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California’s Strict Regulations May Frustrate Business Starts
Does California deserve its reputation as a state that is unfriendly to business? PPIC experts discuss new findings on California’s regulatory environment and its effect on business launches.
Planning progresses on new $12 million emergency department at Essentia Health-Fosston
Work will start on a new emergency department at Essentia Health-Fosston this spring following the selection of Kraus-Anderson as the general contractor.
Data Science for Social Good Fellowship comes to Johns Hopkins
The Bloomberg Center for Government Excellence will host graduate students from across the country to deploy data science for social impact
MIT nuclear science professor talks U.S. airlifting nuclear reactors
NBC News' Ellison Barber talks to MIT Professor of Nuclear Science Jacopo Buongiorno about the U.S. airlifting nuclear reactors and what that could mean for nuclear power in the country.
Sophie Turner and Kit Harington Gagged After Kissing Each Other on Screen While Making Their New Horror Movie
Sophie Turner and Kit Harington can be seen, in a behind-the-scenes clip from their new movie, jokingly retching after sharing an onscreen kiss. 'The Dreadful' stars the two British actors, who formerly played siblings on 'Game of Thrones,' as lovers.
Doctors emphasize early heart‑health habits as key to preventing future disease
Tackling risk factors in our younger years can prevent future heart problems in adulthood.
Bridging science and society in the emerging bioeconomy
A new MIT course, STS.059 (The Bioeconomy and Society), explores the social and political factors at work in the biology, biotech, and biological engineering sectors.
The Human Exposome Project will map how environmental factors shape health
It makes the Human Genome Project look easy
Ethan Hawke warns against looking to 'jet-lagged, drunk' actors for political wisdom
Ethan Hawke warned during a film festival in Germany that the opinions of entertainers are valid, in that they are people like anybody else, but not the first source to go to.
Multiple brands of Android tablets shipped with built-in malware
Kaspersky researchers say Android tablets from some brands left the factory with hidden firmware backdoor malware already installed.
Liam Neeson is 73 and still in action hero shape. It's saved his life.
The actor talks about his new movie, "Cold Storage," what part of "Love Actually" grabs him and why, at 73, "health is wealth."
Northwestern Medicine takes AI accelerator program to Europe
Northwestern Medicine has a new partnership with London-based accelerator Founders Factory, aimed at exposing European AI firms to the U.S. health market.
Oscar-winning actor Robert Duvall dead at 95
Robert Duvall, the Oscar-winning actor best known for “The Godfather,“ Apocalypse Now” and many other tough-guy roles over an acclaimed screen career that spanned six decades, has died. He was 95.
Oscar-winning actor Robert Duvall dead at 95
(CNN) — Robert Duvall, the Oscar-winning actor best known for “The Godfather,“ “Apocalypse Now” and many other tough-guy roles over an acclaimed screen career that spanned six decades, has died.
Honor Magic V6 breaks cover ahead of MWC launch
It was spotted in the hands of actor Nicholas Tse. Honor is actively preparing the teaser campaign for its next flagship foldable - the Magic V6. The...
‘Workshop of the World’ debuts at the Science History Institute’s First Friday
The free March 6 event explores the factories and riverfront industries that helped shape Philadelphia.
Kevin O'Leary Warns '80% Of Businesses Fail In The First 36 Months' As High Customer Acquisition Costs Drain Startups
Investor Kevin O'Leary highlighted that excessive spending to acquire customers is the leading cause of early-stage startup failures and a critical factor for growth potential. High Customer Acquisition Costs Top Reason Startups Fail On Tuesday, O'Leary posted on X, sharing a clip from one of his recent talks, emphasizing the role of customer acquisition costs, or CAC, in startup survival. "Why do 80% of businesses fail in the first 36 months? Customer acquisition cost," O'Leary wrote. He added,
New ClickFix attack abuses nslookup to retrieve PowerShell payload via DNS
Threat actors are now abusing DNS queries as part of ClickFix social engineering attacks to deliver malware, making this the first known use of DNS as a channel in these campaigns.
Palantir Gets Millions of Dollars From New York City’s Public Hospitals
Activist are urging New York City Health and Hospitals Corporation to cut ties with the ICE contractor.
Hiam Abbass Says 'Cinema Is A Political Act' After Berlin Row
The start of this year's Berlin Film Festival was marked by a row over how far film should venture into politics but for prominent French-Palestinian actor Hiam Abbass, "everything we do is a political act".
James Van Der Beek's brother shares 'devastation' after actor's death: 'I now know why people call it heartbreak'
James Van Der Beek's younger brother, Jared, shared his 'devastation and pain' in a candid and emotional tribute to the late actor: 'I now know why people call it heartbreak.'
The human exposome could change everything we know about disease
Scientists are launching an ambitious global effort to map the “human exposome” — the lifelong mix of environmental and chemical exposures that drive most diseases. Backed by new partnerships with governments, UNESCO, and international science advisory bodies, the initiative is rapidly expanding across continents. Powered by AI and advanced data tools, the movement seeks to shift medicine beyond genetics and toward the real-world factors shaping human health.
A&W Contractors navigates changes in federal diversity guidelines
Former respiratory therapist Adrian Mobley founded the company in 2014 and has since expanded the business into general contracting, flooring and joint sealant work, while still offering respiratory health services.
Colorectal cancer is increasing among young people. Experts explain how decrease your risk
An increasing number of people are dying of colorectal cancer at a young age. The death of actor James Van Der Beek, who was diagnosed with colorectal cancer in 2023, at age 48 is bringing the disease back into the limelight.
Why did former teen superstar James Van Der Beek need help to pay his medical bills?
A fundraiser was setup to help the actor's family after expensive cancer treatments devastated their finances.
DOJ sues Harvard for data as it investigates how race factors into admissions
In the lawsuit, the Justice Department said Harvard has "thwarted" efforts to investigate potential discrimination
Sex, health, child abuse scandals threaten Orban re-election
Abuse in a juvenile facility, hazardous dust from a battery factory and an alleged sex video involving the opposition leader — the run-up to Hungary's election has so far been dominated by one scandal after another.
Mass. fun factory offers Boston-themed laser tag, the biggest pretzel you’ll ever see
Apex in Marlborough is way more than just another entertainment center. I mean, have you seen this pretzel?
‘The Pitt’ Star Opens Up About ‘Really Difficult Situation’ That Helped Her Land Role Of Dr. McKay
“It's a crazy experience to play something that feels like it reflects my own life as much as it does,” the actor said of playing the empathetic Dr. Cassie McKay.
Colorectal cancer is rising in younger adults. Here’s who is most at risk
The death of “Dawson’s Creek” actor James Van Der Beek highlights a rising trend
NASA Moon Mission Spacesuit Nears Milestone
The next-generation spacesuit for NASA’s Artemis III mission continues to advance by passing a contractor-led technical review, as the agency prepares to send
‘Den Of Thieves’ Actor John Lewis Launches Vertical Entertainment App muVpix
'Den Of Thieves' Actor John Lewis Launches Vertical Entertainment App muVpix
‘Den Of Thieves’ Actor John Lewis Launches Vertical Entertainment App muVpix
EXCLUSIVE: John Lewis is launching muVpix, a new U.S. made vertical entertainment app, with two original series, the animated drama Whispervale, and the live-action thriller Swipe Left. muVpix will de...
God Of War Trilogy Remake, Brings Back Original Voice Actor
The next God of War game has been announced, but it's only in the early stages.
Credibly Business Loans Review 2026
Credibly offers accessible small-business loans for borrowers with fair credit, but its factor rate can result in higher borrowing costs.
Detroit Repertory Theatre stands the test of time creating opportunities, entertainment
For 69 years, the Detroit Repertory Theatre mission has been to cast the best actor for the job, regardless of race, ethnicity, or gender.
Gov. Lujan Grisham named to 2026 TIME100 Health list
Lujan Grisham joins federal health care officials, pharmaceutical CEOs, scientists, researchers, actors and performers on the list.
James Van Der Beek remembered as costars, friends and loved ones pay tribute to the 'Dawson's Creek' star after his death at 48
The actor publicly shared his cancer diagnosis in 2024.
‘Sound science’ bill could jeopardize anti-smoking, other public health efforts, advocates say
“This bill doesn’t help our citizens, it just benefits our state’s bad actors."
Bud Cort, best known for role in 'Harold and Maude,' dies at 77
Actor Bud Cort, best known for his role in the 1971 film "Harold and Maude," has died. He was 77.
Gov. Michelle Lujan Grisham named on the 2026 TIME100 Health list
Lujan Grisham joins federal health care officials, pharmaceutical CEOs, scientists, researchers, actors and performers on the list.
Data breach exposes personal data of 25M Americans
Conduent data breach impact soars from 10 million to over 25 million affected Americans in massive government contractor cybersecurity incident involving sensitive data.
Budget cut fallout: After Idaho cut a critical Medicaid mental health service, two patients died
Idaho Medicaid contractor Magellan cut the service in December, after Gov. Brad Little ordered state agencies to cut spending.
Young Americans express deep dissatisfaction with how the political system works
Johns Hopkins research examining generational divides in democratic institutions finds younger respondents have the least amount of trust in political parties and elected officials to reflect their views
Catherine O'Hara’s cause of death confirmed by medical examiner
Catherine O’Hara, the comic actor known for “Schitt’s Creek” and “Home Alone,” died of a pulmonary embolism, according to her death certificate released by the Los Angeles County Medical Examiner’s Office and shared by TMZ on Monday.
‘Overwatch’ Actor Supports A Redesign Of Her Own Character, Anran
The voice actress of Anran, Overwatch's new hero, is going on the record supporting fans' idea that she should be redesigned.
Expert explains how hormonal changes affect women's heart health
During Heart Health Month, it's good to know how a lesser-known factor risk factor can impact your health: Hormonal changes.
Overwatch Actor Supports Fan Campaign To Redesign Her Character
Fans are begging Blizzard to change Anran’s face back to what it used to look like
The Chinese Factory That Opened in the U.S. and Clobbered Its Rivals
President Trump has pressured trading partners for investment in U.S. manufacturing plants. What if local industries can’t compete?
Trump cut science funding. Small businesses are paying the price.
Some federal contractors are feeling the squeeze after the president slashed support for climate programs and other research efforts.
Trump cut science funding. Small businesses are paying the price.
Some federal contractors are feeling the squeeze after the president slashed support for climate programs and other research efforts.
Remembering Catherine O’Hara and her iconic ‘Schitt’s Creek’ character
The actor died at the end of January at the age of 71. Moira Macdonald pays tribute to her and her unforgettable persona as Moira Rose on "Schitt's Creek."
ENTERTAINMENT: Ailey II troupe set; actor hosts ‘Hamilton’ viewing
Contemporary dance company Ailey II, the second company to Alvin Ailey American Dance Theater, performs at 7 p.m. Saturday at the Hendrix Arts Center.
A century of hair shows how lead exposure collapsed
For decades, Americans were surrounded by lead from car exhaust, factories, paint, and even drinking water, often without realizing the damage it caused. By analyzing hair samples preserved across generations, scientists uncovered a striking record of how exposure soared before environmental rules and then collapsed after leaded gasoline and other sources were phased out.
Country music star, actor boyfriend split up again and this time it might be for good
The couple's on again, off again relationship is apparently off again and for good this time.
Bad Bunny has the Super Bowl stage. What will he do with it?
With Super Bowl half-time shows becoming increasingly polarised, how will the Puerto Rican superstar quiet his detractors?
Experts Warn: The Dangerous Blur Between Science and Wellness in Mental Health Bestsellers
A marketplace where labels blur In many bookstores, titles rooted in clinical science sit inches from glossy self-help guides promising instant serenity. That proximity can make rigorous research look interchangeable with lifestyle advice, especially when everything shares the same bright displays. Readers encounter a single aisle labeled “psychology,” even when the content ranges from peer-reviewed evidence to spiritual rituals. The result is a subtle but pervasive blur, turning a complex health landscape into a grab-bag of mixed claims. Why the shelves can mislead Retail categories are built for convenience, not for methodological clarity or clinical accuracy. When “development personal” or “wellness” becomes the default bin, evidence-based psychology competes with coaching manifestos and mystical manuals. The visual language of covers—calming color palettes, confident subtitles, glowing endorsements—flattens the distinction between randomized trials and anecdotal wisdom. In that aesthetic harmony, a guide on cognitive behavioral therapy may appear no more “serious” than a book on moon manifestation. The stakes for readers and patients Confusion carries real risks, including delayed care when people self-treat serious symptoms with untested routines. Vulnerable readers—facing depression, trauma, or anxiety—may be swayed by charismatic voices over careful data. Some messages frame recovery as pure willpower, which can amplify shame when symptoms persist despite effort. Others overpromise universal solutions, ignoring cultural context, diagnostic nuance, and comorbidity. “Shelving is not neutral; it shapes beliefs, expectations, and choices.” What professionals and retailers are asking Clinicians and public-health experts argue for clear, readable signage that separates science-based mental health from broader wellness. Books by licensed psychiatrists or psychologists that cite peer-reviewed studies could be grouped under “Evidence-Based Mental Health.” Adjacent space might host reflective memoirs, coaching workbooks, or contemplative philosophy—valuable in their way, but clearly labeled as non-clinical guidance. Booksellers emphasize their dual role as cultural curators and commercial actors, noting they respond to demand while striving for quality standards. How clarity could look and feel The goal is not to police ideas, but to help readers navigate with confidence. Transparent categorization respects reader autonomy while lifting the signal of credible practice. Clear tags—such as “scientific references,” “clinical overview,” or “personal narrative”—can work like map legends, turning a maze into a route. And when a book blends modes, hybrid labels can acknowledge both insight and limitation. A practical checklist for choosing wisely Check the author’s credentials: clinical license, academic affiliation, or relevant training. Scan the references: citations to peer-reviewed journals or reputable guidelines. Look for scope limits: clear statements about who the book is and isn’t for, and when to seek care. Seek methods, not miracles: approaches tested across diverse groups, with measurable outcomes. Watch the language: be wary of absolute claims, stigmatizing tones, or one-size-fits-all promises. Cross-verify with trusted bodies: national psychology associations or public-health agencies. The publisher’s responsibility Publishers can raise the bar by standardizing disclosure on methods, sample sizes, and limitations. Editorial policies could require conflict-of-interest statements, transparent citations, and plain-language summaries of evidence. Marketing should avoid medicalized framing for books that lack clinical validation, even when sales incentives press for bold claims. When a manuscript mixes reflection with research, honest jacket copy can prevent false equivalence. Coexisting without confusion Wellness writing can offer genuine comfort, perspective, and daily habits that support well-being. Scientific texts can provide structured tools, validated therapies, and realistic expectations for progress. The aim is to let these strands coexist, while giving readers the navigational cues to tell them apart. With clearer shelves, informed labels, and modest design tweaks, we can protect reader trust—and keep the aisle both inviting and intelligent.
Timothy Busfield indicted on child sex abuse charges by New Mexico grand jury
The 68-year-old Emmy-winning actor and director was indicted on four counts of criminal sexual contact of a child, the Bernalillo County District Attorney's Office said in a statement.
Actor Timothy Busfield indicted on 4 counts of sexual contact with a child
"The West Wing" and "Thirtysomething" star has denied the allegations
Actor Timothy Busfield indicted on 4 counts of sexual contact with a child
A New Mexico grand jury has indicted Timothy Busfield on four counts of criminal sexual contact with a child.
They paid thousands for new solar panels. Then their Oregon contractor went dark
One man says he used all his savings to pay for solar panels that were never installed.
Actor Michael Keaton to be honored as Man of the Year by Harvard's Hasty Pudding theater group
Actor Michael Keaton is set to be honored as the 2026 Man of the Year by Harvard University’s Hasty Pudding Theatricals. Keaton will receive his Pudding Pot award at a celebratory roast Friday....
New business in Greece connects contractors with the community
Greece, N.Y. — A new co-working concept in Greece aims to better connect local contractors with the community.The Contractor Store has opened its doors on West
Mamdani's NYC health department staffers reportedly studying effects of 'global oppression' on health
New York City Mayor Zohran Mamdani's Department of Health reportedly created a "Global Oppression Working Group" that references Gaza "genocide" as a factor.
UW’s Seidel Named to DOE’s 21-Member Office of Science Advisory Commit
While a rancher may not be thinking about Einstein’s theory of relativity when using GPS to guide his tractor through a field or the proud owner of a new iPhone may not dwell over quantum mechanics, U
Trump cut science funding. Small businesses are paying the price.
Some federal contractors are feeling the squeeze after the president slashed support for climate programs and other research efforts.
Businessowner says Oklahoma's medical marijuana industry can be fixed instead of abolished
An Oklahoma businessowner agrees there are bad actors but believes the industry can be fixed rather than abolished.
Small Business Focus: The State of Black Entrepreneurial Enterprises
This article is written and sponsored by Arlington Economic Development. February is Black History Month, and this year the Small Business Coordinating Council will spotlight the State of Black Entrepreneurship with three dynamic speakers: Eric Alston and William Mitchell of WACIF, and Darin Cox, owner of The Peach Cobbler Factory in Washington, D.C. Over the
Meow! Mass Effect's Commander Shepard actor Jennifer Hale is the mewling voice of Overwatch's ridiculous new hero Jetpack Cat
And there's a concept floating around for a character called "Oranga-tank".
Join the Six Flags Great Adventure talent search in Jackson, NJ ahead of hiring week
Six Flags Great Adventure is holding a casting call on Feb. 7, inviting those interested in the entertainment field to join the fun for the 2026 season.
The 10 races that will decide control of the US Senate
In the fight for control of the US Senate, the majority may come down to which factor carries more weight: the map or the environment.
Rumour: Xenoblade Chronicles Voice Actor Might Have Leaked Evidence Of A New Release
Are you feeling it?
Rumor: Voice actor page leaks Xenoblade game for 2026
A new voice actor leak has allegedly outed a Xenoblade game for 2026, and it could be the return of Xenoblade Chronicles 2.
Actors' Equity, IATSE, Other Entertainment Unions Condemn Kennedy Center Closure
Trump recently announced that the Center would be closed for two years for renovations.
Regal Ware revives historic West Bend Co. name for cookware factory
West Bend Co., which operates a manufacturing facility in West Bend, also serves as a contract manufacturer for other cookware companies.
Muscle mass as a resilence factor for endothelial health in obesity
npj Metabolic Health and Disease - Muscle mass as a resilence factor for endothelial health in obesity
NFL salary cap expected to significantly jump for 2026 season
The increase is especially good news for NFL teams like the Buffalo Bills, where cap overages will be a key factor in 2026.
Howie Carr: Just another chip from Massachusetts’ anti-business block
Most of the production had long since been transferred to free American states, but Cape Cod Potato Chips left a footprint behind, in Hyannis. The little factory used to be a decent-sized tourist a…
Actor Shia LaBeouf spotted in El Paso again
The "Transformers" star was captured outside of El Paso's Finest, a souvenir and fine arts shop across from San Jacinto Plaza on Saturday, Jan. 31.
Scientists discover how to turn gut bacteria into anti-aging factories
Researchers found that small doses of an antibiotic can coax gut bacteria into producing a life-extending compound. In worms, this led to longer lifespans, while mice showed healthier cholesterol and insulin changes. Because the drug stays in the gut, it avoids toxic side effects. The study points to a new way of promoting health by targeting microbes rather than the body itself.
Tributes pour in for beloved actress Catherine O’Hara
Actors and politicians honour O'Hara, who died this week at age 71, for her comedic 'brilliance' and generosity.
Mental Health Distress in Nonmelanoma Skin Cancer Largely Driven by Sociodemographic, Comorbid Factors
These findings suggest the mental health burden in nonmelanoma skin cancer reflects broader social and clinical factors rather than disease-specific effects.
Commentary: Catherine O'Hara remembered in 10 indelible roles
The Canadian actor was a versatile performer whose decades-long career took her from a comedy troupe to box office and television hits.
Sydney Sweeney rejects speaking about politics
'Outnumbered' co-hosts discuss how Hollywood actors are responding to I.C.E. operations under the Trump administration.
Scientists Discover Living Bacteria Hidden Inside the #1 Type of Kidney Stone
Scientists have uncovered an unexpected biological factor hidden within the most common type of kidney stone.
Back to business: Local shops, restaurants come back to life after snowstorm
Small business owners say they’ve weathered a storm that left 10 or more inches of snow on downtown streets this week. It took a mix of snow shovel handiwork, municipal plow trucks and private contractors with backhoes and tri-axle dump trucks to bring business districts back to life. “This storm
ICE Will Play a Big Factor in the Maine Senate Race
Seems like Republican senator Susan Collins is trying to take credit for the agency’s removal from the state. Governor Janet Mills, who’s challenging for her seat, had a rebuttal.
Google disrupts IPIDEA residential proxy networks fueled by malware
IPIDEA, one of the largest residential proxy networks used by threat actors, was disrupted earlier this week by Google Threat Intelligence Group (GTIG) in collaboration with industry partners.
Contractor data breach nay have exposed the protected health info of thousands of Central Oregonians
BEND, Ore. (KTVZ) -- Thousands of Central Oregonians soon will receive letters in the mail to inform them of a data breach at TriZetto Provider Solutions last fall that may have exposed the personal health information of more than 700,000 people around the country. TPS is a third-party contractor that provides insurance-eligibility verification services to
Genes may shape how long we live more than once thought
New research challenges the view that human life span depends mostly on lifestyle. Genes may account for half the factors that determine longevity.
John Leguizamo under fire for demanding fans choose between him and ICE
John Leguizamo sparks controversy telling ICE supporters not to follow him or watch his movies. Fans remain divided over the actor's bold stance.
Fighting for Stronger Political Transparency | IFES - The International Foundation for Electoral Systems
We stand ready to support all actors in strengthening the integrity of political finance around the world.
Innovators removing barriers to health care, accelerating impact on communities in need
DALLAS, Jan. 29, 2026 — Driven by an older, more diverse population and a significant increase in risk factors, at least 6 in 10 U.S. adults are projected to have some form of cardiovascular disease, causing related health care costs to triple.[1] That’s...
Actor Paul Dano responds to Quentin Tarantino’s criticism of him
Actor Paul Dano has broken his silence about Quentin Tarantino’s harsh criticism of him.
At World’s Busiest Port, China’s Unbalanced Economy Comes Into View
The shipping traffic and factories never stop in China’s port city of Ningbo, but the local housing market has crashed and nearby restaurants sit empty.
Brillstein Entertainment Partners Signs Comedian, Actor & Writer Paul Chowdhry
Paul Chowdhry, the comedian, actor, and writer, has inked with Brillstein for global management in all areas, Deadline can report exclusively.
Beyond testosterone: The real crisis in men’s health
Increasing testosterone in men ignores deeply rooted cultural and social factors at the center of this health emergency.
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash
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