SCROLL NEWS / DISCOVERY
Search headlines
Find the stories shaping the conversation.
Results for " ned " 20,970 found 🔀 AI-powered Shuffle
Mother sues Novant Health after death of daughter left her with haunting questions
LaChunda Hunter didn't think she could have kids. When she learned she was pregnant, she called it a miracle. That miracle quickly became a nightmare after birth.
I’ve covered Melania Trump for more than a decade. Here’s what I learned from her new documentary
“Melania” the documentary is a big, beautiful coffee table book of a film, filled with glossy images, high fashion and a captivating soundtrack.
Venezuela announces bill that could lead to mass release of prisoners detained for political reasons
CARACAS, Venezuela (AP) — Venezuela’s acting President Delcy Rodríguez on Friday announced a bill that could lead to the release of hundreds of prisoners, including opposition leaders, journalists and human rights activists detained for political reasons.
Local business owners use one-day boycott to protest federal immigration actions
At least 15 Phoenix-area businesses and several student groups joined a national "ICE Out" boycott to protest Trump administration immigration enforcement.
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
Broncos sign another player to reserve/future contract
The Broncos signed CB Jaden Robinson to a reserve/future contract on Friday.
Sydney Sweeney REJECTS calls to speak on politics
Actress Sydney Sweeney told 'Variety' politics are 'not an area I have ever imagined getting into' while calling for 'respect and understanding.'
Measles cases in South Carolina rise by 58 to 847, state health department says
South Carolina reported 847 measles cases on Friday, state health data showed, including 58 additional infections since Tuesday, as officials warned the widening outbreak could last weeks or months amid lagging vaccine uptake.
Kevin Couch, senior official at Trump Kennedy Center, abruptly resigns
Kevin Couch, who was named senior vice president of artistic programming at The Trump Kennedy Center earlier this month, has resigned from his role.
Dozens of Businesses Close, Show Support for National ICE General Strike
Other restaurants and retailers remained open but shared messages of solidarity and plan to donate proceeds.
The ICE surge has disrupted business. Minnesota’s top economic official is ‘very concerned.’
In an interview, DEED Commissioner Matt Varilek spoke at length about how ICE is affecting businesses and making the job of growing the state’s economy more difficult.
Which free agents should the Denver Broncos re-sign?
Heading into the 2025 season, the Denver Broncos had several key players in the final year of their deals who would become free agents at the end of the year. However, the team did a lot of the heavy lifting throughout the year and signed defensive linemen Zach Allen and Malcolm Roach, wide receiver Courtland […]
Sport management practicum gives UMaine students executive-level experience
When Colby Winship enrolled in the Sport Management Practicum at the University of Maine, he knew he was entering a course designed to operate like the professional world. After all, practicum experiences at the Maine Business School are built to move beyond lectures and case studies. This semester, that meant…
Gavin Newsom says he's 'burdened by the facts' as he criticizes California billionaire wealth tax proposal
California Gov. Gavin Newsom doubled down on his criticism of the proposed billionaire wealth tax, warning it could cut school and safety funding rather than solve budget issues.
Why has Burkina Faso banned political parties, and what’s next?
It's the latest of several measures that rights groups say are shrinking the civic space in the Sahel nation.
Eggs, hats and unfettered political ambition: what we learned about Melania Trump from her documentary
The first lady’s political goals, high-stakes clothes fittings and hints that she and Donald still have sex are just some of the highlights from Brett Ratner’s documentary
State Affairs Florida launches with Dara Kam, Jim Saunders
'Opening a Tallahassee bureau lets us bring depth, context and institutional knowledge to coverage that too often gets flattened by daily churn.'
Tech CFOs face a new challenge: Selling unprecedented capex as ‘disciplined’
Meta and Microsoft CFOs frame AI spending as disciplined, demand-driven.
Delivra Health Brands Announces Appointment of New Director
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2026) - Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF) ("Delivra Health", "Delivra" or the "Company"), a consumer packaged goods company uniquely positioned in the health and wellness sector, is pleased to announce the appointment today of John Barrett as a director of the board of directors of the Company (the "Board"). Mr. Barrett was previously a senior executive with Frito Lay and PepsiCo, and served as Chief Commercial...
Event Recap: Fourth Annual Health Solutions Summit | Committee for a Responsible Federal Budget
2026-01-30-Despite a recent ice storm, over 200 people turned out for hot chocolate and health policy on January 28, 2026‘s for the Committee for a Responsible Federal Budget's Fourth Annual Health Solutions
Leon Goretzka move collapses: Atletico Madrid move onto other options
Atletico Madrid have been forced to look at other alternatives to Leon Goreztka with just four days left in the transfer window, after the Bayern Munich midfielder turned down a move to the Metropolit...
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
Panama court rules Chinese control of canal ports unconstitutional
Lawsuit was brought before court in 2025 as US threatened to seize control of strategic waterway.
The 10 most profitable sports teams in the world right now
Winning championships is the goal, but for the front office, the real scoreboard is the balance sheet. In an era where media rights, luxury suites, and global branding have turned franchises into financial powerhouses, some teams are simply playing in…
The nation’s cartoonists on the week in politics
Every week political cartoonists throughout the country and across the political spectrum apply their ink-stained skills to capture the foibles, memes, hypocrisies and other head-slapping events in the world of politics. The fruits of these labors are hundreds of cartoons that entertain and enrage readers of all political stripes. Here's an offering of the best of this week's crop, picked fresh off the Toonosphere. Edited by Matt Wuerker.
Yakuza Kiwami 3 & Dark Ties Dev Acknowledges Demo's "Graphical Issues", Launch Update Planned
It "does not represent the final experience"
Trump says 'very dangerous' for UK to get into business with China
U.S. President Donald Trump on Thursday warned the United Kingdom against getting into business with China, saying it would be "very dangerous."
Kennedy Overhauls Federal Autism Panel in His Own Image
The new panel, which advises the government on research and service priorities for people with autism, includes many members who have argued that vaccines cause the disorder.
IDF officials shift stance, accept Gaza Health Ministry data on death toll
After two years of war, senior military officials for the first time aligned with an update from Gaza’s Hamas-run Health Ministry, saying they estimate about 70,000 Gazans have been killed, excluding the missing, while stressing that efforts to distinguish terrorists from civilians are ongoing
UK business confidence weakens as doubts grow over wider economy
British business confidence has weakened this month after executives' view of the global economic outlook declined to its darkest in a year, a survey by Lloyds showed on Friday.
Scaling innovations in public health systems: guidance and toolkit
This guidance is a strategic instrument to position governments as drivers of health systems transformation. By embracing the roles, processes and strategies outlined herein, public sector leaders can move beyond short-term initiatives and isolated successes toward lasting, large-scale improvements in health outcomes.
A 20-year-old cancer vaccine may hold the key to long-term survival
Two decades after a breast cancer vaccine trial, every participant is still alive—an astonishing result for metastatic disease. Scientists found their immune systems retained long-lasting memory cells primed to recognize cancer. By enhancing a key immune signal called CD27, researchers dramatically improved tumor elimination in lab studies. The findings suggest cancer vaccines may have been missing a crucial ingredient all along.
Testing the system: regional simulation exercises advance global health security
These exercises – South-East Asia Regional Practice of All-Hazard IHR Event Communications (SAPHIRE), Joint Assessment and Detection of Events (JADE) in the European Region, and IHR Exercise Crystal in the Western Pacific Region – bring together National Focal points (NFPs), who play a critical role under the IHR in safeguarding global health security. These annual exercises stress-test IHR event communication procedures and contingency plans, demonstrating a sustained commitment by countries to strengthening preparedness and learning.
More than 80 Maine businesses will be closed Friday as part of ICE protest
Dozens of Portland area businesses have signed on to close for the day as part of what's being called a service industry strike, which is happening nationwide.
Sam Raimi shares 'Doctor Strange 2' scene that made him want to work with Rachel McAdams again
Without 'Doctor Strange in the Multiverse of Madness,' 'Send Help' would've looked a lot different. Director Sam Raimi and star Rachel McAdams explained how Marvel was their stepping stone to the survival horror movie.
Talarico says Crockett told him she was “looking at running in 2030” before entering 2026 Senate race
James Talarico said Congresswoman Jasmine Crockett had told him she was “focused on her work in the Congress and was looking at running in 2030” when asked if she had planned to run in the upcoming Senate primary.
Three months after Hurricane Melissa: PAHO continues supporting health system recovery across the Caribbean
Washington, DC, 28 January 2026 (PAHO)- Ninety days after Hurricane Melissa swept across parts of the Caribbean, countries are transitioning from emergency response toward recovery—while continuing to confront public health risks linked to damaged infrastructure, disrupted services, and heightened vulnerability to disease. The Category 5 storm made landfall first in Jamaica on 28 October 2025, causing widespread damage in several Caribbean nations, mainly across Jamaica, Cuba and Haiti, and placing sustained pressure on national health systems.
Burkina Faso’s military government dissolves political parties
Interior Minister says multiplication of political parties has fuelled divisions and weakened social cohesion.
Gainesville businesses to join nationwide shutdown to protest ICE
Several Gainesville businesses will close Jan. 30 in solidarity with a nationwide protest against ICE, with demonstrations planned locally Jan. 30–31.
6 Tactics Black Businesses Can Apply To Spur Revenue Growth In A Post-DEI World
Starting roughly a year ago, DEI rollbacks have meant $217 million in lost federal contracts to small businesses, including Black-owned ones.
Health Care Provider Consolidation
I. Issue Overview Ongoing consolidation among hospitals, physician practices, and other providers poses a serious challenge to the U.S. health care system—offering potential benefits to some but also with significant worrying impact on rising health care prices. Provider consolidation remains pronounced among both hospitals and physician practices. The share of hospitals operating independently declined from … Continued
Northwestern Mutual Data Science Institute launches new website
The Northwestern Mutual Data Science Institute has launched a new website designed to serve as a central hub for news, events and opportunities.
Science Community Weighs in on Federal Plans to Accelerate US Innovation
Science groups call for stable funding and streamlined regulations.
Ohio political blog 'The Rooster' banned from X after criticizing DHS Secretary Kristi Noem
The blog's author, D.J. Byrnes of Columbus, wrote that Noem "will have to die in prison. No other way around it." The social media platform banned Byrnes for violent speech and abuse.
Former reality TV father of 8 reveals major health scare: ‘I could have died’
It happened just weeks before his marriage to his second wife.
Make an Honest Living in Three New GTA Online Odd Jobs
Join the ranks of the Los Santos Fire Department as a Firefighter, load up delivery vans for Alpha Mail as a Forklift Operator, or deliver the old-fashioned printed version of the Los Santos Meteor with a Paper Route in three new Odd Jobs now available...
cbdMD Strengthens Regulatory Science Platform to Support Emerging Regulatory Cannabinoid Evaluation Pathways
cbdMD, Inc. (NYSE American: YCBD), a leading innovator in hemp-derived wellness products, today announced a strategic initiative to integrate and expand its regulatory science, safety, and intellectual property assets to establish a differentiated cannabinoid compliance and evidence platform aligned with evolving federal healthcare evaluation frameworks, including emerging CMS and CMMI innovation initiatives.
Monkey Business: Using Genetics to Understanding Decision-Making in Monkeys
Abigail Morris first visited the Peruvian Amazon when she was 6 years old. Now, as a Ph.D. candidate in the Animal Behavior Graduate Group, she has returned to study how seasonal flooding affects the behavior, diet and population genetics of two species of monkey: monk sakis (Pithecia monachus) and large-headed capuchins (Sapajus apella macrocephalus).
What happened when Starmer met Xi Jinping?
Pippa Crerar joins Kiran Stacey from Beijing as she follows Keir Starmer on his historic trip to China
Survey: Parents a top reason youth coaches quit
Most of America's youth-sport coaches are feeling burned out and fed up with verbal harassment and abuse, mainly from parents of athletes, according to a national survey released Thursday by the U.S. Center for SafeSport.
More naming opportunities planned for Altru Sports Complex; first part of Phase 2 expected to bid in April
The Grand Forks Park District is looking at options for other naming rights in the facility to help fundraise for the project.
Abortion Pill Safety Decisions by FDA Were Science-Based, New JAMA Study Finds — The Monitor
A new study found the FDA’s abortion pill decisions followed scientific evidence, as misleading claims about the drug’s safety continue to shape public understanding. And Google removed some health AI summaries after a Guardian investigation reported that AI-generated summaries contained false and potentially dangerous health information.
Rice Business launches new graduate healthcare certificate program to advance leadership in dynamic industry
Rice’s Jesse H. Jones Graduate School of Business today announced the launch of its Graduate Certificate in Healthcare Management program, a 10-month, credit-bearing professional credential designed for current and aspiring leaders seeking deep expertise in the business of healthcare. Situated at the crossroads of Houston’s renowned Texas Medical Center and global healthcare innovation, the program blends rigorous business fundamentals with healthcare-specific strategy, operations and management.
What to know about the Melania Trump documentary
As Melania Trump prepares to walk the red carpet at the newly rebranded Kennedy Center Thursday evening, she is proving that a peek behind the curtain of her life isn’t just a historical record, but a multi-million-dollar commodity.
Americans Are More Worried About Health Care Costs Than Gas or Groceries
The price of health care tops the US public’s long list of economic worries ahead of the midterm elections, according to new polling data, as “affordability” has become a buzzword championed by politicians on both sides of the aisle.
Senegal boss Thiaw banned after Afcon final chaos
Senegal manager Pape Thiaw his banned for five games after the chaotic scenes during the Africa Cup of Nations final against Morocco.
Iconic sports bar in Palo Alto reopens and prepares for the Super Bowl
Businesses are getting ready for big crowds and watch parties; that includes an iconic spot in Palo Alto that just reopened in time for the Super Bowl.
China, U.K. vow to build long-term strategic partnership in bid to reset strained ties
U.K. Prime Minister Sir Keir Starmer said he hopes to build "more sophisticated" ties with China as the two nations look to revive the bilateral relationships.
Samsung fast paces One UI 8.5 Beta 4 update release work
After a brief pause, One UI 8.5 Beta has returned on track as Samsung speeds up work on the Beta 4 update. The latest development signals that users of the Galaxy S25 series will soon receive a new Beta software update. As spotted by TarunVats, Samsung is now working on a new One UI 8.5 Beta […]
Science for Living: How digital health tools strengthen care when patients are the core focus
Daniel Amante, PhD, MPH, discusses how digital health tools are most effective when they’re designed with patients at the center.
Science for Living: How digital health tools strengthen care when patients are the core focus
Daniel Amante, PhD, MPH, discusses how digital health tools are most effective when they’re designed with patients at the center.
Analysis: Why the Minnesota deportation impasse will be so hard to solve
What happens now that the tough Minnesota deportation crackdown has turned tragic depends on whether President Donald Trump concludes he simply has an optics problem or whether he’s ready to make genuine changes to unpopular hardline policies that are central to his political identity.
'Let them sue us': Residents outraged over proposed mental health facility in Horry Co.
A town hall meeting turned heated as residents and mental health advocates debated the location of a proposed mental health facility.
The Herald's weekly entertainment picks
Looking to be entertained from Thursday, Jan. 29, through Wednesday, Feb. 4? Check out the Skagit Valley Herald’s weekly recommendations.
Business owner speaks out after Ypsilanti parents detained by ICE
Google to foist Gemini pane on Chrome users in automated browsing push
: The world’s most popular browser has gained a dedicated sidebar for AI browsing
Plain Talk: 'Politics is noise'
On this Plain Talk, we were joined by outgoing North Dakota House Majority Leader Mike Lefor and Democratic-NPL U.S. House candidate Trygve Hammer.
Mahoning Valley arts and entertainment
Art ARTS & EDUCATION AT THE HOYT, 124 E. Leasure Ave., New Castle, Pa.: “My Abandoned Heart: Photography by Diane Beatty,” ...
Trump Rallies Business Leaders to Fund Accounts for Babies
The President joined with celebrities, CEOs, and officials to stoke support for the new Trump Accounts.
Android Gets Enhanced Set of Theft Protection Feature Updates
Android is getting a host of new theft protection updates from Google, designed for users on Android 16+. The updates are being built onto existing features, “designed to give you... #Android #Google
Federal court documents outlines allegations against Zipps Sports Grill
Newly obtained court documents are revealing more about why federal agent conducted searches at more than a dozen Zipps Sports Grill across the Valley.
'Halide' Co-Founder Sebastiaan de With Joins Apple's Design Team
Sebastiaan de With, co-founder of the popular iPhone camera app Halide, today announced that he has joined the Human Interface Design team at Apple. "So excited to work with the very best team in the world on my favorite products," he said. This marks a return to Apple for de With, who previously worked on things such as iCloud, MobileMe, and the Find My app. He has also completed design work for other companies, such as Sony, Mozilla, Oracle, HP, and EA, in the past.
Blackstone's biggest hedge fund business returned 12% in 2025, sources say
Blackstone's biggest hedge fund platform, Absolute Return Composite (AR), returned nearly 12% last year, beating the benchmark HFRX Global Hedge Fund Index's 7.1% gain, two people familiar with the numbers said on Wednesday.
The Alliance for Primary Health Care in the Americas marks two years and formally welcomes Bolivia and Uruguay as members
PAHO, the World Bank, and the IDB initiative has driven health system transformation and aligned more than one billion dollars in investments across five countries. Brazil expressed its support, signing a letter of intent.Rio de Janeiro, 28 January 2026 — The Alliance for Primary Health Care (PHC) in the Americas, a joint initiative of the Pan American Health Organization (PAHO), the World Bank (WB), and the Inter-American Development Bank (IDB), is celebrating its second anniversary with achievements in transforming health systems across the region.
Trump's response to Pretti killing upends Second Amendment politics : Here & Now Anytime
Alex Pretti was legally carrying a gun when a federal agent shot and killed him in Minneapolis last weekend. President Trump and other federal officials blamed his death on the fact that he had a gun, but Minnesota Gun Owners Caucus chair Bryan Strawser explains why he disagrees.And, after leading immigration operations in Minneapolis, Border Patrol Commander Gregory Bovino has returned to his previous job in California. CalMatters investigative reporter Sergio Olmos talks about Bovino’s record in California.
Where Congress stands on the DHS funding fight
The killing of ICU nurse Alex Pretti in Minneapolis has sparked anger and dominated political thought since it happened Saturday.
US Federal Reserve holds interest rates steady despite political pressure
The central bank will maintain rates at 3.5 to 3.75 percent and warned of 'elevated' economic uncertainty.
Burner phones and lead-lined bags: a history of UK security tactics in China
Starmer’s team is wary of spies but such fears are not new – with Theresa May once warned to get dressed under duvet
Pulaski County Sports & Entertainment Unveils Official Sportsplex Logo
New Facility Designed to Serve the Community and Welcome the World Pulaski County, Virginia – Pulaski County Sports & Entertainment is proud to unveil the official logo for the Pulaski County Sportsplex, a transformative new indoor sports complex that will serve as a premier destination for athletic competition while providing a year-round recreational asset for […]
Accelerating Science: A Blueprint for a Renewed National Quantum Initiative
Sustained U.S. leadership in quantum information science is critical to ensuring that breakthroughs in computing, sensing, networking and materials translate into secure technologies and industries, a skilled domestic workforce and long-term strategic advantage. To secure this future, Congress must act and reauthorize the National Quantum Initiative (NQI).
CBS Sports Classic adds Kansas to field including Kentucky, UNC, Ohio State
KU is the newest addition to the four-team field signed through 2029 to participate in the annual CBS Sports Classic
Windows 11 will support resuming Spotify, web browsing, and other apps from Android
Microsoft might’ve ditched Android apps in Windows 11 a couple of years ago, but that doesn’t mean it’s abandoned cross-platform...
1st Zipps Sports Grill location reopens following Homeland Security raids
Zipps Sports Grill in Tempe, located near McClintock Drive and Warner Road, reopened on Jan. 28, the company announced.
How Oprah Winfrey has turned her weight-loss journey into a business
Oprah Winfrey's newest book, "Enough," is about her relationship with weight-loss drugs. Since the '90s, she has been combining her health with business.
PE-backed CT masonry business acquires New England manufacturer
US Masonry and Building Products said it purchased York Flashings LLC, which manufactures products designed to seal joints and channel moisture out of building walls to help prevent water damage.
Manu Ginobili among backers of new planned sports performance project in South Florida
Manu Ginobili is investing in South Florida’s potential with a new venture. The former San Antonio Spurs star is part of a group building the Sports Performance Hub in Homestead, Florida. It’ll be a next-generation sports, education and community development project. It will feature a 10,000-seat stadium for Miami FC, sports training facilities, a basketball facility, a boarding school and more. Groundbreaking is set for March, with plans to open in 2028. Ginobili, along with partners like Riccardo Silva and Juan Sebastian Veron, aims to connect sports training with academics. They believe Miami’s multicultural environment makes it an ideal location.
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.
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
Hidden struggles: Cambridge scientists share the truth behind their success
In a career defined by constant questioning, self-doubt can become an occupational hazard. Now, for the first time, a group of Cambridge scientists reveal the personal struggles they’ve faced – and continue to face – as they strive for success.
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.
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…
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.
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...
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...
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
TARC to sell West End business center to community group
With approval from the TARC board, a purchase agreement for the Nia Center is expected to be signed by the end of the week.