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Bolts Survey: Predict the Super Bowl LX winner

Chargers fans get a chance to vote for who they think will win Super Bowl LX between the Patriots and Seahawks

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Feb 5 • 1:11 PM EST • Sports • boltsfromtheblue.com
When Sports Meets Statecraft: Marçal Jané on Sports Diplomacy in a Divided Moment

Ahead of the Super Bowl and Winter Olympics, Marçal Jané argues that sports are diplomacy in action. Learn about the power of sports diplomacy.

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Feb 5 • 8:19 AM EST • Sports • betterworldcampaign.org
Pieter Mulier to Design Versace, Prada Group Confirms

The outgoing Alaïa designer and long-time lieutenant of Prada co-creative director Raf Simons will be tasked with revitalising Prada Group’s new acquisition, following the ouster of Dario Vitale in December.

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Feb 5 • 6:59 AM EST • Business • businessoffashion.com
How AI Answers Your Question May Depend on Your Politics

Modern statecraft may already involve manipulating artificial intelligence systems to produce different results based on someone’s identity or political activity.

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Feb 5 • 6:00 AM EST • Politics • bloomberg.com
SEC football is under attack from Big Ten. Just check the NFL mock drafts

The SEC used to dominate the Big Ten in the NFL Draft. That advantage is eroding.

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Feb 5 • 5:31 AM EST • Sports • usatoday.com
See how this Louisiana business became the largest outdoor advertising company in America

"Our audience is the driving public. As long as people get stuck in traffic, we’re in good shape."

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Feb 5 • 5:00 AM EST • Business • nola.com
Assessing Kraft Heinz (KHC) Valuation As Earnings, Options Activity And Planned Business Split Attract Fresh Attention

Kraft Heinz stock in focus as earnings, options activity and corporate split converge Kraft Heinz (KHC) is drawing fresh attention as its February 11 earnings date approaches. Analysts expect declines in earnings per share and revenue, there is heavier call option activity, and the company has announced a planned sauces and grocery split later this year. See our latest analysis for Kraft Heinz. At a share price of US$24.48, Kraft Heinz has seen short term momentum pick up, with a 7 day share...

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Feb 5 • 12:15 AM EST • Business • finance.yahoo.com
Pierce County business owner accused of trafficking stolen Lululemon items
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Feb 4 • 10:29 PM EST • Business • king5.com
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NFL Insider believes Maxx Crosby will be traded before draft

Raiders’ star pass-rusher reportedly expected to seek trade

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Feb 4 • 5:30 PM EST • Sports • silverandblackpride.com
2026 NFL Draft's biggest stock-risers after Senior Bowl

Even if the "bar was low," like in the case of LSU's Garrett Nussmeier, the beginning of the 2026 NFL Draft's audition period was proof there's still a long way to go.

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Feb 4 • 11:47 AM EST • Sports • cbssports.com
The Good Old Days of Sports Gambling

Recent memoirs by the retired bookie Art Manteris and the storied gambler Billy Walters provide a glimpse of an industry in its fledgling form—and a preview of the DraftKings era to come.

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Feb 4 • 6:00 AM EST • Sports • newyorker.com
'Textbooks will need to be updated': Jupiter is smaller and flatter than we thought, Juno spacecraft reveals

Jupiter is smaller and flatter than scientists previously thought, new measurements of the gas giant reveal.

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Feb 4 • 5:00 AM EST • Science • livescience.com
Israeli strikes kill 18 in Gaza, patient crossings at Rafah halted, Palestinian officials say

Israeli tank shelling and airstrikes killed 18 people, including four children, in Gaza on Wednesday, and Israel halted the passage of patients through the Rafah border crossing, Palestinian officials said.

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Feb 4 • 4:02 AM EST • Health • reuters.com
Commanders make surprising choice in new NFL mock draft

The Commanders are betting big on potential in this new mock draft.

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Feb 4 • 3:01 AM EST • Sports • commanderswire.usatoday.com
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NFL news, live updates ahead of Super Bowl 2026: NFC rallies to beat Shedeur Sanders and AFC in Pro Bowl; Mike Vrabel sticks up for Robert Kraft
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Feb 3 • 11:03 PM EST • Sports • sports.yahoo.com
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Patriots rookies turned pre-draft relationship into Super Bowl first

Will Campbell and Jared Wilson started 14 games next to each other.

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Feb 3 • 6:39 PM EST • Sports • patspulpit.com
Winter weather hurts restaurant business as customers stay home

Restaurants across central Kentucky are seeing significant drops in business as winter weather keeps customers at home, with some establishments reporting foot traffic down by half and tips falling dramatically.

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Feb 3 • 5:23 PM EST • Business • wkyt.com
NFL Mock Draft 2026: Eagles 7-round simulation, Version 3.0

How would you grade this projection?

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Feb 3 • 4:14 PM EST • Sports • bleedinggreennation.com
Cowboys 2026 draft: EDGE David Bailey scouting report

Here is our scouting report on Texas Tech edge defender David Bailey

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Feb 3 • 3:00 PM EST • Sports • bloggingtheboys.com
Buccaneers 7-Round PFF Mock Draft: Edge, Depth, and Development

The Buccaneers address EDGE, linebacker depth and running back uncertainty in a full 7-round mock draft using PFF’s simulator.

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Feb 3 • 1:32 PM EST • Sports • bucswire.usatoday.com
US carrier shoots down Iranian drone and armed boats threaten US tanker as tensions in with Iran escalate

A US aircraft carrier shot down an Iranian drone that “aggressively approached” the ship in the Arabian Sea on Tuesday hours before two gunboats operated by Iran’s Islamic Revolutionary Guard Corps approached a US-flagged tanker in the Strait of Hormuz and threatened to board and seize the ship, according to a US military spokesman.

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Feb 3 • 12:58 PM EST • Politics • cnn.com
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January Deep Freeze Impacts Small Business Foot Traffic, New Fiserv Data Shows

Fiserv Small Business Index declined 1 point to 143; year-over-year sales grew +0.7% MILWAUKEE, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for January 2026,

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Feb 3 • 7:00 AM EST • Business • investors.fiserv.com
Passenger traffic falls at Fort Lauderdale airport as airlines fight for business

Annual passenger traffic fell by 8.5% at Fort Lauderdale-Hollywood International Airport in 2025 as airlines struggled financially and some travelers chose other locations for vacations.

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Feb 3 • 6:30 AM EST • Business • sun-sentinel.com
Peter Woods goes to Bengals in PFF mock draft

The Bengals need help stopping the run.

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Feb 3 • 6:30 AM EST • Sports • cincyjungle.com
Iowa bill targets illicit massage businesses linked to human trafficking

Under current Iowa law, massage therapists must be licensed — but the businesses that employ them are not. That means when illegal services are uncovered, enforcement often falls on individual therapists rather than the owners running the operation.

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Feb 2 • 11:26 PM EST • Business • kcci.com
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Rays reportedly acquire INF Ben Williamson in three-team deal

The Tampa Bay Rays have reportedly acquired slick fielding third baseman Ben Williamson from the Seattle Mariners as part of a three-team deal. We will update this article when the trade is finalized. Drafted 57th overall in 2023 after what Baseball America called a “monstrous senior season” at William & Mary, Williamson rocketed up to […]

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Feb 2 • 5:43 PM EST • Sports • draysbay.com
Expedition 74 Kicks Off Week with Dragon Preps and Science Gear Work

The Expedition 74 crew kicked off the week with SpaceX Dragon spacecraft preparations and science hardware maintenance ensuring research continues providing pristine results aboard the International Space Station.

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Feb 2 • 3:41 PM EST • Science • nasa.gov
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Mock Draft Monday: Buccaneers go heavy with Senior Bowl talent

The Bucs get some help from the Senior Bowl in our latest Mock Draft Monday.

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Feb 2 • 12:22 PM EST • Sports • bucswire.usatoday.com
The latest release of Jeffrey Epstein files: Who is mentioned and what they are saying in response

Here is a look at some of the notable names in the latest release of files from the U.S. Justice Department pertaining to Jeffrey Epstein. The list includes politicians, entertainment figures, business leaders and Royal Family members, with some releasing statements this past weekend about their interactions with the late accused child sex trafficker.

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Feb 2 • 12:14 PM EST • Entertainment • cbc.ca
Jaguars land 'electric' defender in latest 2026 NFL mock draft

The Jacksonville Jaguars added an 'electric' defender in the second round of a recent 2026 NFL mock draft.

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Feb 2 • 10:30 AM EST • Sports • jaguarswire.usatoday.com
Baladins Is An Adorable Tabletop-Inspired Co-Op RPG With A Papercraft Aesthetic

Coming to Switch later this month

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Feb 2 • 10:30 AM EST • Technology • nintendolife.com
NFL Mock Draft Monday: Going back down to Georgia

Don’t bark at your boss

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Feb 2 • 9:51 AM EST • Sports • bleedinggreennation.com
The Colorado River's largest tributary flows 'uphill' for over 100 miles — and geologists may finally have an explanation for it

Millions of years ago, the Green River carved a path through the Uinta Mountains instead of flowing around the formation. Now, researchers have discovered how this could have happened.

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Feb 2 • 9:00 AM EST • Science • livescience.com
2026 NFL mock draft: Broncos add RB to backfield

Draft Wire's latest 2026 NFL mock draft has the Broncos adding PSU RB Nick Singleton in the third round.

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Feb 2 • 8:30 AM EST • Sports • broncoswire.usatoday.com
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11 ex-Broncos players picked in UFL draft

At least 11 former Broncos players are set to suit up in the UFL this spring.

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Feb 2 • 7:30 AM EST • Sports • broncoswire.usatoday.com
NFL mock draft 2026: AI predicts the entire first round

USA TODAY Sports had Microsoft Copilot AI predict the entire first round of the 2026 NFL Draft. The experiment yielded a surprise omission.

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Feb 2 • 6:04 AM EST • Sports • usatoday.com
Geo-kleptocracy and the rise of 'global mafia politics'

Expert Alex de Waal explains how the capture of Maduro, leaving his corrupt regime in place, is a 'crystalline example' of regime change in the new era

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Feb 2 • 4:56 AM EST • Politics • responsiblestatecraft.org
UFC 325 Highlights: Mauricio Ruffy Knocks Out Rafael Fiziev

Lightweights Mauricio Ruffy and Rafael Fiziev collided on Saturday's UFC 325 main card in Sydney, Australia and the bout didn't disappoint. Fiziev took the fight to Ruffy, pressuring the Brazilian and saw success in the opening round. Late in the second frame, Ruffy connected with a right hand that ...

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Feb 2 • 3:03 AM EST • Sports • sports.yahoo.com
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How One Father Challenged the Measure of Care and Crafted a Global Healthcare Solution

And in that convergence, Sunstone Health finds both its purpose and its promise.”

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Feb 1 • 2:36 PM EST • Health • usatoday.com
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LSU QB Garrett Nussmeier the big winner at Senior Bowl

Nussmeier likely entered Senior Bowl week with a day three grade, but he might have gotten himself into the day two discussion now.

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Feb 1 • 1:59 PM EST • Sports • draftwire.usatoday.com
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Better Know Your Blue Jays 40-Man: Mason Fluharty

Sorry about the lack of content the last couple of days. It has been busy. It should ease off soon. Mason Fluharty is a 24-year-old left-handed pitcher. The Jays picked him in the fifth round of the 2022 draft. He was #40 on our 40-man prospect list in 2022. Matt said: Listed at 6’2” and […]

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Feb 1 • 9:17 AM EST • Sports • bluebirdbanter.com
Deflated: Israeli scientists find Jupiter is smaller than previously thought

Using data from NASA's Juno spacecraft, Weizmann Institute of Science researchers make most precise measurement to date, say the gas giant is thinner and flatter than believed

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Feb 1 • 9:04 AM EST • Science • timesofisrael.com
AV2 video codec draft specs for bitstream and decoding now public

AV2, the new royalty-free video codec closer to final specs To give credit where it's due, Redditor spotted the page and shared the link in AV1 subreddit.

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Feb 1 • 7:00 AM EST • Technology • videocardz.com
A “spiritual entertainment” inspired by faith, international intrigue, and Cardinal Zen

Crafting an interesting story is more difficult than simply pulling something from today’s headlines. However, in the hands of a gifted storyteller, current events can be an inspiration for profoundly interesting and edifying stories. David […]

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Feb 1 • 5:00 AM EST • Entertainment • catholicworldreport.com
Amid FBI investigation, Trump's 2020 election obsession is still shaping Georgia politics

The FBI search of a Fulton County election office isn't the only sign that Trump's loss six years ago is echoing through Georgia. Just look at the race for governor.

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Feb 1 • 5:00 AM EST • Politics • nbcnews.com
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Missouri sports betting tops $543M in first month, state gets $521K

After giving more than $100 million in free plays to lure customers, FanDuel and DraftKings, the sports books dominating the MO market, paid no taxes.

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Feb 1 • 4:52 AM EST • Sports • news-leader.com
UFC 325 live blog: Rafael Fiziev vs. Mauricio Ruffy

Lightweight strikers clash at UFC 325

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Jan 31 • 10:25 PM EST • Sports • mmafighting.com
Cleveland Browns 2026 NFL draft profile: Ty Simpson, QB, Alabama

Is the Alabama quarterback the second best option in this year's class?

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Jan 31 • 7:53 PM EST • Sports • brownswire.usatoday.com
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Who did Rams land in The Athletic’s mock draft?

Rams have two first round picks. Who did select in this mock draft?

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Jan 31 • 5:01 PM EST • Sports • turfshowtimes.com
2026 NFL mock draft: Expert projections for top picks ahead of Super Bowl 60

The 2026 NFL Draft order will be set in stone after Super Bowl 60. Here's how experts are projecting the first 32 picks ahead of the Super Bowl.

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Jan 31 • 4:26 PM EST • Sports • usatoday.com
Ancient tools in China are forcing scientists to rethink early humans

Archaeologists in central China have uncovered evidence that early humans were far more inventive than long assumed. Excavations at the Xigou site reveal advanced stone tools, including the earliest known examples of tools fitted with handles in East Asia, dating back as far as 160,000 years. These discoveries show that ancient populations in the region carefully planned, crafted, and adapted their tools to meet changing environments.

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Jan 31 • 7:00 AM EST • Science • sciencedaily.com
Bengals take top defensive tackle in latest NFL Mock Draft

This could be a really good first round pick for the Bengals.

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Jan 31 • 6:15 AM EST • Sports • cincyjungle.com
Cowboys 4-round mock draft includes major trades

There are so many mock drafts!

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Jan 30 • 1:00 PM EST • Sports • bloggingtheboys.com
Closures, slow foot traffic hit Greater Cincinnati businesses after snowstorm

Businesses around Greater Cincinnati are struggling with reduced foot traffic and sales as they reopen following a winter storm.

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Jan 30 • 10:29 AM EST • Business • wlwt.com
Congestion Ahead! Super Bowl Prop Wagers Driving Major Traffic at Books

Bettors are already whetting their appetites with Super Bowl prop wagers. Find out where they're putting their money well before kick off.

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Jan 30 • 9:55 AM EST • Sports • foxsports.com
'Not a typical heavyweight' - Osadolor set for debut

Heavyweight boxer Derrick Osadolor says that he is "ready to showcase" his skills on Saturday when he makes his professional debut on the BBC.

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Jan 30 • 7:35 AM EST • Sports • bbc.com
A380 Retrofit: Lufthansa modernizes Business Class of its largest aircraft

All eight Airbus A380s will be equipped with new premium seats in Business ClassThe retrofit will take place at Elbe Flugzeugwerke in DresdenThe program will begin in early February with the A380 "Mike-Charly"

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Jan 30 • 5:52 AM EST • Business • newsroom.lufthansagroup.com
Louisiana company that turns placentas into skin grafts pivots to 3D bioprinter business

Placentas are processed into wound-care patches resembling Listerine breath strips.

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Jan 30 • 5:00 AM EST • Business • nola.com
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Trump Threatens Canada Over Business Jet Dispute

The president said he would restrict the use of Canadian-built aircraft and impose a 50 percent on them until the dispute was resolved.

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Jan 29 • 11:00 PM EST • Business • nytimes.com
Cowboys 2026 draft: DE Rueben Bain Jr. scouting report

Here is our scouting report on Miami edge rusher, Rueben Bain Jr.

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Jan 29 • 5:00 PM EST • Sports • bloggingtheboys.com
Glow Golf, Blind Boxes, and DIY Crafts Bring New Entertainment and Retail to South Shore Plaza - Boston Real Estate Times

Braintree, Mass.— South Shore Plaza, the premier shopping and dining destination south of Boston, has unveiled three new additions aimed at expanding its interactive and creative offerings: Aloha Mini Glow […]

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Jan 29 • 10:18 AM EST • Entertainment • bostonrealestatetimes.com
Science Forum 1/29/26

The experts are back to take your science questions! Ray Graf hosts.

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Jan 29 • 8:42 AM EST • Science • wamc.org
Lions may have Georgia Tech QB on NFL draft radar

The Detroit Lions reportedly talked with Georgia Tech quarterback Haynes King at the Shrine Bowl.

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Jan 29 • 5:47 AM EST • Sports • lionswire.usatoday.com
The accidental climate scientist who uncovered an unexpected force of global warming

The Swedish Royal Academy of Sciences has awarded the Crafoord Prize to climate scientist Veerabhadran Ramanathan. He discovered a powerful force of global warming.

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Jan 29 • 1:00 AM EST • Science • cnn.com
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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
Older adults’ driving habits offer window into brain health, cognitive decline

Research Highlights: A study of over 200 adults followed for five years found that greater white matter damage in the brain was linked to decreased driving, fewer trips, repetitive routes and having more driving errors, especially in those who later ...

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Jan 28 • 7:00 PM EST • Health • newsroom.heart.org
U.S. health officials monitor deadly virus

Authorities in India have confirmed two cases of nipah virus, often carried by fruit bats. The CDC says it is monitoring the situation and stands ready to assist as needed. NBC News’ Raf Sanchez has more.

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Jan 28 • 6:47 PM EST • Health • nbcnews.com
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Tom Brady, Robert Kraft respond on Bill Belichick's reported HOF snub: 'If he's not a first-ballot Hall of Famer, there's really no coach that should ever be'
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Jan 28 • 3:26 PM EST • Sports • sports.yahoo.com
How to watch NASCAR races on FOX, FS1, FS2, FOX Sports App

Check out the best ways to watch NASCAR action on the FOX Sports family of networks in 2026 for the Cup Series and Craftsman Truck Series.

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Jan 28 • 1:08 PM EST • Sports • nascar.com
Samsung's Cool New Gadget Has The First Display Of Its Kind In The World

The 13-inch Samsung Color E-Paper features the world's first display housing made in part with a bio-resin crafted from phytoplankton, a type of microalgae.

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Jan 28 • 12:44 PM EST • Technology • bgr.com
Searows: ‘Death in the Business of Whaling’ review

Searows' sophomore album Death in the Business of Whaling is an expertly crafted collection of songs. The album is sure to please fans of Phoebe Bridgers, Ethel Cain or Iron & Wine.

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Jan 28 • 11:52 AM EST • Business • iowapublicradio.org
2026 NFL mock draft: Senior Bowl week begins as Round 1 picture comes into focus

Here are our latest first-round projections with the draft order nearly set ahead of Super Bowl LX.

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Jan 28 • 9:38 AM EST • Sports • cbssports.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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