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Connecticut Science Center temporarily closed due to burst pipe
The Connecticut Science Center is closed on Sunday due to a pipe burst in the building, the science center announced. “Our team has been working tirelessly to clean and restore the affected a…
China's military has a serious leadership problem
The anti-corruption campaign has left open positions and a lack of senior officials with the experience to fill them.
Black women’s health-care experiences remain marked by structural racism — here’s how institutions should move forward
Research reveals that the enduring legacy of racism in medicine contributes to suboptimal communication and poor quality care for women.
Better Know Your Blue Jays 40-Man: Mason Fluharty
Sorry about the lack of content the last couple of days. It has been busy. It should ease off soon. Mason Fluharty is a 24-year-old left-handed pitcher. The Jays picked him in the fifth round of the 2022 draft. He was #40 on our 40-man prospect list in 2022. Matt said: Listed at 6’2” and […]
Baldur’s Gate 3 Made Me Stop Buying Games
Baldur’s Gate 3, the epic, legendary, all-encompassing RPG that was a must-play in 2023 and remains one to this very day, had eluded me for a considerable amount of time until recently. It was one of those games that sat collecting dust on my shelf, watching me as I paced back and forth in a […]
Gossip: Magpies reject £20m bid for Willock
Fulham have had a £20m offer for Joe Willock rejected by Newcastle United, who will not sanction a move for the 26-year-old English midfielder unless they find a replacement. (Talksport)
Our daily picks of fun things to do in Cincinnati this week, Feb. 2-8
If you're looking for the best events happening in Cincinnati, you're at the right place. Find your next concert, game, festival or family event.
Columbia city, business leaders send relief supplies to help North Mississippi
About one dozen full pallets of water was loaded on a National Guard transport truck Saturday, for delivery to families displaced by the winter storm.
LIVE! Watch UFC 325 Post-Fight Presser Here
With UFC 325 officially in the books after an exciting night (Sat., Jan. 31, 2026) of action LIVE on Paramount+ from inside Qudos Bank Arena in Sydney, Australia, fight fans can check out the post-fight press conference video above for all the best reaction and official bonus winners. Remember, there’s a new post-fight bonus system in place for 2026. […]
Hurricanes Thrashed in Controversial Overtime Loss to Capitals
Poor puck-management, bizarre calls (and lack of standard calls), and failure to maintain momentum paved the way to a 4-3 […]
Live Square Entertainment for Sunday, February 1 - Villages-News.com
Nightly entertainment performing in The Villages Town Squares on February 1, 2026
Alabama adds former Tennessee running back through transfer portal
Alabama has landed a commitment via the NCAA transfer portal from a former Tennessee and Appalachian State running back.
Water line breaks disrupt small business in Weirton
A major water line break in downtown Weirton has left Blue Cat Coffee struggling with a lack of water pressure and discolored water.Owner Amber Cekus said, "We
Jennings' 33 lead Appalachian State past Troy 66-44
TROY, Ala. (AP) Kasen Jennings' 33 points led Appalachian State past Troy 66-44 on Saturday.
IRS proposes using NAICS to determine lines of business for certain fringe benefit exclusions
The North American Industry Classification System, already in use for other tax purposes, replaces a specified manual that has not been updated since 1974.
Black Business Expo creates welcoming environment for businesses to grow
At the Columbia College expo, many buisness owners noted the uniquely welcoming setting and collaborative opportunities.
Researchers pinpoint source of black hole's 3,000-light-year-long jet stream using enhanced telescope network
A new study has connected the famous m87 black hole, the first ever imaged, to its powerful cosmic jet, revealing how it launches particles at near light speed.
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
MVCC Board of Trustees to meet Tuesday, January 20
UTICA — A meeting of the Mohawk Valley Community College Board of Trustees will take place at 4 p.m. on Tuesday, Jan. 20, on the Utica Campus in the Stetson
Nevada Science Bowl to crown new champions for national competition
The 2026 Nevada Science Bowl took place on Jan. 31 at the College of Southern Nevada, North Las Vegas campus, featuring 24 teams from 20 high schools.Students
La. Art and Science Museum to celebrate Black History Month
The Louisiana Art and Science Museum will celebrate Black History Month with special events and a new exhibit.
Albino or Leucistic? The Science Behind America’s “White Raccoons”
Imagine that you’re taking an evening stroll in the woods. All of a sudden, you spot a flash of color and two glowing eyes. The furry animal looks like a raccoon, but its all-white fur says otherwise. There’s no black fur and the bandit mask is missing entirely; only snow-white hair. What you’ve just observed
Where older adults find all-in-one care and a place to belong
A new Seattle clinic offers an unusual model of health care for aging adults, with a goal of letting them live independently for as long as possible.
A $40 Billion Idea to Keep One Glacier From Flooding the Earth
Scientists have long opposed polar geoengineering. Some now believe it will be necessary.
NVIDIA only gave minutes to buy the GeForce RTX 5090/5080 Founders Edition at MSRP, in the first drop since early December
NVIDIA GeForce RTX 5090 Founders Edition restock hits Europe, sells out in minutes NVIDIA’s Marketplace saw its first Founders Edition restock in over a
A legendary San Francisco sports bar adds a delicious new twist
"We're enhancing the experience, not replacing it."
At Washington Mardi Gras, Gov. Jeff Landry and Howard Lutnick see bright future for Louisiana
U.S. Commerce Secretary Howard Lutnick said the pieces are in place for Louisiana to become the next generation’s economic powerhouse.
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.
TV tonight: Phil Collins reveals his health issues and 24-hour live-in nurse
A candid chat between the ‘hardest working man’ in rock and Zoe Ball. Plus, how will it end for DS Lucey in Blackshore? Here’s what to watch this evening
Veteran goalie James Reimer to lead Senators vs. Devils
The Ottawa Senators were in dire straits when it came to their goaltending situation. Starter Linus Ullmark recently stepped away to deal with some mental issues, and young backup Leevi Merilainen wasn't ready to replace him.
Mother sues Novant Health after death of daughter left her with haunting questions
LaChunda Hunter didn't think she could have kids. When she learned she was pregnant, she called it a miracle. That miracle quickly became a nightmare after birth.
Anti-ICE protests take place nationwide
Protesters across the nation participated in a general strike on Friday, demonstrating against ICE presence in some cities.
Which Columbus businesses are against ICE enforcement actions?
Few closed down as part of the call for a nationwide strike, but a number of local restaurants and businesses are taking other actions to speak out.
Former Steelers Wide Receiver Eyeing NFL Comeback In 2026
The Pittsburgh Steelers have had their hands full so far this offseason when it comes to sorting through their coaching mayhem. After Mike Tomlin’s stunning resignation, the team moved quickly to hire former Green Bay Packers and Dallas Cowboys head coach Mike McCarthy as his replacement. Since then, McCarthy has begun building out his coaching […]
Central Nebraska to host Ag Health and Safety Day Feb. 3
An agricultural health and safety event will take place Feb. 3 at the Dayspring Bank Event Center in Gothenburg, offering farmers and ranchers a comprehensive look at industry safety beyond traditional approaches.
Denver businesses close Friday in support of anti-ICE nationwide shutdown
Sanford Black Hills region plans addition of 16 physicians
Local providers joining Sanford specialize in gastroenterology, dermatology, optometry, ophthalmology, family medicine and general surgery.
Missouri sports betting tops $543M in first month but deductions leave state with only $521K
Missourians placed more than half-a-billion dollars in bets on sporting events in December but promotional offers offset the taxable profits.
Black History Month at Hofstra Showcases Art, Politics, Culture, and Business
Black History Month, and every month, is an opportunity to educate, listen, and lift one another. Hofstra University offers a comprehensive selection of events, covering the arts, politics, history, and culture. Our Unfinished Revolution(s)Hofstra University Museum of ArtOpening reception, Th
Oops, Scientists May Have Severely Miscalculated How Many Humans Are on Earth
While most estimates place the current human population at around 8.2 billion, a new study suggests we might be vastly underrepresenting rural areas.
Local businesses join nationwide strike against immigration crackdown policies
Multiple businesses nationwide announced they would be closed during Friday's “blackout,” and some schools preemptively canceled classes in anticipation of mass absences.
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.
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.
Jean-Philippe Mateta transfer news: Oliver Glasner confirms striker will not feature against Nottingham Forest amid AC Milan interest
Crystal Palace boss Oliver Glasner has confirmed Jean-Philippe Mateta will not feature against Nottingham Forest on Sunday, live on Sky Sports; AC Milan have made an offer worth £35m to sign Mateta and Nottingham Forests bid for him remains on the table
Don Lemon taken into custody
Journalist Don Lemon was taken into custody on Thursday night, according to his attorney.
Champions League's best playoff matches: Mourinho returns to Madrid
The UEFA Champions League playoff draw took place on Friday, here's what to look forward to
Activists call for a nationwide ‘blackout’ to protest against Trump’s violent immigration crackdown
Organizers say the demonstration is part of a growing non-violent movement
Pens Points: Winning ways continue
Here are your Pens Points for this Friday morning… Forwards Anthony Mantha and Egor Chinakhov scored in a 31-second span in what was a dominant second period, as the Pittsburgh Penguins breezed by the Chicago Blackhawks 6-2 on Thursday night for their fifth straight victory. [Recap] As seen during the game, the Penguins officially recalled […]
A380 Retrofit: Lufthansa modernizes Business Class of its largest aircraft
All eight Airbus A380s will be equipped with new premium seats in Business ClassThe retrofit will take place at Elbe Flugzeugwerke in DresdenThe program will begin in early February with the A380 "Mike-Charly"
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.
Livingston v Motherwell: Pick of the stats
Tawanda Maswanhise has scored in his past three league appearances, while a goal here would make him the youngest player (23 years 72 days) to net in four successive Scottish Premiership outings since Malik Tillman for Rangers in April 2023 (20y 308d), and youngest for Motherwell in the top flight since Nick Blackman in November 2010 (21y 9d). Motherwell have only lost one of their past 15 league games (W9 D5), a 1-0 defeat at Rangers in December.
Louisiana company that turns placentas into skin grafts pivots to 3D bioprinter business
Placentas are processed into wound-care patches resembling Listerine breath strips.
Notre Dame Men’s Lacrosse Schedule…and other news
News and notes for Notre Dame Men’s Lacrosse
Northeast, Central Florida businesses say Google review bombers blackmailed them
Since opening his HVAC company in Jacksonville’s Pine Forest neighborhood less than two years ago, Aldi Gjeka has received 277 reviews on Google, 262 of which are five stars. The other 15 are one-star reviews, all of which were written within the same hour earlier this week.
Basil Talbott Jr., legendary Chicago Sun-Times political editor, has died
Talbott, 89, was known for his dogged pursuit of the story, chronicling in depth the political fortunes of Jane Byrne, the city’s first female mayor, Harold Washington, Chicago’s first Black mayor and the run-ups to the Rev. Jesse Jackson’s presidential campaigns.
Trump reveals when he will announce the next Fed chair
President Trump says he'll announce Jerome Powell's replacement as Federal Reserve chair Friday morning, escalating his ongoing criticism of monetary policy decisions.
UN criticizes Haiti for lack of progress on a political transition
UNITED NATIONS (AP) — The U.N. Security Council criticized Haitian authorities Thursday for the lack of progress in achieving a political transition and called for urgent security sector reforms to tackle increasing violence by gangs and criminal groups.
The Observatory and WHO Ukraine reflect on productive partnership and continued collaboration
Why have some health systems coped better than others during the COVID-19 pandemic? Some answers might become clear if we could assess how resilient health systems are in response to crises or shocks, such as the current pandemic and other emergencies, including financial ones, or how well health systems were prepared for such events in the first place. The European Observatory on Health Systems and Policies has just published a new policy brief, “Strengthening health systems resilience”, which includes a framework to help policy-makers understand health system resilience and how to strengthen it. This policy brief highlights the key features of resilience and provides examples of strategies which have been applied in different countries.
HOMETOWN ENTERTAINMENT: Cabin fever setting in? There are some great events to keep you busy this weekend
From classic rock tribute bands to music celebrating Black History Month, our hometowns have a lot to offer this weekend.
Three months after Hurricane Melissa: PAHO continues supporting health system recovery across the Caribbean
Washington, DC, 28 January 2026 (PAHO)- Ninety days after Hurricane Melissa swept across parts of the Caribbean, countries are transitioning from emergency response toward recovery—while continuing to confront public health risks linked to damaged infrastructure, disrupted services, and heightened vulnerability to disease. The Category 5 storm made landfall first in Jamaica on 28 October 2025, causing widespread damage in several Caribbean nations, mainly across Jamaica, Cuba and Haiti, and placing sustained pressure on national health systems.
Rochester businesses join Friday’s national strike against ICE
ROCHESTER, N.Y. (WROC) – In response to the immigration crackdown taking place in Minnesota, businesses across the country and close to home are planning to go on strike this Friday. It’…
6 Tactics Black Businesses Can Apply To Spur Revenue Growth In A Post-DEI World
Starting roughly a year ago, DEI rollbacks have meant $217 million in lost federal contracts to small businesses, including Black-owned ones.
ICYMI: Rep. Smucker Questions Health CEOs on Rising Health Care Costs
Rep. Smucker: "You would expect if a marketplace is working properly, that perhaps under consolidation, we would see lower or at least slower growing premiums in highly concentrated markets. But that's just simply not happening today."
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.
CHOP celebrates placing of final beam for Roberts Children's Health expansion
On Wednesday, the Children’s Hospital of Philadelphia lifted the final beam of its new Roberts Children’s Health expansion into place.
AppLovin's ad tech business could steal Amazon's lunch
Wall Street remains wary of the black box behind AppLovin's AI, but early data suggest its e-commerce pivot is already eating into Amazon's territory.
1 'Powerful' Habit For Heart Health That's Not Exercise
In TODAY.com's Expert Tip of the Day, a cardiologist reveals a habit that has the heart-healthy benefits of exercise, but can be done while sitting in place.
More KC businesses train workers on ICE protocols
Kansas City business owners are prepping staff for rising ICE activity in workplaces.
Campaign over, Wu has to take on the messy work of running City Hall
Right on schedule, the adrenaline jolt of the campaign trail has been replaced by the much more challenging day-to-day grunt work of running city government.
Civic Science Media: Reimagining How We Communicate Science
A 2022 award winner of the National Academies’ Eric and Wendy Schmidt Awards for Excellence in Science Communications, J.D. Allen discusses his civic science media framework, his nuclear energy broadcast initiative, and how incorporating community engagement and solutions-focused journalism improves science storytelling.
Game Preview: Chicago Blackhawks @ Pittsburgh Penguins 1/29/2026
Who: Chicago Blackhawks (21-23-9, 51 points, 6th place Central Division) @ Pittsburgh Penguins (26-14-11, 63 points, 2nd place Metropolitan Division) When: 7:00 p.m. eastern How to Watch: Locally broadcast on Sportsnet Pittsburgh and CHSN in the local markets, streaming on ESPN+ Pens’ Path Ahead: It’s a week-long sprint to the Olympic break finish line for the Pens. […]
Women's sports fans will have a new place to hang out with opening of Level Sporting Club
Founded by former Northwestern basketball player Clarissa Flores, the bar will be near the heart of sports bars crowding around Wrigley Field.
The Jeff Boals Show Returns Tonight at The Gem Sports Bar
ATHENS, Ohio — The Jeff Boals Show returns this Thursday, January 29, on the Ohio Sports Network from Learfield, presented by Holzer Health System. This week, the live broadcast will take place from 6pm-7pm at The Gem Sports Bar. The event is open to the public and free to attend. Join the "Voice of Bobcat Basketball," Jason Toy, and the seventh year head coach of the Ohio Bobcats, Jeff Boals, for a weekly recap and a look ahead at upcoming matchups. This week's special guests include sophomore forward Ayden Evans (Radcliff, Ky.) and freshman forward Jordan Fisher (Pickerington, Ohio)
Analysis: Trump 2.0 sees terrorism all over the place
The Trump administration is living in a state of perpetual terror, both foreign and domestic.
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.
Army wins 67-64 over Lehigh
WEST POINT, N.Y. (AP) Tate Laczkowski scored 17 points as Army beat Lehigh 67-64 on Wednesday.
How Do Menopause and a Treatment to Manage Its Symptoms Affect the Brain and Mental Health?
New research suggests an association between menopause and anxiety, depression and shrinkage in certain brain regions—which hormone replacement therapy might not mitigate
Blackstone's biggest hedge fund business returned 12% in 2025, sources say
Blackstone's biggest hedge fund platform, Absolute Return Composite (AR), returned nearly 12% last year, beating the benchmark HFRX Global Hedge Fund Index's 7.1% gain, two people familiar with the numbers said on Wednesday.
Brown & Root shifts engineering hub to Metairie
Brown & Root Industrial Services has relocated its engineering and construction operations from Baton Rouge to Three Lakeway Place in Metairie, marking a strategic investment in the Greater Ne… Already an INSIDER? Sign in. Already an INSIDER? Sign in
Dispatch Is Censored on Nintendo Switch Due to Platform 'Content Criteria', Developer Says
Dispatch, the superhero workplace comedy made by Telltale veterans at AdHoc Studio, is out now on Nintendo Switch. But a number of excited new and returning players aren't super happy about the release, as it turns out the game has been pretty aggressively censored on the system.
Fake Moltbot AI Coding Assistant on VS Code Marketplace Drops Malware
A fake VS Code extension posing as a Moltbot AI assistant installed ScreenConnect malware, giving attackers persistent remote access to developer syst
Justin Bieber Performance Locked In for Music’s Biggest Night at the 2026 Grammys
Justin Bieber has announced that he will be performing at the 2026 Grammy Awards, which will take place on Sunday, Feb. 1. Bieber is a two-time Grammy winner and also… The post Justin Bieber Performance Locked In for Music’s Biggest Night at the 2026 Grammys appeared first on Where Is The Buzz | Breaking News, Entertainment, Exclusive Interviews & More.
Black History Celebration to feature special concession offerings, in-arena entertainment
The Sabres will celebrate Black excellence in WNY during their game against the Kings on Jan. 29.
With Apple’s new Creator Studio Pro, AI is a tool to aid creation, not replace it
Apple’s Creator Studio Pro leverages AI to help creators with tedious tasks—like finding clips or building slides—without trying to do the work for them
Leadership turmoil returns to Hispanic Silicon Valley business group
For the second time in seven years, the Hispanic Chamber of Commerce Silicon Valley has found itself embroiled in a leadership dispute that has led to the sudden ouster and replacement of multiple board members.
Blackhawks’ Connor Bedard nightmare continues with embarrassing moment
Things just aren't going well right now.
National Institutes of Health Need Agencywide Strategy to Prioritize and Fund Pediatric Research, Says New Report
Childhood health is foundational to lifelong well-being. A new National Academies report makes recommendations on how NIH and Congress can best support pediatric health research and improve health outcomes through childhood and beyond.
Expiration of federal health insurance subsidies: What to know in California
Thousands in California who rely on the state-run health insurance marketplace face premiums that are thousands of dollars higher as federal subsidies expire.
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
Illinois faces its toughest challenge yet in No. 2 UCLA
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