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Poetry and the Politics of Aspirational Conservatism
More than the squabbles of party politics, conservatives ought to be concerned with defending our civilization’s way of life and the ordered liberty that sustains it.
EA SPORTS FC™ 26 | Title Update v1.5.0 Pitch Notes
Title Update 1.5.0 brings changes to gameplay game modes across EA SPORTS FC™ 26 inspired by feedback from the community.
Ex-Nato commander defends Starmer after Trump’s ‘no Winston Churchill’ jibe
Gen Sir Richard Shirreff says US president has launched war of choice in Iran with no clear grasp of how it will end
Fulham v West Ham: Key stats and talking points
East meets west at Craven Cottage on Wednesday night, with Fulham vying to emulate their victory over West Ham in December's reverse fixture. While Fulham have rekindled their hopes of European football with successive wins, West Ham's revival has lost some momentum and they remain two points from safety. Fulham's season is following a similar pattern to their previous campaigns since promotion in 2022 – sat comfortably mid-table or higher heading into March, with aspirations of qualifying for Europe for the first time since 2011.
Meet the MBA Class of 2027: Christopher Peer, Columbia Business School
Meet the Columbia Business School MBA Class of 2027 through in-depth profiles on their experiences and aspirations
Kyler Murray no longer Cardinals' spectacular scapegoat
Kyler Murray's strengths were spectacular. But his flaws with the Arizona Cardinals were obvious. Now now pursues a second chance.
Kyler Murray to be released by Cardinals, posts goodbye
The Arizona Cardinals are releasing quarterback Kyler Murray after seven seasons, confirms Arizona Sports.
Gasperini has dinner with Francesco Totti
Francesco Totti is reportedly increasingly close to returning to Roma, with a role within the club yet to be determined. He himself confirmed ongoing discussions regarding a possible return to Trigori...
Intuit is betting its 40 years of small business data can outlast the SaaSpocalypse
Intuit lost 42% of its market cap as AI agents threaten to replace QuickBooks and TurboTax. Here's what the company says agents can't replicate.
CAA Men’s Basketball Recap
After trailing by as many as 15, Jlynn Counter scored 20 of his 23 points in the second half and helped Charleston (21-10, 14-4 CAA) orchestrate a valiant 79-76 victory over UNCW (25-5, 14-3 CAA).
Diamondbacks reassign 8 to minor league camp
The Arizona Diamondbacks reassigned eight players to minor league camp on Sunday to trim the major league camp roster down to 65 players.
Women Experience Longer Lasting Pain Than Men and Scientists Think They Finally Know the Reason Why
New study links testosterone-tuned monocytes to an anti-pain signal after injury.
Modern Parenting Means Apps for Sports, School and More. Where Is the Data Going?
For every aspect of a student’s life, there’s a tech company trying to digitize it. Inside the classroom, online tools proctor exams, create flashcards and submit assignments. Outside, technology coor...
Natrona County health and food inspections (2/20/26–2/26/26)
CASPER, Wyo. — The Casper-Natrona County Health Department inspects restaurants, grocery stores, convenience stores, mobile food units, commissaries and
Penelope's Soaps and Such is celebrating five years of business
Penelope’s Soaps and Such celebrated five years of being in its downtown storefront this weekend. The event lasted from 10 a.m. to 5 p.m. Feb. 21 at the local shop […]
Diamondbacks to give younger players looks during World Baseball Classic
The Diamondbacks will use a younger roster over the next couple of weeks as most of their potential lineup heads to the World Baseball Classic.
Diamondbacks' Paul Sewald shows improved velocity after Driveline training
Potential back-end relievers Paul Sewald and Jonathan Loaisiga made their spring debuts on Saturday for the Diamondbacks.
Meet the MBA Class of 2027: Alek Woltjer, Harvard Business School
Meet the Harvard Business School MBA Class of 2027 through in-depth profiles on their experiences and aspirations
Meet the MBA Class of 2027: John Finn, Harvard Business School
Meet the Harvard Business School MBA Class of 2027 through in-depth profiles on their experiences and aspirations
Arts and Entertainment Agenda: Feb. 27-March 5
International Guitar Night XXVI, Feb. 27 Accomplished musicians from different countries will be in Aspen for a global celebration of guitar artistry as International Guitar Night XXVI takes the stage at 7:30 p.m. Feb. 27...
Hands-On With Nano Banana 2, the Latest Version of Google's AI Image Generator
Google’s latest image model, Nano Banana 2, is a powerful AI photo editor that punctures reality. Well, sometimes.
Meet the MBA Class of 2027: Leti Valle, Harvard Business School
Meet the Harvard Business School MBA Class of 2027 through in-depth profiles on their experiences and aspirations
Agassi Sports Entertainment Appoints MKTG Sports + Entertainment as Global PR Agency of Record
Agassi Sports Entertainment Corp. (OTC PINK: AASP) ("ASE" or the "Company"), a sports entertainment and innovation company focused on racquet sports, today announced the appointment of global sport and entertainment agency, MKTG Sports + Entertainment, as PR Agency of Record.
Aston Martin releases new higher-performing Vantage S super sports car
Meet the newest aspirational ride from Aston Martin: the 2026 Vantage S.
ASU's Beyond Center explores the intersection of science and philosophy
The Beyond Center hosts lectures and events to inform the public about its investigations of science and philosophy.
Apple Launches New 'Sales Coach' App
Apple today debuted a new Sales Coach app for the iPhone and the iPad, replacing the former SEED app. Designed for Apple Store and Apple Authorized Service Provider (AASP) employees, Sales Coach provides training resources and information useful for Apple device sales. Sales Coach is available for Apple Store and AASP employees worldwide, and Apple has released it as an update to the former SEED app. Those who have the SEED app will see it change to Sales Coach when installing the latest update.
First Army embraces Holistic Health and Fitness program
The Army has changed how it approaches fitness and now embraces a method that includes physical aspects, as well as nutrition, mental health, sleep, and...
How a Provo-based graduate school is endeavoring to meet society’s healthcare needs
For-profit institution offers dozens of doctoral and master’s degrees for aspiring health care professionals
CAA Men’s Basketball Recap
A 24-point performance from Shane Blakeney helped Drexel pick up its first win over Towson since 2023 with a 68-62 victory at home on Sunday.
CAA Women's Basketball Recap
Hofstra, Towson and Elon earned wins at home on Sunday, while Monmouth and Drexel picked up road victories.
Natrona County health and food inspections (2/13/26–2/19/26)
CASPER, Wyo. — The Casper-Natrona County Health Department inspects restaurants, grocery stores, convenience stores, mobile food units, commissaries and
Modern parenting means apps for sports, school and more. What this means for data privacy
For every aspect of a student's life, there's a tech company trying to digitize it.
Modern parenting means apps for sports, school and more. What this means for data privacy
For every aspect of a student’s life, there’s a tech company trying to digitize it.
Why Norway is dominating the Winter Olympics and what could US learn
Norway’s director of elite sport sounded a little hoarse when he answered the phone to CNN Sports. Tore Øvebrø said he had just caught a cold, but he admitted that his raspy voice might also have something to do with his cheering over the last two weeks.
Kimberly's INcubator program turns student ideas into real businesses
Kimberly High School's INcubator program teaches students all aspects of building a successful business.
Arts and Entertainment Agenda, Feb. 20-27
St.-Germain Spritz activations, Feb. 20 St.-Germain Spritz activations start Feb. 20 in Aspen. The cocktail will be offered all season with menu placements at Snow Lodge at The St. Regis, the Viewline Resort, the Sundeck...
ASU student group brings hands-on science to local elementary classrooms
Science Detectives offers free, experiment-based STEM lessons to Tempe and Mesa elementary students.
Donor moved indoor ASU football practice facility forward
ASU football got some help with its indoor practice facility in the form of a big-spending donor, coach Kenny Dillingham told Arizona Sports.
Jared Sleeper on Which Software Companies Will Survive the SaaSpocalypse
How the software business actually works.
ODU comeback bid denied in 10–7 defeat
Old Dominion Monarchs nearly erased a late deficit Wednesday afternoon, but Manhattan Jaspers used a clutch double play in the ninth inning to seal a 10–7 victory at the Ellmer Family Baseball Complex. Down 10–6 in the final frame, Old Dominion mounted one last push. Will Johnson sparked the rally with a leadoff home run to left field.
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.
Exclusive | Tortured dogs rescued by police from NYC apartment nursed back to...
Multiple brands of Android tablets shipped with built-in malware
Kaspersky researchers say Android tablets from some brands left the factory with hidden firmware backdoor malware already installed.
Olympic curling scandal threatens to forever alter a sport built on a culture of trust
The most troubling aspect of the Olympic curling cheating accusations is that it could mark the official end of the hobbyist foundations of the sport.
Arizona Sports' 2026 Newsmakers Week
Some of the biggest decision makers and other figures in Arizona sports join Bickley & Marotta for Newsmakers Week.
CAA Men’s Basketball Recap
A late frenzy over the final 75 seconds saw Stony Brook (16-11, 8-6 CAA) come out on top with a 72-69 victory over Drexel (13-14, 7-7 CAA), thanks to a putback finish from Erik Pratt and a late steal by Andrej Shoshkikj.
One in three people carry this brain parasite but the body has a kill switch
A parasite that may already be hiding in your brain has a shocking survival trick: it can infect the very immune cells sent to destroy it. Yet most people never get sick, and new research from UVA Health reveals why. Scientists discovered that when Toxoplasma gondii invades CD8+ T cells — key defenders of the immune system — those cells can trigger a self-destruct mechanism powered by an enzyme called caspase-8. By sacrificing themselves, the infected cells also wipe out the parasite inside them.
AAAS Annual Meeting highlights ASU's growing role in national science research
Scientists, policymakers and students gathered to spotlight science, policy and innovation on a global stage.
Natrona County health and food inspections (2/6/26–2/12/26)
CASPER, Wyo. — The Casper-Natrona County Health Department inspects restaurants, grocery stores, convenience stores, mobile food units, commissaries and
Haywood Highsmith signs with Suns
The Phoenix Suns agreed to a multiyear deal with former Miami Heat forward Haywood Highsmith, ESPN's Shams Charania first reported.
Ego Nwodim draws gasps from 'Jimmy Kimmel Live' audience after admitting she's never seen this classic film
Ego Nwodim faced the wrath of Jimmy Kimmel's live studio audience after admitting that she's never seen a certain classic film: 'I thought this was a safe space!'
Zac Gallen returning to Diamondbacks on free agent deal
Starting pitcher Zac Gallen is returning to the Diamondbacks on a free agent contract, according to Arizona Sports' John Gambadoro.
Samsung’s ‘Wide Fold’ surfaces with near-16:10 aspect ratio, wider than first Pixel Fold
Well, that didn’t take long. After word of an early build of One UI 9 for Samsung’s upcoming foldables leaked...
Bayer and celebrity chef keep diners in the dark to shed light on heart health
Bayer has cooked up the next phase of its “See Your Risks” campaign, tapping Food Network star Jeff Mauro as its sous chef. | Bayer has cooked up the next phase of its “See Your Risks” campaign with celebrity chef Jeff Mauro. The drugmaker is offering people the chance to dine in Mauro’s immersive dark dining experience, the Heart to Heart Bistro—provided they complete its aspirin heart health risk assessment.
Sun Devils learn about science advocacy with Union of Concerned Scientists
The science advocacy workshop brought light to local issues, how to address them and how students can participate in the field.
Arts and Entertainment Agenda: Feb. 13-19
‘GALENTINE’S BODY ALIVE,’ Feb. 13 Aspen Shakti is hosting a special “GALENTINE’s BODY ALIVE” class with Jayne Gottlieb from 10:30-11:45 a.m. Feb 13. The special occasion class will feature local live DJ California Star and...
Report: Cardinals interviewed Seahawks' Karl Scott for open DC job
The Cardinals reportedly interviewed Seahawks DBs coach and defensive passing game coordinator Karl Scott for defensive coordinator.
Scientists discover protein that rejuvenates aging brain cells
A newly identified protein may hold the key to rejuvenating aging brain cells. Researchers found that boosting DMTF1 can restore the ability of neural stem cells to regenerate, even when age-related damage has set in. Without it, these cells struggle to renew and support memory and learning. The findings raise hopes for treatments that could slow or even reverse aspects of brain aging.
The business of not ageing: Why people are spending $1,300 on longevity treatments
The growing longevity industry is selling a big aspiration – the ability to slow your biological clock, but how credible is this?
CAA Fast Break
#CAAHoops action continues to ramp up as it inches closer to March. CAA men’s basketball insider Dr. John Giannini and host Griffin Della Penna dissect another weekend of stellar action on the seventh edition of the CAA Fast Break, highlighting by winnings streaks from Campbell and Stony Brook, as well as a decisive win by UNCW on CBS Sports Network.
Diamondbacks' Corbin Carroll suffers broken hamate bone
Diamondbacks All-Star outfielder Corbin Carroll suffered a broken hamate bone in his right hand during batting practice on Tuesday.
Why I'm studying computer science despite AI fears
Aspiring computer science student Alex Seungyong Yang sees AI as both a challenge and opportunity as he enters university as a freshman in the fall.
America's Gen Z curlers bring new ways to traditional sport
At the U.S. Curling Olympic Trials, a team of Gen Z curlers usurped the long reigning champions in a big upset. A profile of Team Casper, who's bringing swagger, limber knees, and a some new sensibilities to a tradition-filled sport.
Linguistics professor discusses AI’s role in scientific discovery at
At a recent forum hosted at the OpenAI headquarters in San Francisco, Linguistics Professor Gašper Beguš discussed how AI can act as a catalyst for biological discovery and a bridge between animal
Fertility Doctor Reveals Top 3 Nutrients If You're Trying to Get Pregnant
Research shows that eating a diet high in a few important nutrients can be beneficial for fertility and other aspects of health.
9 software stocks that are attractive to buy now: Morgan Stanley
After Anthropic's latest AI tools sparked panic in tech stocks last week, investors are grasping for answers on where the sector goes from here.
CAA Women’s Basketball Recap
RICHMOND, Va. (Feb. 8, 2026) – Monmouth and Drexel’s double-overtime thriller headline a thrilling afternoon of women’s CAA basketball.
Natrona County health and food inspections (1/30/26–2/5/26)
CASPER, Wyo. — The Casper-Natrona County Health Department inspects restaurants, grocery stores, convenience stores, mobile food units, commissaries and
#CAAHoops MBB Notebook
Overall and conference stats can be found at the back of the attached #CAAHoops MBB Notebook.
Analysts grade 3-team trade involving Suns
After acquiring Cole Anthony from the Bucks in a three-team trade, analysts around the NBA give their thoughts on how the Suns fared in the trade.
Newborn parties are scrambling Japanese politics
Though small, they have large megaphones
Science at the Winter Olympics
Three University of Minnesota experts reveal hidden scientific aspects of winter Olympic sports—and the art of staying warm.
Kansas City Urban Youth Academy celebrates National Girls and Women in Sports Day
Girls participated in a variety of sports and heard from guest speakers representing various aspects of the sporting world.
Natrona County Health Department christens new headquarters
CASPER, Wyo. — This week, the Natrona County Health Department officially opened its doors at a new Conwell Street location, marking the completion of a
'Win within Edinburgh's grasp but for poor kicking'
Edinburgh have played four games in the past two seasons that have been officiated by Andrea Piardi and have lost all of them. On paper, we should have had a chance against Leinster but by now we all know that the paper lies. A few decisions felt like they went against Edinburgh, least of all the chalked-off try on the 25 minute mark.
Business of aging certificate offers resume-building credentials for senior living
The certificate has recently been refreshed with new training modules benefiting anyone connected to or aspiring to work in the senior living industry.
New iPhone Fold specs revealed, including design, cameras, more
New details have been shared by another leaker on several aspects of the iPhone Fold’s design, features, and more
CAA Women’s Basketball Recap
RICHMOND, Va. (Feb. 1, 2026) – The first day of February saw five CAA programs collect another conference win.
Natrona County health and food inspections (1/23/26–1/29/26)
CASPER, Wyo. — The Casper-Natrona County Health Department inspects restaurants, grocery stores, convenience stores, mobile food units, commissaries and
Can Pakistan Contain the Violent Politics of Blasphemy?
The government’s ban on Tehreek-e-Labbaik reduced blasphemy violence but will take work to maintain.
SPORTS: Chief Sealth IHS flag-football team headed to state
Congratulations to the Chief Sealth International High School flag-football team, for earning a trip to the state tournament. Head coach Melvin Estes-Glaspie's Seahawks finished third in the district tournament with a 28-14 win this afternoon over, and at, Renton. When the state matchups are set, they'll be on this page; quarterfinals are at ...
Ayaneo's Pocket S Mini has the perfect aspect ratio for revisiting classic console games
The Pocket S Mini is already available on Ayaneo's website and currently starts at $319.
Flyers aspire to 'stop the bleeding' in matinee vs. Kings
The month of January began with two satisfying wins for the Philadelphia Flyers, but it has been mostly downhill from there.
Arts and Entertainment Agenda: Jan. 30-Feb. 5
DanceAspen’s ‘Re:imagine — A Sneak Peek with Emilie Leriche,’ Jan. 30 A free, exclusive preview and behind-the-scenes look at DanceAspen’s upcoming production, “Re:imagine — A Sneak Peek with Emilie Leriche,” will be presented from 5:30-6:30...
Rice Business launches new graduate healthcare certificate program to advance leadership in dynamic industry
Rice’s Jesse H. Jones Graduate School of Business today announced the launch of its Graduate Certificate in Healthcare Management program, a 10-month, credit-bearing professional credential designed for current and aspiring leaders seeking deep expertise in the business of healthcare. Situated at the crossroads of Houston’s renowned Texas Medical Center and global healthcare innovation, the program blends rigorous business fundamentals with healthcare-specific strategy, operations and management.
CAA Fast Break
As the league approaches the midway point of the conference slate, CAA men’s basketball insider Dr. John Giannini and host Griffin Della Penna broke down the league and its incredible performances, as well as the CAA's upcoming matchups on CBS Sports Network in the fifth edition of the CAA Fast Break.
Champions League results: Arsenal, Liverpool, Manchester City among teams into round of 16; Benfica score last-gasp goal for play-offs berth
Everyone Really Needs to Pump the Brakes on That Viral Moltbot AI Agent
It's all fun and games until every aspect of your life is splashed all over the dark web.
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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