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Maduro was an 'impediment to progress' and refused deal, Rubio says

Secretary of State Marco Rubio made the comments at a Jan. 28 Senate hearing on Venezuela.

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Jan 28 • 10:39 AM EST • Politics • usatoday.com
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 […]

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Jan 28 • 10:38 AM EST • Politics • wabe.org
Wilmington basketball tournament puts focus on raising funds for mental health

The two-day SL24 Basketball Classic returns to the Chase Fieldhouse to honor Sean Locke, raise funds for mental health programs and encourage open conversations.

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Jan 28 • 10:30 AM EST • Health • whyy.org
😐 Neutral (14%)
Beyond testosterone: The real crisis in men’s health

Increasing testosterone in men ignores deeply rooted cultural and social factors at the center of this health emergency.

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Jan 28 • 10:30 AM EST • Health • thehill.com
Leak shows Google's new Aluminium OS in action for the first time

In screenshots and videos, we get a first peek at Google's new operating system that combines Android and ChromeOS.

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Jan 28 • 10:26 AM EST • Technology • pcworld.com
Women's College Hoops Spotlight: Georgetown Coach Praises 'Best' UConn Team

FOX Sports' Laken Litman breaks down Georgetown coach Darnell Haney's eyebrow-raising comments after UConn throttled his team.

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Jan 28 • 10:23 AM EST • Sports • foxsports.com
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KPN Consulting Services Announces Over 20M USD in Business Acquisitions and Launch of Financial Wealth Symposium

CHARLOTTE, NC, UNITED STATES360-Degree Consulting Firm Expands Economic Empowerment Footprint Through Strategic

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Jan 28 • 10:21 AM EST • Business • usatoday.xpr-gannett.com
Walmart CEO Doug McMillon retiring as retailer gains more wealthy shoppers amid inflation

Walmart CEO Doug McMillon retires after 40 years, leaving behind a transformed retail giant that attracts higher-income shoppers through convenience.

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Jan 28 • 10:20 AM EST • Business • foxbusiness.com
New Sony WF-1000XM6 leak reveals new updated colour options

The WF-1000XM6 is set to debut with more launch colour options than Sony's WF-1000XM5 earbuds, according to a new leak. Tipped to debut next month for $329.99 in the US and €299.99 in the Eurozone, the change would be a first for the WF-1000X series.

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Jan 28 • 10:15 AM EST • Technology • notebookcheck.net
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…

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Jan 28 • 10:06 AM EST • Technology • gematsu.com
Meet The Imperial Business School MBA Class Of 2026

An in-depth look into the personal and professional lives of 12 students from this year’s Imperial College Business School Class of 2026.

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Jan 28 • 10:02 AM EST • Business • poetsandquants.com
Health insurers dodge Trump's pricing crackdown, for now

While the president's ire can return on a whim, the prospect of an Oval Office dressing down appears, for the moment, off the table.

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Jan 28 • 10:00 AM EST • Health • politico.com
Is Wyoming hoops stuck in purgatory within modern college basketball?

Every season for a reasonably successful mid-major university begins in a similar fashion. They schedule a few in-state cupcakes as the season and home openers before, if they are lucky enough, participating in an ever-declining MTE tournament during the week of Thanksgiving. Throw in a dash of high-major money labeled as “buy games” to help […]

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Jan 28 • 10:00 AM EST • Sports • mwcconnection.com
AMD Ryzen 7 9850X3D Review - The Best Just Got Better

The AMD Ryzen 9850X3D builds on the already excellent 9800X3D without trying to shake up the market. Instead, it focuses on refining what already works. AMD delivers modest improvements with smarter tuning, and the same cache magic that gamers love. Thanks to a reasonable price increase, this processor will be a no-brainer pick for future high-end gaming rigs.

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Jan 28 • 9:56 AM EST • Technology • techpowerup.com
Darden Restaurants: Wonderful Business At A Below Average Price

Darden Restaurants (DRI) shows resilient sales amid inflation, trades below its 10-year P/E, and targets 9% sales growth. Read the latest analysis on the stock here.

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Jan 28 • 9:55 AM EST • Business • seekingalpha.com
Samsung teases new privacy feature to hide your Galaxy phone screen from onlookers

Samsung said that the upcoming feature will let you protect selected parts of the screen like notification popup area.

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Jan 28 • 9:44 AM EST • Technology • techcrunch.com
‘A sacred space of healing’: Church of Jesus Christ transforms health center in Liberia

A health center in Liberia was in ruins until it was transformed into “a sacred space of healing” through a project funded by The Church of Jesus Christ of Latter-day Saints.

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Jan 28 • 9:42 AM EST • Health • deseret.com
Business Success

Ohio Wesleyan Celebrates Innovation at Second Annual U.S. Entrepreneurship Competition

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Jan 28 • 9:38 AM EST • Business • owu.edu
2026 NFL mock draft: Senior Bowl week begins as Round 1 picture comes into focus

Here are our latest first-round projections with the draft order nearly set ahead of Super Bowl LX.

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Jan 28 • 9:38 AM EST • Sports • cbssports.com
The Unsettling Experience of Reporting on Trump’s Health

Chatting with Intelligencer’s Ben Terris about presidential hand bruises and White House sycophancy.

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Jan 28 • 9:31 AM EST • Health • nymag.com
Apple's 'Creator Studio' App Bundle Now Available for $12.99 Per Month

Apple today launched the new Creator Studio that was initially unveiled two weeks ago, providing content creators with access to six Apple apps for $12.99 per month or $129 per year. Creator Studio includes Final Cut Pro, Logic Pro, and Pixelmator Pro on Mac and iPad, along with Motion, Compressor, and MainStage on the Mac. Final Cut Pro is Apple's video editing software, Logic Pro is for audio editing and creation, and Pixelmator Pro is an image editing app that Apple purchased in 2024.

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Jan 28 • 9:30 AM EST • Technology • macrumors.com
AEYE Health Expands Epic Integration for Portable Fully-Autonomous AI Eye Screening Across the US Healthcare System

/PRNewswire/ -- AEYE Health, the leading company in retinal diagnostics and developer of AEYE-DS, the fastest growing solution for diabetic eye exams in the...

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Jan 28 • 9:30 AM EST • Health • prnewswire.com
As college sports look more professional, sponsors turn to high school

High school sports, some marketers are finding, can provide brands with national reach and inroads with potential future star athletes.

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Jan 28 • 9:27 AM EST • Sports • marketingbrew.com
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Jon Gruden turns down coaching inquiry from Jets, Aaron Glenn

Jon Gruden may want to return, but apparently not with the New York Jets

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Jan 28 • 9:11 AM EST • Sports • cbssports.com
Gemini details AI Plus limits, rolls out NotebookLM integration on iOS

Google brought the AI Plus subscription to the US yesterday, and here’s how it upgrades usage limits in the Gemini app.

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Jan 28 • 9:05 AM EST • Technology • 9to5google.com
Davis Webb rumors reveal Raiders' competition for Broncos assistant coach

Denver Broncos passing-game coordinator and quarterbacks coach Davis Webb has drawn a lot of interest this offseason and the Las Vegas Raiders have some competition for his services.

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Jan 28 • 9:01 AM EST • Sports • sportingnews.com
Looney’s Amphitheater announces 2026 entertainment lineup following venue revival

Looney’s Amphitheater Complex and Cultural Center, nestled in the heart of Bankhead National Forest, is marking its return as a live entertainment destination with a full slate of concerts and […]

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Jan 28 • 9:00 AM EST • Entertainment • 256today.com
Opinion | When Conservative Politics Hit Cash-Starved Universities

If college education is merely a transaction, educators — and facts — are vulnerable.

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Jan 28 • 9:00 AM EST • Politics • nytimes.com
Moto G77 launches with a 108MP camera with 3x lossless zoom, 120Hz AMOLED display, and an IP64 rating

Motorola has grown its Moto G series line of smartphones with the launch of a new model. The new Moto G77 has a new camera, a bigger battery, and a brighter display than its predecessor, the Moto G75.

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Jan 28 • 9:00 AM EST • Technology • notebookcheck.net
Trump’s Favorite Wedge Issue Has Finally Met Its Match

Riley Gaines definitely doesn’t want you reading this.

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Jan 28 • 9:00 AM EST • Sports • slate.com
AMD Ryzen 7 9850X3D Linux Performance Review

Ahead of tomorrow's official availability of the AMD Ryzen 7 9850X3D at $499 USD, today the review embargo lifted.

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Jan 28 • 9:00 AM EST • Technology • phoronix.com
Snap is spinning off its AR glasses into a separate business

Snap’s augmented reality glasses business will now be its own entity, with the company establishing Specs Inc. as a wholly-owned subsidiary.

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Jan 28 • 9:00 AM EST • Business • engadget.com
Australian Open semifinals set: Novak Djokovic, Jannik Sinner advance

The Australian Open bracket thinned out on the men's and women's side entering the final stage

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Jan 28 • 8:43 AM EST • Sports • cbssports.com
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Starbucks Says Turnaround ‘Ahead of Schedule’ as Sales Rebound

The coffee chain’s stock jumped after a better-than-expected earnings report.

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Jan 28 • 8:31 AM EST • Business • nytimes.com
4 Incredible Techniques Combine to Advance Dark Energy Science

Big, recent investments are paying off as the world's dark energy observatories continue to produce results.

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Jan 28 • 8:30 AM EST • Science • extremetech.com
California mental health hospitals warn over cuts after state hands down staffing rules

Psychiatric hospitals could close beds under proposed state rules if regulators don’t allow implementation time, facilities warn.

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Jan 28 • 8:30 AM EST • Health • calmatters.org
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.

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Jan 28 • 8:30 AM EST • Science • thehill.com
Corning's Quiet Business Gets a Loud Boost

AI infrastructure deal moves the needle

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Jan 28 • 8:03 AM EST • Business • finance.yahoo.com
Recognize Data Privacy Day by protecting your small business from cybercriminals

Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.

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Jan 28 • 8:02 AM EST • Business • ftc.gov
The unique sports collectibles that landed The Realest a $12 million investment round

The sports world is taking notice of The Realest's efforts to expand the definition of collectibles.

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Jan 28 • 8:00 AM EST • Sports • nytimes.com
😐 Neutral (8%)
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Getting yelled at comes with the job. Why Sacramento youth sports officials still show up

Youth sports officials in the Sacramento region face unsportsmanlike fans that make them sometimes question the work.

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Jan 28 • 8:00 AM EST • Sports • abridged.org
Apple Creator Studio is now available for $13 per month: What's included and what it means for creators

Pay monthly or $129 annually for the new subscription bundle that includes a number of Apple's creative apps.

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Jan 28 • 8:00 AM EST • Technology • engadget.com
18 free agents with connections to Lions coach Mike Kafka

Taking a look at the 2026 NFL free agents who have connections to Detroit Lions coach Mike Kafka.

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Jan 28 • 8:00 AM EST • Sports • prideofdetroit.com
Twenty One Capital: Wen Business, Ser?

Twenty One Capital came public via SPAC merger but has since plummeted by nearly 30% since deal closure. Click here to find out why XXI stock is a Hold.

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Jan 28 • 7:58 AM EST • Business • seekingalpha.com
Kemi Badenoch apologises for Suella Braverman mental health claim

But she branded defectors from the Conservative party "drama queens", saying people who did not agree with the direction she was taking the party "need to get out the way".

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Jan 28 • 7:56 AM EST • Health • bbc.com
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.

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Jan 28 • 7:52 AM EST • Business • fortune.com
On Data Privacy Day (and every day): Protect your small business

Cybercriminals target companies big and small. Today is Data Privacy Day — a great opportunity to take a look at how you keep your business and customer data protected. Get started with the FTC’s updated resources at ftc.gov/cybersecurity.

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Jan 28 • 7:51 AM EST • Business • consumer.ftc.gov
The US in brief: DHS’s first report on Pretti

The latest news in US politics, with coverage of Donald Trump’s second term.

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Jan 28 • 7:42 AM EST • Politics • economist.com
Viral AI assistant Moltbot rapidly gains popularity but poses security risks

The open source "Jarvis" chats via WhatsApp but requires access to your files and accounts.

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Jan 28 • 7:30 AM EST • Technology • arstechnica.com
Peter Murray Tapped as CEO of Professional Bowlers Association and Head of Media for Lucky Strike Entertainment (Exclusive)

Murray had been the founding CFO of the MMA promotion Professional Fighters League.

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Jan 28 • 7:30 AM EST • Entertainment • hollywoodreporter.com
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Do college sports actually want rules? How high should Indiana be ranked? Mandel’s Mailbag

Plus, why the SEC and Big Ten control the CFP, what coaching hires were actually downgrades and Deion Sanders' future at Colorado.

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Jan 28 • 7:23 AM EST • Sports • nytimes.com
😐 Neutral (8%)
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Kast’s Cabinet Set to Confront Distinctly Political Challenges

Chile’s president-elect has rolled out a pro-business cast of ministers, tasked with finding political solutions, an expert writes.

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Jan 28 • 7:17 AM EST • Politics • americasquarterly.org
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A Go-Kart Track Is Just the Start at This Arizona Home Built Like a Sports-and-Entertainment Complex

Over-the-top amenities at the $20 million listing include a batting cage, a basketball court, a shooting range, a day spa, a dance studio and a gaming lounge

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Jan 28 • 7:17 AM EST • Entertainment • mansionglobal.com
The White House’s shocking lies about Minneapolis

Never forget how this administration misled you.

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Jan 28 • 7:15 AM EST • Politics • vox.com
‘I don’t let bullies win’ Ilhan Omar says after attack, as Trump says he will ‘de-escalate’ in Minneapolis

President had mocked congresswoman hours before she was sprayed with unknown substance during a town hall event

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Jan 28 • 7:07 AM EST • Politics • theguardian.com
😐 Neutral (0%)
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Mental health cases in Israel surged 30% during Gaza war, Health Ministry reports

***

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Jan 28 • 7:04 AM EST • Health • haaretz.com
☹️ Negative (-10%)
The Two Big Decisions Facing Democrats Ahead of a Shutdown

Plus, senators work on a last-minute budget deal on immigration enforcement, and Tom Homan presented his list of demands to Minnesota leaders.

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Jan 28 • 7:01 AM EST • Politics • wsj.com
‘Shameful’: Trump’s EPA accused of prioritizing big business over public health

A year into Trump’s second term, critics say the EPA is rolling back dozens of protections and giving a leg up to polluters

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Jan 28 • 7:00 AM EST • Health • theguardian.com
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‘Shameful’: Trump’s EPA accused of prioritizing big business over public health

A year into Trump’s second term, critics say the EPA is rolling back dozens of protections and giving a leg up to polluters

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Jan 28 • 7:00 AM EST • Business • theguardian.com
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Barry Keoghan Is Nearly Unrecognizable with Long Hair in London, Plus Halle Berry, King Charles, Queen Camilla and More

Barry Keoghan is nearly unrecognizable with long hair in London, plus Halle Berry, King Charles, Queen Camilla and more. From London to Los Angeles, and everywhere in between, see what your favorite stars are up to.

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Jan 28 • 7:00 AM EST • Entertainment • people.com
Dispatch available now for the Nintendo Switch and Nintendo Switch 2 systems

Shop now on Nintendo.com or Nintendo eShop. Manage a group of ex-supervillains who are given one last shot at redemption!

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Jan 28 • 7:00 AM EST • Technology • nintendo.com
What Happens to Your Body When You Take Vitamin D Supplements Every Day Long Term?

A daily vitamin D supplement can support bone strength, muscle function, and balance—especially in people who are vitamin D deficient.

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Jan 28 • 7:00 AM EST • Health • health.com
Top Five Moments: Budget Committee Hearing on Skyrocketing Health Care Costs

The Official U.S. Congressional website of The Republican Budget Committee

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Jan 28 • 7:00 AM EST • Health • budget.house.gov
Football Announces New Sports Performance Staff Hires - University of Tennessee Athletics

Tennessee football has finalized its sports performance staff with the addition of six new hires under the direction of Derek Owings , head coach Josh Heupel...

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Jan 28 • 7:00 AM EST • Sports • utsports.com
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.

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Jan 28 • 7:00 AM EST • Science • sciencedaily.com
Artemis II and III: The science that brings us back to the Moon

This week on Planetary Radio, Sarah Al-Ahmed is joined by Kelsey Young, Artemis Science Flight Operations Lead and lead of the Artemis II Lunar…

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Jan 28 • 7:00 AM EST • Science • planetary.org
Lucky Strike Entertainment and PBA Appoint Peter Murray as CEO Of PBA and Head of Media for Lucky Strike Entertainment

Lucky Strike Entertainment and PBA Appoint Peter Murray as CEO Of PBA and Head of Media for Lucky Strike Entertainment

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Jan 28 • 7:00 AM EST • Entertainment • pba.com
HIV and Heart Health: What You Need to Know

In our latest blog post, we re highlighting the link between HIV and heart health. Explore why people living with HIV face a higher risk of heart disease and...

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Jan 28 • 7:00 AM EST • Health • hiv.gov
Teamsters California endorses proposed billionaires tax

Teamsters California, with 250,000 members statewide, becomes the largest union to back the proposed November ballot measure to enact a onetime billionaires tax.

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Jan 28 • 7:00 AM EST • Politics • sfchronicle.com
Leaker makes unlikely claim about improved iPhone 18 telephoto lens

A leaker better known for posting about Android smartphones has made a claim potentially pointing to improved telephoto performance in...

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Jan 28 • 6:56 AM EST • Technology • 9to5mac.com
New WhatsApp lockdown feature protects high-risk users from hackers

Meta has started rolling out a new WhatsApp lockdown-style security feature designed to protect journalists, public figures, and other high-risk individuals from sophisticated threats, including spyware attacks.

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Jan 28 • 6:48 AM EST • Technology • bleepingcomputer.com
As the U.S. bids adieu to the World Health Organization, California says hello

In the wake of the U.S. withdrawal from WHO, California is the first state to participate in the agency's disease monitoring network. Are others following?

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Jan 28 • 6:47 AM EST • Health • npr.org
High-Signal Publisher
Centrist ideas no longer wanted in Conservative party, says Kemi Badenoch

Party leader tells MPs that one-nation Tories doubting her rightward direction ‘need to get out of the way’

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Jan 28 • 6:45 AM EST • Politics • theguardian.com
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UCA to launch Innovation Campus - Talk Business & Politics

The University of Central Arkansas Board of Trustees voted Tuesday (Jan. 27) to move forward with the development of a new “Innovation Campus,” an interdisciplinary initiative designed to strengthen workforce...

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Jan 28 • 6:29 AM EST • Business • talkbusiness.net
UCA to launch Innovation Campus - Talk Business & Politics

The University of Central Arkansas Board of Trustees voted Tuesday (Jan. 27) to move forward with the development of a new “Innovation Campus,” an interdisciplinary initiative designed to strengthen workforce...

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Jan 28 • 6:29 AM EST • Politics • talkbusiness.net
Windows 11’s ability to resume Android apps on your PC is getting closer

The feature is now in Release Preview testing

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Jan 28 • 6:18 AM EST • Technology • theverge.com
Inside the minds of two US Olympians — and how they achieve greatness

U.S. Olympians Erin Jackson and Alysa Liu demonstrate how different personality traits and cognitive styles can lead to elite athletic success.

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Jan 28 • 6:07 AM EST • Sports • usatoday.com
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Analysis: Trump’s team almost never backs down from its false claims. This past week has been different

From the start, this has been a say-anything presidential administration.

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Jan 28 • 6:00 AM EST • Politics • cnn.com
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#CAAHoops MBB Notebook

CAA MEN'S BASKETBALL NOTEBOOK – JAN. 28, 2026

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Jan 28 • 6:00 AM EST • Sports • caasports.com
The surprising science behind how certain foods can make you smell more attractive

Beneath fancy perfumes and deodorants, our food choices may be quietly shaping our natural scent in unexpected ways

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Jan 28 • 6:00 AM EST • Science • scientificamerican.com
Why comedian Katherine Ryan won't make fun of her kids on stage: 'I don't wanna get Brooklyn Beckhamed'

The British-Canadian comedian says she steers clear of making any of her five children the punchline for fearing of stirring up Beckham-style family drama.

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Jan 28 • 6:00 AM EST • Entertainment • latimes.com
Expiration of federal health insurance subsidies: What to know in California

Thousands in California who rely on the state-run health insurance marketplace face premiums that are thousands of dollars higher as federal subsidies expire.

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Jan 28 • 6:00 AM EST • Health • latimes.com
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.

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Jan 28 • 6:00 AM EST • Business • fredericknewspost.com
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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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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