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The premium for my private health insurance is going up. How do I figure out if it’s worth it?
Auditing your health insurance has to be an annual task if you want to be efficient with your finances, writes Australian policy expert Kat George. While your needs might change, the strategy you use to assess them doesn’t have to
Trump has pulled the US out of the World Health Organization – here’s why that’s sheer hypocrisy
There’s a lesson here for the UK and the anti-WHO Nigel Farage – Trump attacks it in public, but in private he knows he still needs it, says Devi Sridhar, chair of global public health at the University of Edinburgh
Private equity activity ‘steady’ in 2025, with a dozen-plus deals in diagnostic imaging
The Private Equity Stakeholder Project estimates there were 1,029 such transactions across the entire healthcare sector last year.
UnitedHealth Chief Made Private Side Bets on Healthcare Startups
Stephen Hemsley took unannounced stakes through affiliates of his investment firm. UnitedHealth says he abides by conflict-of-interest policies.
BCBS Mental Health First Aid | News
The Place to BE! Don't miss out on our final regular season home games!
Council leaders discussed private healthcare plans for HQ
Plans to turn Derbyshire County Council's headquarters into a hotel have been queried.
Where businesses must offer employees a retirement plan
Tens of millions of US employees working in the private sector don’t have access to a retirement savings plan like a 401(k) at work.
BrewDog sale plan leaves some ‘equity punk’ investors steaming
About 220,000 people could be left empty-handed if a deal prioritises the company’s private equity backer
BUSINESS MONDAY: Spotlight on Barrington Hall in Great Barrington
New owners, familiar address: The former Crissey Farm space is reborn as a flexible performance venue and community hub for private, corporate, and curated events.
Small Business of the Month: Ditch Witch Mid-States
Each month throughout the season, one local company will be recognized by the Blue Jackets and First Merchants Bank
Why Pennsylvania’s two most powerful Democrats don’t speak
While private animosity is common between politicians, John Fetterman has propelled his long-fraught relationship with Josh Shapiro to the public eye.
Can Businesses Really Ban ICE From Their Stores? Legal Experts Break It Down
There’s confusion over whether private businesses can protect their employees with these signs.
Trump privately lashes out at GOP lawmakers over racist video blowback, sources say
While President Donald Trump had critical words for Republicans who spoke out against him, he’s been less critical of the unnamed staffer whom the White House blamed for the debacle, telling reporters on Thursday that he has no plans to discipline the person.
Orlando Pride Announces 2026 Preseason Schedule, Presented by Orlando Health
Pride to play four preseason matches to prepare for 2026 NWSL campaign
'Not entertainment content:' Tennessee bill would ban livestreams of eviction proceedings
A Tennessee lawmaker is proposing legislation that would prohibit private individuals from livestreaming eviction proceedings in real time.House Bill 2041, spon
PFAS Chaos and the Politics of Liability
The latest version of the legislature's PFAS legislation exempts certain local governmental entities while leaving manufacturers and other private businesses fully subject to strict liability, raising serious equal protection concerns.
HOUSTON TEXANS ANNOUNCE GLOBAL HEADQUARTERS IN LANDMARK PUBLIC-PRIVATE PARTNERSHIP WITH HARRIS COUNTY AND HOWARD HUGHES COMMUNITIES™
83-acre sports and entertainment district projected to generate $34 billion in economic impact, create 17,000 jobs, expand county services and infrastructure, and anchor long-term growth in Northwest Harris County
HOUSTON TEXANS ANNOUNCE GLOBAL HEADQUARTERS IN LANDMARK PUBLIC-PRIVATE PARTNERSHIP WITH HARRIS COUNTY AND HOWARD HUGHES COMMUNITIES™
83-acre sports and entertainment district projected to generate $34 billion in economic impact, create 17,000 jobs, expand county services and infrastructure, and anchor long-term growth in Northwest Harris County
Google says attackers used 100,000+ prompts to try to clone AI chatbot Gemini
Google says private companies and researchers are trying to copy Gemini’s capabilities by repeatedly prompting it at scale.
Barron Trump linked to beverage company based near Mar-a-Lago
Barron Trump is listed in public records as a partner in a new yerba mate beverage startup called SOLLOS, raising $1 million through private placement.
Money talks, tradition walks. NDSU football will thrive in FBS
North Dakota State football can be the next Texas Tech. All it takes is oil cash supporting private NIL deals. Bison already know how to win.
E-Verify Bill is Blatantly Anti-Business
Listen to “Commentary – TJ Meadows” on Spreaker. Republicans were once known as a party supportive of business, especially small businesses. Judging from those pushing new mandates on private employers to use the E-Verify system, the evidence — at least as it pertains to some in the House — points in a different direction. House
PacSci to sell IMAX theater, part of property
About 20-25% of Pacific Science Center’s property at Seattle Center will be sold, the private nonprofit confirmed Tuesday afternoon.
MSU receives $7.54 million for Space Science Center
As Morehead State University continues to make national news for the work of students and faculty in its space science programs, it will now have even more resources to continue its mission. The MSU Space Science Center will receive a $7.54 million Community Project Funding earmark secured by U.S. Rep. Harold "Hal" Rogers (KY-05). The federal funding will provide payload operations for government and commercial space stations, allowing students to continue aerospace education and engineering in partnership with NASA and private space science companies. Learn about Space Systems Engineering at MSU by contacting Dr. Malphrus at b.malphrus@moreheadstate.edu or calling 606-783-2212.
Google expands tools to let users remove sensitive data about themselves from Search
Users will be able to more easily request the removal of results that include private information or non-consensual explicit imagery.
Iran shuts down private businesses after protests as economy slumps
Many of the businesses had either observed strikes or expressed support online for the nationwide protests.
What’s behind the rush to cash in on kids’ sports?
NEW LENOX, Ill. (WGN) — Most parents can attest to the time and financial drain of kids’ competitive sports. Private equity is also taking notice by gobbling up youth programs in the suburbs.…
Legality of Trump’s $400M private funding for White House ballroom at issue
A federal judge weighing whether the project may proceed has focused on whether the administration can use private donations to bypass congressional approval.
Super Bowl: Nearly 100 private jets left within 2 hours
95 private jets departed Bay Area airports within two hours of the Super Bowl finishing, including ones owned by Kim Kardashian and Jay-Z.
Haveli To Acquire Budge Studios, Leading Mobile Developer of Digital Interactive Entertainment for Children
Haveli Investments, L.P. (“Haveli” or “Haveli Investments”), a technology and gaming-focused private equity firm, today announced that it has entered into an...
Haveli To Acquire Budge Studios, Leading Mobile Developer of Digital Interactive Entertainment for Children
AUSTIN, Texas, February 09, 2026--Haveli Investments, L.P. ("Haveli" or "Haveli Investments"), a technology and gaming-focused private equity firm, today announced that it has entered into an agreement to acquire Budge Studios, a leader in digital interactive entertainment for children, from General Atlantic, a leading global investor. Creating positive and meaningful experiences to inspire kids’ imaginations, Budge Studios is entrusted by, and collaborates with, the world’s most recognized bran
BioSyent to Acquire Oral Science Inc.
Accretive Transaction with Combined Companies’ Pro-Forma Revenue in Excess of $70.00 Million and EBITDA(1) in Excess of $15.75 Million (TTM Sept 30, 2025) MISSISSAUGA, Ontario, Feb. 09, 2026 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture (TSXV): RX) announced today that it has entered into a Share Purchase Agreement (“SPA”) dated February 8, 2026 to acquire Oral Science Inc. (“Oral Science”), a privately-owned Canadian distributor of specialized healthcare products for dental hygiene
dsm-firmenich announces agreement to divest Animal Nutrition & Health to CVC Capital Partners
Press Release dsm-firmenich announces agreement to divest Animal Nutrition & Health to CVC Capital Partners Kaiseraugst (Switzerland), Maastricht (Netherlands), February 9, 2026 dsm-firmenich, innovators in nutrition, health, and beauty, today announces it has entered into an agreement with CVC, a leading global private markets manager, to divest its Animal Nutrition & Health (“ANH”) business for an enterprise value of about €2.2 billion, which includes an earnout of up to €0.5 billion. dsm-firm
Private credit worries resurface in $3 trillion market as AI pressures software firms
Artificial intelligence is adding a new layer of uncertainty to the private credit industry, raising concerns that some lenders may face rising defaults.
dsm-firmenich announces agreement to divest Animal Nutrition & Health to CVC Capital Partners
dsm-firmenich, innovators in nutrition, health, and beauty, today announces it has entered into an agreement with CVC, a leading global private markets manager, to divest its Animal Nutrition & Health (“ANH”) business for an enterprise value of about €2.2 billion, which includes an earnout of up to €0.5 billion. dsm-firmenich will retain a 20% equity stake in the divested ANH Companies, in partnership with CVC.
Patient private capital is needed to help Asia plug its healthcare gaps
Governments have reached the threshold of what public finance alone can deliver.
Private jets: How plane makers are chasing Asia's super-rich
Parts of the aviation industry are shifting towards wealthy customers and selling a more luxurious type of international travel.
Super Bowl private jets: Flexjet CEO explains how it prepares
The Super Bowl will see private jets charged event fees in the tens of thousands, and special procedures to deal with high traffic.
Exclusive: Vista Equity Partners and Intel to lead investment in AI chip startup Samba Nova, sources say
Private equity firm Vista Equity Partners is leading a new funding round of over $350 million in artificial intelligence chip startup SambaNova Systems, marking a rare departure from its traditional focus on enterprise software, according to people familiar with the matter.
Exclusive: Navy secretary John Phelan listed as passenger on Jeffrey Epstein’s private plane in 2006
Secretary of the Navy John Phelan is named on a flight manifest found among millions of documents related to convicted sex offender Jeffrey Epstein that have been released in recent months, showing that he flew in 2006 from London to New York on Epstein’s private plane.
Joby Aviation becomes newest partner of Sharks Sports & Entertainment
Sharks Sports & Entertainment (SSE) announced today a partnership that makes Joby Aviation a proud partner of the San Jose Sharks and naming partner on the new Reimagination Studio. As part of the collaboration, Sharks Sports & Entertainment will work exclusively with Joby Aviation to explore vertiport development in the
Joby Aviation becomes newest partner of Sharks Sports & Entertainment
Sharks Sports & Entertainment (SSE) announced today a partnership that makes Joby Aviation a proud partner of the San Jose Sharks and naming partner on the new Reimagination Studio. As part of the collaboration, Sharks Sports & Entertainment will work exclusively with Joby Aviation to explore vertiport development in the
Carlyle Group quarterly profit rises on private-equity dealmaking
Asset manager Carlyle Group posted a rise in fourth-quarter profit on Friday, helped by income from deals at its private-equity arm and solid gains across its credit and secondaries businesses.
Governor Abbott meets with Webb County leaders on jobs, small business challenges
Abbott traveled from the state Capitol to Laredo, where he met privately with Webb County entrepreneurs, business leaders, realtors and bankers to discuss ways to increase jobs in the workforce.
Legislation would establish endowment funds to support women's collegiate sports
Overall, the act aims to shield collegiate women’s sports from market volatility and shifting funding priorities through a blend of private investment and whatever might be available through administrative savings.
Leading sports investment firm Arctos acquired by private equity giant KKR
The acquisition gives KKR a range of ownership across virtually every major pro sports league.
Monumental Sports & Entertainment Unveils “The Halo” At Reinvented Capital One Arena
Monumental Sports & Entertainment (MSE) unveiled The Halo, a multi-level hospitality space for nearly 4,500 venue guests at the 10,000-capacity Capital
International science cooperation must go on, say research leaders
Science leaders in Europe and Canada say international cooperation must go on amid geopolitical turmoil. At the same time, Europe and like-minded countries should continue to enhance and diversify international partnerships, a Science|Business conference hears. Hugh Brady, president of Imperial College London, told delegates that Europe’s response to the current geopolitical climate should be to “diversify in terms of research partnerships and build resilience and scale into our own system.”A first priority should be for the EU to sort out the scope of the upcoming European Competitiveness Fund and ensure that, together with the next iteration of Horizon Europe, it can drive the development and scale up of new technologies. The EU and the countries associated to the Horizon Europe programme represent “the world's most successful research innovation ecosystem,” Brady said. In order to mitigate the negative effects of shifting geopolitics, the EU together with the UK, Switzerland, Canada, South Korea and others should talk about “building resilience” and address their own “regional needs,” he added. Responding to TrumpUnder Donald Trump’s leadership, the US government has slashed science budgets and shut down international research programmes. Nearly 8,000 grants at the National Institutes of Health and the National Science Foundation have been frozen or terminated. Courts have overturned most of these cancellations, but the disruption caused remains significant. While Europe may persuade a few thousand disgruntled scientists to move across the ocean to work on topics that have been de-funded in the US, it’s unclear what should happen next with transatlantic scientific cooperation more broadly.“Now is the time for us to show [US researchers] our support as much as we can,” Brady said.The European Research Council (ERC), the EU’s basic science funder, has seen a surge in applicants from the US. According its latest data, US-based researchers submitted 347 proposals to the last three big funding rounds, up from 158 in the previous set of calls. The European Commission has also launched a €22.5 million pilot call in 2025 for the Marie Skłodowska Curie Actions, the EU’s researcher training scheme. It plans to extend this support with a €51.25 million call in 2027 as part of the Choose Europe initiative, which is intended to make the continent a more attractive place to pursue a career in research. Related articlesData corner: US researchers are choosing EuropeEU-India deal highlights growing alignment on technology policyMeanwhile, in the private non-profit sector, the Volkswagen Foundation is experimenting with a new type of grant that would allow US researchers to split their time between the US and Germany. While these schemes are useful, Europe should not bet on an exodus of scientists from the US. “The idea that we might all see them flocking over to Europe is naïve and counterproductive,” said Maria Leptin, president of the ERC, also speaking at the Science|Business conference on February 5. “We need research in the US to be as healthy as possible. I really admire those who are staying there with a will to fight and an optimism that the world will turn into a better place again,” Leptin said. Preserving dataDespite political disruption, academics have found ways to continue cooperating and sharing research data. Leslie Weir, president of the International Federation of Library Associations and Institutions and Canada’s national librarian, said the US cuts have raised concerns about research data security, after ideologically sensitive databases were limited or deleted by the Trump administration. But international organisations teamed up to ensure that the data is not lost. “It's interesting to see that researchers and libraries across North America are collaborating to make sure that data at risk is duplicated elsewhere outside [the US],” Weir said.
Black Castle Capital Partners Wins Best Venture Capital & Private Equity Business of the Year 2026
LONDON, Feb. 05, 2026 (GLOBE NEWSWIRE) -- London-based consultancy Black Castle Capital Partners has been honoured with the Global 100 – 2026 award for Best Venture Capital & Private Equity Business of the Year in the United Kingdom, recognising its boutique expertise in guiding companies through successful and efficient fundraising processes. Black Castle Capital Partners specialises in tailored introduction services across Private Equity, Venture Capital and Real Estate. The firm’s lean and ni
Olympic boxer Imane Khelif wants to fight – but only in the ring. She’s prepared to take a test to do so
Imane Khelif, the Olympic Algerian boxer who became a political target following her 2024 Paris Games win speaks exclusively to CNN about private details of her troubles and her plan to fight back.
Private sector added 22,000 jobs in January, well below expectations, ADP says
The figure reported on Wednesday is below economists’ estimates of an increase of 48,000 jobs and higher than the prior month’s revised reading of a gain of 37,000 jobs.
Cobb: The premise for an entertainment district
The mayor of Roanoke invites residents to help explore private/public investment opportunities that could transform the Berglund Center into an Entertainment District.
Roanoke Mayor Cobb pitches entertainment district as next chapter for Berglund Center
ROANOKE, Va. (WFXR) –Roanoke Mayor Joe Cobb says an entertainment district could represent a bold step for Roanoke’s future, building on the city’s history of economic development through public-private partnerships and long-term investment. Cobb says Roanoke has often advanced by exploring new ideas, weighing multiple options and working collaboratively to strengthen the city and the […]
AI will supercharge sports team valuations, says Arctos Partners’ Charles
Arctos is the only private equity firm approved to own equity in teams across all five major North American professional leagues: the NFL, NBA, MLB, NHL and MLS.
India’s Neo Group Hires Veteran Banker To Boost Wealth Business
India’s Neo Group Ltd. hired senior banker Tajinderr Pal Singh Bhatia as a founding member and president of its wealth business, said people familiar with the matter, as demand for private bankers heats up in the the country’s fast-growing wealth management industry.
Braves share update on plans for club's future broadcasts
The Atlanta Braves are aware of the reports regarding Main Street Sports Group. While disappointed with this development, we have been actively preparing for this outcome and are well on our way towards launching a new era in Braves broadcasting. Throughout Braves Country and beyond, we have one of the
Norton Rose Fulbright expands business practice with five partners in two cities
New arrivals advance firm’s transactional and healthcare capabilities in key US marketsChicago, IL, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Global law firm Norton Rose Fulbright today announced a powerful expansion of its business practice with the addition of an impressive group of corporate, private equity, healthcare, finance and tax lawyers who further enhance the firm’s robust transactional capabilities. Andrew Smolik and Michael Flood join Norton Rose Fulbright’s St. Louis office, as Seth Aigner
Minorities in Sports Business Network hosts A Toast to Black Sports luncheon at Super Bowl LX
SAN FRANCISCO – Former NFL linebacker Takeo Spikes, NFLPA executive Carl Francis, and longtime corporate strategist Debra Langford will be honored for their community engagement at the fourth annual A Toast to Black Sports luncheon, a private gathering of Black sports leaders during the week before Super Bowl LX at Levi’s Stadium. Sponsored by the […]
Takeaways about PFAS contamination of private drinking water wells
Because there aren’t national rules limiting PFAS in private wells, responsibility falls to the states.
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.
Kamen takes leave of absence from FIRST
Dean Kamen agreed to take a leave of absence from FIRST Robotics, a nonprofit organization hosting programming for ages 5-18, while a private firm investigates his connection to Jeffrey Epstein.
Youth Sports Training: Why Some Preteens Are Turning to Private Coaches
As youth sports become increasingly competitive, more preteen athletes are working with private coaches to level up.
Jeannot ‘all business’ facing Lightning at Stadium Series with Bruins
Forward played parts of 2 seasons for Tampa Bay, also went up against former team outdoors with Predators
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.
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
Prison Stocks Tumble With ICE Backlash Stoking Business Angst
Wall Street investors who drove a massive surge in the shares of the two biggest private prison operators when President Donald Trump won the US election are seeing the trade fizzle out barely a year into his second term.
Back to business: Local shops, restaurants come back to life after snowstorm
Small business owners say they’ve weathered a storm that left 10 or more inches of snow on downtown streets this week. It took a mix of snow shovel handiwork, municipal plow trucks and private contractors with backhoes and tri-axle dump trucks to bring business districts back to life. “This storm
Tanzania eyes East Africa’s pharmaceutical hub crown {Business Africa}
Tanzania is betting on local drug manufacturing to reduce imports and become East Africa’s pharmaceutical hub and we find out how Africa's private sector is fixing the supply chain to minimise the billions lost in post-harvest logistics.View on euronews
Melania Trump reveals advice she gives President Trump — and why she doesn’t watch him on TV all day
Melania Trump opens up in rare interview about her private approach to advising President Donald Trump and her selective media appearances strategy.
Exclusive: UK’s Schroders discussed private capital tie-ups in growth push, sources say
Schroders has held high-level talks about potential tie-ups to speed up the growth of its private capital business, three people familiar with the matter told Reuters, as the 222-year-old British asset manager seeks to gain scale.
AI Real Estate Business Taps $100 Million Private Credit Loan
Propy, a real estate technology company, tapped the private credit market for the first time, securing $100 million to support the startup’s acquisition strategy.
Premier Radiology Services acquires rival teleradiology group NRad
Backed by private equity investors at Grovecourt Capital Partners, the Florida firm is buying National Radiology Solutions for an undisclosed sum.
Black History Celebration to feature special concession offerings, in-arena entertainment
The Sabres will celebrate Black excellence in WNY during their game against the Kings on Jan. 29.
Minnesota Wild Announces Partnership with Priority Commerce Sports
Wild selects Priority to streamline ticket payments and drive new revenue
Washington Capitals and Monumental Sports & Entertainment Pride Auction Raises $30,485
Proceeds benefit the Wanda Alston Foundation, with a portion of funds allocated for MSE Foundation
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.
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.
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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