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Harris Sold Email List to D.N.C., Then Paid Off 2024 Debts
The national party, which is nearly $100 million behind its G.O.P. counterpart, bought the list for $6.5 million.
‘Memorials are for the living’: Donatelli family business brings solace to death
Behind a collection of gravestones, Fred “Corky” Donatelli III arranges papers at his desk. His hands are big and rough, dusted with dirt...
NBA Rising Stars: Team Vince triumphs behind 2 game-winners from Sixers rookie VJ Edgecombe
VJ Edgecombe was Team Vince's first pick in the NBA Rising Stars draft. He wound up making Vince Carter look wise.
Fort Lauderdale exhibit giving kids front row seat to science, skills behind hockey
Can people really feel the weather in their bones? Science says yes
Turns out there’s some real science behind those old wives’ tales.
‘Zero Day’ & ‘A House Of Dynamite’ Producer Prologue Entertainment Signs Bestselling Author David McCloskey To First-Look Deal
Bestselling author David McCloskey has inked a first-look deal with Prologue Entertainment, the production company behind Netflix's 'Zero Day.'
The science behind the trend for showering in the dark before bed
The trend has little direct research, but studies on light, heat and relaxation show why it might help some people.
Health care jobs drives labor market while other sectors contract
Health care jobs are propping up the U.S. labor market as white-collar sectors contract. Here's what's behind the trend
Building biopharma: The communities behind the science
Editor’s note: This is the first of a twice-monthly series that will highlight the vibrant communities that make up the biopharma industry. | What began as a small summit of women biotech CEOs five years ago has grown into a 350-member force gaining momentum, even as political headwinds force others to retreat.
Exploring the science behind sex at the Exploratorium
"Sexplorations" — the Exploratorium's annual event exploring the science behind sex, reproduction and pleasure — returns tonight ahead of Valentine's Day weekend.
The hidden forces behind winter sports
UD professor explains how Olympic athletes optimize physics to reach peak performance
Athan Koutsiouroumbas: Pennsylvania's way behind on women-owned businesses
In Pennsylvania, women are less inclined to own small businesses. The Keystone State ranks in the bottom five of states in its percentage of women...
AFCON 2027: What is the truth behind the postponement rumors?
Is AFCON 2027 at risk of being postponed? The truth behind the speculationAFCON 2027 / @thecitizen.co.tzConflicting reports have emerged in recent hours regarding the date of the 2027 Africa Cup of Na...
Daniel Cormier: 'Jon Jones doesn't have anything left'
Former two-division UFC champion Daniel Cormier thinks Jon Jones' fighting days are likely behind him.
Arizona men’s basketball unveils alternative uniforms for ‘Galaxy Slam’
If men’s basketball is the University of Arizona’s most well-known export, space science isn’t far behind. The university is celebrating its acclaimed space program through ‘Galaxy Slam,’ a week-long series of community activities and on-campus events running from Feb. 14-21. Arizona men’s basketball is taking part by wearing special uniforms for the Feb. 18 game […]
Scientists reveal formation mechanism behind spherical assemblies of nanocrystals
From table salt to snowflakes, and from gemstones to diamonds—we encounter crystals everywhere in daily life, usually cubic (table salt) or hexagonal (snowflakes). Researchers from Noushine Shahidzadeh's ...
Prime Video announces ‘Boys of Tommen’ TV series based on the best-selling books
Producers behind ‘The Summer I Turned Pretty,' ‘Twilight,' and ‘One Day’ are bringing Chloe Walsh’s romantic drama novels to the screen.
Why Jeff Bezos gutted the Washington Post
Hundreds of jobs have gone at the newspaper that broke the Watergate scandal. Was profit or politics behind the decision? Jeremy Barr reports
The science behind love at first sight
Scientists are exploring how your brain and body react in the first seconds of attraction.
What we know about the business behind a mysterious sign in Shorewood
For months, a mysterious sign in the window of a vacant Shorewood storefront has intrigued passersby. Now we know more about the new business.
The physics of the Winter Olympics : Short Wave
Watching a ski jumper fly through the air might get you wondering, “How do they do that?” The answer is – physics!That’s why this episode, we have two physicists – Amy Pope, a physicist from Clemson University and host Regina G. Barber – break down the science at play across some of the sports at the 2026 Winter Olympics. Because what’s a sport without a little friction, lift and conservation of energy? They also get into the new sport this year, ski mountaineering - or “skimo” as many call it - and the recent scandal involving the men’s ski jump suits. Interested in more science behind Olympic sports? Check out our episodes on how extreme G-forces affect Olympic bobsledders, the physics of figure skating and the science behind Simone Biles' Olympic gold. Also, we’d love to know what science questions have you stumped. Email us your questions at shortwave@npr.org – we may solve it for you on a future episode!Listen to every episode of Short Wave sponsor-free and support our work at NPR by signing up for Short Wave+ at plus.npr.org/shortwave.
What’s behind the rush to cash in on kids’ sports?
NEW LENOX, Ill. (WGN) — Most parents can attest to the time and financial drain of kids’ competitive sports. Private equity is also taking notice by gobbling up youth programs in the suburbs.…
Google locks YouTube Music lyrics behind paywall
After a lengthy test, YouTube Music is making lyrics a premium feature.
You'll Now Need to Pay for This YouTube Music Feature
Bad news, non-Premium subscribers who use YouTube Music — the lyrics tab is officially behind a paywall. The feature, if you haven’t used it before, has the lyrics scroll... #Android #Google
Behind the Baton Rouge bet that led to a billion-dollar business empire
Local auto dealer Joe Agresti built an empire with Nick Saban. So what’s next? In 2004, Joe Agresti bet everything—his life savings and his parents’ home—on a failing Mercedes-Benz dealership in Baton Rouge that had lost $600,000 the previous year. His mother was terrified. His father’s response: “Trust this guy. He’s a winner.” Two decades […]
The story behind Benjamin Karl’s viral celebration at the Winter Olympics
Austrian snowboarder Benjamin Karl knew exactly what he would do if he won a gold medal at this year’s Winter Olympics; what he hadn’t planned for was the reaction from the rest of the world.
Interview: An Inside Look Behind the Chaos of Romeo is A Dead Man
Romeo is A Dead Man launches on Xbox Series X|S February 11, 2026 - find out how this brilliantly bizarre space adventure came to life in an interview with its creators.
How Recent Developments Are Reframing The Story For Accel Entertainment (ACEL)
Accel Entertainment’s latest research update keeps the fair value target anchored at US$15.17 per share, even as the underlying model inputs around discount rate and long term revenue growth are refreshed. Bullish and cautious analysts alike are treating this steady target as a test of how closely the company’s actual execution will track the assumptions behind that US$15.17 figure. If you want to keep on top of how this narrative evolves from here, stay tuned for ways to follow the key...
GOP lawmaker behind Congress’ Epstein push says Commerce Secretary Lutnick should resign over links
Republican Rep. Thomas Massie, a co-author of the law that compelled the release of the Jeffrey Epstein files, called on Commerce Secretary Howard Lutnick to resign over his links to the late sex offender.
What kind of gun do they use in biathlon? Behind the cross-sport event at the Olympics
Is a kiss just a kiss? Exploring the art and science behind smooches
A single kiss can leave a lasting impression, whether it's in real life or on the silver screen. But why, exactly?
Scientists may have found the brain network behind Parkinson’s
A new international study points to a specific brain network as the core driver of Parkinson’s disease. Scientists found that this network becomes overly connected, disrupting not just movement but also thinking and other bodily functions. When researchers targeted it with non-invasive brain stimulation, patients showed much stronger symptom improvement than with conventional stimulation. The discovery could reshape how Parkinson’s is diagnosed and treated.
Should I Get Married? The Science Behind the 'I Do'
Forget the fairy tale. Discover the real science on how marriage affects your bank account, brain health, and long-term happiness.
The science behind why some auroras have such stunning wave patterns
Auroras, shimmering bands of light that shoot through the night sky near the Earth’s poles, can follow patterns known as arcs
Record-Breaking One-Off Bugatti Brouillard Could Become the Most Expensive Bugatti Ever
A one-off aimed at a historic record Bugatti’s latest one-off, the Brouillard, steps onto the hypercar stage with the quiet confidence of a record-breaker. The brand’s tradition of bespoke excellence meets a bold new aesthetic, positioning this unique commission to potentially become the marque’s most expensive creation. Built on the proven underpinnings of the Chiron/Mistral architecture, yet transformed by distinctive craft, the Brouillard is both homage and innovation. A name born from equestrian legend More than a century ago, a striking white horse captivated Ettore Bugatti in Molsheim. That equine myth now informs the car’s name and its sensory identity. The result is an automotive portrait of athletic grace—surfaces that read like muscle, curves that suggest motion, and details that quietly speak of discipline and heritage. Embroidered horse motifs on door panels and seat backs echo the story, while a miniature glass sculpture of the steed crowns the shifter. Sculptural design with purpose The Brouillard’s silhouette favors sinuous surfaces over hard creases, allowing light to glide over its form like a tendon under skin. Aerodynamics inform elegance: an integrated ducktail replaces a deployable wing, cleansing the airflow and boosting stability at speed. Its stance is athletic, its volumes taut, and its visual language unmistakably Bugatti. “Sculptural, organic forms—like a tendon beneath the skin—hide immense power behind noble simplicity,” said design chief Frank Heyl, capturing the car’s philosophy in a single stroke. Craft elevated to an art The cabin embraces craftsmanship at an uncommon level. Custom-woven textiles from Paris introduce a discreet tartan pattern, while green-tinted carbon fiber nods to the exterior’s hue. A glazed roof creates a cathedral atmosphere, bathing the cockpit in natural light. A central spine appears to flow from exterior to interior, emphasizing continuity and structure. Highlights include: Custom textiles with subtle tartan motifs Green-tinted carbon fiber matched to the exterior finish A “cathedral” glass roof that elevates cabin ambience A sculptural centerline linking outside to inside Bespoke embroidery and glass equine detail W16 power at its absolute apex Under the sculpted skin, the final evolution of Bugatti’s 8.0‑liter, quad‑turbo W16 delivers a thunderous 1,600 hp at 7,050 rpm and 1,600 Nm of torque. This represents the pinnacle of nearly two decades of Bugatti engineering, honed to an ultimate state. The lightweight monocoque blends carbon fiber with aluminum, holding mass to around 1,900 kg for poise and control. Experts suggest the Brouillard could surpass the 282 mph (454 km/h) achieved by the Mistral, aided by more aerodynamic bodywork and the fixed ducktail. Whether or not it sets a new benchmark, its intent is clear: relentless speed paired with refinement. Exclusivity with an exacting timeline The commissioning process is intensive, with roughly 18 months of development leading to a 2027 delivery. Bugatti’s program limits itself to no more than two creations per year, ensuring focus and rarity. Each example leaves the atelier as a singular vision, shaped to the client’s collection and the brand’s ethos. An unveiling is planned for Monterey Car Week 2025, placing the Brouillard amid the world’s most discerning enthusiasts. Its patron is a European collector deeply invested in the Bugatti universe, from historic and modern cars to Carlo Bugatti furniture and Rembrandt Bugatti bronzes. A valuation poised to make history While Bugatti has not disclosed an official price, informed estimates place the Brouillard between €10 million and €30 million. Context matters: a series Mistral begins near €5 million, while the Brouillard adds profound personalization, sculptural changes, and a pace of production that keeps scarcity front and center. In an arena where uniqueness drives value, the path to a brand record is unmistakably open. What it signals for the marque The Brouillard crystallizes Bugatti’s dual identity: traditional savoir‑faire intertwined with boundary-pushing performance. It exhibits a narrative soul—the white horse of Molsheim—woven into modern materials and world-class aerodynamics. As a rolling statement, it reaffirms that the Bugatti idea is larger than speed alone; it is about story, craft, and the courage to pursue an ideal to its logical limit.
Balch Finds Her Place Behind the Scenes of Sports’ Biggest Events
With the Super Bowl back in Santa Clara, Santa Clara alumna Nicolette Balch is watching from a different vantage point than the one she had nearly a decade ago — not as someone working the event, but as a former student-athlete whose career once took her to the NFL's biggest stage.
This tiny molecular trick makes spider silk almost unbreakable
Scientists have cracked a key mystery behind spider silk’s legendary strength and flexibility. They discovered that tiny molecular interactions act like natural glue, holding silk proteins together as they transform from liquid into incredibly tough fibers. This same process helps create silk that’s stronger than steel by weight and tougher than Kevlar.
Why do kids eat their boogers?
There may be something more than just a bad habit behind this behavior.
Not-so-American football: the Super Bowl's overseas stars
The Super Bowl may be as American as apple pie, but a surprising number of this year's stars hail from overseas.That international expansion was also a key motivation behind the selection of this year's Super Bowl performer Bad Bunny, who is expected to provide the first half-time show sung entirely in Spanish. amz/bb
Spotify's new feature lets you explore the story behind the song you're listening to
The feature displays short story cards that users can swipe through and rate with a thumbs up or down.
Grounded in business, soaring in aviation: The legal mind behind DFW Airport’s Expansion
Eliane Rodriguez has spent 14 years as the general counsel at DFW International Airport, a fast-flying entity with complex legal challenges.
‘Behind the Blue’: Lindsay Ragsdale on growing pediatric health care and supporting Project ADAM
In this episode of “Behind the Blue,” Lindsay Ragsdale, chief medical officer of Golisano Children’s at UK, discusses her career at the university, the role of palliative care, the growth of the children’s hospital and her own son’s experience as a pediatric cardiology patient. As a “Woman of Impact” nominee for the American Heart Association’s current fundraising campaign, she also highlights how AHA helps fund an important initiative overseen by a Golisano team — Project ADAM in Kentucky.
The science behind some of the world’s fastest ice
Olympic ice is engineered to balance grip and glide. Here’s how physics, chemistry, and meticulous ice making shape the fastest sport on ice.
Leesville police: Body found in woods behind business on South 5th Street
An investigation is underway after a body was found behind a business in Leesville.
Frozen on the ice: The brain science behind perfect Olympic timing
Olympic skiers, bobsledders and speed skaters all have to master one critical moment: when to start. As athletes prepare for the upcoming Winter Olympics, that split second is in the spotlight because ...
Windows 11 now locks Storage settings behind admin rights — and it’s going to confuse a lot of people
If opening the Storage settings feels off, you're right. Microsoft made changes to require elevation to open these settings on Windows 11.
The Cornwall family behind a science museum for children
One family's post-lockdown inspiration to create a science museum is set to expand.
Frozen on the Ice: The Brain Science Behind Perfect Olympic Timing
Research from Carnegie Mellon University helps explain why that split-second pause happens and how the brain controls it, offering insight not only into elite athletic performance, but also how people make everyday decisions when the outcome isn’t clear.
Why science says ghosts do not exist: The real reasons behind a most human belief | - The Times of India
Science News: For centuries, people all over the world have told stories about ghosts. In many cultures, the dead are believed to come back in spirit form. Some bel.
Elizabeth Warren launches probe into booming car repossessions
The car repo business is booming as Americans fall behind on their increasingly expensive car payments.
Galaxy S26 Ultra pretty much confirmed to lag behind Pixel 10 and iPhone 17 in key area
Galaxy S26 Ultra will continue to skip a feature the iPhone has had since 2020.
Google goes from laggard to leader as it pulls ahead of OpenAI with stellar AI growth
Alphabet is taking on OpenAI with a gusto that underscores Wall Street's perception that the Google parent is the leader in AI, a turn of events from a year ago when investors thought it was badly lagging behind rivals and punished its stock.
'Strong leadership': FRLA rallies Florida hotel and restaurant industry behind Byron Donalds
'As Governor, I will continue fighting for policies that keep Florida open for business.'
The science behind the storms
Penn State researchers spent six weeks chasing storms during the first hail research campaign in the United States in four decades. Named the In-situ Collaborative Experiment for the Collection of Hail In the Plains, or ICECHIP, it was the largest, most sophisticated international collaborative hail research campaign to date.
Port Chester native uses NASA moon plans to spark a love for science
NASA Solar System ambassador Charles Fulco, of Rye Brook, teaches elementary school students about the science behind space travel.
Politics Chat, February 3, 2026
A newsletter about the history behind today's politics.
The Questionable Science Behind the Odd-Looking Football Helmets
The N.F.L. claims Guardian Caps reduce the risk of concussions. The company that makes them says, “It has nothing to do with concussions.”
Behind the Curtain: 3 historic shifts simultaneously rattling society
If you focus on only one (like many do with President Trump), you miss the enormity of change.
The technical reason behind Nelly Korda's surprising driver switch
Korda's latest win came with a new driver in the bag. Only this wasn't a simple plug-and-play.
Then and Now, Part 2
Mark continues the backstory behind several callbacks in Lorwyn Eclisped, including Oft-Nabbed Goat, Figure of Fable, and more.
At a ‘Melania’ screening, cheers for Trump, snickers at Obama — and a reminder of our nation’s political divide
Having read a biography of her and learned almost nothing from it, I was looking forward to gaining insights about our First Lady. But nothing in the documentary has a true “behind the scenes” feel.
Maika Monroe returns to horror roots in 'Resident Evil Requiem' live-action trailer
Maika Monroe stars in a new live-action trailer for 'Resident Evil Requiem.' The 'Longlegs' and 'It Follows' actress brings EW behind the scenes.
National Survey Finds Heart Conditions Top Cost Driver for Employers and Health Plans, But Action to Contain Costs Lags
MENLO PARK, Calif., February 02, 2026--A new survey of healthcare benefit leaders shows heart conditions are a major concern, but prevention and cost containment efforts are falling behind.
Thunder beat Nuggets 121-111 behind Gilgeous-Alexander's 34 points
DENVER (AP) Shai Gilgeous-Alexander scored 34 points and Cason Wallace added a career-best 27, including seven 3-pointers, as the Oklahoma City Thunder beat the Denver Nuggets 121-111 on Sunday night.
Police launch arson investigation of fire behind local business
Police and fire crews responded to the scene of the fire on Jan. 31 around 5 a.m.
The real story behind Kenneth Walker's resurgence
The Seahawks run game turned a corner down the stretch- right when Justin Outten and Michael Byrne took over the duties of coaching the running backs.
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…
Woad eight shots off lead after play suspended in Orlando
Lottie Woad falls eight shots behind the lead at the Tournament of Champions after blustery conditions in Orlando lead okay to be suspended.
Albino or Leucistic? The Science Behind America’s “White Raccoons”
Imagine that you’re taking an evening stroll in the woods. All of a sudden, you spot a flash of color and two glowing eyes. The furry animal looks like a raccoon, but its all-white fur says otherwise. There’s no black fur and the bandit mask is missing entirely; only snow-white hair. What you’ve just observed
One game idea per day: the true story behind Highguard's 'wild' four-year development
Wildlight Entertainment reveals how it built its debut, one pitch at a time
Scientists finally explain statin muscle pain
Statins are a cornerstone of heart health, but muscle pain and weakness cause many patients to quit taking them. Scientists have now identified the precise molecular trigger behind these side effects. They found that statins jam open a critical muscle protein, causing a toxic calcium leak. The discovery could lead to safer statins that keep their life-saving benefits without the muscle damage.
30% More Efficient? The Math Behind Aero vs. Steel
The data is clear: Aerodynamics provided a massive efficiency gain, allowing me to match a significantly stronger rider on the flats. Here is the math, plus the latest on the Vingegaard fan crash.
The Science Behind a Great Guacamole
Guacamole is a game-day favorite, but what does it take to perfect it? Researchers at UC Riverside are peeling back the science of what makes a great avocado and how to turn it into a winning bowl of guacamole.
Body found behind northwest suburban business, police say
A death investigation was underway in northwest suburban Bartlett after a person was found dead outside a business on Friday, authorities said.
'View' star Sara Haines breaks down in tears over covering grim news: 'Why get out of bed?'
'The View' cohost Sara Haines broke down in tears over covering grim news on the talk show, admitting she doesn't 'really have a safe space' amid headlines: 'Why get out of bed?'
Google releases Project Genie AI tool for creating "playable worlds" that can feature copyrighted IP
But legal expert Pete Lewin from Wiggin argues that the companies behind this kind of tech can expect to face "greater scrutiny and pushback from IP owners"
Groundhog Day: Light on science, heavy on fun
If ever central Pennsylvania desired an early spring, it might be this year. Learn about the history and science behind Groundhog Day.
NASA is funded. Now what?
With the upheaval of 2025 behind us, here's what we're looking for in space policy this year.
Super Bowl LX Betting Report: 'The Public Isn’t Buying the Patriots'
It's still early, but so far, the public is throwing its support behind the Seahawks in droves. Patrick Everson has the report.
Communities unite to address stigma and discrimination affecting people with neglected tropical diseases
Marking World Neglected Tropical Diseases (NTDs) Day, the World Health Organization (WHO) warns that millions of people living with NTDs continue to face profound and often unseen suffering due to discrimination, social stigma and untreated mental health conditions. Under the rallying theme "Unite. Act. Eliminate.", WHO and partners urge governments to integrate mental health care into NTD elimination efforts, ensuring that no one is left behind in pain or isolation.
Arts and Entertainment Agenda: Jan. 30-Feb. 5
DanceAspen’s ‘Re:imagine — A Sneak Peek with Emilie Leriche,’ Jan. 30 A free, exclusive preview and behind-the-scenes look at DanceAspen’s upcoming production, “Re:imagine — A Sneak Peek with Emilie Leriche,” will be presented from 5:30-6:30...
The Science Behind Rare Gulf Effect Snow Potential In Tampa Bay
Could parts of Tampa Bay, Florida experience Gulf effect snow this weekend? Our expert explains.
AppLovin's ad tech business could steal Amazon's lunch
Wall Street remains wary of the black box behind AppLovin's AI, but early data suggest its e-commerce pivot is already eating into Amazon's territory.
Driving Habits Provide Window Into Seniors' Brain Health
By Dennis Thompson HealthDay ReporterTHURSDAY, Jan. 29, 2026 (HealthDay News) — Larry Duncan valued driving as part of his independence. But Duncan — a retired business owner from Pinehurst, North Carolina — started to become more nervous behind the wheel prior to his diagnosis with Alzheimer’s ...
Trump directs team to beef up his public schedule to combat questions about his stamina
Vague descriptions of presidential signing ceremonies, policy meetings and industry executive sit downs — mostly behind closed doors — began peppering President Donald Trump’s public schedule at the end of last year.
What to know about the Melania Trump documentary
As Melania Trump prepares to walk the red carpet at the newly rebranded Kennedy Center Thursday evening, she is proving that a peek behind the curtain of her life isn’t just a historical record, but a multi-million-dollar commodity.
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.
Champions League live updates, scores: Arsenal, Liverpool, Manchester City cruising; Barcelona, Chelsea behind at halftime of Matchday 8
Google’s New Chrome ‘Auto Browse’ Agent Attempts to Roam the Web Without You
Google’s latest addition to its Chrome browser puts generative AI behind the wheel and you in the passenger seat.
Florida Sheriffs swing behind Byron Donalds in Governor’s race
Law enforcement support builds as Donalds consolidates Republican primary momentum statewide
Walmart CEO Doug McMillon retiring as retailer gains more wealthy shoppers amid inflation
Walmart CEO Doug McMillon retires after 40 years, leaving behind a transformed retail giant that attracts higher-income shoppers through convenience.
Hidden struggles: Cambridge scientists share the truth behind their success
In a career defined by constant questioning, self-doubt can become an occupational hazard. Now, for the first time, a group of Cambridge scientists reveal the personal struggles they’ve faced – and continue to face – as they strive for success.
The surprising science behind how certain foods can make you smell more attractive
Beneath fancy perfumes and deodorants, our food choices may be quietly shaping our natural scent in unexpected ways
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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How scientists predict big winter storms : Short Wave
This past weekend, Winter Storm Fern struck the States. Sleet, snow and ice battered Americans all the way from New Mexico to New York. Scientists predicted its arrival in mid-January, and in anticipation of the storm, more than 20 state governors issued emergency declarations. But how did scientists know so much, so early, about the approaching storm? NPR climate reporter Rebecca Hersher says it has to do with our weather models… and the data we put into them. Which begs the question: Will we continue to invest in them?Interested in more science behind the weather? Check out our episodes on better storm prediction in the tropics and how the Santa Ana winds impact the fire season this time of year. Have a question we haven’t covered? Email us at shortwave@npr.org. We’d love to consider it for a future episode! Listen to every episode of Short Wave sponsor-free and support our work at NPR by signing up for Short Wave+ at plus.npr.org/shortwave.This episode was produced by Hannah Chinn. It was edited by our showrunner Rebecca Ramirez. Tyler Jones and Rebecca Hersher checked the facts. The audio engineer was Robert Rodriguez. News clips were from CBS Boston, Fox Weather, Fox 4 Dallas-Fort Worth, and PBS Newshour.