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Supreme Court strikes down most of Trump's tariffs in a major blow to the president
The decision does not affect all of Trump's tariffs but invalidates those implemented using an emergency law.
Supreme Court rules that Trump’s sweeping emergency tariffs are illegal
The Supreme Court on Friday ruled that President Donald Trump violated federal law when he unilaterally imposed sweeping tariffs across the globe, a striking loss for the White House on an issue that has been central to the president’s foreign policy and economic agenda.
Steel business owner on Trump's tariffs as world awaits Supreme Court decision
US businesses shift away from China under Trump tariffs
China trade with U.S. midsize businesses plummeted 20% as Trump tariffs hit 37.4%, forcing companies to shift suppliers to Southeast Asia and beyond.
One Year In, Trump’s Tariffs Have Not Helped U.S. Wine Businesses
One year in, many producers say tariffs have not helped them, and some countries are rejecting U.S. wine altogether.
JPMorgan analysis finds Trump’s tariffs are working on China—at a huge cost to American small business
Outflows from midsize U.S. firms to China have dropped by approximately 20% since 2024, but there’s a price.
JPMorgan analysis finds Trump's tariffs are working on China—at a huge cost to small American business
Outflows from midsize U.S. firms to China have dropped by approximately 20% since 2024, but there's a price.
Breaking Down 12 External Quarterback Options for the Steelers
For the third straight offseason, the Pittsburgh Steelers are staring at a fairly bleak situation when it comes to the […] This article originally appeared on Steelers Now: Breaking Down 12 External Quarterback Options for the Steelers
Why America’s small businesses still pay even if the Supreme Court strikes down Trump’s tariffs
A tariff reckoning won’t rescue Main Street from the damage it has suffered.
Toy firms look to US Supreme Court as tariffs keep them on edge
"You cannot go to sleep on this president," says one toymaker, of the ongoing uncertainty over trade policy.
Spokane planetarium offers cosmic shows, blending education and entertainment
SPOKANE, Wash. – Spokane Falls Community College is offering a captivating opportunity for families to explore the wonders of the cosmos.
Johnson County small businesses shared tariff concerns with Rep. Sharice Davids
Small business owners in Johnson County are facing mounting financial pressures as tariffs drive up costs for essential supplies, forcing them to make difficult business decisions.
Kevin Hassett says Fed researchers should be ‘disciplined’ over report that Americans are paying tariffs
National Economic Council Director Kevin Hassett said Wednesday that researchers at the New York Federal Reserve who produced a study finding American businesses and consumers are shouldering 90% of the cost of President Donald Trump’s tariffs should be “disciplined.”
Columbus' COSI named nation's best science museum for sixth time
COSI has been named the nation's best science museum in the USA TODAY 10Best Readers' Choice Awards, with its planetarium also ranking.
Ukraine taught West to view small drones as disposable, not precious
Western militaries often view new technology as precious and valuable. Ukraine shows that they can't afford to view small drones that way.
Northbrook small business joins national campaign against tariffs
The $5 million campaign, called Small Businesses Against Tariffs, aims to spotlight the impact of tariffs on small businesses, workers and consumers.
Ed Crane, Who Built a Libertarian Stronghold, Dies at 81
Starting with $500,000 in seed money from Charles Koch, Mr. Crane made the Cato Institute the nation’s pre-eminent libertarian think tank.
After Trip to Germany, AOC Expresses Frustrations
The congresswoman argued in an interview that presidential speculation, which included scrutiny of her slip-ups, had overshadowed her anti-authoritarian message at the Munich Security Conference.
Conflict and instability make pregnancy more dangerous
This brief aligns the latest maternal mortality estimates with whether a country is conflict-affected or considered institutionally fragile. Nearly two-thirds of all maternal deaths worldwide occur in countries marked by conflict or fragility. The risk of a woman who lives in a country affected by conflict dying due to maternal causes is around five times higher for each pregnancy she undergoes compared to her peers in stable countries. In 2023 alone, an estimated 160,000 women died from preventable maternal causes in fragile and conflict-affected settings, that is 6 in 10 maternal deaths worldwide, despite these countries accounting for only around one in ten of global live births.
Businesses Lean on Technology as Cross-Border Trade Grows More Uncertain, Avalara Finds
New research from Avalara, Inc., the agentic tax and compliance leader, shows that while businesses are eager to expand globally, fading confidence in stable trade rules is forcing many to slow or delay growth amid rising regulatory complexity, tariffs, and geopolitical volatility.
North Carolina small business owners on how tariffs are negatively impacting their bottom line
Many of the gifts that define Valentine’s, especially flowers and chocolates, rely heavily on imports which have been affected by tariffs.
What happened in Iowa politics the week of Feb. 9-13
Listen as Morning Edition Host Meghan McKinney and IPR's Katarina Sostaric review the latest in Iowa politics.
Opinion | He Studied Cognitive Science at Stanford. Then He Wrote a Startling Play About A.I. Authoritarianism.
A brisk theatrical thriller, “Data” perfectly captures the slick, grandiose language with which tech titans justify their potentially totalitarian projects.
Democracy, Politics And The Challenges Of Authoritarianism In South Korea
In Korea as in the United States, we need to investigate and understand what works and what does not.
Francis, Zrno lead Rutgers in 68-57 victory over Maryland
PISCATAWAY, N.J. (AP) Tariq Francis scored 21 points, Harun Zrno added 13, and Rutgers defeated Maryland 68-57 on Sunday, lifting the Scarlet Knights out of the Big Ten cellar.
This family business paid $200,000 in tariffs last year, but won't cut corners
(The Center Square) – La Tienda has been delivering the best of Spanish cuisine to Americans for three decades, but the task has become more expensive after President Donald Trump's
There top global companies have sued Trump for tariff refunds
From Costco to Toyota, global companies are filing lawsuits to secure tariff refunds should the Supreme Court decide to strike down Trump's duties.
Rayman 30th anniversary has save data bug and Ubisoft support says post launch support has ended
Rayman 30th Anniversary Edition was recently released and it is a nostalgic gem, however there are reports that if you play the Atari Jaguar and MS-DOS versions of Rayman it simply does not save your…
Politics: Area lawmakers weigh in on U.S. House votes against Canada tariffs
The U.S. House of Representatives voted on Wednesday to disapprove of the “national emergency” that was declared by President Donald Trump in order to raise tariffs on Canada. The vote
Week in politics: Rubio's speech, DHS funding, Epstein hearing, Republicans block tariffs
Secretary of State Marco Rubio seeks to reassure European allies and a partial government shutdown hits the Department of Homeland Security.
Tariffs sour Valentine’s for North Carolina's small business entrepreneurs
Many of the gifts that define Valentine’s, specifically flowers and chocolates, rely heavily on imports which have been affected by tariffs.
Rayman: 30th Anniversary Edition revealed for Nintendo Switch, out tomorrow [update: trailer]
February 12: Today, it was announced that Rayman: 30th Anniversary Edition is on the way to Nintendo Switch. It comes out tomorrow, February 13. A physical release will follow in June. Rayman: 30th Anniversary Edition was made by Digital Eclipse in partnership with Digital Eclipse. It features five versions of the game, including PlayStation, Atari Jaguar, MS-DOS, Game Boy Advance,...
White House Withholds Funding for NASA Science Missions Despite Recent Budget Bill
NASA has been forced to pause funds for Chandra X-Ray Observatory and other missions until further notice.
Trump ‘plans to roll back’ some metal tariffs; NatWest hands bankers £495m bonus pot
Rolling coverage of the latest economic and financial news
US, Taiwan finalize deal to cut tariffs, boost purchases of US goods
Officials from the Trump administration signed a final agreement on reciprocal trade that confirms a 15% U.S. tariff rate for imports from Taiwan, while committing Taiwan to a schedule for eliminating or lowering tariffs on nearly all U.S. goods.
BNP Gets Majority in Bangladesh Election, Local TV Networks Say
The Bangladesh Nationalist Party has secured a victory in the country’s landmark election Thursday, according to numerous local television news networks, potentially clearing the way for its leader, Tarique Rahman, to become prime minister.
Rayman 30th Anniversary Edition Releases Tomorrow, Collects Five Versions Of The Original Game
Starting tomorrow you can play the PlayStation, Atari Jaguar, MS-DOS, Game Boy Advance, and Game Boy Color versions of the original Rayman in one release.
Six Republicans join Democrats in vote to block Donald Trump’s Canada tariffs
President warned prior to the vote that any Republican who voted against tariffs would ‘suffer the consequences’
Tarique Rahman promises era of clean politics as Bangladesh holds first election since fall of Hasina
Jailed then exiled in London, Rahman returns home as the main contender to be next prime minister of Bangladesh
House Gives Trump Rare Rebuke as Midterm Angst Grows
Good morning. The House gives part of Donald Trump’s tariff agenda a thumbs down. Old Economy stocks are on the march. And hotel bakeries are the new trendy bars. Listen to the day’s top stories.
Six House Republicans defy Trump to block his Canada tariffs
In a vote that GOP leaders fought hard to avoid, a half dozen Republicans sent a blunt message to President Donald Trump that they do not support the tariff regime that he has made the centerpiece of his second term.
6 House Republicans defy Trump on key agenda item in Dem-pushed vote
The House passed legislation to roll back President Donald Trump’s Canada tariffs after several Republicans joined Democrats in a rare rebuke. The resolution now heads to the Senate.
Ontario County Chamber names 2026 Business, Nonprofit and Lifetime Achievement winners
See this year's award recipients.
The US in brief: Republicans rebel over tariffs
The latest news in US politics, with coverage of Donald Trump’s second term.
Three House Republicans cross party lines to block effort to shield Trump from challenges to his tariffs
Speaker Mike Johnson failed to reinstate a ban on lawmakers’ ability to challenge President Donald Trump’s tariffs when three Republicans crossed party lines to vote with Democrats.
Eddie Bauer Files for Bankruptcy
The sportswear company’s operator cited a shift in consumer preferences, rising inflation and elevated tariffs. It is the third bankruptcy since Eddie Bauer’s founding in the 1920s.
USU Physicist Joins Utah Celebration of International Day of Women & Girls in Science
Maria Rodriguez was among six university and industry panelists selected for the Clark Planetarium's Feb. 6 event in Salt Lake Cit.
BeWhere and Examinetics Transform Occupational Health with Low Power 5G Asset Tracking
Toronto, Ontario--(Newsfile Corp. - February 9, 2026) - BeWhere Holdings Inc. (TSXV: BEW) (OTCQB: BEWFF), a leader in low-power 5G IoT asset tracking, is pleased to announce the release of a new case study featuring Examinetics, a leading provider of mobile occupational health services in the US.The new case study highlights how Examinetics has used BeWhere's compact BeMini asset trackers to improve the management of high-value portable medical testing equipment. The deployment keeps track of...
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
What being a billionaire scion taught JB Pritzker about standing up to one
Few national Democrats have pushed back as forcefully against Trump’s authoritarian crackdown. There’s a reason for that.
What happened in Iowa politics the week of Feb. 2-6
Listen as Morning Edition Host Meghan McKinney and IPR's State Government Reporter Katarina Sostaric review the latest from the Iowa Legislature.
A 'Shark Tank' alum needed cash to pay tariffs. This shadowy lending world was ready
How about $350,000 within hours? The pitches flood small businesses: "No hidden fees, No BS." These financial lifelines are barely regulated and can turn into trip wires.
Valentine's Day costs in NJ a heartbreaker amid tariffs, inflation
The cost of chocolate, jewelry, roses and wine are all up for various reasons in 2026, including President Trump's tariffs.
Tari Eason continues his breakthrough shooting season for Rockets
Tari Eason scored a season-high 26 points in Saturday’s road win over the defending NBA champions, and he continues to shoot at an elite level.
Ziemmer’s hat trick leads Reign to third straight win
Koehn Ziemmer completes his first career hat trick, leading the Ontario Reign to a 4-3 victory over the Bakersfield Condors Saturday night.
Trump signs order threatening tariffs on nations doing business with Iran
President Donald Trump signed an executive order on Friday that may impose a 25% tariff on countries that do business with Iran.
Trump signs order threatening tariffs on nations doing business with Iran
U.S. President Donald Trump signed an executive order on Friday that may impose a 25% tariff on countries that do business with Iran.
Trump Signs Order Threatening Tariffs on Nations Doing Business With Iran
WASHINGTON, Feb 6 (Reuters) - U.S. President Donald Trump signed an executive order on Friday that may impose a 25% tariff on countries that do business with Iran. The order comes as tensions between Iran and U.S. continue to simmer even as the two countries engaged in talks this week.
Libertarian Larry Sharpe enters Republican primary for New York governor
Sharpe’s campaign sent an email this week urging residents who are currently registered with the Libertarian Party to switch their party registration to Republican.
Argentina and US sign major trade deal targeting tariffs and boosting political alliance
Argentina's foreign minister, Pablo Quirno, announced the deal's signing on social media on Thursday.
Canadian travel to the US is still low, new data shows
Statistics Canada data show fewer Canadians traveling and returning from the US, amid ongoing border fears, tariffs, and the "Buy Canadian" movement.
World Baseball Classic: Who Is On Team USA's Roster?
The reigning AL MVP in Aaron Judge. Both Cy Young winners in Tarik Skubal and Paul Skenes. Plenty of All-Stars and big names on Team USA.
EU extends suspension of retaliatory tariff
The Kentucky Distillers’ Association said in a new report that bourbon is now a $10.6 billion industry but is facing “mounting headwinds.”
EU extends suspension of retaliatory tariff
The Kentucky Distillers’ Association said in a new report that bourbon is now a $10.6 billion industry but is facing “mounting headwinds.”
EU extends suspension of retaliatory tariff
The Kentucky Distillers’ Association said in a new report that bourbon is now a $10.6 billion industry but is facing “mounting headwinds.”
Arts and Entertainment Agenda, Feb. 6-13
Matteo Mancuso, Feb. 6 Italian electric jazz guitarist Matteo Mancuso will perform at 8:45 p.m. Friday, Feb. 6, at the Paul JAS Center, 422 E Cooper Ave. Based in his hometown of Sicily, he’s known...
DC Wrap: Dems make DHS demands; nuclear treaty expires; Bessent defends tariffs
A look at the day's biggest stories in national politics
Bessent defends tariffs on Capitol Hill as SCOTUS decision looms
It’s unclear when the Supreme Court may issue its decision, but the nine justices don't return to the bench until Feb. 20 from winter recess
L3Harris begins militarizing Bombardier business jets for South Korean AEW&C order
“We have already received two aircraft to begin mission system integration work, demonstrating both program momentum and the maturity of the AERIS solution,” L3Harris's Jason Whitford told Breaking Defense.
Poll: Most want Supreme Court to rule against Trump on tariffs, Fed control
Large majorities of the public want the Supreme Court to rule against Trump's tariffs and against his attempt to fire Lisa Cook from the Federal Reserve.
Southland top 20 high school girls' basketball rankings
Ontario Christian and Sierra Canyon remain No. 1 and No. 2 in high school girls' basketball rankings
GE HealthCare weathers tariffs to beat Wall Street expectations for 2025
GE HealthCare posted full-year growth of 4.8% in 2025, including 7.1% revenue growth in its fourth quarter, beating analyst expectations, and announced 2026 guidance of growth across all its performance metrics.
Canada Services PMI Falls to 45.8 in January as Activity and New Business Decline
Activity in Canada’s services industry contracted even more sharply to start the new year, extending a downturn as tariffs and broader uncertain continue to weigh heavily, data released Wednesday showed.
After 30 Years, Virtual Boy Gets Its Chance To Shine
When looking back on classic gaming, there’s plenty of room for debate. What was the best Atari game? Which was the superior 16-bit console, the Genesis or the Super NES? Would the N64 have b…
In Memoriam: Dr. Edgar J. McCullough, Jr.
In memory of Dr. Edgar J. McCullough, Jr., a distinguished scholar and educator, the college’s first dean, and a deeply respected humanitarian whose life’s work touched countless students, colleagues and communities.
Opinion | We’ve been shoved down. Small business shows how we get back up.
Staring down an existential threat, small Twin Cities businesses like Modern Times and Pho 79 are meeting the moment, Adair Mosley writes.
Musheinesh: Trump ignores the devastating toll tariffs have on Michigan businesses
No person — not even the President of the United States — has the unilateral power to slap taxes on the entire nation whenever they feel like it.
WHO launches 2026 appeal to help millions of people in health emergencies and crisis settings
The World Health Organization (WHO) today launched its 2026 global appeal to ensure millions of people living in humanitarian crises and conflicts can access health care.
Trump cuts deal with India to reduce tariffs, increase oil purchases
Donald Trump said he was lowering the tariff on India as part of a deal for the country to stop buying Russian oil and increase purchases from the United States.
What happened in Iowa politics the week of Jan. 26-30
Listen as Morning Edition Host Meghan McKinney and IPR's State Government Reporter Katarina Sostaric review the latest from the Iowa Legislature.
The Wonder Drug That’s Plaguing Sports
Ostarine held the promise of profound medical treatments. Something unexpected happened on the way to F.D.A. approval.
Companies reporting earnings are doing just fine, despite tariffs
Companies in the S&P 500 may be on track to report the highest net profit margins in at least 15 years, suggesting tariffs aren't harming industry.
Former VP Mike Pence addresses immigration enforcement, tariffs, and more
The former vice president sat down with KCRA 3's Edie Lambert to talk about issues specific to California.
'California Politics 360' full episode | Former Vice President Mike Pence talks immigration, tariffs
Edie Lambert talks with Mike Pence about his thoughts on immigration enforcement in California, the fight over representation in Congress and the impact of tariffs on Californians.
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
Legendary Musician ‘Thinking Twice’ About Touring In Trump’s America: ‘Too Dangerous’
The guitarist expressed his concerns about performing on U.S. concert stages in a new interview.
Chicago-area retail sales rose amid tariff threats
Threats of tariffs had Chicago-area consumers spending big on clothing and appliances, retail sales tax data from the first half of 2025 shows.Retail sales in the Chicago area jumped 16.1% year over year in the first six months of 2025, rising to nearly $97.5 billion, according to a report from…
Trump warns UK against doing business with China after Starmer visits Beijing
It comes after the US president threatened to impose tariffs on Canada if it went through with economic deals struck with China
Trump warns UK against doing business with China after Starmer visits Beijing
It comes after the US president threatened to impose tariffs on Canada if it went through with economic deals struck with China
South Florida Republicans cheer Donald Trump's tariff order on nations doing business with Cuba
Mario Díaz-Balart, María Elvira Salazar and Carlos Giménez said the move could pressure the end of communist rule on the island.
Trump says ‘very dangerous’ for UK to do business with China, after Starmer hails progress in Beijing
US president warns Keir Starmer over closer ties with China during British PM’s trip to secure lower tariffs and better access to Chinese market
Fans excited for Nintendo's upcoming Tomodachi Life: Living the Dream left completely baffled by "wacky" image sharing restrictions
Nintendo has implemented restrictions to how you can share images in Tomodachi Life: Living the Dream.
Minneapolis small business supports strike against ICE, raises money
ICE activity and tariffs are making for an especially tough month for Perennial Cycle in Minneapolis. The owner is focusing on the community.
Reign dominate Canucks in 6th straight home victory
The Ontario Reign (28-12-1-1; 58 points) take a commanding 5-2 victory over the Abbotsford Canucks (15-23-3-3; 36 points) Wednesday night at Toyota Arena. Five different skaters scored for the Reign, coming together for a full team-effort. Ontario remains in first place in the AHL Pacific Division.
FreshBooks 2025 Ontario Small Business Snapshot: Owners More Reserved Than U.S. Peers, but Most Say Their Businesses Are Stable
Ontario survey data shows lower optimism and higher interest-rate sensitivity than U.S. counterparts, while operating conditions stay steady for most businessesTORONTO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Ontario small business owners are entering 2026 with a more reserved outlook than their U.S. counterparts, reflected in lower economic optimism, softer financial sentiment, and greater sensitivity to interest rates, according to a new Ontario snapshot from FreshBooks’ 2025 State of Small Business
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
More 'No Kings' protests planned for March 28 as outrage spreads over Minneapolis deaths
Organizers are planning what they anticipate will be the largest “No Kings” protests yet, targeting what they call authoritarianism under President Donald Trump