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From The Sports Desk: Mexico’s first knockout win in four decades
Mexico won a knockout game for the first time since 1986 when it beat Ecuador 2-0 yesterday. Elsewhere, Norway beat Ivory Coast 2-1, and France hammered Sweden 3-0.
How to Watch the World Cup Today: Schedule, Times, TV, Streaming for England, USA, More
France, Norway and Mexico highlight a 3-match 2026 FIFA World Cup day on Tuesday. All games air on FOX and stream on FOX One.
Ivory Coast vs Norway – Match preview and team news
Ivory Coast and Norway meet in the Round of 32 fixture on Tuesday at the Dallas Stadium after both teams secured second place in their respective group table.Ivory Coast vs Norway – Match preview an...
Why didn’t Arsenal’s Saliba play against Norway?
France eased past Norway to top their World Cup group on Friday night, but William Saliba was unavailable for the game as he continues to manage his back injury.Photo by Darrian Traynor/Getty ImagesFr...
Fallout from USMNT loss to Turkey and previewing the Mbappe-Haaland clash
On today’s show, we look back at the United States’ final group stage match against Turkey and evaluate their readiness for the Round of 32. Manchester City insider Sam Lee joins us to preview the tournament’s first true superstar heavyweight clash as Kylian Mbappe and France square off against Erling Haaland and Norway in a battle for Group I supremacy. Plus, The Athletic’s Jay Harris is back in the studio to break down the latest bracketology, advancement percentages, and qualification permutations for Groups G, H, and I using The Athletic’s World Cup Tracker.
Norway vs France Highlights
Check out the full game highlights between Norway and France in the 2026 FIFA World Cup™. Announced by Ian Darke and Landon Donovan.
France's Ousmane Dembélé records second-fastest hat trick in World Cup history in 4-1 win over Norway
Norway vs Senegal Extended Highlights
Check out the full game highlights between Norway and Senegal in the 2026 FIFA World Cup™. Announced by Ian Darke and Landon Donovan.
From The Sports Desk: What will Messi, Mbappé and Haaland do for an encore?
Argentina’s Lionel Messi, France’s Kylian Mbappé and Norway’s Erling Haaland all combined to score seven goals on the same day last week. Can they top that today?
Iraq vs Norway Quick Highlights
Check out the full game highlights between Iraq and Norway in the 2026 FIFA World Cup™. Announced by Ian Crocker and Danny Higginbotham.
Iraq vs Norway Highlights
Check out the full game highlights between Iraq and Norway in the 2026 FIFA World Cup™. Announced by Ian Crocker and Danny Higginbotham.
World Cup results, schedule, scores, live updates: France vs. Senegal kicks off star-studded day; Norway-Iraq up next
Eight rules made Norway a winter sports superpower. Will they help at the World Cup?
Norway’s unique approach to youth athletics has turned it into a winter sports powerhouse. Yet no sport is as popular as soccer.
Saint-Gobain sells Dahl business to Kesko for $1.7 billion
France-based construction group Saint-Gobain agreed to sell its specialist distribution business in Sweden, Norway and Denmark, primarily under the Dahl brand, to Finnish retailer Kesko for €1.5 billion ($1.7 billion), the company said on Monday.
Eldest son of Norway’s crown princess sentenced to 4 years in prison for rape
Marius Borg Høiby, the eldest son of Norway’s Crown Princess Mette-Marit, has been sentenced to four years in prison.
Rape trial verdict due in the case of Norwegian crown princess' eldest son
A Norwegian court is set to deliver its verdict and sentence in the trial of Crown Princess Mette-Marit's eldest son Marius Borg Høiby | KYW Newsradio
Divorcees and widows share concerning mental health trait, researchers find
New research from Norway finds divorcees and widows may face higher mortality risk than those who remain coupled, highlighting social disconnection.
Pragg clinches Norway Chess title; India face Japan in U18 hockey Asia Cup final; IND (W) vs. BAN in SAFF final: Indian Sports LIVE, June 6
Here are all the updates from Indian sports on June 6, 2026.
Germany qualify in style for 2027 Women’s World Cup
Two full-back goals and two FC Bayern assists led the way as Germany won 2-0 over Norway.
Norway's crown princess placed on listed for lung transplant, palace says
Norway's Crown Princess Mette-Marit has been placed on a waiting list for a lung transplant after a further deterioration of her health, the royal household said in a statement on Friday.
Pragg beats Carlsen for second time in Norway Chess; Satwik-Chirag in first round action at Indonesia Open: Indian Sports LIVE, June 3
Here are all the updates from Indian sports on June 3, 2026.
Sindhu among Indians in action at Indonesia Open, Norway Chess continues: Indian Sports LIVE, June 2
Here are all the updates from Indian sports on June 1, 2026.
Sindhu among Indians in action at Indonesia Open, Norway Chess continues: Indian Sports LIVE, June 2
Here are all the updates from Indian sports on June 1, 2026.
Another NATO ally signs onto European nuclear umbrella as continent boosts self-defense
Norway becomes the ninth country to join France's nuclear deterrence initiative as European governments seek greater self-reliance from U.S. defense.
Canada misses out on hockey worlds medal, falls to Norway in OT
Norway stunned Canada 3-2 in overtime of the bronze medal game to capture its first ice hockey world championship medal on Sunday.
Satwik-Chirag play Singapore Open final; Norway Chess continues: Indian Sports LIVE, May 31
Here are all the updates from Indian sports on May 31, 2026.
Satwik-Chirag play Singapore Open final; Norway Chess continues: Indian Sports LIVE, May 31
Here are all the updates from Indian sports on May 31, 2026.
Pragg beats Carlsen in Norway Chess, India lose Unity Cup SF; Sindhu into Singapore Open QF: Indian Sports LIVE, May 28
Here are all the updates from Indian sports on May 28, 2026.
What Norway’s dominance at the Winter Olympics can teach us about youth sports
The country’s focus for young people on ‘the joy of sport’ leads to much higher participation rates – and lots of Olympic gold Barry Finegold, CommonWealth Beacon EVERY CYCLE OF the Winter Olympics brings a familiar but uncomfortable storyline: The United States, with its vast population, enormous resources, and deep
Animesh Kujur, Sachin Yadav in action at Federation Cup; Norway Chess begins: Indian Sports LIVE, May 25
Here are all the updates from Indian sports on May 25, 2026.
Animesh Kujur, Sachin Yadav in action at Federation Cup; Norway Chess begins: Indian Sports LIVE, May 25
Here are all the updates from Indian sports on May 25, 2026.
'Fjord,' Norway-set drama about political polarization, wins Palme d’Or at Cannes
"Fjord" found wide admiration for its engrossing tale of what Mungiu called "left-wing fundamentalism."
England announced World Cup squad with Beatles-inspired video
It’s not just NFL teams that have something to strive for on social media this month. With the World Cup just a few weeks away, national teams are releasing their squads for the tournament with similarly dramatic announcements. Norway literally got their king to announce the squad. Brazil did it the old-fashioned way by announcing…
SLB OneSubsea Completes Acquisition of Subsea Business of Envirex Group AS
Global energy technology company SLB (NYSE: SLB) today announced that its OneSubsea™ joint venture has completed the acquisition of the subsea business of Norway-based Envirex Group AS (Envirex).
Kristoffer Reitan earns 2-shot win at Truist Championship
The 28-year-old PGA Tour rookie from Norway shot 2-under 69 on Sunday to earn a two-shot win over Rickie Fowler and Nicolai Hojgaard in Charlotte.
Cameron Young shoots 63 at Quail Hollow, trails Alex Fitzpatrick by 2
Fitzpatrick was at 14-under 199 through 54 holes, one shot ahead of Norway's Kristoffer Reitan after each shot 64.
Science diplomacy lessons from a North Korean volcano
Mount Paektu, a mythic, active volcano on the border between North Korea and China, is almost the epitome of a scientific challenge that crosses political lines. In 946 CE, it erupted in one of the five biggest volcanic events of the past 10,000 years, kicking up huge quantities of ash and sending destructive mud flows down river channels for hundreds of kilometres. Should this happen again, the entire region, including easternmost Russia, South Korea and even Japan could be hit. “It’s definitely got the potential to be big,” said James Hammond, a professor of geophysics at Birkbeck, University of London. An eruption on the scale of 946 would have “huge regional impact.” For the past 15 years, Hammond has helped lead a groundbreaking collaboration with North Korean scientists to study the volcano, navigating scientific sanctions, tough export controls on scientific equipment and a long, pandemic-enforced exodus from the country. Although he seems more at home on far-flung research expeditions – before speaking to Science|Business, Hammond was camping out on a Greenland ice sheet – he has also advised the European Commission on its changing science diplomacy strategy. His long experience with North Korea has made Hammond sceptical of blanket bans on science collaboration, no matter the country.This is a live question in Europe, where in the wake of Russia’s 2022 invasion of Ukraine, institutional ties with Russian universities were almost entirely severed, although some scientists fear this could undermine our understanding of climate change’s impact on the Arctic. Here, Hammond tells the story of the Mount Paektu mission and the policy lessons he takes from it. Ominous rumblingsThe genesis of Hammond’s collaboration came in 2002, when Mount Paektu began to rumble ominously. Earthquake activity picked up and the volcano began to emit unusual gases. North Korean scientists took notice. “People felt we need to know more about this volcano,” said Hammond. In 2011, North Korean vulcanologists put out a request for international expertise to help them learn more. At the time, Hammond and his collaborator, Clive Oppenheimer, were working on a vulcanology project in another sanctioned country, Eritrea, and so decided to answer the call. Within a month, they had flown into Pyongyang. “It was pretty incredible,” recalls Hammond (left). “We were made to feel like honoured guests, and invited to official celebrations.” The scientific opportunity was huge. Paektu is unusually positioned, a thousand kilometres from where tectonic plates rub against each other in the Pacific. “It was an incredibly interesting volcano, but not much research had been done, at least not in the international community,” he said. “There was so much we felt we could do. And we had these partners that were super keen to engage.”The mission received an unusual visitor in the form of volcano-obsessed filmmaker Werner Herzog, who accompanied Hammond and Oppenheimer while directing his 2016 film Into the Inferno about volcanos across the world. Four days into the trip, the German director delivered a long speech about reunification to his North Korean hosts, recalls Hammond. “He got to the heart of the Koreans and how they felt, and how they thought, in a way that I'm not sure I ever will,” he said. UN sanctionsHowever, Hammond realised he’d been “naïve” about how difficult it would be to collaborate with North Korea, which was sanctioned far more heavily than Eritrea. “We didn’t fully appreciate the all-encompassing nature of restrictions,” he said. In 2016, as tensions escalated over Pyongyang’s nuclear tests, a United Nations resolution banned all joint scientific work with North Korea. However, the UN sanctions did allow countries to request carve outs, and the UK successfully requested an exemption for Hammond’s work. Related articlesEU pushes for joint science diplomacy, but care needed to avoid gridlock, experts sayRussia severs its last ties with German scienceAnchor Greenlanders in Arctic climate research, experts tell EU ahead of policy updateExport controls have also delayed Hammond’s work. In one case, it took 18 months to get approval from the UK government to take seismometers, which measure earthquakes, to North Korea. “It was frustrating,” he said. “But they didn’t just say no.” However, one instrument, called an induction coil, used to measure how the earth conducts electricity, was blocked entirely because it can in theory be used to detect submarines. Karaoke bondingSince the collaboration started in 2011, Hammond has visited the country around 15 times, although the pandemic closed off North Korea for more than five years. A trip last November was Hammond’s first since the outbreak. Despite this lengthy interlude, Hammond has deep bonds in the country. The North Korean scientists Hammond works with are somewhat isolated, as they struggle to access the latest research papers and travel to international conferences. That said, they are “excellent geophysicists” and are “very well trained in the field,” he said. Over karaoke and chats about their families, “we’ve made friendships, for sure,” he said. The authorities have to sign-off things like the placement of seismometers, for example, but Hammond said these requests have been approved. “Everything that we've asked for within a scientific context has been delivered.”Scientific backchannels? These kind of personal links between scientists across political lines are one purported benefit of science diplomacy. During the Cold War, some historians argue, scientific contact between the US and Soviet Union laid a groundwork of trust for other cooperation, such as on arms control. Hammond agrees that backchannel contacts to North Korean geophysicists are hardly likely to defuse a military crisis on the Korean peninsula, but the simple fact of the scientific collaboration makes contacts between diplomats that little bit easier. “It creates opportunities to understand each other a little bit better,” he said. “When maybe you have those more difficult discussions as diplomats, it's coming from a slightly better place.” Cutting tiesDrawing lessons from the Mount Paektu mission for today’s links with Russian science isn’t simple. The analogy is far from exact, Hammond said, “because one is essentially a Cold War, versus a pretty hot war in the case of Russia.” But Hammond’s broader argument is that the challenges we face, such as climate change, pandemics, biodiversity loss, pollution and so on, have globalised in an unprecedented way, making blanket shutdowns in collaboration with any country unwise.He’s somewhat critical of the UN scientific sanctions imposed on North Korea in 2016, even though they did allow for exceptions. “I think a blanket halt to some of these things, when we face big global challenges [. . .] that’s quite a risky thing to do,” he said.Institutional endorsement?European academics are still by and large free to work individually with Russian counterparts. However, official, institutional partnerships have largely ended. Shortly following the full-scale invasion of Ukraine in 2022, Russian university rectors wrote a public letter endorsing the war, meaning European universities fear official collaboration could also be seen as a kind of endorsement. Hammond acknowledges there is a risk of legitimising regimes, and state-controlled universities, through scientific cooperation. “That’s the trade off you have to make,” he said. Strategic projectsWith Russia, instead of giving a green light to restart all Arctic science, a middle ground might be firing up a few carefully selected “strategic” projects, said Hammond. After all, European countries are still collaborating with Russia on the International Thermonuclear Experimental Reactor, an experimental nuclear fusion plant in the south of France. However, even if Europe did try to revive Arctic science with Russia, there’s no guarantee Russian scientists would play ball. A series of high-profile arrests of physicists in Russia accused of sharing their findings with the outside world has made collaboration fraught. Even before the invasion of 2022, “the Russian regime made it increasingly difficult, and this sort of discouraged people,” Dag Rune Olsen, rector of the Arctic University of Norway, told Science|Business last year.
'The detectors never stopped beeping!' Nearly 3,000 coins discovered in field are Norway's largest Viking hoard on record
A Viking Age hoard of nearly 3,000 coins is the largest hoard of its kind ever found in Norway.
NRK's Record-Breaking 'Still Breathing' Is Deadline's Global Breakout
'Still Breathing', Norway's answer to 'Pitt', mixes social commentary about a healthcare system under immense pressure with entertaining storylines.
Disturbing Experiment Bolsters The Case Lobsters Feel Pain After All
We need to do better.
Viewpoint: FP10 should remain open, excellent and secure
Europe is right to worry about research security. Foreign interference is real. So is the misuse of sensitive knowledge. Universities working in sensitive areas such as AI, quantum, semiconductors and advanced materials cannot afford to ignore the geopolitical environment around them.But Europe is in danger of drawing the wrong conclusion, one that would increase, not reduce, its strategic vulnerabilities.If the EU applies an “EU preference” logic to the next Framework Programme for research and innovation (FP10), it will weaken one of its greatest strategic assets: a research system built on openness, excellence and international collaboration. In the name of security, Europe could end up advancing science more slowly, innovating less effectively and making itself less attractive to global talent and partners in advanced science and technology.That would be a serious mistake.The EU preference included in Article 10 of the proposed European Competitiveness Fund may make sense in some industrial or deployment contexts, but is far harder to justify when applied to collaborative research in advanced science and technology, where excellence and global connectivity are crucial. Research is not procurement. It does not thrive when isolated. It advances through access to the best ideas, the best people, the best facilities and the best data, wherever they are found. This is why FP10 should not simply absorb industrial policy logic by default. Doing so would risk importing instruments that are ill-suited to research and that ultimately increase vulnerability rather than resilience.For universities of science and technology, the issue is especially acute. These institutions sit at the frontier of knowledge and technology creation in the very fields Europe sees as critical for its future competitiveness and resilience. They know better than most that security risks are real. But they also know that openness and security are not opposites. In practice, they have to be made to work together. Research security is not about closing doors. It is about building resilience through collective responsibility, trust, proportionate safeguards and better governance. That is a fundamentally different approach from default restriction.The risks of non-collaborationThe real danger in the current debate is that Europe talks too much about the risks of collaboration and not enough about the risks of non-collaboration. Those risks are strategic too. Cut researchers off from international networks and Europe loses access to knowledge, data, infrastructures and talent. Slow down global collaboration in critical technologies and Europe slows down its own progress on cutting-edge science. Make participation rules unpredictable and Europe weakens its attractiveness to researchers and investors alike.In other words, over-restricting collaboration will create strategic vulnerabilities, particularly in advanced science and technologies.This point is often underestimated in policy discussions that frame openness mainly as a value to be defended. Europe’s scientific strength, technological development and long-term competitiveness depend on remaining connected to the best research ecosystems in the world. For a continent that wants to accelerate deep tech, strengthen industrial capacity and reduce strategic dependencies, weakening the excellence base would be self-defeating. That does not mean ignoring risk. Quite the opposite. Universities are already strengthening due diligence, internal governance, awareness-raising, screening procedures and compliance support. Across Europe, institutions are working to manage risks linked to foreign interference, sanctions, export controls and the misuse of research. The right response is not complacency. It is better risk management. But that means targeted, evidence-based and proportionate measures, not blunt top-down restrictions with wide spillover effects. In the daily reality of universities, openness and restriction often coexist. The real challenge is how to apply safeguards without sliding into securitisation that damages academic freedom, open science and international cooperation. Restrict partners, not nationsMore restrictive treatment of collaborators from European Economic Area members Iceland, Liechtenstein and Norway, or from Switzerland and the UK, is strategically very difficult to justify. These are deeply embedded partners in Europe’s research and innovation ecosystem. Beyond that, Europe should still resist default exclusion and instead rely on case-by-case assessment. The relevant question is not nationality in the abstract. It is the actual risk profile of a collaboration: the institution, the affiliations, the field, the knowledge involved, the intended use and the safeguards available. Screening should focus on institutions and affiliations rather than nationality alone. Related articlesParliament ‘misreads’ link between Horizon Europe and ECF, Commission official saysFrustration grows at governance gap in next Horizon EuropeIf EU preference logic is imported into research without careful calibration, the likely result is a chilling effect. Researchers may step back from legitimate and beneficial collaboration, even where risks are manageable. International partners may see Europe as less predictable. And Europe may end up undermining the very excellence base it needs to compete, scale up and lead in strategic technologies, thereby increasing its dependence on others.FP10 should do the opposite. It should remain open by default, with restrictions used only exceptionally, and then on the basis of clear evidence. It should integrate research security into open science and research integrity frameworks, not set them against each other. And it should recognise that academic freedom, scientific excellence and responsible international collaboration are not obstacles to Europe’s security, they are part of it. Europe needs stronger tools to protect itself. But it also needs the discipline to avoid measures that would weaken it and increase its strategic vulnerabilities in the process. In FP10, that means staying open, excellent and secure.Louise Drogoul is senior advisor for innovation and sustainability at the Cesaer university association.
Iran Executes Two Over Political Protests
Iran executed two men linked to recent anti-regime protests, according to a government statement. Authorities in the country have carried out death sentences for at least 13 political prisoners since the war’s start, according to the Hengaw Organization for Human Rights, a Norway-based group that mo
A massive arctic thaw is unleashing carbon frozen for thousands of years
A sweeping new study reveals that as Arctic permafrost thaws, it is dramatically reshaping rivers and releasing vast amounts of ancient carbon that had been locked away for thousands of years. By analyzing decades of high-resolution data across northern Alaska, scientists found that runoff is increasing, rivers are carrying more dissolved carbon, and the thawing season is stretching further into the fall. This carbon eventually reaches the ocean, where some of it turns into carbon dioxide, intensifying global warming.
Microsoft-backed startup raises $40 million for advanced chipmaking equipment tech
Lace, a Norway-headquartered chipmaking equipment startup which is backed by Microsoft, has raised $40 million in funding to further develop a technology that could enable significant advances in semiconductor design and manufacturing, the company said on Monday.
Microsoft-backed startup raises $40 million for advanced chipmaking equipment tech
Lace, a Norway-headquartered chipmaking equipment startup which is backed by Microsoft, has raised $40 million in funding to further develop a technology that could enable significant advances in semiconductor design and manufacturing, the company said on Monday. To make cutting-edge chips, manufacturers such as Taiwan Semiconductor Manufacturing Co and Intel employ a process called lithography that uses light to draw complex circuits that form the foundation of advanced artificial intelligence chips. Manufacturers use light-based lithography systems made by the Dutch company ASML - which dominates the market - as they race to shrink chip components and squeeze in more features to boost the computing horsepower on a limited area of silicon.
Norway’s Improving Business Outlook in Survey Dents Easing Bets
A key survey of Norway’s business sentiment signaled somewhat better prospects for the nation’s companies, suggesting less pressure on the central bank to consider any easing moves in the near term.
Norway\'s \"Sentimental Value\' wins at Oscars and \'Sinners’ cinematographer makes history
"Sinners” cinematographer Autumn Durald Arkapaw has made Oscar history, becoming the first female director of photography to win the award in the 98 year history of the Academy Awards. Paul
Brilliant Bodo/Glimt beat Sporting Lisbon 3-0 in Champions League last-16 first leg
Another stellar display on their artificial home turf at the Aspmyra Stadium gave Norway's Bodo/Glmit a 3-0 win over Sporting Lisbon in the first leg of their Champions League last 16 tie on Wednesday.
EU Nordic expansion: why would Iceland and Norway want in?
Trump’s tariffs and threats to seize Nato ally Greenland are fuelling support for joining the bloc, with its implied security as well as economic benefits
Norway’s Centuries-Long Watch on the Northern Lights
The nation’s northern region has led the scientific quest to understand the aurora borealis. This summer, a 10,000-antenna radar is expected to begin the next phase of exploration.
Why Norway is dominating the Winter Olympics and what could US learn
Norway’s director of elite sport sounded a little hoarse when he answered the phone to CNN Sports. Tore Øvebrø said he had just caught a cold, but he admitted that his raspy voice might also have something to do with his cheering over the last two weeks.
Thousands of Alien Species Could Invade the Arctic, Scientists Warn
More than 2,500 alien plant species could find suitable conditions in the Arctic, especially in northern Norway and Svalbard.
Norway is a Winter Olympic giant. Why isn’t it better at ice hockey?
While Norway rules the 2026 medal table, its hockey teams are at home — a stark difference from its Nordic neighbors Sweden and Finland.
Leave the kids alone: Norway explains formula behind Olympic success
Norway puts children's happiness, equal access to sport and shared expertise ahead of fast results at the Olympics.
'Leave the kids alone’: Norway explains formula behind Winter Olympics success
Norway’s remarkable consistency at the Winter Olympics stems from a decades‑old culture that puts children’s happiness, equal access to sport and shared expertise ahead of fast results, the country’s head of delegation Tore Oevreboe said.
Klaebo sets Olympic record, wins 9th XXC gold
Norway's Johannes Hoesflot Klaebo has won a ninth gold medal in cross-country skiing, setting a Winter Games record, at the Milan Cortina Olympics.
Epstein Revelations Rock Norway’s Political Elite
The Nordic country is undergoing a reckoning after leading political figures were revealed to have ties to the sex offender.
An American xc skier charms the world at a tense political moment: He’s “the kind of president America should have”
PREDAZZO, ITALY — Particularly among the citizens of the Scandinavian nations where cross-country skiing is religion, bringing up the United States right now does not exactly elicit warm fuzzies in Europe. U.S. President Donald Trump, after all, has done his best to shred traditional North Atlantic alliances, complained to Norway’s prime minister that he should have been awarded the Nobel Peace Prize and said he could take over Greenland by force. At the Winter Olympics…
Norway Buy Now Pay Later Business and Investment Report 2026: Market to Triple from $1.83 Billion to $6.06 Billion by 2031 Featuring Klarna, Vipps Pay Later, Walley, and Svea
The Norwegian BNPL market presents key opportunities in retail and e-commerce growth, strategic partnerships, and consumer behavior insights. Key growth areas include diverse business and distribution models, evolving consumer demographics, and innovative market strategies, supported by detailed data on market dynamics and KPIs. Norwegian Buy Now Pay Later Market Norwegian Buy Now Pay Later Market Dublin, Feb. 04, 2026 (GLOBE NEWSWIRE) -- The "Norway Buy Now Pay Later Business and Investment Opp
A 65km hike into Norway's vanishing rural past
The Stølstruta offers hikers a responsible, respectful way to witness a pastoral tradition that has disappeared almost everywhere else in Europe.
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
Fact check: The false claims in Trump’s extraordinary message to Norway
In an extraordinary message to Norway’s prime minister, President Donald Trump linked his pursuit of the self-governing Danish territory of Greenland to his failure to win the Nobel Peace Prize. He repeated his long-debunked claim that he ended eight wars. And he made another false claim – that no written documents support Denmark’s ownership of Greenland.
Read the Texts Between Trump and Norway’s Prime Minister
In the exchange on Sunday, Norway’s leader sought to “de-escalate” the growing conflict over Greenland and Mr. Trump’s latest tariff threat.
Read the Texts Between Trump and Norway’s Prime Minister
In the exchange on Sunday, Norway’s leader sought to “de-escalate” the growing conflict over Greenland and Mr. Trump’s latest tariff threat.
Trump letter to Norway blames Nobel snub for Greenland demand
The president said he no longer needs to think “purely of Peace” after not winning the Nobel Peace Prize in a letter to the Norwegian Prime Minister.
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The roughly 800-year-old ring shines with a brilliant blue gemstone.
Man with metal detector stumbles on perplexing Viking Age grave
The team found the deceased with scallop shelves partly covering the mouth.
Norway draws Group I Position 4 for the 2026 Fifa World Cup
Norway drew Group I position 4 for the 2026 Fifa World Cup
USA's Worst-Case Group: 'No' to Norway but Alexi Lalas, Landon Donovan Want Ghana
U.S. Soccer legends Alexi Lalas, Stu Holden, Landon Donovan and Cobi Jones name the teams they want to avoid at the 2026 World Cup draw.