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Escape from Washington? Senators look to start new chapters as governors

U.S. senators are increasingly looking to leave Washington for leadership roles in their home states.

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Jan 29 • 7:40 AM EST • Politics • click2houston.com
I have 5 major concerns about Google's Android desktop OS

A leaked screen recording showed off what Google's Android desktop OS (Aluminium OS) will look like, and it's very concerning for any Chrome OS user.

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Jan 29 • 7:31 AM EST • Technology • androidauthority.com
Marsh's fourth-quarter profit rises on strength in insurance business

Insurance broker Marsh reported a rise in fourth-quarter profit on Thursday, helped by robust performance in its risk and insurance services business.

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Jan 29 • 7:16 AM EST • Business • reuters.com
Memphis People in Business for Jan. 29, 2026

A look at promotions, hirings, movers and newsmakers in the Memphis area business scene.

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Jan 29 • 7:00 AM EST • Business • commercialappeal.com
Nearly 2,000 Products Recalled in 3 States After Being Exposed to Rodent Waste—FDA Issues Risk Warning

Diet Coke, Hershey's, and Tylenol are among the many popular products under recall. They were held in a facility with rodent and bird waste.

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Jan 29 • 7:00 AM EST • Health • health.com
Navigating an Unaffordable Health Insurance Market | Johns Hopkins Bloomberg School of Public Health

Expensive premiums affect more than a person's ability to get care when they’re sick.

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Jan 29 • 7:00 AM EST • Health • publichealth.jhu.edu
Where Eagles' pending free agents rank on NFL-wide lists

The Eagles have some big-name free agents this year. Here’s a look at where they rank among the entire NFL.

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Jan 29 • 7:00 AM EST • Sports • nbcsportsphiladelphia.com
The Jeff Boals Show Returns Tonight at The Gem Sports Bar

ATHENS, Ohio — The Jeff Boals Show returns this Thursday, January 29, on the Ohio Sports Network from Learfield, presented by Holzer Health System. This week, the live broadcast will take place from 6pm-7pm at The Gem Sports Bar. The event is open to the public and free to attend. Join the "Voice of Bobcat Basketball," Jason Toy, and the seventh year head coach of the Ohio Bobcats, Jeff Boals, for a weekly recap and a look ahead at upcoming matchups. This week's special guests include sophomore forward Ayden Evans (Radcliff, Ky.) and freshman forward Jordan Fisher (Pickerington, Ohio)

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Jan 29 • 6:28 AM EST • Sports • ohiobobcats.com
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.

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Jan 29 • 6:04 AM EST • Entertainment • cnn.com
Are These Unprecedented Times for Science, Really?

A science historian looks to the past to understand our current moment, and how ghostwriting in scientific papers is harming public trust.

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Jan 29 • 6:00 AM EST • Science • sciencefriday.com
Why is India’s Nipah virus outbreak spooking the world?

The virus spreads from animals to humans, via person-to-person contact or through consuming contaminated food.

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Jan 29 • 5:58 AM EST • Health • aljazeera.com
Meta Overshadows Microsoft by Showing AI Payoff in Ad Business

The Facebook parent’s results highlight the advantages of its simpler, ad-focused business model.

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Jan 29 • 5:30 AM EST • Business • wsj.com
Opinion | A ‘Fringe Epidemiologist’ on What’s Wrong With Public Health

Jay Bhattacharya, the N.I.H. director, says authorities broke the public’s trust in the Covid era. Now it’s up to outsiders to restore it.

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Jan 29 • 5:05 AM EST • Science • nytimes.com
Opinion | A ‘Fringe Epidemiologist’ on What’s Wrong With Public Health

Jay Bhattacharya, the N.I.H. director, says authorities broke the public’s trust in the Covid era. Now it’s up to outsiders to restore it.

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Jan 29 • 5:05 AM EST • Health • nytimes.com
KFF Health Tracking Poll: Health Care Costs, Expiring ACA Tax Credits, and the 2026 Midterms

Looking ahead to the midterm elections, health care costs are the public’s top economic concern, and many voters say the issue will have a major impact on their vote. On health care issues, including the cost of health care, voters currently trust Democrats more than Republicans, though neither party has an advantage on addressing the overall cost of living. Following the expiration of the ACA enhanced tax credits, two-thirds of the public say Congress did the “wrong thing” by not extending them.

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Jan 29 • 5:00 AM EST • Health • kff.org
CAA Fast Break

As the league approaches the midway point of the conference slate, CAA men’s basketball insider Dr. John Giannini and host Griffin Della Penna broke down the league and its incredible performances, as well as the CAA's upcoming matchups on CBS Sports Network in the fifth edition of the CAA Fast Break.

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Jan 29 • 4:59 AM EST • Sports • caasports.com
Bruins plot to extend home winning streak vs. Flyers

The Boston Bruins get their final taste of home cooking before the Olympics on Thursday when they face the Philadelphia Flyers for the first time this season.

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Jan 29 • 4:56 AM EST • Sports • cbssports.com
NJ's employment, economic numbers look bad. Can Sherrill fix that?

Mikie Sherrill has taken office as governor as New Jersey faces economic hurdles. The state’s gross domestic product lags behind much of the nation.

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Jan 29 • 4:31 AM EST • Business • northjersey.com
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Premier Radiology Services acquires rival teleradiology group NRad

Backed by private equity investors at Grovecourt Capital Partners, the Florida firm is buying National Radiology Solutions for an undisclosed sum.

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Jan 29 • 2:12 AM EST • Business • radiologybusiness.com
Throwback Thursday: Notre Dame Fighting Irish Football VS Michigan, 1992

This week’s Throwback Thursday takes us back to one of the most emotionally charged games ever played inside Notre Dame Stadium — the 1992 showdown between Notre Dame and Michigan. I chose this game in honor of Reggie Brooks, whose birthday we just celebrated on January 19th. Reggie’s legacy at Notre Dame extends far beyond […]

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Jan 29 • 1:51 AM EST • Sports • onefootdown.com
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.

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Jan 29 • 1:05 AM EST • Business • cnbc.com
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.

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Jan 28 • 11:30 PM EST • Entertainment • goskagit.com
Defining Lung Health Through the Lifespan

The National Heart, Lung, and Blood Institute is hosting the virtual workshop "Defining Lung Health Through the Lifespan" on March 4–5, 2026.

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Jan 28 • 11:02 PM EST • Health • nhlbi.nih.gov
Suns lean on bigs, paint attack for matchup vs. Pistons

The Phoenix Suns found a way around their guard shortage in a victory over Brooklyn on Tuesday.

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Jan 28 • 10:55 PM EST • Sports • cbssports.com
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WSOC-TV & KFF Health News Win Prestigious duPont-Columbia Award

The SSA's practice left millions of Americans, including some in the Carolinas, facing unexpected financial hardship and prompted sweeping policy changes in the nation’s capital.

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Jan 28 • 9:00 PM EST • Health • wsoctv.com
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Galaxy S26 phones look sleek in new official-looking photos

A case listing reveals the official design of the Galaxy S26, S26+, and S26 Ultra.

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Jan 28 • 8:23 PM EST • Technology • phonearena.com
Josh Shapiro accuses JD Vance of giving 'comfort' to right-wing antisemitism

The Democratic governor of Pennsylvania, a potential 2028 presidential candidate, is on a book tour promoting his memoir, which highlights his Jewish faith.

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Jan 28 • 8:08 PM EST • Politics • nbcnews.com
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Rise to the Occasion with Mega Evolution—Ascended Heroes in Pokémon TCG Live

Look forward to newly discovered Mega Evolution Pokémon, beautiful new artwork for fan-favorite cards, and more.

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Jan 28 • 7:00 PM EST • Technology • pokemon.com
Tiny mammals are sending warning signs scientists can finally read

Small mammals are early warning systems for environmental damage, but many species look almost identical, making them hard to track. Scientists have developed a new footprint-based method that can tell apart nearly indistinguishable species with remarkable accuracy. Tested on two types of sengi, the system correctly identified them up to 96% of the time. It offers a simple, ethical way to monitor ecosystems before they quietly unravel.

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Jan 28 • 7:00 PM EST • Science • sciencedaily.com
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.

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Jan 28 • 6:42 PM EST • Business • time.com
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Oklahoma businesses face challenges as winter storm impacts sales

A winter storm in Oklahoma has significantly affected local businesses, leading to decreased customer visits and financial challenges.

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Jan 28 • 6:05 PM EST • Business • koco.com
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Tenor Health's acquisition of Moses Taylor, Regional and Wilkes-Barre General hospitals gets OK by state, foundation executive says
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Jan 28 • 5:39 PM EST • Health • wnep.com
ASNC says PET is now the preferred nuclear imaging test for CAD

Which imaging modality is better for evaluating heart patients, PET or SPECT? After years of discussions and debates, the American Society of Nuclear Cardiology is now ready to point to PET as the No. 1 choice. “There are no clinical scenarios or patient subgroups where cardiac PET with myocardial blood flow should be excluded," the group wrote.

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Jan 28 • 5:35 PM EST • Business • cardiovascularbusiness.com
Music notes: Taylor Swift, Ellie Goulding and more

The video for Taylor Swift's "Wildest Dreams" — the fifth single from her album 1989 — has become her latest to rack up 1 billion views on YouTube. It's her sixth video to hit that milestone, following “Blank Space,” “Shake It Off,” “You Belong With Me,” “Bad Blood” and “Look What You Made Me Do.”

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Jan 28 • 5:30 PM EST • Entertainment • yahoo.com
Hillary Clinton and Tucker Carlson Speak at Saudi Business Forum

The Democrat and the hard-right commentator found at least one thing to agree upon as they spoke at a conference in Riyadh.

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Jan 28 • 5:26 PM EST • Business • nytimes.com
Virginia Tech visits coveted in-state LB Noah Glover

It’s a new era for Virginia Tech football and new head coach James Franklin is looking to make an impact on the recruiting trail for the Hokies. Virginia itself has been on the rise when it comes to producing blue-chip talent at the high school level. The 2026 cycle had multiple top-100 prospects in the […]

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Jan 28 • 4:58 PM EST • Sports • on3.com
Giannis Reaction, NFL Coaching Carousel, and State of the Agent Business

The guys dive straight into the latest news around Giannis Antetokounmpo, as well as the NFL coaching carousel. Speaking of coaches, today’s edition of Five-Minute Max has to do with yesterday’s Bill Belichick news. Plus, after what transpired at Clemson, Rich wants to talk about the state of the agent business, including why ‘Jerry Maguire’ actually hurt that business!

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Jan 28 • 4:54 PM EST • Business • theringer.com
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.

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Jan 28 • 4:30 PM EST • Health • paho.org
Meta Says Revenue to Beat Estimates, Supporting AI Spending

Meta Platforms Inc.’s better-than-expected sales outlook helped ease Wall Street concerns about plans for unprecedented spending on artificial intelligence this year.

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Jan 28 • 4:07 PM EST • Business • bloomberg.com
Viral Moltbot AI assistant raises concerns over data security

Security researchers are warning of insecure deployments in enterprise environments of the Moltbot (formerly Clawdbot) AI assistant, which can lead to leaking API keys, OAuth tokens, conversation history, and credentials.

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Jan 28 • 3:26 PM EST • Technology • bleepingcomputer.com
2026 Fantasy Football Dynasty Rookie QB Outlook
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Jan 28 • 2:32 PM EST • Sports • sports.yahoo.com
Psychiatrists plan to overhaul the mental health bible—and change how we define ‘disorder’

The American Psychiatric Association has announced big upcoming changes to psychiatry’s big book of mental disorders, the DSM

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Jan 28 • 2:30 PM EST • Health • scientificamerican.com
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Henry Cavill suits up for eternal battle in first look at long-gestating 'Highlander' reboot

After a long wait, Henry Cavill shares the first look at his turn as Connor MacLeod in Chad Stahelski's upcoming 'Highlander' reboot: 'This has been quite the journey for me.'

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Jan 28 • 2:10 PM EST • Entertainment • ew.com
Some of ‘Star Search’s’ biggest losers became megastars. Can the revival live up to its past?

Aaliyah, Britney and Beyoncé famously lost when they appeared on “Star Search” back in the day. Those who bested them look back as a new reboot takes off.

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Jan 28 • 1:24 PM EST • Entertainment • cnn.com
Giannis Antetokounmpo trade rumors: Bucks listening on deals for star

Giannis Antetokounmpo has indicated he's ready to move on from the Bucks, and Milwaukee is reportedly willing to listen to offers. Here's the latest.

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Jan 28 • 12:29 PM EST • Sports • usatoday.com
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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.

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Jan 28 • 12:25 PM EST • Business • businessinsider.com
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NFL Hall of Fame snubs Bill Belichick and sports world is gagged: 'I can't be reading this right'

Sports figures from Patrick Mahomes to LeBron James expressed shock and outrage after news broke that Bill Belichick failed to gain Hall of Fame election on his first ballot.

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Jan 28 • 12:25 PM EST • Sports • latimes.com
Black History Celebration to feature special concession offerings, in-arena entertainment

The Sabres will celebrate Black excellence in WNY during their game against the Kings on Jan. 29.

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Jan 28 • 12:16 PM EST • Entertainment • nhl.com
Why buying a phone in 2026 is actually a no-brainer

It's time to look to the past

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Jan 28 • 12:15 PM EST • Technology • androidpolice.com
Laredo Chamber sets 2026 vision to strengthen business

With a vision of strengthening the Laredo business community at all levels as the nation's largest port, Monica Y. Martinez of the Laredo Chamber of Commerce is looking ahead to 2026.

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Jan 28 • 12:13 PM EST • Business • lmtonline.com
Patrick Reed leaving LIV Golf, will return to PGA Tour this year

The 2018 Masters champion follows Brooks Koepka back to the PGA Tour.

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Jan 28 • 12:09 PM EST • Sports • sports.yahoo.com
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Footy Fix: Catch Champions League action only on Paramount+

All eyes will be on Napoli where Chelsea chase top 8 and the hosts look to sneak into the top 24

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Jan 28 • 12:02 PM EST • Sports • cbssports.com
Business groups back freight brokers in Supreme Court trucking liability fight

U.S. Chamber of Commerce, National Retail Federation among those supporting C.H. Robinson in the brief.

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Jan 28 • 10:51 AM EST • Business • freightwaves.com
Business groups back freight brokers in Supreme Court trucking liability fight

U.S. Chamber of Commerce, National Retail Federation among those supporting C.H. Robinson in the brief. The post Business groups back freight brokers in Supreme Court trucking liability fight appeared first on FreightWaves.

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Jan 28 • 10:51 AM EST • Business • finance.yahoo.com
Sergi López on 'Sirāt': A journey that makes you look inward

The movie “Sirāt” follows Luis as he treks through the North African desert with his son and dog to find his missing daughter.

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Jan 28 • 10:38 AM EST • Entertainment • click2houston.com
New Sony WF-1000XM6 leak reveals new updated colour options

The WF-1000XM6 is set to debut with more launch colour options than Sony's WF-1000XM5 earbuds, according to a new leak. Tipped to debut next month for $329.99 in the US and €299.99 in the Eurozone, the change would be a first for the WF-1000X series.

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Jan 28 • 10:15 AM EST • Technology • notebookcheck.net
Meet The Imperial Business School MBA Class Of 2026

An in-depth look into the personal and professional lives of 12 students from this year’s Imperial College Business School Class of 2026.

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Jan 28 • 10:02 AM EST • Business • poetsandquants.com
Samsung teases new privacy feature to hide your Galaxy phone screen from onlookers

Samsung said that the upcoming feature will let you protect selected parts of the screen like notification popup area.

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Jan 28 • 9:44 AM EST • Technology • techcrunch.com
The Entertainment District Focus Group examining long term future of Berglund Center complex

Its called the Entertainment District Focus Group, a mostly citizen group asked to weigh in on a possible casino at the Berglund Center - just for starters. The Entertainment District Focus Group is centered around the Berglund Center Complex, as the city looks to generate more revenue. Is there sup

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Jan 28 • 9:34 AM EST • Entertainment • wfirnews.com
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As college sports look more professional, sponsors turn to high school

High school sports, some marketers are finding, can provide brands with national reach and inroads with potential future star athletes.

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Jan 28 • 9:27 AM EST • Sports • marketingbrew.com
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Gemini details AI Plus limits, rolls out NotebookLM integration on iOS

Google brought the AI Plus subscription to the US yesterday, and here’s how it upgrades usage limits in the Gemini app.

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Jan 28 • 9:05 AM EST • Technology • 9to5google.com
Moto G77 launches with a 108MP camera with 3x lossless zoom, 120Hz AMOLED display, and an IP64 rating

Motorola has grown its Moto G series line of smartphones with the launch of a new model. The new Moto G77 has a new camera, a bigger battery, and a brighter display than its predecessor, the Moto G75.

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Jan 28 • 9:00 AM EST • Technology • notebookcheck.net
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

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Jan 28 • 8:43 AM EST • Sports • cbssports.com
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Our first look at Google's Android for PC interface leaks in a bug report

We may have our first look at Android for desktop.

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Jan 28 • 8:30 AM EST • Technology • engadget.com
Recognize Data Privacy Day by protecting your small business from cybercriminals

Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.

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Jan 28 • 8:02 AM EST • Business • ftc.gov
18 free agents with connections to Lions coach Mike Kafka

Taking a look at the 2026 NFL free agents who have connections to Detroit Lions coach Mike Kafka.

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Jan 28 • 8:00 AM EST • Sports • prideofdetroit.com
On Data Privacy Day (and every day): Protect your small business

Cybercriminals target companies big and small. Today is Data Privacy Day — a great opportunity to take a look at how you keep your business and customer data protected. Get started with the FTC’s updated resources at ftc.gov/cybersecurity.

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Jan 28 • 7:51 AM EST • Business • consumer.ftc.gov
FreshBooks 2025 Ontario Small Business Snapshot: Owners More Reserved Than U.S. Peers, but Most Say Their Businesses Are Stable

Ontario survey data shows lower optimism and higher interest-rate sensitivity than U.S. counterparts, while operating conditions stay steady for most businessesTORONTO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Ontario small business owners are entering 2026 with a more reserved outlook than their U.S. counterparts, reflected in lower economic optimism, softer financial sentiment, and greater sensitivity to interest rates, according to a new Ontario snapshot from FreshBooks’ 2025 State of Small Business

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Jan 28 • 7:29 AM EST • Business • finance.yahoo.com
This week in Santa Cruz County business: Scotts Valley solar cell company goes dark; passing the torch at Alta Organic Coffee

In her weekly look at Santa Cruz County business, Jessica M. Pasko reports on the demise of Ambient Photonics, notes a generational shift at a local coffee roaster and delivers names, numbers and events to know.

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Jan 28 • 7:00 AM EST • Business • lookout.co
HIV and Heart Health: What You Need to Know

In our latest blog post, we re highlighting the link between HIV and heart health. Explore why people living with HIV face a higher risk of heart disease and...

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Jan 28 • 7:00 AM EST • Health • hiv.gov
Leaker makes unlikely claim about improved iPhone 18 telephoto lens

A leaker better known for posting about Android smartphones has made a claim potentially pointing to improved telephoto performance in...

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Jan 28 • 6:56 AM EST • Technology • 9to5mac.com
Exclusive: First look at Samsung’s 25W wireless charger, possibly for Galaxy S26

The Galaxy S26 Ultra supports up to 25W fast wireless charging, and we have the first images of its 25W wireless charger.

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Jan 28 • 6:12 AM EST • Technology • sammobile.com
Dave Chappelle, Jon Stewart to pair up for Ohio show

The two outspoken comedians will talk about independent journalism and other topics during an event benefiting Yellow Springs radio station WYSO.

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Jan 28 • 6:04 AM EST • Entertainment • dispatch.com
#CAAHoops MBB Notebook

CAA MEN'S BASKETBALL NOTEBOOK – JAN. 28, 2026

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Jan 28 • 6:00 AM EST • Sports • caasports.com
Why comedian Katherine Ryan won't make fun of her kids on stage: 'I don't wanna get Brooklyn Beckhamed'

The British-Canadian comedian says she steers clear of making any of her five children the punchline for fearing of stirring up Beckham-style family drama.

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Jan 28 • 6:00 AM EST • Entertainment • latimes.com
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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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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