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Results for " ant " 37,980 found 🔀 AI-powered Shuffle

Health care and academic workers share concerns over halt to H-1B visas in Texas

Since Houston is home to the world's largest medical center, ABC13 wanted to know how Gov. Greg Abbott's directive could affect operations.

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Jan 29 • 9:58 AM EST • Health • abc13.com
'Job interview': With Jay Collins jilted, Paul Renner plays long game in wooing Ron DeSantis

True love waits?

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Jan 29 • 9:43 AM EST • Politics • floridapolitics.com
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Introducing Moltworker: a self-hosted personal AI agent, minus the minis

Moltworker is a middleware Worker and adapted scripts that allows running Moltbot (formerly Clawdbot) on Cloudflare's Sandbox SDK and our Developer Platform APIs. So you can self-host an AI personal assistant — without any new hardware.

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Jan 29 • 9:00 AM EST • Technology • blog.cloudflare.com
Xevant Named a 2025 Modern Healthcare Best in Business Company for AI

Xevant, a leader in real-time pharmacy benefits intelligence, today announced it has been named a 2025 Modern Healthcare Best in Business company in the Artificial Intelligence (AI) category. The recognition honors healthcare suppliers and technology partners whose innovations delivered measurable impact across the healthcare ecosystem in 2025.

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Jan 29 • 9:00 AM EST • Business • finance.yahoo.com
A massive clump of dark matter may lurk in the Milky Way

Pulsating remnants of stars hint at a clump of invisible matter thought to be about 10 million times the sun’s mass.

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Jan 29 • 9:00 AM EST • Science • sciencenews.org
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Brandon Miller, Hornets aim to stay 'hungry' vs. Mavericks

These are heady times for the Charlotte Hornets, who have won four straight games for the first time in nearly two years.

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Jan 29 • 8:31 AM EST • Sports • cbssports.com
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The Nex Playground is everything Xbox Kinect wanted to be

The Nex Playground brings motion-tracked games to the entire family. Consider it the best of the Xbox Kinect in a tiny box.

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Jan 29 • 8:30 AM EST • Technology • engadget.com
35 undocumented immigrants arrested in Zipps Sports Grill operation

Federal agents executed search warrants at 15 Zipps locations across metro Phoenix.

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Jan 29 • 8:19 AM EST • Sports • axios.com
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Mia Bonta pleads for ‘pandemic-level’ response to Feds’ gutting of Medi-Cal

Up to two million of the state’s lowest-income people may lose health insurance due to federal changes. Bonta wants to lead the charge to stop that.

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Jan 29 • 8:00 AM EST • Health • sacbee.com
Ascending Islanders seek season sweep of reeling Rangers

The New York Rangers rarely score against the New York Islanders and infrequently win on home ice.

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Jan 29 • 7:20 AM EST • Sports • cbssports.com
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...

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Jan 29 • 7:00 AM EST • Health • newsroom.heart.org
Scientists found a way to cool quantum computers using noise

Quantum computers need extreme cold to work, but the very systems that keep them cold also create noise that can destroy fragile quantum information. Scientists in Sweden have now flipped that problem on its head by building a tiny quantum refrigerator that actually uses noise to drive cooling instead of fighting it. By carefully steering heat at unimaginably small scales, the device can act as a refrigerator, heat engine, or energy amplifier inside quantum circuits.

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Jan 29 • 7:00 AM EST • Science • sciencedaily.com
FAU Honors Craig Zinn as Business Leader of the Year

Florida Atlantic University’s College of Business recently hosted a ceremony to honor Craig Zinn, an American automotive entrepreneur and philanthropist, as its 31st “Business Leader of the Year” event.

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Jan 29 • 7:00 AM EST • Business • fau.edu
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
Commentary: Farewell to Peter Duesberg, a godfather of scientific disinformation

Peter Duesberg squandered his scientific reputation by advancing a debunked theory about AIDS, but his influence on anti-vaccine activists lives on.

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Jan 29 • 6:00 AM EST • Science • latimes.com
Google Chrome Gets Gemini Side Panel and Agentic Browsing Features

AI-powered browsing features have become a battleground among browser makers in recent months. OpenAI launched its Atlas browser in October, while Microsoft Edge and Opera have also introduced AI assistants and automated browsing capabilities. And now Google is upping the ante. The company has announced a slew of new AI features fro Chrome, including a persistent sidebar for the Gemini chatbot and "auto browse" capabilities that can perform web tasks on your behalf.

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Jan 29 • 5:44 AM EST • Technology • macrumors.com
How widespread sports betting affects NFL players: ‘People have said they’d kill me’

We asked NFL players about their interactions with sports bettors and fantasy players — and whether they participate themselves.

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Jan 29 • 5:30 AM EST • Sports • nytimes.com
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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
Bank of America supporting weVENTURE Women’s Business Center

As a Neighborhood Builder, the Florida Tech-based weVENTURE Women’s Business Center is awarded a $50,000 grant over two years.

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Jan 29 • 5:01 AM EST • Business • floridatoday.com
Medicare Advantage Insurers Face New Curbs on Overcharges in Trump Plan That Reins in Payments

Proposed Trump administration changes to federal Medicare Advantage payments would stop health insurers from mining patient data for extra medical diagnoses that generate more bills to taxpayers even without treatment.

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Jan 29 • 5:00 AM EST • Health • kffhealthnews.org
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
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
Citrus Heights approves mandatory registry for vacant businesses
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Jan 29 • 1:39 AM EST • Business • cbsnews.com
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ACU Sports Podcast: Wildcat Annual Fund Director Anthony Egbo

Anthony Egbo, former ACU football player and current director of the Wildcat Annual Fund, talks about ACU Athletics' unique approach to philanthropy, what to expect for ACU Gives, and shares stories of how ACU has impacted student-athletes' lives even if they are only a Wildcat for a year or two.

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Jan 29 • 1:00 AM EST • Sports • acusports.com
Washington State earns 70-58 victory over Seattle U

PULLMAN, Wash. (AP) Rihards Vavers had 24 points in Washington State's 70-58 win over Seattle U on Wednesday night.

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Jan 29 • 12:40 AM EST • Sports • cbssports.com
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Xi-Starmer meeting: Chinese leader tells PM he hopes both countries can ‘rise above differences’

At Beijing talks, British prime minister Keir Starmer tells Xi he wants a ‘more sophisticated’ relationship with China

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Jan 29 • 12:31 AM EST • Politics • theguardian.com
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Science for Living: How digital health tools strengthen care when patients are the core focus

Daniel Amante, PhD, MPH, discusses how digital health tools are most effective when they’re designed with patients at the center.

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Jan 29 • 12:13 AM EST • Science • umassmed.edu
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Science for Living: How digital health tools strengthen care when patients are the core focus

Daniel Amante, PhD, MPH, discusses how digital health tools are most effective when they’re designed with patients at the center.

umassmed.edu logo
Jan 29 • 12:13 AM EST • Health • umassmed.edu
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Braves News: Starting pitching rumors, Sean Murphy injury, more

Atlanta Braves news and notes from Wednesday

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Jan 29 • 12:01 AM EST • Sports • batterypower.com
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.

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Jan 29 • 12:00 AM EST • Business • nytimes.com
Business owner speaks out after Ypsilanti parents detained by ICE
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Jan 28 • 11:19 PM EST • Business • cbsnews.com
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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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Tim Walz Fears a Fort Sumter Moment in Minneapolis

The Minnesota governor warns of a national unraveling.

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Jan 28 • 9:25 PM EST • Politics • theatlantic.com
Yuba City eyes $8.5 million state grant for new regional sports complex

A new regional youth sports complex could be coming to Yuba City. The city's public works department is planning to apply for a state grant that could award up to $8.5 million through a revitalization program.

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Jan 28 • 9:23 PM EST • Sports • cbsnews.com
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8 Santa Monica Businesses Win Green Certification Awards

8 Santa Monica businesses received Green Business Certification on January 16th at the YMCA, recognizing their sustainable practices and environmental leadership.

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Jan 28 • 9:14 PM EST • Business • smdp.com
Army wins 67-64 over Lehigh

WEST POINT, N.Y. (AP) Tate Laczkowski scored 17 points as Army beat Lehigh 67-64 on Wednesday.

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Jan 28 • 9:05 PM EST • Sports • cbssports.com
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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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Seattle restaurants show support to Minneapolis businesses amid protests and unrest

Seattle restaurants are banding together to show solidarity with businesses in Minneapolis, raising funds to support their counterparts.

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Jan 28 • 7:39 PM EST • Business • komonews.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
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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Teen Mental Health and School-Based Services in California

About 3 in 10 California teens report serious psychological distress, yet significant gaps exist between the need for mental health care and receipt of services. This report examines teen mental health and access to care across demographic groups and describes how state and district funding have expanded school-based solutions.

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Jan 28 • 5:38 PM EST • Health • ppic.org
Policy Brief: Teen Mental Health and School-Based Services in California

Rates of chronic sadness and suicidal thoughts in teens have been rising in California—and nationwide—since about 2009. Significant gaps exist between the reported need for mental health care and receipt of services. The state has recently invested $8 billion for child and teen mental health, including school-based services.

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Jan 28 • 5:34 PM EST • Health • ppic.org
As major CEOs respond to ICE Minneapolis crackdown, CNBC survey finds many leaders saying it’s 'not relevant to their business'

Apple, OpenAI CEOs respond to ICE crackdown in Minneapolis, but a CNBC survey finds some business leaders sensing no business need, or fearing Trump backlash.

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Jan 28 • 5:19 PM EST • Business • cnbc.com
Accountant stole more than $1M from N.J. business owner to fund sports betting, mortgage, state says

He is accused of using the funds for sports betting, credit card bills and mortgage payments, authorities said.

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Jan 28 • 5:18 PM EST • Business • nj.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
Kings, Sabres each carrying strong momentum into clash

The Buffalo Sabres and visiting Los Angeles Kings each bring winning streaks into their Thursday night contest.

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Jan 28 • 4:50 PM EST • Sports • cbssports.com
Minn. companies pool funds to help small businesses amidst immigration enforcement surge

A couple dozen Minnesota companies have contributed about $4 million to a grant fund to support small businesses in the state as they navigate the challenges of meeting payroll and paying rent amidst the immigration enforcement surge.

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Jan 28 • 4:30 PM EST • Business • mprnews.org
Republicans Gave ICE a Slush Fund. Democrats Want to Limit It.

The sweeping domestic policy law that Republicans muscled through Congress last year made ICE the highest-funded federal law enforcement agency in the country, with no strings attached.

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Jan 28 • 3:43 PM EST • Politics • nytimes.com
What we're learning about the man arrested in the attack on Rep. Ilhan Omar

Anthony Kazmierczak hadn't been formally charged or scheduled for an initial court appearance as of Wednesday morning.

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Jan 28 • 3:32 PM EST • Politics • pbs.org
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
Hialeah man accused of stalking, planting tracker on ex-business partner’s car in Doral

A 44-year-old man from Hialeah was arrested Tuesday after police said he repeatedly stalked a former business associate and installed a tracking device on the victim’s vehicle.

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Jan 28 • 2:29 PM EST • Business • local10.com
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Give Your Problems (and Passwords) to Moltbot, Then Watch It Go

A viral new virtual assistant formerly known as Clawdbot is complex and brings security risks—but some early adopters say it feels like the future.

wired.com logo
Jan 28 • 2:01 PM EST • Technology • wired.com
Everyone wants to copy the iPhone Fold; Honor developing its own ‘wide’ foldable too

The Android world is bracing for the debut of the first foldable from Apple, expected to be the “iPhone Fold.”...

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Jan 28 • 1:30 PM EST • Technology • 9to5google.com
Accelerating Science: A Blueprint for a Renewed National Quantum Initiative

Sustained U.S. leadership in quantum information science is critical to ensuring that breakthroughs in computing, sensing, networking and materials translate into secure technologies and industries, a skilled domestic workforce and long-term strategic advantage. To secure this future, Congress must act and reauthorize the National Quantum Initiative (NQI).

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Jan 28 • 1:17 PM EST • Science • blogs.nvidia.com
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Roadkill is a surprising and untapped source for scientists

Millions of animals unfortunately die on roads each year, but the casualties hold important data.

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Jan 28 • 1:01 PM EST • Science • popsci.com
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants

EXCLUSIVE: Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs, talent development initiatives which connect emerging writers and directors with opportunities across DET’s scripted and unscripted television slate. “This year’s cohorts reflect the bold, original voices that will help shape the next era of television,” said Tim McNeal, senior vice …

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Jan 28 • 1:00 PM EST • Entertainment • yahoo.com
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants

Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs

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Jan 28 • 1:00 PM EST • Entertainment • deadline.com
Fake Moltbot AI Coding Assistant on VS Code Marketplace Drops Malware

A fake VS Code extension posing as a Moltbot AI assistant installed ScreenConnect malware, giving attackers persistent remote access to developer syst

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Jan 28 • 12:46 PM EST • Technology • thehackernews.com
Jets hire Brian Duker as defensive coordinator

The Jets’ search for a new defensive coordinator is over. The team is hiring Brian Duker per Tom Pelissero. The 36 year old Duker worked under Glenn with the Lions for three years. He went from defensive assistant in 2021 to safeties coach in 2022 to defensive backs coach in 2023. The last two years […]

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Jan 28 • 12:42 PM EST • Sports • ganggreennation.com
Trump’s immigration approach is gumming up the courts, frustrating his DOJ and judges

The Justice Department and federal courts are struggling to keep up with the exponential increase in federal court cases of immigrants in custody who are challenging their detentions, another result of the Trump administration’s aggressive immigration enforcement policies across the country.

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Jan 28 • 12:40 PM EST • Politics • cnn.com
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Paramount+ plans move into short-form video, UGC: internal docs

Paramount executives want to add short-form video and user-generated content to Paramount+, according to leaked emails and presentations.

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Jan 28 • 12:33 PM EST • Business • businessinsider.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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Browns defensive coordinator Jim Schwartz reportedly wants 'out' after being passed over for head coaching job
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Jan 28 • 12:28 PM EST • Sports • sports.yahoo.com
As the Trump administration targets NCAR, scientists rally to defend the ‘mothership’ of atmospheric research

A letter published by the National Science Foundation asks for ideas to dismantle the research hub. Scientists are responding en masse.

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Jan 28 • 11:45 AM EST • Science • cpr.org
iOS 26.2.1—Update Now Warning Issued To Millions Of iPhone Users

Apple has released iOS 26.2.1, an important update that all iPhone users should apply now. Here's what you need to know.

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Jan 28 • 11:43 AM EST • Technology • forbes.com
Manu Ginobili among backers of new planned sports performance project in South Florida

Manu Ginobili is investing in South Florida’s potential with a new venture. The former San Antonio Spurs star is part of a group building the Sports Performance Hub in Homestead, Florida. It’ll be a next-generation sports, education and community development project. It will feature a 10,000-seat stadium for Miami FC, sports training facilities, a basketball facility, a boarding school and more. Groundbreaking is set for March, with plans to open in 2028. Ginobili, along with partners like Riccardo Silva and Juan Sebastian Veron, aims to connect sports training with academics. They believe Miami’s multicultural environment makes it an ideal location.

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Jan 28 • 11:36 AM EST • Sports • nbcmiami.com
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Owners of Twin Peaks restaurant file for bankruptcy

Officials with TWNP said in a news release that they will use the filings to strengthen their capital structure through reducing their debt to keep the corporation successful for years to come.

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Jan 28 • 11:03 AM EST • Business • spectrumlocalnews.com
🧪 Science with Sarah: Graham Cracker Plate Tectonics 🌋

Hello parents, teachers and students! Explore our shifting Earth on a mantle of frosting

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Jan 28 • 10:55 AM EST • Science • ksat.com
🙂 Positive (35%)
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.

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Jan 28 • 10:20 AM EST • Business • foxbusiness.com
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
Darden Restaurants: Wonderful Business At A Below Average Price

Darden Restaurants (DRI) shows resilient sales amid inflation, trades below its 10-year P/E, and targets 9% sales growth. Read the latest analysis on the stock here.

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Jan 28 • 9:55 AM EST • Business • seekingalpha.com
Jon Gruden turns down coaching inquiry from Jets, Aaron Glenn

Jon Gruden may want to return, but apparently not with the New York Jets

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Jan 28 • 9:11 AM EST • Sports • cbssports.com
Davis Webb rumors reveal Raiders' competition for Broncos assistant coach

Denver Broncos passing-game coordinator and quarterbacks coach Davis Webb has drawn a lot of interest this offseason and the Las Vegas Raiders have some competition for his services.

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Jan 28 • 9:01 AM EST • Sports • sportingnews.com
Trump’s Favorite Wedge Issue Has Finally Met Its Match

Riley Gaines definitely doesn’t want you reading this.

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Jan 28 • 9:00 AM EST • Sports • slate.com
Claire Danes says she freaked out when she found she was pregnant at 44

Claire Danes has said she went into “meltdown” when she discovered she was pregnant with her third child at age 44.

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Jan 28 • 8:27 AM EST • Entertainment • cnn.com
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How to Communicate About Quantum Technology — Science-Backed Tips For Talking Quantum

Research shows that most people know little about quantum technology, making clear, balanced communication essential.

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Jan 28 • 7:39 AM EST • Science • thequantuminsider.com
Viral AI assistant Moltbot rapidly gains popularity but poses security risks

The open source "Jarvis" chats via WhatsApp but requires access to your files and accounts.

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Jan 28 • 7:30 AM EST • Technology • arstechnica.com
Do college sports actually want rules? How high should Indiana be ranked? Mandel’s Mailbag

Plus, why the SEC and Big Ten control the CFP, what coaching hires were actually downgrades and Deion Sanders' future at Colorado.

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Jan 28 • 7:23 AM EST • Sports • nytimes.com
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‘Rodent droppings, live roach’: Jefferson County’s worst January 2026 restaurant health ratings

In January, 11 restaurants, convenience stores and other food establishments received scores of 84 or below.

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Jan 28 • 7:00 AM EST • Health • al.com
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.

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Jan 28 • 7:00 AM EST • Science • eurekalert.org
Scientists turn tumor immune cells into cancer killers

Scientists at KAIST have found a way to turn a tumor’s own immune cells into powerful cancer fighters—right inside the body. Tumors are packed with macrophages, immune cells that should attack cancer but are usually silenced by the tumor environment. By injecting a specially designed drug directly into tumors, researchers were able to “reprogram” these dormant cells to recognize and destroy cancer.

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Jan 28 • 7:00 AM EST • Science • sciencedaily.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
Centrist ideas no longer wanted in Conservative party, says Kemi Badenoch

Party leader tells MPs that one-nation Tories doubting her rightward direction ‘need to get out of the way’

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Jan 28 • 6:45 AM EST • Politics • theguardian.com
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Large Businesses Driving Crypto Payments Adoption, PayPal Survey Finds

About 4 in 10 U.S. merchants (40%) now accept crypto at checkout, PayPal and the National Cryptocurrency Association said, citing a Harris Poll survey. 50% ...

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Jan 28 • 6:02 AM EST • Business • ccn.com
Health inspections lead to 4 Central Florida restaurant shutdowns last week

The Department of Business and Professional Regulation shut down four Central Florida dining venues for health code violations during the week from Jan. 18-24.

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Jan 28 • 6:00 AM EST • Health • orlandosentinel.com
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

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Jan 28 • 6:00 AM EST • Science • scientificamerican.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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