officially ramps up.
Business Leadership Week 2026 at Texas State University
Business Leadership Week will explore leadership, innovation, entrepreneurship and ethics through workshops, panel discussions, engaging sessions and networking opportunities.
Norton Rose Fulbright expands business practice with five partners in two cities
New arrivals advance firm’s transactional and healthcare capabilities in key US marketsChicago, IL, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Global law firm Norton Rose Fulbright today announced a powerful expansion of its business practice with the addition of an impressive group of corporate, private equity, healthcare, finance and tax lawyers who further enhance the firm’s robust transactional capabilities. Andrew Smolik and Michael Flood join Norton Rose Fulbright’s St. Louis office, as Seth Aigner
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
Samsung’s Galaxy S26 Ultra will only include black or white S Pens, leaked image shows
Samsung's Galaxy S26 Ultra is dropping its usual color-matching stylus for something a little more boardroom-friendly.
U.S. Physical Therapy Announces Strategic Alliance with NYU Langone Health
HOUSTON, February 02, 2026--U.S. Physical Therapy, Inc. ("USPH") (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, announced a 10-year strategic alliance between its subsidiary partner, Metro Physical & Aquatic Therapy ("Metro Physical Therapy"), and NYU Langone Health, one of the nation’s top-ranked academic medical centers ("NYU Langone"). NYU Langone and Metro Physical Therapy will work together in Long
The New Science of Craving
We often view our cravings—whether for drugs, alcohol, food, or approval—as indictments of our character. Yet neuroscience and psychology say otherwise; here's why.
An incredible sports week arrives with Olympics, Super Bowl. Plus: NFL coaching carousel wraps up
The Pulse Newsletter 📣 | This is The Athletic’s daily sports newsletter. Sign up here to receive The Pulse directly in your inbox. Good morning! It’s the start of a brilliant sports week. Coming up: 🏅 Olympic stars to know 🏈 Super Bowl week, baby ✍️ Coaching carousel problem We often talk about the unmatched glory of a great sports weekend, whether that’s the first two rounds of the NCAA Tournament, MLB’s Opening Day blitz, Thanksgiving weekend in the football world, whatever. We have arrived at one of those junctures — and it’s a full week. Let’s start...
MENALAC Awards 2026 to celebrate excellence across the MENA leisure, entertainment & attractions industry
DUBAI, U.A.E. — On 1 April 2026, the 8th MENALAC Awards Gala will bring together the region’s leisure, entertainment, and attractions industry for a landmark celebration of excellence. Taking place…
Most Baltimore County teachers are ready to teach science of reading. What about yours?
The phonics-forward method backed by brain science is what education leaders hope will bring Maryland back to its heyday.
The Wonder Drug That’s Plaguing Sports
Ostarine held the promise of profound medical treatments. Something unexpected happened on the way to F.D.A. approval.
Bridging the STEM Gap: Women, Science, and Why Prevention Starts with Equity
Women’s inclusion in STEM is critical for ethical AI, equitable health systems and social justice – data shows closing the gap transforms society.
Norfolk eyes Harbor Park entertainment district
An entertainment and nightlife district could be in the cards for the area surrounding Norfolk‘s upcoming $750 million waterfront resort casino near Harbor Park. The city owns most of the property around the casino site and the ballpark, controlling almost seven acres in an area bordered by the Elizabeth River, railroad tracks and Interstate 264. […]
New year, new perspectives: Greater Manchester Chamber welcomes 2026 board leadership
The Greater Manchester Chamber announces its 2026 Board of Directors, welcoming new leadership and fresh perspectives while maintaining strong continuity at the helm. Together, the officers and board members will
The Grammys bring more celebrity pushback to the Trump administration's immigration crackdown
Artists this awards season are having to decide whether and how to join the growing cultural revolt against the Trump administration’s immigration crackdowns
The real story behind Kenneth Walker's resurgence
The Seahawks run game turned a corner down the stretch- right when Justin Outten and Michael Byrne took over the duties of coaching the running backs.
Dodgers will play baseball this month
It’s February now, which means the Dodgers will play baseball games this very month. Sure, those games won’t count, but they will be televised nonetheless, and we will get to watch as the team gradually builds up toward the season. This will be more of a normal spring training for the Dodgers, at least in […]
“Existential risk” – Why scientists are racing to define consciousness
Scientists warn that rapid advances in AI and neurotechnology are outpacing our understanding of consciousness, creating serious ethical risks. New research argues that developing scientific tests for awareness could transform medicine, animal welfare, law, and AI development. But identifying consciousness in machines, brain organoids, or patients could also force society to rethink responsibility, rights, and moral boundaries. The question of what it means to be conscious has never been more urgent—or more unsettling.
If We Care About Learning, We Must Care About Kids’ Oral Health
Izvernari: We must start treating children’s oral health as what it really is: a foundation for academic success, not an afterthought.
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 […]
New businesses struggle in Missouri. An immigrant-owned bakery is beating the odds
Nearly half of all new businesses in the U.S. shut down within five years, and Missouri businesses face even tougher odds. Despite the obstacles, one immigrant-owned bakery is bringing something new to Missouri.
Pols & Politics: Teamsters endorse Moulton, Shortsleeve picks up support
Saying that Democratic Congressman Seth Moulton “has never wavered in his support for our members,” the Massachusetts Teamsters union announced it endorses his bid for U.S. Senate.
Kevin O’Connell’s Backup QBs Are Suddenly Calling Plays
The quarterback room under Kevin O’Connell has quietly become something else, too: a coaching incubator. Two former Minnesota Vikings passers […]
Seth Curry injury update is good news for Warriors
The Golden State Warriors' recently signed veteran guard has missed multiple games due to a significant injury.
FSU wins second straight ACC matchup, takes down Stanford
Florida State (9-12, 2-6) played host to the Stanford Cardinals (14-7, 3-5) in Tallahassee on Saturday, looking to string together its first win streak in ACC play under Luke Loucks. The two teams went back and forth early in the first period, with FSU eventually pulling away to build an eight-point halftime lead. FSU then […]
Heady has 18, Bethune-Cookman defeats Alabama State 69-54
MONTGOMERY, Ala. (AP) Jakobi Heady had 18 points in Bethune-Cookman's 69-54 victory against Alabama State on Saturday.
2025-26 Gamethread #55: New Jersey Devils at Ottawa Senators
Despite coming off a win, the Devils’ backs are still against the walls.
Black Business Expo aims to connect, celebrate and inspire local entrepreneurs
The fifth Black Business Expo brought together 25 local businesses to connect and inspire future entrepreneurs
Whitlock leads Lehigh to 77-76 OT victory against Colgate
BETHLEHEM, Pa. (AP) Nasir Whitlock scored 32 points to lead Lehigh, including the game-winning jump shot with about a second remaining in overtime, and the Mountain Hawks knocked off Colgate 77-76 on Saturday.
Not me watching this man destroy a 70-something Karen at the grocery store in the most satisfying way possible 💀
"Not all heroes wear capes; some wear AirPods."
Community health fair offers free screenings, honors Jackie Robinson
Dozens of families gathered at the Lincoln Neighborhood Service Center for a community health fair hosted by the Bethel AME Church Health Is Life Ministry.
ENTERTAINMENT: Singer pays tribute to ‘Divas’; conductor comes ‘home’
Singer CeCe Teneal takes audiences on a musical journey through 50 years of chart-topping hits, “from the powerhouse anthems of Aretha Franklin and Tina Turner to the disco grooves of Donna Summer and the pop perfection of Whitney Houston,” in “Divas of Soul,” 7:30 p.m. Tuesday at the Center for Humanities and Arts Theatre, University of Arkansas-Pulaski Technical College.
Book Review: “Do Aliens Speak Physics?” asks whether science is truly universal or shaped by the limits of human experience
Andy Warner and Daniel Whiteson have created a witty, illustrated inquiry into what the search …
A history of Dodgers brothers playing together
The Dodgers have River Ryan returning from 2024 Tommy John surgery, and is expected to be part of the team’s starting rotation puzzle in the 2026 season. There’s also at least a chance that he might be teammates with his brother Ryder Ryan, who was signed by the Dodgers to a minor league deal that […]
'Bama State Downs Bethune-Cookman to Claim Fourth Straight Win
MONTGOMERY, Ala. | Shamya Reid scored a game-high 19 points to lead three players in double figures as Alabama State University women's basketball pulled away for a 78-60 victory over Bethune-Cookman on Saturday at the Dunn-Oliver Acadome.
LaRussell joins Super Bowl 60 entertainment lineup with game-day performance
The Vallejo rapper’s rise has never followed the industry playbook. Now, his hometown ethos is taking center stage at Super
When “The Cost Of Doing Business” Stops Making Sense In Healthcare
The healthcare industry has normalized a decadent sales culture. It’s time to rethink these industry normas.
Ancient tools in China are forcing scientists to rethink early humans
Archaeologists in central China have uncovered evidence that early humans were far more inventive than long assumed. Excavations at the Xigou site reveal advanced stone tools, including the earliest known examples of tools fitted with handles in East Asia, dating back as far as 160,000 years. These discoveries show that ancient populations in the region carefully planned, crafted, and adapted their tools to meet changing environments.
How gene loss and monogamy built termite mega societies
Termites did not evolve complex societies by adding new genetic features. Instead, scientists found that they became more social by shedding genes tied to competition and independence. A shift to monogamy removed the need for sperm competition, while food sharing shaped who became workers or future kings and queens. Together, these changes helped termites build colonies that can number in the millions.
The 6-6-6 Walking Challenge Is Going Viral for Weight Loss and Other Benefits. Does It Work?
Discover whether the latest fitness trend is safe and effective.
GB's Skupski wins Australian Open doubles title
Great Britain's Neal Skupski and American partner Christian Harrison win the Australian Open men's doubles title in their first Grand Slam together.
Jaylen Brown-less Celtics dethrone Kings in 112-93 win
The Boston Celtics dominated the lowly Sacramento Kings on Friday night without star guard Jaylen Brown active.
CSC opens investigation into LSU for possible unreported NIL deals, per report
The CSC will look into whether LSU failed to properly report NIL deals
Browns poach another Ravens assistant to join Todd Monken's staff
Todd Monken's staff is coming together with the Browns as he fills the OC position.
Patriots Defender Squashes ‘Crazy’ Drake Maye Playoff Narrative
Despite stringing together three dominant postseason outings, the New England Patriots defense doesn’t want to hear about carrying Drake Maye to Super Bowl LX. Maye led New England to a 14-3 season and AFC East championship by accounting for 35 touchdowns with a league-leading 72.0 completion percentage. The MVP finalist hasn’t lived up to those […]
College Sports Commission opens first public investigation, targets LSU for NIL reporting
The College Sports Commission is investigating whether an LSU staffer failed to report one or more NIL deals.
‘Something bigger than business’: Greater Cleveland shops take part in ICE protest boycott
New guidance aims to guide UTI treatment in age of virtual health care
The guidelines will help clinicians determine whether patients seeking care via telehealth and virtual visits need urine tests or empiric antibiotics.
Theo Rossi, Mario Van Peebles & Derek Wilson Sink Teeth Into WeBros’ Vampire Island Thriller ‘Young Blood’
EXCLUSIVE: Theo Rossi, Mario Van Peebles and Derek Wilson are headlining the Ari Schlossberg directed and written vampire island feature Young Blood currently shooting in Key Largo, Florida. The trio join previously announced Myles Truitt, Madison Wolfe, Marley Aliah, Genneya Walton, Alex Aiono and Mitchell Hoog in the WeBros Entertainment production. Young Blood follows three college best friends who …
Colorado House launches ethics review of Republican Rep. Ron Weinberg
The Colorado House will convene an ethics committee to review a complaint filed by Rep. Brandi Bradley, R-Roxborough Park, against fellow Republican Rep. Ron Weinberg, R-Loveland. It will be the first time since 2012 that the House has formed an ethics committee. The contents of Bradley’s complaint are confidential under House rules. Bradley has filed […]
Opinion | In Science We Trust. Or Do We?
Readers respond to a guest essay about the methods and reliability of science. Also: Opioid addiction; judges and presidents; cursive writing.
Saks Off 5th closing stores, Saks off fifth liquidation sale in Shrewsbury
Saks Off 5th will start going-out-of-business sales on Jan. 31, including its Shrewsbury, Elizabeth and Bridgewater stores.
Australian Open: Novak Djokovic dethrones Jannik Sinner in five-set classic to set up final with Carlos Alcaraz
Novak Djokovic rolls back the years to reach his first Grand Slam final since Wimbledon in 2024, dethroning Jannik Sinner to set up a meeting with Carlos Alcaraz; watch the ATP and WTA Tours live on Sky Sports Tennis and Sky Sports+, streaming service NOW and the app
Unified sports programs bring together athletes for more than wins and losses
At Minnesota schools, special needs students and those in general education bond in the arena of competition
Coalition seeks LA County sales tax vote to offset federal healthcare funding cuts
The Los Angeles County Board of Supervisors will consider whether to place a half-cent sales tax measure in front of voters. Revenues would be used to create a coverage program for people who lose their Medi-Cal.
Tech Tidbits: Spring Sports Coaches Preview Seasons
Spring has felt like a distant dream around here this week due to the stubborn snow and ice surrounding us, but the beginning of the baseball, softball, tennis and golf seasons at Arkansas Tech University has arrived nonetheless. Members of the ATU Green and Gold booster organization gathered at The…
High school sports top performers on Thursday delivered in the clutch
Whether on the mat, mountain or court, these four high school athletes couldn't be stopped Thursday. See which top performers made the cut.
Gray wolves are hunting sea otters and no one knows how
On a remote Alaskan island, gray wolves are rewriting the rulebook by hunting sea otters — a behavior few scientists ever expected to see. Researchers are now uncovering how these coastal wolves adapted to marine hunting, what it means for land–sea ecosystems, and whether this ancient predator–prey relationship is re-emerging as sea otters recover.
Science Fields and Methodology Came from a Christian Worldview
Is Christianity incompatible with real science? The development and history of science answer a resounding “no.”
Strand Larsen future to dominate talk again
Rob Edwards' news conference on Friday is likely to be the latest instalment of the mini Strand Larsen saga, with his move to Crystal Palace in serious doubt. Nothing was ever officially agreed for the Norwegian, even if a £50m deal was struck in principle, and there remains a chance he will stay beyond the deadline - something Wolves would still be happy and comfortable with. Wolves host Bournemouth on Saturday as Edwards tries to maintain momentum, despite last week's defeat by Manchester City, and he will be quizzed about Strand Larsen's future at Compton later.
China, Israel continue to collaborate in science and tech despite unrest in Gaza
While Beijing supports Palestine and has a fractious relationship with Tel Aviv’s closest ally, cutting-edge innovations keep them together.
Fantasy Bundesliga: Scout squads for Matchday 20
Bulinews' Fantasy Bundesliga writers have each put together a squad of 10 outfield players for the upcoming matchday.Managers have full freedom with formations, but squads can’t exceed 110M, can onl...
Yankees' Paul Goldschmidt free agent update is exciting news
New York is still trying to line something up.
Copeland puts up 25, Stetson beats North Florida 84-77
JACKSONVILLE, Fla. (AP) Ethan Copeland had 25 points in Stetson's 84-77 win against North Florida on Thursday night.
UPS pilots union supports 'Fatigued Pilot Protection Act'
Lawmakers have introduced a bill to ensure commercial pilots follow the same rules for flight time and rest, whether they fly passengers or cargo.
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.
BBC Audio | BBC Inside Science | Should we rethink navigating by GPS?
GPS is vulnerable to interference, so how can we make navigating at sea safer?
theScore Bet Customers Flocking to Seahawks in Player Prop Markets
Seattle’s offense has averaged 36 points in the playoffs, so it's no surprise players like Jaxon Smith-Njigba and Kenneth Walker III are popular.
Trailer: Dirty Rotten Scandals Coming Soon To E! Entertainment
E!’s new documentary series exposes the dark side of our pop culture obsessions! The Dr. Phil Show, America’s Next Top Model, and The Price is Right. Dirty Rotten Scandals premieres Wednesday, March 4th on E!
War Department Boards Merge to Form New Science, Technology and Innova
Secretary of War Pete Hegseth approved a major overhaul of the War Department's legacy advisory boards, directing the merger of the Defense Innovation Board and the Defense Science Board into the new
New Perspectives on EU Climate Politics using Text-as-Data Methods
This Collection invites research on EU climate governance, climate communication, climate policy diffusion within and outside the EU, and climate policy ...
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.
How widespread sports betting affects NFL players: ‘People have said they’d kill me’
We asked NFL players about their interactions with sports bettors and fantasy players — and whether they participate themselves.
Science at risk: Massachusetts must lead the fight for facts
Rejecting evidence threatens lives and innovation. Massachusetts must defend the scientific method.
Reign dominate Canucks in 6th straight home victory
The Ontario Reign (28-12-1-1; 58 points) take a commanding 5-2 victory over the Abbotsford Canucks (15-23-3-3; 36 points) Wednesday night at Toyota Arena. Five different skaters scored for the Reign, coming together for a full team-effort. Ontario remains in first place in the AHL Pacific Division.
SF changes method to count unhoused; advocate believes it's political, will lead to undercount
For the first time in more than two decades, San Francisco is changing the way it counts the number of unhoused individuals on its streets.
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.
Tri-County Community Health Coalition releases first unified health report in Fox Valley
With the Unified Health Report, organizations across the Fox Valley now have the same information on local health problems and can plan together.
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.
Searows: ‘Death in the Business of Whaling’ review
Searows' sophomore album Death in the Business of Whaling is an expertly crafted collection of songs. The album is sure to please fans of Phoebe Bridgers, Ethel Cain or Iron & Wine.
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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."
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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