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Q&A: Commissioner Justin Rodriguez explains why county government is becoming a political battleground
Texas' largest counties have frequently run up against the state's GOP in its quest to innovate, putting a bigger spotlight on their leaders.
Nestlé’s Chief Is in Turnaround Mode. He Drinks 8 Cups of Coffee a Day.
Philipp Navratil recently took over the 160-year-old Swiss food giant, charged with reviving growth and regaining trust after his predecessor was ousted over a scandal.
New businesses struggle in Missouri. An immigrant-owned bakery is beating the odds
Nearly half of all new businesses in the U.S. shut down within five years, and Missouri businesses face even tougher odds. Despite the obstacles, one immigrant-owned bakery is bringing something new to Missouri.
Missouri sports betting tops $543M in first month, state gets $521K
After giving more than $100 million in free plays to lure customers, FanDuel and DraftKings, the sports books dominating the MO market, paid no taxes.
Free Reading health project helped man turn life around
Wassim Chokri says he was drinking too much and battling mental health issues before having a free check-up.
Politics: Bill restricting eminent domain undergoes changes in Iowa Senate
After similar legislation passed through the Iowa House of Representatives with relative ease last week, the Senate is considering a bill to distinctly limit the government’s authority to issue eminent
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.
UFC 325 Highlights! Salkilld Shines Again With Dominant Submission Win
Quillan Salkilld kept the hype train rolling earlier tonight (Sat., Jan. 31, 2026) at UFC 325 LIVE on Paramount+ from inside Qudos Bank Arena in Sydney, Australia, pushing his UFC record to 4-0 with a first-round submission (rear-naked choke) over battle-tested lightweight veteran Jamie Mullarkey. As expected, Salkilld was a large favorite heading into this […]
Seth Curry injury update is good news for Warriors
The Golden State Warriors' recently signed veteran guard has missed multiple games due to a significant injury.
UFC 325 Highlights! Micallef Sleeps Elliott With Comeback Choke
Jonathan Micallef pushed his Octagon record to 2-0 earlier tonight (Sat., Jan. 31, 2026) at UFC 325 LIVE on Paramount+ from inside Qudos Bank Arena in Sydney, Australia, stopping welterweight Oban Elliott with a comeback second-round submission (rear-naked choke). Elliott, who came into Saturday as a betting underdog, was out for blood from the opening […]
Watsonville’s Guillen records five goals in trounce over King City
Watsonville senior forward Diego Guillen notched five goals in the Wildcatz's 7-2 thumping win over King City in Pacific Coast Athletic League Mission Division boys soccer action Friday evening.
Ken Burns describes how current politics ‘rhymes’ with the American Revolution: Full interview
Filmmaker Ken Burns joins Kristen Welker in a “Meet the Moment” conversation to dissect America's origin story and argues democracy was an “unintended consequence” of the American Revolution.
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.
Mamdani names new Department of Correction commissioner
Stanley Richards will become the first formerly incarcerated person to lead the city’s jails.
Why The Challenger Disaster Still Matters To Business Leaders Today
Forty years on, the Challenger disaster remains a case study in what happens when organizations fail to allow for dissent and systematically challenge their assumptions.
Paul George admits to taking 'improper medication' for mental health issue after NBA suspends him for 25 games
George is averaging 16 points per game for Philadelphia, which is currently sixth in the Eastern Conference standings.
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
CVS Health Faces Antitrust Scrutiny As Valuation Flags Undervaluation Risk
U.S. House Judiciary Committee alleges CVS Health restricted independent pharmacies from using competing digital pharmacy hubs. The investigation cites cease and desist letters and network rule changes as potential antitrust issues. CVS Health disputes the findings and says some policies have been revised. For investors watching CVS Health (NYSE:CVS), the focus is shifting to regulatory risk around how its pharmacy network operates. The company’s shares closed at $74.52, with a return of...
It’s not too late to vaccinate, Grand Forks Public Health officials say
Vaccinations for influenza, COVID-19 and respiratory illness can prevent disease, reduce symptoms and reduce risk of virus transmission, says GFPH's Ashley Krone.
Gov. DeSantis to talk future Tampa Bay Rays ballpark? Speculation mounts
The stadium issue could be resolved finally
Netflix may be turning into an ‘entertainment giant,’ but its stock looks like ‘dead money’ to investors
"They had this really great profitability story," S&P's Melissa Otto says. But when that feels priced in, "that's probably going to spoil the market."
Netflix may be turning into an 'entertainment giant,' but its stock looks like 'dead money' to investors
"They had this really great profitability story," S&P's Melissa Otto says. But when that feels priced in, "that's probably going to spoil the market."
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.
Dismissing 49ers’ EMF injury theory as ‘junk science’ misses the point
A power substation situated a stone’s throw from the 49ers’ practice field and training facilities is ground zero for a buzz that won’t go away as Levi’s Stadium prepares to host Super Bowl...
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
2 deaths, high cases reported in meningitis outbreak, Chicago Department of Public Health warns
The Chicago Department of Public Health has issued a new alert after two people recently died from a form of meningitis, and more cases than usual have also been reported in recent months.
Axiom wins fifth private astronaut mission to space station
NASA has selected Axiom Space for its fifth private astronaut mission to the International Space Station, scheduled for 2027.
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.
Liquid Meta and STREAMSIX Enter into Business Combination Agreement
Toronto, Ontario--(Newsfile Corp. - January 30, 2026) - Liquid Meta Capital Holdings Ltd. (Cboe CA: LIQD) (FSE: N5F) (OTC Pink: LIQQF) ("Liquid Meta") and STREAMSIX Inc., a private entertainment technology company, based in Toronto, Canada, are pleased to announce that, further to the press release issued on June 24, 2025, they have entered into a business combination agreement dated January 12, 2026, with an effective date of January 1, 2026 (the "Definitive Agreement") which outlines the terms
NASA Selects Axiom Space for Fifth Private Mission to Space Station
NASA and Axiom Space have signed an order for the fifth private astronaut mission to the International Space Station, targeted to launch no earlier than
Scanlon’s campaign, Bronin endorsement: CT Politics news
Plus: Updates on the Connecticut Education Issues Summit, the Council of Small Towns, and the Planning and Development Committee.
Trump’s Immigration Push Fractures Republican Party
The party was mostly unified on the issue not long ago, but splinters are everywhere now.
College Sports Commission opens first public investigation, targets LSU for NIL reporting
The College Sports Commission is investigating whether an LSU staffer failed to report one or more NIL deals.
Some Republicans Lament the Spending Deal Trump Has Blessed
Hard-right Republicans have criticized an agreement they see as capitulating to Democrats on their party’s strongest issue: immigration.
Patriots QB Drake Maye misses practice Friday with illness as he manages right shoulder injury
Missouri sports betting tops $540 million in first month
Bettors in Missouri wagered more than half a billion dollars in December during the state’s first month of legalized sports betting, according to a new state report.
Several dozen Missoula businesses participating in 'Day of Solidarity'
Over 40 Missoula businesses are closed or donating proceeds Friday in solidarity with Minneapolis.
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.
Montana businesses close, shift operations to participate in national strike over ICE activities
Participation appeared to be focused around Missoula, Bozeman and Helena.
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.
Samsung Soldout Its $3,000 TriFold Phone in Minutes
Galaxy Z TriFold, the $2,899 foldable from Samsung, sells out in minutes. You probably missed it because you didn’t see the need to make a note on your calendar for a... #GalaxyZTriFold #Samsung
Jordyn Bugg Nominated for Seattle Sports Commission Sports Star of the Year, Women's Sports
Seattle Reign FC defender Jordyn Bugg has been nominated for Seattle Sports Commission’s Sports Star of the Year award, in the Women’s Sports category. This award acknowledges and celebrates the vast array of powerful athletes throughout women's sports in the state of Washington. Bugg is up for the
Missouri sees net loss in first month of sports betting
Missouri’s first month of legalized sports betting shows massive participation but results in a net loss from substantial deductions.
The ICE surge has disrupted business. Minnesota’s top economic official is ‘very concerned.’
In an interview, DEED Commissioner Matt Varilek spoke at length about how ICE is affecting businesses and making the job of growing the state’s economy more difficult.
150-acre sports complex delayed after outcry from Wisconsin residents
After listening for hours of residents' opposition to the plan, the Big Bend Plan Commission tabled action on The Breck. It could still return.
Gavin Newsom says he's 'burdened by the facts' as he criticizes California billionaire wealth tax proposal
California Gov. Gavin Newsom doubled down on his criticism of the proposed billionaire wealth tax, warning it could cut school and safety funding rather than solve budget issues.
Designing the future of metabolic health through tissue-selective drug delivery
Founded by MIT alumni, the biotech firm Gensaic develops protein carriers that can deliver therapeutic molecules to specific tissues and cells.
Hubble Sees Galaxy with Dark Rings in New Light
This Hubble image is of NGC 7722, a striking galaxy with an uncommon appearance located about 187 million light-years away.
#PostPulpit Mailbag: What’s been wrong with the playoff offense?
The latest edition of our Patriots mailbag answers questions about the Super Bowl, offensive issues, and more.
A World Safe for Autocracy: How Chinese Domestic Politics Shapes
China studies expert Jessica Chen Weiss of the Johns Hopkins School of Advanced International Studies reveals how the Chinese Communist Partyʼs pursuit of domestic survival, which balances sovereignty, security, and development, drives
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.
S.F. opens health clinic to tackle pollution in Bayview-Hunters Point — a long time coming
Fears of exposure to radiation from the Hunters Point Shipyard prompted the Department of Public Health to open the clinic.
Habs' New Defensive Pairing of Hutson and Dobson Delivers Results
Here are the Montreal Canadiens news items, stories, and content you may have missed on Thursday. Montreal Canadiens News Don’t […]
Opinion | The Wyoming Business Council debate is missing one big piece
Wyomingites stand to lose much more than just a line item in the budget, writes the Wyoming Women’s Business Center Board of Directors.
Milan Cortina 2026 events calendar
The 2026 Winter Olympics are here. Follow all the Milan Cortina Olympic action and track upcoming calendar events before they happen so you'll never miss a beat.
Leading scorer Jaylen Brown may miss Celtics' matchup vs. Kings
The Boston Celtics will be looking to avoid back-to-back home losses and may be without leading scorer Jaylen Brown when they face the Sacramento Kings on Friday night.
Fate of Colorado River hangs in balance as political battle brews
The fight over the dwindling Colorado River has long been nonpartisan. Now an unprecedented meeting of governors over the issue raises the political stakes.
UT Martin visits Western Illinois following Nicastro's 27-point game
UT Martin Skyhawks (11-8, 7-3 OVC) at Western Illinois Leathernecks (17-3, 9-2 OVC) Macomb, Illinois; Saturday, 2 p.m. EST BOTTOM LINE: Western Illinois takes on UT Martin after Mia Nicastro scored 27 points in Western Illinois' 69-55 win over the Southeast Missouri State Redhawks. The Leathernecks are 10-0 on their home court.
Medium says employees can join Friday's strike against ICE
The company's CEO wrote to employees that "sometimes it feels awkward to navigate being both on-mission and on-money."
Live and dead pests found in kitchen of restaurant ordered to shut down by Metro Health
Metro Health inspectors issued demerits to two different restaurants in January after finding multiple live and dead pests, including roaches, in the kitchens.
Sean Hannity: Democrats’ anti-ICE outrage is pure political theater
Fox News host Sean Hannity dissects how Democrats’ anti-I.C.E. ‘outrage’ is detached from reality on ‘Hannity.’
Yakuza Kiwami 3 & Dark Ties Dev Acknowledges Demo's "Graphical Issues", Launch Update Planned
It "does not represent the final experience"
IDF officials shift stance, accept Gaza Health Ministry data on death toll
After two years of war, senior military officials for the first time aligned with an update from Gaza’s Hamas-run Health Ministry, saying they estimate about 70,000 Gazans have been killed, excluding the missing, while stressing that efforts to distinguish terrorists from civilians are ongoing
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.
Santa Fe businesses to close Friday as part of nationwide anti-ICE protest
The Santa Fe closures are part of a national effort to convey dissatisfaction with recent actions of ICE officers in Minneapolis.
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.
Burkina Faso’s military government dissolves political parties
Interior Minister says multiplication of political parties has fuelled divisions and weakened social cohesion.
Health Care Provider Consolidation
I. Issue Overview Ongoing consolidation among hospitals, physician practices, and other providers poses a serious challenge to the U.S. health care system—offering potential benefits to some but also with significant worrying impact on rising health care prices. Provider consolidation remains pronounced among both hospitals and physician practices. The share of hospitals operating independently declined from … Continued
Joint Commission partners with STS, ACC on new cardiac care certification
The new certification is intended to focus on the importance of high-quality care and real-world patient outcomes. It will be based on the same data care teams already submit if they participate in the STS Adult Cardiac Surgery Database, ACC CathPCI Registry or STS/ACC TVT Registry.
Dispute over the Olympic medal stripped from US gymnast Jordan Chiles goes back to Swiss court
A gymnastics medal disputed by the United States and Romania at the 2024 Paris Olympics is heading for a fresh legal review in a Swiss court.
Trump is scared of the politics of ICE. And it’s showing.
Even after a press conference Thursday morning from the new leader of President Donald Trump’s immigration crackdown in Minneapolis, Tom Homan, it’s still not clear exactly how much the mission will change in the aftermath of Alex Pretti’s killing.
Hill Country floods are worsening mental health issues in Kerr County, report finds
In Kerr County, the July 4 flood is expected to quadruple serious emotional disturbances in children and more than triple adult PTSD cases this year.
Jordan Chiles appeal granted, CAS must re-hear case of bronze medal
Swiss Federal Tribunal grants Jordan Chiles appeal for bronze medal, sends case back to Court of Arbitration for Sport.
‘Where Science Meets Patient Care’: URI College of Pharmacy to host 41st annual Seminar By the Sea
KINGSTON, R.I. — Jan. 29, 2026 — Pharmacists from around the region will earn valuable continuing education credits while discussing some of the most pressing current pharmacy and healthcare issues during the 41st annual Seminar By the Sea Northeast Regional Conference presented by the University of Rhode Island College of Pharmacy’s Office of Healthcare Workforce […]
DOH-Lee Issues Blue Green Algae Health Alert for Caloosahatchee River-Sebastian Canal - Florida Department of Health in Lee County
Contact:
Nearly 2,000 Products Recalled in 3 States After Being Exposed to Rodent Waste—FDA Issues Risk Warning
Diet Coke, Hershey's, and Tylenol are among the many popular products under recall. They were held in a facility with rodent and bird waste.
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.
MLB offseason grades: Dodgers get top marks, plenty of Fs to go around
USA TODAY Sports issues grades for all 30 MLB teams this winter.
Yvonne Ejim Nominated for Sports Star of the Year
SEATTLE, Wash. -- Gonzaga's Yvonne Ejim was nominated for the Sports Star of the Year by the Seattle Sports Commission. She is one of six athletes nominated for the award.
Health Care Costs Tops the Public’s Economic Worries as the Runup to the Midterms Begins; Independent Voters Are More Likely to Trust Democrats than Republicans on the Issue
Heading into this midterm election year, the cost of health care tops the public’s economic anxieties and more than 4 in 10 voters say the issue will have a major impact on their vote, this KFF Health Tracking poll finds.
KFF Health Tracking Poll: Health Care Costs, Expiring ACA Tax Credits, and the 2026 Midterms
Looking ahead to the midterm elections, health care costs are the public’s top economic concern, and many voters say the issue will have a major impact on their vote. On health care issues, including the cost of health care, voters currently trust Democrats more than Republicans, though neither party has an advantage on addressing the overall cost of living. Following the expiration of the ACA enhanced tax credits, two-thirds of the public say Congress did the “wrong thing” by not extending them.
Should We Treat Political Violence as a Public Health Crisis?
Thinking of political violence solely as a safety issue is not enough to address the harm that follows. “The patient is the community.”
Task force: Cut SF commissions, empower mayor
Legislation due to supes March 1.
Pa. county commissioners call for $40M increase to support mental health services
HARRISBURG — County leaders from across Pennsylvania on Wednesday called on legislators and Gov. Josh Shapiro to provide an additional $40 million in funding for county mental health services in
Fact check: Trump says Democrats don’t talk about affordability anymore (they do) because inflation is over (it isn’t)
President Donald Trump tried Tuesday to concoct an alternative reality on the subject of “affordability” – piling lie on top of lie to try to convince Americans that the issue has vanished.
Norma Izzo Continues Earning Business Leader Recognition from AZ Big Media
For the third consecutive year, Spencer Fane attorney Norma Izzo has been recognized in AZ Big Media’s annual AZ Business Leaders issue for her
Experience space life, training at Orlando Science Center’s new astronaut exhibit
Mission: Astronaut features six immersive zones where guests can train like astronauts, conduct experiments, and explore the future of space travel.
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 […]
iOS 26.2.1—Update Now Warning Issued To Millions Of iPhone Users
Apple has released iOS 26.2.1, an important update that all iPhone users should apply now. Here's what you need to know.
This 'perfect' Amazon Fire TV is on sale for under $200 right now — plus 5 more can't-miss TV deals
You don't need to spend a fortune to upgrade your TV.
Sergi López on 'Sirāt': A journey that makes you look inward
The movie “Sirāt” follows Luis as he treks through the North African desert with his son and dog to find his missing daughter.
Former utility commissioner Tim Echols reflects on Georgia's new power politics
This coverage is made possible through a partnership between WABE and Grist, a nonprofit environmental media organization. The Georgia Public Service Commission has entered a new era. After nearly two […]
Trump’s Favorite Wedge Issue Has Finally Met Its Match
Riley Gaines definitely doesn’t want you reading this.
Live updates: Trump issues warning to Iran as Rubio testifies before Senate on Venezuela
Night Owls Have Worse Heart Health, Study Finds
By Dennis Thompson HealthDay ReporterWEDNESDAY, Jan. 28, 2026 (HealthDay News) — Do you prefer to stay up late, living it up through the night while everyone else is snoozing away? You might be doing your heart health a disservice, a new study says. Middle-aged and older night owls appear to have ...
Frederick zoning amendment could change rules for home businesses
Frederick business owners who operate out of their homes could have new rules under a zoning amendment being considered by the city's Planning Commission.
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
An ousted energy regulator reflects on Georgia’s new power politics
Former utility commissioner Tim Echols talks climate change, the Republican party, and how the state will deal with rising power demand.
How scientists predict big winter storms : Short Wave
This past weekend, Winter Storm Fern struck the States. Sleet, snow and ice battered Americans all the way from New Mexico to New York. Scientists predicted its arrival in mid-January, and in anticipation of the storm, more than 20 state governors issued emergency declarations. But how did scientists know so much, so early, about the approaching storm? NPR climate reporter Rebecca Hersher says it has to do with our weather models… and the data we put into them. Which begs the question: Will we continue to invest in them?Interested in more science behind the weather? Check out our episodes on better storm prediction in the tropics and how the Santa Ana winds impact the fire season this time of year. Have a question we haven’t covered? Email us at shortwave@npr.org. We’d love to consider it for a future episode! Listen to every episode of Short Wave sponsor-free and support our work at NPR by signing up for Short Wave+ at plus.npr.org/shortwave.This episode was produced by Hannah Chinn. It was edited by our showrunner Rebecca Ramirez. Tyler Jones and Rebecca Hersher checked the facts. The audio engineer was Robert Rodriguez. News clips were from CBS Boston, Fox Weather, Fox 4 Dallas-Fort Worth, and PBS Newshour.
Starmer vows to raise issues ‘that need to be raised’ with Xi amid push to free Jimmy Lai
The prime minister may also discuss the fate of the Uyghurs with the Chinese leader