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Elderly Lawmakers Won’t Step Aside, Prompting New Debate Over Age Limits
The refusal of older officeholders to cede the stage to younger faces is prompting fresh calls for a limit on how long they can serve.
Are peptides the fountain of youth? Doctors warn hype may outpace science
Peptide therapy gains popularity as an alleged anti-aging solution, but health experts warn of significant limitations and serious safety concerns.
Hims & Hers stops selling weight loss pill days after unveiling it
Hims & Hers said it would stop selling its new compounded semaglutide pill after "constructive conversations with stakeholders across the industry."
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.
Matthew Hofer Joins State Street Ballet Board of Directors
Matthew Hofer Matthew Hofer, a shareholder in Brownstein Hyatt Farber Schreck’s Natural Resources Department, has joined the Board of Directors of State
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.
BHM: Valerie Daniels-Carter: Faith-Fueled Trailblazer of Milwaukee
Valerie Daniels Carter, a pioneering entrepreneur and community leader in Milwaukee, has built a restaurant empire, holds positions with major sports teams, and supports entrepreneurs globally
Amazon's AI bet on Anthropic soars to $61 billion valuation
The cloud giant holds convertible notes in Anthropic. As the AI startup raises more money, this debt converts to equity.
Scientists discover 'levitating' time crystals that you can hold in your hand
Time crystals, a collection of particles that "tick"—or move back and forth in repeating cycles—were first theorized and then discovered about a decade ago. While scientists have yet to create commercial ...
“Déjà vu”: what scientists have discovered is even stranger! - Futura-Sciences
Human memory still holds many mysteries. While déjà vu is a relatively well known experience, its lesser known counterpart, jamais vu, remains largely unfamiliar to the general public. Yet this intriguing cognitive phenomenon could teach us a great deal about how our brain works. A recent study, published in September...
Headwinds in GoodRx’s (GDRX) Drug Prescription Business Draw Cautious View from Jefferies
GoodRx Holdings Inc. (NASDAQ:GDRX) is one of the best stocks under $3 to invest in, although one firm had recently become neutral on the stock. On January 22, analysts at Jefferies lowered their rating on GoodRx Holdings Inc. (NASDAQ:GDRX) to Hold from Buy and cut the price target to $2.75 from $5.25. According to Jefferies, […]
Ninth Circuit Upholds Administrator’s Denial of Residential Mental Health Benefits Under ERISA
In an unpublished memorandum decision, the Ninth Circuit in R.R. v. California Physicians' Service d/b/a Blue Shield of California, affirmed the insurer
Nintendo working to "secure stable supplies of memory components" to avoid hardware price rises
Platform holder says it does not expect its Q4 results to be affected by ongoing memory shortage
Fake Research Is Flooding Cancer Science, Study Warns
A large-scale analysis of millions of cancer studies has uncovered patterns suggesting that a significant portion of the literature may not be as reliable as it appears.
Luka Dončić exits Lakers game vs. 76ers with left hamstring soreness
The Lakers are holding their breath on Luka Dončić.
Luka Dončić exits Lakers game vs. 76ers with left leg soreness
The Lakers are holding their breath on Luka Dončić.
Milwaukee County approves new contract after health insurance flap
Since the contract lapse arose, supervisors have been eager to resolve it and reassure employees. But many still hold disdain and frustrations.
Norman aims to retain high-income families with new entertainment district
Economic experts in Norman believe a billion-dollar entertainment district could help reverse the decline in high-income families, as the city faces a significant drop in such households.
SEC's Sankey backs NCAA in affidavit vs. Bediako
SEC Commissioner Greg Sankey filed an affidavit on Thursday emphatically arguing that not upholding NCAA eligibility rules "fuels disruption" on the college sports landscape.
Patriots O-line keeping with tradition before Super Bowl
Even with the Super Bowl coming up, the Patriots O-line found time to hold its weekly dinner on Thursday night.
Scientists Turn Grapevine Trash Into Packaging That Vanishes in Just 17 Days
Vineyard waste may hold the key to replacing plastic packaging.
Sisters In Science: How One UMBC Lab Kindled A Family Tradition Of Discovery - UMBC: University Of Maryland, Baltimore County
On the fourth floor of UMBC’s Meyerhoff Chemistry Building, where students are hard at work exploring the intricacies of RNA molecules that may hold the...
UAH set to hold third annual Business of Space Conference
The University of Alabama in Huntsville (UAH) will hold the third annual Business of Space Conference on March 1 to 3.
SBA to bar green card holders from applying for small business loans
The Small Business Administration said in a policy note that green card holders won't be allowed to apply for SBA loans, effective March 1.
Live updates: N.J. holds special primary election for Mikie Sherrill's former congressional seat
Live updates: N.J. holds special primary election for Mikie Sherrill's former congressional seat
Inaugural ASU–Science prize recognizes research that serves farmers from the ground up | American Association for the Advancement of Science (AAAS)
Meha Jain uses satellite imagery and machine learning to help smallholder farmers increase their food production sustainably.
Taiwan's ASE sees its advanced packaging business doubling to $3.2 billion in 2026
ASE Technology Holding, the world's largest chip packaging and testing provider, on Thursday said it expects its leading-edge advanced packaging business to double in size to $3.2 billion in 2026. The Taiwanese company made the comment on a conference call following its quarterly earnings, which saw it report fourth-quarter revenue of T$177.9 billion ($5.62 billion), up 9.6% from a year earlier. It booked a 58% rise in net income.
Bank of England expected to leave interest rates on hold after rise in inflation
Rolling coverage of the latest economic and financial news
World Cup Watch: Is This The USA's Best Starting Lineup?
FOX Sports soccer analyst Stu Holden predicts the USA's starting lineup for the World Cup.
Small-business owners testify against legislation that adds sales taxes, removes redevelopment incentive
Sen. Dave Murman, who represents seven south-central Nebraska counties and the city of Holdrege, introduced LB 1244 on behalf of Gov. Jim Pillen, who’s attempting again to expand Nebraska’s tax base to offset the state’s reliance on property taxes.
Alabama Rural Health Transformation Advisory Group holds first meeting
Governor Kay Ivey announced theon Wednesday marked the first meeting of the Alabama Rural Health Transformation Advisory Group, which she established by Execu
Ethics Opinion 1291: Participation in an Alternative Business Structure (ABS) - New York State Bar Association
Opinion 1291 (01/30/2026) Topic: Participation in an Alternative Business Structure (ABS) Digest: A New York lawyer may hold a financial interest in an ABS which renders legal services in a jurisdiction where such provision of legal services is permitted. A New York lawyer may have a contractual relationship with such an entity pursuant to which
WATCH LIVE: Noem holds news conference on U.S.-Mexico border wall progress
Assembly Committee on Science, Technology, and AI
On February 4, 2026, the Assembly Committee on Science, Technology, and AI will hold a public hearing on the following: Assembly Bill 892 Relating to: digital asset staking and the state’s securities laws Assembly Bill 959 Relating to: the legal status of artificial intelligence Assembly Bill 965 Relating to: artificial intelligence systems that simulate humanlike […]
Join the Six Flags Great Adventure talent search in Jackson, NJ ahead of hiring week
Six Flags Great Adventure is holding a casting call on Feb. 7, inviting those interested in the entertainment field to join the fun for the 2026 season.
Shaky political science: academics holding each other accountable
A rare occurrence: two academics call out two others for their sloppy and misleading research
SBA Shuts Doors On Small Business Loans To Green Card Holders In Latest Anti-Immigration Move
The policy, which goes into effect March 1, requires 100% of direct and indirect owners of loan applicants to be U.S. citizens or U.S. nationals residing stateside or within U.S. territories.
At 82, he’s as fit as a 20-year-old. His body holds clues to healthy aging.
Scientists are studying Juan López García, 82, a world-record-holding ultramarathoner, to learn how we can stay healthy as we age.
At 82, he’s as fit as a 20-year-old. His body holds clues to healthy aging.
Scientists are studying Juan López García, 82, a world-record-holding ultramarathoner, to learn how we can stay healthy as we age.
Starmer orders release of files relating to Mandelson US ambassador decision
PM attempts to get on top of widening Epstein files scandal as Tories criticise move to hold some documents back
Thinking About Marijuana After 65? Doctors Warn of Overlooked Health Risks
Many people are using marijuana for medical reasons, and it may provide benefits for some. However, Stanford Medicine experts warn that older adults, in particular, should be mindful of the potential health risks. Eloise Theisen had no plans to become a medical cannabis expert. Now a geriatric
TCSO denies state Department of Mental Health’s claim that they are holding ICE detainees
The State Department of Mental Health says the Tulsa County Jail is using space for an in-jail treatment program to hold ICE detainees instead. TCSO says it's false.
MAHA has reshaped health policy. Now it's working on environmental rules
MAHA activists who want to hold corporations accountable for harming Americans’ health have found an unlikely ally in a GOP-led Environmental Protection Agency.
The Review of Politics is pleased to welcome Thom Brooks to our editorial advisory board.
Professor Brooks serves as Principal of Collingwood College and holds a personal Chair in Law, Ethics and Government at Durham University, whe...
Green Card Holders Shut Out of Key Small Business Loan Programs
The restrictions are set to take effect March 1, 2026.
Kayla Tanijiri's clutch free throws help Birmingham hold off Granada Hills
Kayla Tanijiri made two key free throws with nine seconds left to clinch Birmingham’s road victory over Granada Hills.
MAHA has reshaped health policy. Now it's working on environmental rules
MAHA activists who want to hold corporations accountable for harming Americans’ health have found an unlikely ally in a Republican-led Environmental Protection Agency that has traditionally supported big businesses and less regulation.
MAHA has reshaped health policy. Now it's working on environmental rules
MAHA activists who want to hold corporations accountable for harming Americans’ health have found an unlikely ally in a Republican-led Environmental Protection Agency that has traditionally supported big businesses and less regulation
Federal judge temporarily blocks Trump’s termination of protections for Haitians
A federal judge has paused for now the Trump administration’s termination of Temporary Protected Status for more than 350,000 Haitians. The status, known as TPS, allows holders to live and work in the US and was set to expire after Tuesday.
Scientists just mapped the hidden structure holding the Universe together
Astronomers have produced the most detailed map yet of dark matter, revealing the invisible framework that shaped the Universe long before stars and galaxies formed. Using powerful new observations from NASA’s James Webb Space Telescope, the research shows how dark matter gathered ordinary matter into dense regions, setting the stage for galaxies like the Milky Way and eventually planets like Earth.
SBA bars green card holders from business loan ownership starting March 1
A new Small Business Administration policy taking effect March 1 will bar businesses with any legal permanent resident ownership from receiving SBA-backed loans, reversing longstanding eligibility rules and moving in a direction that lenders say
Are Investors Undervaluing Nine Entertainment Co. Holdings Limited (ASX:NEC) By 50%?
Key Insights Nine Entertainment Holdings' estimated fair value is AU$2.43 based on 2 Stage Free Cash Flow to Equity...
Nicki Minaj stands up for Trump against ‘bullying,’ says she ‘couldn’t handle’ how he was being treated
Nicki Minaj revealed Trump "bullying" inspired her political awakening. The rapper says witnessing attacks on the president reminded her of her own experiences.
U.S. Bank Business Shield™ Visa® Card Offers Intro 0% APR for up to 18 Billing Cycles
New business credit card offers rewards and access to Spend Management platform to monitor, track, and control spending U.S. Bank, a leading provider of payment services and solutions, today announced a new business credit card designed to help small business owners navigate fluctuations in finances and resources: the U.S. Bank Business Shield™ Visa® Card . The U.S. Bank Business Shield™ Visa® Card offers small business owners a new solution for navigating expected and unexpected expenses. This new business credit card offers a 0% introductory APR on purchases and balance transfers for 18 billing cycles when applying at any U.S. Bank branch and 12 billing cycles when applying in digital channels – all with no annual fee. Plus, cardholders can enjoy a suite of benefits to help navigate the foreseen - and the unforeseen - needs of their small business. “The Business Shield Visa card is designed to help business owners navigate the unpredictable financial and resource challenges that
From PopMart to JD.com: Britain and China rush to forge business deals as diplomatic thaw takes hold
Chinese firms moved to pledge hundreds of millions of investment in the U.K. as Starmer's visit to China spurred a flurry of business deals and money flows.
Hartford beats COVID business interruption claim over virus exclusion dispute
What happened when a policyholder demanded 22 different legal analyses for one policy dispute
K2 International Expands Financial Lines Capabilities with Acquisition of Rising Edge’s Management Liability Business
LONDON, February 02, 2026--K2 Insurance Services announces today the acquisition of Rising Edge’s Management Liability Underwriting business. This team will form a new division, rebranded K2 Executive Risk Limited, as part of K2 Group Holdings Limited (K2 International).
Are western New Yorkers spending more on digital entertainment as winter sets in?
As winter settles across Genesee County, colder evenings and shorter days are reshaping how households in Batavia and nearby communities spend their discretionary dollars. With outdoor options limited and heating
Health care workers hold vigil to honor and remember Alex Pretti
Hundreds of health care professionals, their families and other supporters gathered Sunday to remember and honor Alex Pretti, who was fatally shot by federal agents last week. WeCare organized the event and said it was to offer a space to grieve, show solidarity and remember.
Cody Rhodes Explains Why He 'Misses' WWE Live Events
With WWE reducing the number of untelevised live events it holds each year, Cody Rhodes explained why he misses the heavier schedule.
Readers respond: Bipartisanship not holding Legislature back on health care
Letters to the Editor can be submitted to letters@oregonian.com with full name and place of residence.
Armed robber on the run after holding up southwest Colorado Springs business
The armed robbery was reported at an unnamed business on Cheyenne Meadows Road, just east of Highway 115.
Robert F. Kennedy Jr. is holding Trump's agenda back
The goodwill that voters afforded Robert F. Kennedy Jr. during the election has started to erode in the wake of chaos.
Democrats narrow GOP House majority as Menefee wins Texas special election
After Menefee is sworn in, Democrats will have 214 House seats. Republicans currently hold 218, giving House Speaker Mike Johnson a razor-thin majority.
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.
New message from top Democrats: The U.S. Justice Department can't be trusted
Leading Democrats' remarks that the U.S. Department of Justice cannot be trusted hold stunning implications for American democracy, and followed a week of equally stunning actions by the department.
CT Culture Corner: This 'Wicked' Bible forgot an important word
Yale will be holding an exhibition that looks at printing errors in history in the spring.
PENN Entertainment, Inc. (NASDAQ:PENN) Receives Consensus Recommendation of "Hold" from Brokerages
PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) has received an average rating of "Hold" from the eighteen analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to
No. 3 Michigan holds off Michigan State's second-half comeback for 83-71 win in East Lansing
Boston Celtics overthrow Sacramento Kings, win 112-93 (PHOTOS)
The Celtics won the shot attempt battle 93-83 while holding the Kings to just 32% from beyond the arc.
Liquid Meta and STREAMSIX Enter into Business Combination Agreement
Toronto, Ontario--(Newsfile Corp. - January 30, 2026) - Liquid Meta Capital Holdings Ltd. (Cboe CA: LIQD) (FSE: N5F) (OTC Pink: LIQQF) ("Liquid Meta") and STREAMSIX Inc., a private entertainment technology company, based in Toronto, Canada, are pleased to announce that, further to the press release issued on June 24, 2025, they have entered into a business combination agreement dated January 12, 2026, with an effective date of January 1, 2026 (the "Definitive Agreement") which outlines the terms
Why doing household chores may be better for your health than you think
Those tedious household chores might be doing more than just keeping your home clean; they could be improving your health, according to medical experts.
Health care costs top concern in new poll
Americans are more worried about affording health care than any other household necessity, according to a Kaiser Family Foundation poll published Thursday. The poll, conducted with 1,426 adul…
Local business owners seem pleased by Richmond’s upgraded portal, doubled BPOL tax threshold
Richmond announced upgrades to its RVA Business portal in early January and doubled the Business, Professional and Occupational License (BPOL) tax threshold. Here’s how a few local businesses…
Epstein files released, but DOJ withholds some 200,000 documents
Deputy Attorney General Todd Blanche said the DOJ will withhold or redact about 200,000 pages that it has deemed protected by "various privileges."
Schumer says both parties ‘working to get it done’ as Senate GOP works to resolve funding holdup ahead of midnight deadline
Senate Minority Leader Chuck Schumer said as he entered the US Capitol on Friday that Democrats are pushing ahead on a funding deal to avert a prolonged government shutdown.
Here is What to Know Beyond Why AMC Entertainment Holdings, Inc. (AMC) is a Trending Stock
Zacks.com users have recently been watching AMC Entertainment (AMC) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Don Lemon taken into custody
Journalist Don Lemon was taken into custody on Thursday night, according to his attorney.
Former State Sen. Brett Lindstrom out of Nebraska’s 2nd District GOP race
Omaha City Councilman Brinker Harding is now the likely GOP nominee to defend the seat Bacon holds in the 2nd District.
Ruben Östlund Says He Is Eyeing A Third Palme D’Or, But May Hold ‘The Entertainment System Is Down’ Until 2027 To Complete Editing
'The Entertainment System Is Down' is a social satire set on a long-haul flight where the entertainment systems fail.
Portland businesses closing Friday for 'National Shutdown' strike amid federal immigration concerns
Multiple businesses and restaurants across Portland are expected to close Friday, Jan. 30, in solidarity with a “National Shutdown” strike responding to growing concerns over federal immigration enforcement nationwide. The […]
Ex-Attorney General Eric Holder speaks out on the FBI’s seizure of 2020 election ballots
A 20-year-old cancer vaccine may hold the key to long-term survival
Two decades after a breast cancer vaccine trial, every participant is still alive—an astonishing result for metastatic disease. Scientists found their immune systems retained long-lasting memory cells primed to recognize cancer. By enhancing a key immune signal called CD27, researchers dramatically improved tumor elimination in lab studies. The findings suggest cancer vaccines may have been missing a crucial ingredient all along.
Intermountain Health freezes pension plans. What does it mean for employees?
Intermountain has been a holdout in a business sector that has mostly migrated to contribution-based retirement plans
Ruben Ostlund may hold ‘The Entertainment System Is Down’ until ...
Satire is in lengthy post-production, has been expected to debut on Croisette this year.
A Business Owner Is Getting Divorced, Asks Dave Ramsey If He'll Lose The Business. 'She's Actually 98% Owner Of The Business And I'm 2% Owner'
A Texas business owner is facing a painful split, not just from his wife, but potentially from the company he helped build. He says he’s done almost all the work since 2021, but legally owns just 2% of the business. His wife holds the other 98%, a structure their accountant recommended for tax reasons. Divorce And Ownership Don't Match Up Manny, who shared his story on the “EntreLeadership” podcast recently with personal finance expert Dave Ramsey, said, “She’s actually 98% owner of the business
Democratic Governors Promise Accountability After Alex Pretti Killing
The chin-out rhetoric of Democratic governors about holding Trump administration officials responsible for violence in their cities may be more political than practicable.
Buncombe County officials hold public health briefing to address rise in measles
Buncombe County Public Health officials will hold a media briefing Thursday morning to update the community on measles in the county and state.
Speedskater Jordan Stolz conquered World Cups. Olympic history is next
Speedskater Jordan Stolz has an almost unbreakable hold on the men's side of the sport. He could leave the 2026 Winter Olympics with four gold medals.
Health Care Costs Tops the Public’s Economic Worries as the Runup to the Midterms Begins; Independent Voters Are More Likely to Trust Democrats than Republicans on the Issue
Heading into this midterm election year, the cost of health care tops the public’s economic anxieties and more than 4 in 10 voters say the issue will have a major impact on their vote, this KFF Health Tracking poll finds.
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.
AMC Entertainment Holdings, Inc. Announces Agreement With Its Lenders to Provide Additional Debt Refinancing Flexibility and Previews Fourth Quarter and Full Year 2025 Preliminary Results
LEAWOOD, Kan.--(BUSINESS WIRE)-- AMC Entertainment Holdings, Inc. (NYSE: AMC) (the “Company,” or “AMC”), today announced that it has…...
The President Sees Iran as a Gas Station with a Flag
Get ready—Trump is going to be talking about the country for a while to cover for the fact that he’s backed down on Greenland and Minneapolis.
US Federal Reserve holds interest rates steady despite political pressure
The central bank will maintain rates at 3.5 to 3.75 percent and warned of 'elevated' economic uncertainty.
Fed holds interest rates steady, pausing rate cuts amid economic uncertainty
Federal Reserve policymakers left interest rates unchanged at its January meeting after cutting rates at its three prior meetings amid uncertainty over the labor market and inflation.
Roadkill is a surprising and untapped source for scientists
Millions of animals unfortunately die on roads each year, but the casualties hold important data.
Twenty One Capital: Wen Business, Ser?
Twenty One Capital came public via SPAC merger but has since plummeted by nearly 30% since deal closure. Click here to find out why XXI stock is a Hold.
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