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How generative AI can help scientists synthesize complex materials
DiffSyn, a computer model developed by MIT researchers, suggests promising ways to synthesize new materials for faster experimentation.
'They've probably been untouched for 49 million years': The New Mexico cave expanding our search for alien life
In one of the most baffling discoveries of the last decade, scientists have found a clue in a cave to how life might survive in deep space without light.
'Not just an arcade': The Black-Barn opens in Gaylord
The Black-Barn offers activities like axe throwing, archery, laser tag, arcade games and much more.
VASVIK's Annual Industrial Research Awards: Celebrating Indian scientists for their innovation and achievements
VIVIDHLAXI AUDYOGIK SAMSHODHAN VIKAS KENDRA (VASVIK) hosted its 51st Annual Industrial Research Awards on January 31, 2026, at B. J. Hall, Vile Parle (West), Mumbai. BK Radhika Didi, Brahma Kumari, and Lord Dr Frank Mentrup, Mayor of Karlsruhe, Germany, honoured the event as Chief Guests.
Japan's top business lobby invites activist fund Elliott for governance talks
Japan's biggest business lobby, Keidanren, has invited activist investor Elliott Investment Management to a private meeting on March 5 to discuss issues of corporate governance, it told member firms in a notice seen by Reuters.
Las Vegas health center extends hours amid flu and respiratory virus surge
The Spring Valley ArchWell Health location in Las Vegas is extending its operating hours to include Saturdays from 9 a.m. to 1 p.m. through the end of March.Th
The tension between big team science and colonial power dynamics
Nature Human Behaviour - Big team science promises to globalize the social behavioural sciences. However, without structural reform, it will reproduce a research model in which data are gathered...
A tiny light trap could unlock million qubit quantum computers
A new light-based breakthrough could help quantum computers finally scale up. Stanford researchers created miniature optical cavities that efficiently collect light from individual atoms, allowing many qubits to be read at once. The team has already demonstrated working arrays with dozens and even hundreds of cavities. The approach could eventually support massive quantum networks with millions of qubits.
Studio Display refresh looms with three key upgrades
Studio Display shipping times are sliding into late February and early March, adding to mounting signs Apple’s long-rumored refresh is close.
Deputy attorney general signals no new Epstein charges, defends Gabbard role in Georgia election search
Deputy Attorney General Todd Blanche defended the Justice Department’s actions on multiple fronts Sunday, signaling that no new charges will be brought in the Jeffrey Epstein investigation, downplaying Director of National Intelligence Tulsi Gabbard’s involvement in a probe into alleged voter fraud in Georgia, and defending the decision to arrest former CNN anchor Don Lemon.
Building Hope Summit County launches behavioral health survey
The nonprofit Building Hope Summit County, in partnership with the Katz Amsterdam Foundation and Professional Research Consultants, is launching its behavioral health survey, inviting Summit County adults to share their experiences and perspectives on mental...
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.
Deflated: Israeli scientists find Jupiter is smaller than previously thought
Using data from NASA's Juno spacecraft, Weizmann Institute of Science researchers make most precise measurement to date, say the gas giant is thinner and flatter than believed
“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.
Science & Medicine: The biostatisticians who drive medical research
From COVID-19 research to Parkinson's disease therapies, these statistical experts turn numbers into answers, helping doctors make evidence-based decisions that improve patient care.
Amid FBI investigation, Trump's 2020 election obsession is still shaping Georgia politics
The FBI search of a Fulton County election office isn't the only sign that Trump's loss six years ago is echoing through Georgia. Just look at the race for governor.
How Chinese short-video streaming firms are reshaping Latin America's media landscape
Short-drama apps, many with Chinese origins, are making significant inroads in Latin America as the region becomes more affluent, research shows.
Oliver Bateman: Conor Lamb shares hard-won lessons about modern politics
In March 2018, Democrat Conor Lamb defeated Republican Rick Saccone by 627 votes in a special election for Pennsylvania’s 18th Congressional District,...
Scientists discover how to turn gut bacteria into anti-aging factories
Researchers found that small doses of an antibiotic can coax gut bacteria into producing a life-extending compound. In worms, this led to longer lifespans, while mice showed healthier cholesterol and insulin changes. Because the drug stays in the gut, it avoids toxic side effects. The study points to a new way of promoting health by targeting microbes rather than the body itself.
Scientists discover hidden geometry that bends electrons like gravity
Researchers have discovered a hidden quantum geometry inside materials that subtly steers electrons, echoing how gravity warps light in space. Once thought to exist only on paper, this effect has now been observed experimentally in a popular quantum material. The finding reveals a new way to understand and control how materials conduct electricity and interact with light. It could help power future ultra-fast electronics and quantum technologies.
Why Minced Broccoli Might Be More Nutritious, According To Science
According to research, mincing broccoli activates enzymes that increases the amount of sulforaphane — a phytochemical with disease-fighting properties.
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.
Losing skids collide as Penn State faces Minnesota
As the calendar flips to February, Penn State still is searching for its first victory in Big Ten Conference play.
Ben Johnson Could Poach Dan Campbell’s Right-Hand Man
Ben Johnson could look to Detroit for coaching help as the Bears search for offensive staff. Could Lions assistant Scottie Montgomery be next?
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 …
Key moments from Josh Allen’s press conference
Josh Allen reflects on the latest playoff loss, his role in the head coaching search and why he believes in Joe Brady.
Electric fields flip the rules of water chemistry
nside electrochemical devices, strong electric fields dramatically alter how water molecules behave. New research shows that these fields speed up water dissociation not by lowering energy costs, but by increasing molecular disorder once ions form. The reaction becomes entropy-driven—exactly the opposite of what happens in ordinary water. The findings also reveal that intense fields can push water from neutral to highly acidic, with major implications for hydrogen production.
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.
Cardiovascular Disease: Common Gout Medication May Lower Risk
Research shows that a common gout medication may help reduce the risk of heart attack and stroke in people with gout.
Healing Childhood Trauma: What Science Says About Breaking the Cycle
Decades after a landmark study showed the lasting health effects of such trauma, researchers are finding ways to guard against enduring harm.
ICE Minneapolis crackdown: Rift between Target employees, leadership
Across Minneapolis, Target employees are marching and volunteering amid the immigration crackdown, while pressing company leadership to do more
PENN Entertainment, Inc. (NASDAQ:PENN) Receives Consensus Recommendation of "Hold" from Brokerages
PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) has received an average rating of "Hold" from the eighteen analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to
2026 heart health faculty experts list
February is American Heart Month. The University of South Carolina is home to many faculty members who are available to offer their expertise in cardio care and research.
The Science Behind a Great Guacamole
Guacamole is a game-day favorite, but what does it take to perfect it? Researchers at UC Riverside are peeling back the science of what makes a great avocado and how to turn it into a winning bowl of guacamole.
One in seven food delivery businesses in England are ‘dark kitchens’, study shows
University researchers say growth of the hidden fast food industry may pose risks to public health
UNT Health Fort Worth launches institute focused on the science of the senses
Researchers at the University of North Texas Health Fort Worth want to unpack how the brain pulls off those sensory feats through a new research center.
UNT Health Fort Worth launches institute focused on the science of the senses
Researchers at the University of North Texas Health Fort Worth want to unpack how the brain pulls off those sensory feats through a new research center.
A Secret Panel to Question Climate Science Was Unlawful, Judge Rules
The researchers produced a report a that was central in a Trump administration effort to stop regulating climate pollution.
Amendment 42: Several Changes to F.10 PRISM
F.10 Payloads and Research Investigations on the Surface of the Moon (PRISM) solicits development and flight of a science-driven suite of instruments and
New triple-drug treatment stops pancreatic cancer in its tracks, a mouse study finds
By targeting three key growth pathways at once, researchers eliminated pancreatic tumors in multiple mouse models and prevented the cancer from returning, a promising step toward overcoming treatment resistance.
Notre Dame women’s basketball officially on March Madness bubble watch
After losing at Cal on Thursday night, Notre Dame is on bubble watch for the NCAA Tournament. Hannah Hidalgo's awards aren't guaranteed either.
What’s Up: February 2026 Skywatching Tips from NASA
NASA's Artemis II mission has its first opportunity to launch to the moon, Orion the Hunter takes center stage, and a planetary parade marches across the night sky.
CHANCELL-ING: UC Davis AI Research is Transforming Health Care
Imagine this scenario: Doctors know a small number of patients will face life-threatening complications after an illness, but they need to scan millions of records to identify the patients in need of intervention. It’s a task that would consume weeks and keep practitioners from other care needs.
‘Innovating weather science’: Met Office launches new two-week forecast
Weather service research finds less accurate probability-based predictions are still considered helpful
Stellantis orders US staff back to the office 5 days a week
The Jeep and Ram owner has told all US employees they must come into the office five days a week from March 30.
Geauga County seeks applicants for Board of Health vacancy
Geauga County seeks applicants for a Board of Health vacancy; applications due by Feb. 25 for a five-year term starting March 2026.
NIH announces first strategic plan for disability health research
And other health news from the Morning Rounds newsletter
All of the Feelings: Emotional Diversity Linked to Health
A growing body of research demonstrates that feeling a wide range of positive emotions in a single day is linked to health and well-being.
Bouncy balls and beyond: Collaborative project connects science with community
Through “Mission: Materials Science,” a long-running outreach initiative supported by Penn State’s U.S. National Science Foundation–funded Materials Research Science and Engineering Center, graduate students from across disciplines have partnered with museum educators and media professionals to transform materials science research into free, hands-on learning activities.
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.
A breakthrough that could make ships nearly unsinkable
Researchers have found a way to make ordinary aluminum tubes float indefinitely, even when submerged for long periods or punched full of holes. By engineering the metal’s surface to repel water, the tubes trap air inside and refuse to sink, even in rough conditions. The technology could eventually be scaled up into floating platforms, ships, or even wave-powered energy systems.
March Madness bubble watch: Indiana becomes NCAA Tournament contender
The NCAA men's tournament bubble will only get shorter as February rolls around, and Indiana has inserted itself into the March Madness conversation.
F.B.I. Search in Georgia Shows Trump’s Willingness to Pursue 2020 Grievances
The search might also be a harbinger of things to come, signaling the president’s disposition to use the powers of law enforcement to intervene in election matters as the 2026 midterms approach.
Genes play a big part in driving lifespan, scientists find
How long a person lives may not only be down to their lifestyle - but their genetic makeup too, research suggests.
'Very unfortunate': Fort Pierce Downtown business owners upgrade security after recent burglaries
Two Downtown Fort Pierce businesses were burglarized early Tuesday morning, prompting police to search for suspects and business owners to upgrade security.
Kennedy Overhauls Federal Autism Panel in His Own Image
The new panel, which advises the government on research and service priorities for people with autism, includes many members who have argued that vaccines cause the disorder.
Fundamentals of healthcare delivery science for the non-health systems scientist: the final step in translational research for late-life psychiatric and neurocognitive disorders
Neuropsychopharmacology - Fundamentals of healthcare delivery science for the non-health systems scientist: the final step in translational research for late-life psychiatric and neurocognitive...
Fundamentals of healthcare delivery science for the non-health systems scientist: the final step in translational research for late-life psychiatric and neurocognitive disorders
Neuropsychopharmacology - Fundamentals of healthcare delivery science for the non-health systems scientist: the final step in translational research for late-life psychiatric and neurocognitive...
A 20-year-old cancer vaccine may hold the key to long-term survival
Two decades after a breast cancer vaccine trial, every participant is still alive—an astonishing result for metastatic disease. Scientists found their immune systems retained long-lasting memory cells primed to recognize cancer. By enhancing a key immune signal called CD27, researchers dramatically improved tumor elimination in lab studies. The findings suggest cancer vaccines may have been missing a crucial ingredient all along.
Genes may shape how long we live more than once thought
New research challenges the view that human life span depends mostly on lifestyle. Genes may account for half the factors that determine longevity.
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!
HIV: A Treatment Triumph Still Searching For Basic Science Answers
Molly Ohainle was growing up in the Bay Area when the AIDS crisis hit. She lost both of her uncles to HIV. Now, she researches HIV as a professor of immunology and molecular medicine at UC
An AI Toy Exposed 50,000 Logs of Its Chats With Kids to Anyone With a Gmail Account
AI chat toy company Bondu left its web console almost entirely unprotected. Researchers who accessed it found nearly all the conversations children had had with the company's stuffed animals.
The Next Era of Sports and Entertainment Technology: Info-Tech Research Group Partners With SEAT to Advance Innovation and Digital Excellence Across Industry
Rapid advances in AI, analytics, and immersive technology are redefining fan experience and operational excellence across sports and entertainment...
The Next Era of Sports and Entertainment Technology: Info-Tech Research Group Partners With SEAT to Advance Innovation and Digital Excellence Across Industry
Info-Tech Research Group, a global leader in IT research and advisory, has announced a new partnership with SEAT, the Sports & Entertainment Alliance in Technology, to empower technology, marketing, and operations executives across the global sports and entertainment industry. The collaboration will bring Info-Tech's expertise to SEAT's influential community of North American entertainment venues, sports teams, and league leaders who are driving innovation in fan engagement, digital experience,
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 ...
Apple Stops Selling $200 'Pro Apps' Bundle With Final Cut Pro and More
Following the launch of Apple Creator Studio this week, Apple has quietly stopped selling its valuable "Pro Apps Bundle for Education" (archived link). "Pro Apps Bundle for Education" included one-time-purchase versions of Apple's Final Cut Pro, Logic Pro, Motion, Compressor, and MainStage apps at a steep discount, with U.S. pricing set at $199.99. Purchasing each of the included apps separately costs $629.95, so the bundle provided more than $400 in savings.
35 undocumented immigrants arrested in Zipps Sports Grill operation
Federal agents executed search warrants at 15 Zipps locations across metro Phoenix.
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 Do Climate Scientists Use Artificial Intelligence?
The AI used in climate research right now is much less energy intensive than the large language models like ChatGPT.
How Stephen Miller micromanages Trump’s immigration policies
Stephen Miller has sought this week to distance himself from the recent fatal shootings in Minneapolis and the administration’s miscalculated response. But more than anyone, Miller has been the overall architect of Trump’s aggressive deportation push, encouraging heavy-handed operations in blue cities, and urging agencies to cast a wide net to meet hefty arrest quotas.
Defining Lung Health Through the Lifespan
The National Heart, Lung, and Blood Institute is hosting the virtual workshop "Defining Lung Health Through the Lifespan" on March 4–5, 2026.
Task force: Cut SF commissions, empower mayor
Legislation due to supes March 1.
Short-seller report accuses Carvana of overstating earnings
After the report, written by Gotham City Research but not naming an author, was released, the share value tumbled about 14%.
Eagles revisit familiar OC candidate for Nick Sirianni
The Philadelphia Eagles are revisiting a familiar face for Nick Sirianni's search.
Convicted sex offender tried to rape a woman in a business, police said. They're searching for other victims
Convicted sex offender arrested for attempted rape inside DTLA business, captured in Skid Row
Older adults’ driving habits offer window into brain health, cognitive decline
Research Highlights: A study of over 200 adults followed for five years found that greater white matter damage in the brain was linked to decreased driving, fewer trips, repetitive routes and having more driving errors, especially in those who later ...
Federal court documents outlines allegations against Zipps Sports Grill
Newly obtained court documents are revealing more about why federal agent conducted searches at more than a dozen Zipps Sports Grill across the Valley.
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
These two viruses may become the next public health threats, scientists say
Two emerging pathogens with animal origins—influenza D virus and canine coronavirus—have so far been quietly flying under the radar, but researchers warn conditions are ripe for the viruses to spread ...
Viral Moltbot AI assistant raises concerns over data security
Security researchers are warning of insecure deployments in enterprise environments of the Moltbot (formerly Clawdbot) AI assistant, which can lead to leaking API keys, OAuth tokens, conversation history, and credentials.
Some of ‘Star Search’s’ biggest losers became megastars. Can the revival live up to its past?
Aaliyah, Britney and Beyoncé famously lost when they appeared on “Star Search” back in the day. Those who bested them look back as a new reboot takes off.
Jets hire Brian Duker as defensive coordinator
The Jets’ search for a new defensive coordinator is over. The team is hiring Brian Duker per Tom Pelissero. The 36 year old Duker worked under Glenn with the Lions for three years. He went from defensive assistant in 2021 to safeties coach in 2022 to defensive backs coach in 2023. The last two years […]
As the Trump administration targets NCAR, scientists rally to defend the ‘mothership’ of atmospheric research
A letter published by the National Science Foundation asks for ideas to dismantle the research hub. Scientists are responding en masse.
Manu Ginobili among backers of new planned sports performance project in South Florida
Manu Ginobili is investing in South Florida’s potential with a new venture. The former San Antonio Spurs star is part of a group building the Sports Performance Hub in Homestead, Florida. It’ll be a next-generation sports, education and community development project. It will feature a 10,000-seat stadium for Miami FC, sports training facilities, a basketball facility, a boarding school and more. Groundbreaking is set for March, with plans to open in 2028. Ginobili, along with partners like Riccardo Silva and Juan Sebastian Veron, aims to connect sports training with academics. They believe Miami’s multicultural environment makes it an ideal location.
PlayStation Plus Monthly Games lineup for February 2026 announced
Sony Interactive Entertainment has announced the February 2026 Monthly Games lineup for PlayStation Plus Essential subscribers. All titles will be available from February 3, 2026 until March 2, 202…
With AlphaGenome, Researchers Are Using A.I. to Decode the Human Blueprint
AlphaGenome is a leap forward in the ability to study the human blueprint. But the fine workings of our DNA are still largely a mystery.
Arctic scientists 'feel pretty uncomfortable' on Greenland
Science in the Arctic — and Greenland — is on the frontline of pressing challenges facing humanity, like climate change and genetics. Some researchers worry international collaboration is at risk.
Scott Pilgrim EX launches March 3
Retro-style side-scrolling adventure brawlerScott Pilgrim EX will launch digitally for PlayStation 5, Xbox Series, PlayStation 4, Switch, and PC via Steam on March 3 for $28.99, developer Tribute G…
As More Founders Aim To Build Billion-Dollar, One-Person Businesses, New Research Points To High-Potential Niches
A new report points to areas where it is possible for solo founders to grow to $1 billion in revenue using AI, blockchain and a global team of freelancers.
China’s latest war game uses hospital and science ships for espionage
It is self-evident that Beijing is not promoting peace, health or scientific research.
OpenAI digs in on a fundamental disconnect in new research: AI is ready for primetime, many businesses aren't
The real challenge isn't building better AI—it's actually using it.
How to Communicate About Quantum Technology — Science-Backed Tips For Talking Quantum
Research shows that most people know little about quantum technology, making clear, balanced communication essential.
Scott Pilgrim EX Arrives In March, Two New Playable Characters Revealed
Two former enemies of Scott now rally by his side.
Scientists turn tumor immune cells into cancer killers
Scientists at KAIST have found a way to turn a tumor’s own immune cells into powerful cancer fighters—right inside the body. Tumors are packed with macrophages, immune cells that should attack cancer but are usually silenced by the tumor environment. By injecting a specially designed drug directly into tumors, researchers were able to “reprogram” these dormant cells to recognize and destroy cancer.
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.
Disaster Preparedness: How Measurement Science Can Help Your Community
Firsthand experience with natural disasters inspired a NIST researcher to study how communities prepare for — and recover from — disasters.
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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