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Why science says ghosts do not exist: The real reasons behind a most human belief | - The Times of India
Science News: For centuries, people all over the world have told stories about ghosts. In many cultures, the dead are believed to come back in spirit form. Some bel.
International science cooperation must go on, say research leaders
Science leaders in Europe and Canada say international cooperation must go on amid geopolitical turmoil. At the same time, Europe and like-minded countries should continue to enhance and diversify international partnerships, a Science|Business conference hears. Hugh Brady, president of Imperial College London, told delegates that Europe’s response to the current geopolitical climate should be to “diversify in terms of research partnerships and build resilience and scale into our own system.”A first priority should be for the EU to sort out the scope of the upcoming European Competitiveness Fund and ensure that, together with the next iteration of Horizon Europe, it can drive the development and scale up of new technologies. The EU and the countries associated to the Horizon Europe programme represent “the world's most successful research innovation ecosystem,” Brady said. In order to mitigate the negative effects of shifting geopolitics, the EU together with the UK, Switzerland, Canada, South Korea and others should talk about “building resilience” and address their own “regional needs,” he added. Responding to TrumpUnder Donald Trump’s leadership, the US government has slashed science budgets and shut down international research programmes. Nearly 8,000 grants at the National Institutes of Health and the National Science Foundation have been frozen or terminated. Courts have overturned most of these cancellations, but the disruption caused remains significant. While Europe may persuade a few thousand disgruntled scientists to move across the ocean to work on topics that have been de-funded in the US, it’s unclear what should happen next with transatlantic scientific cooperation more broadly.“Now is the time for us to show [US researchers] our support as much as we can,” Brady said.The European Research Council (ERC), the EU’s basic science funder, has seen a surge in applicants from the US. According its latest data, US-based researchers submitted 347 proposals to the last three big funding rounds, up from 158 in the previous set of calls. The European Commission has also launched a €22.5 million pilot call in 2025 for the Marie Skłodowska Curie Actions, the EU’s researcher training scheme. It plans to extend this support with a €51.25 million call in 2027 as part of the Choose Europe initiative, which is intended to make the continent a more attractive place to pursue a career in research. Related articlesData corner: US researchers are choosing EuropeEU-India deal highlights growing alignment on technology policyMeanwhile, in the private non-profit sector, the Volkswagen Foundation is experimenting with a new type of grant that would allow US researchers to split their time between the US and Germany. While these schemes are useful, Europe should not bet on an exodus of scientists from the US. “The idea that we might all see them flocking over to Europe is naïve and counterproductive,” said Maria Leptin, president of the ERC, also speaking at the Science|Business conference on February 5. “We need research in the US to be as healthy as possible. I really admire those who are staying there with a will to fight and an optimism that the world will turn into a better place again,” Leptin said. Preserving dataDespite political disruption, academics have found ways to continue cooperating and sharing research data. Leslie Weir, president of the International Federation of Library Associations and Institutions and Canada’s national librarian, said the US cuts have raised concerns about research data security, after ideologically sensitive databases were limited or deleted by the Trump administration. But international organisations teamed up to ensure that the data is not lost. “It's interesting to see that researchers and libraries across North America are collaborating to make sure that data at risk is duplicated elsewhere outside [the US],” Weir said.
340B is a Solution, not a Threat to Addressing Health Care Affordability in the U.S.
Many Americans may be unaware that the services they rely on every day through their local hospital are supported by a program called the 340B Drug Pricing Program.
How many sports bars are in Knoxville? It's hard to define
"A bar catering especially to sports fans and typically containing several TVs and often sports memorabilia" is just one definition for a sports bar.
Michael Strahan Announces Health Update After Confirming Decision on FOXRetirement
A recent doctor’s visit for Michael Strahan sparked immediate concern across the NFL world. With his daughter already having won a battle against cancer, many would have been anxious about the news.
Overwatch will drop the '2' as Jetpack Cat and four other heroes arrive on February 10
Five additional heroes and a Nintendo Switch 2 port are among the many things Blizzard has planned for the game in 2026.
How Capital Region companies are managing the health insurance squeeze
A sharp increase in health care costs felt more like a slap than a wake-up call for many Louisiana business owners in 2026. The sizable but necessary expense began cutting dangerously deep into their profit margins. As Business Report reports in its latest cover story, the current insurance year that began Jan. 1 saw the […]
Yair Golan’s Battle for a Two-State Solution and the Future of Israel
To many Israelis, he’s a war hero. To others, he’s a traitor guilty of “blood libel.” Can Yair Golan change politics in Israel?
What is curling? Everything you need to know about this winter sport
When the Winter Olympic and Paralympic Games come around every four years, there are many sports which compete to grab the attention of viewers around the world. However, there is one in particular that seems to capture the hearts and minds of many every time: curling.
Most Christian leaders accept climate science
But many aren’t talking about it with their congregations.
When the Doctor Needs a Checkup
The physician workforce is aging fast, and some hospitals now require that older clinicians undergo testing for cognitive decline. Many have resisted.
Trillion-dollar question for AI business models
Investments in AI companies have surged, but profitability remains out of reach for many, prompting concerns about future business models.
Bussi Does it Again – Hurricanes 4, Senators 3
The Carolina Hurricanes won a tight battle with the Ottawa Senators, 4-3 on Tuesday night at the Lenovo Center. Goaltender, Brandon Bussi earned the win and continued with his magical season by improving his overall record this season to 22-3-1. While Bussi allowed three goals on the 25 shots he faced, many of his saves […]
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
Kathy Seiden, St. Tammany council member, exits U.S. Senate race, endorses Julia Letlow
Kathy Seiden, St. Tammany Council member, dropped out of the race for U.S. Senate in Louisiana after President Donald Trump endorsed Rep. Julia Letlow.
Community rallies to help Fayetteville business owner after pipe burst during storm
As the city of Fayetteville works to return to normal after a weekend winter storm, many residents are still dealing with its aftermath.
The Daily Question: That left a mark!
The Diamondbacks don’t have as long a history as many clubs. But it feels like they have crammed quite a lot in – good and bad – as we prepare to enter their 29th season. There was the World Series in 2001, of course. But just three years later, they had the worst National League […]
6 NFL Teams Should Hunt for New Quarterbacks in 2026
In his first season with the Seattle Seahawks, Sam Darnold threw for over 4,000 passing yards and led them to the franchise’s first NFC Championship since 2014. Over in Foxborough, Drake Maye racked up 4,200 yards and 30 scores to lead New England to 13 wins in just his second season, leading many to believe […] The post 6 NFL Teams Should Hunt for New Quarterbacks in 2026 appeared first on The Lead.
M5 Pro and M5 Max MacBook Pro Launch Imminent as Reseller Stock Dwindles
New M5 Pro and M5 Max MacBook Pro models are slated to launch in the near future, according to information shared with MacRumors by an Apple Premium Reseller. The third-party Apple retailer said that MacBook Pro stock is very low currently because there is an imminent new product introduction. Apple typically coordinates supply with retail stores ahead of a new model launch to avoid leaving resellers with too many outdated machines.
Hackers Crack ‘Fallout Remaster’ Countdown, Fans Left Disappointed
A fan on Reddit has checked the metadata of the Fallout remaster countdown to see its secrets ahead of finale, what's inside has left many disappointed.
‘Biblical Diseases’ Could Resurge in Africa, Health Officials Fear
Parasites and infections that cause blindness and other disabilities were nearly eliminated in some countries, but drug distribution to prevent and treat them was derailed in many places in 2025 after the U.S. cut aid.
Anchovies vs. Sardines: Which Is Better for Protein, Healthy Fats, and Micronutrients?
Though anchovies boast more protein and omega-3 fatty acids, sardines are richer in many vitamins and minerals.
All the Sports You Won’t See at the 2026 Winter Olympics
The makeup of the Winter Olympics has changed many times in the 100-plus years of the Games. Here are some sports that haven’t stood the test of time.
Behind the Curtain: 3 historic shifts simultaneously rattling society
If you focus on only one (like many do with President Trump), you miss the enormity of change.
'We're going to handle it together': Some Winston-Salem businesses stayed open through winter storm
Businesses WXII spoke to say they wanted to give folks a place to go during the storm, knowing that many other businesses would be closed.
SMU has hands full with surging North Carolina State
After three losses to ranked teams in as many weeks, SMU gets a chance against an unranked team when it squares off with North Carolina State in an Atlantic Coast Conference dustup on Tuesday in Dallas.
Jeffrey Epstein's ties to politicians, business titans and other figures
The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty in 2008 to prostitution charges, including soliciting an underage girl. Evidence in multiple legal and criminal cases has also shed light on these connections.
Factbox-Jeffrey Epstein's Ties to Politicians, Business Titans and Other Figures
Feb 2 (Reuters) - The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty in 2008 to ...
New catalyst turns carbon dioxide into clean fuel source
Researchers have found that manganese, an abundant and inexpensive metal, can be used to efficiently convert carbon dioxide into formate, a potential hydrogen source for fuel cells. The key was a clever redesign that made the catalyst last far longer than similar low-cost materials. Surprisingly, the improved manganese catalyst even beat many expensive precious-metal options. The discovery could help turn greenhouse gas into clean energy ingredients.
Mamdani’s New Health Commissioner Is an Unexpected Pick
Alister Martin’s appointment comes at pivotal time for the health of millions of New Yorkers, many of whom stand to lose their insurance or Medicaid under looming federal cuts.
Opinion | How a Conservative Texas District Rejected the Politics of Division
Many Americans are growing both exhausted and frightened by Trump’s scorched-earth, hyperpartisan, fire-ready-aim approach to the presidency.
Who was the best boys athlete on the Northshore for the week of Jan. 25-31? Vote Now!
Help choose the best boys athlete in St. Tammany Parish for the week of Jan. 25-31. You have until Wednesday at noon to vote!
One of Earth’s most abundant lifeforms has a fatal flaw
SAR11 bacteria dominate the world’s oceans by being incredibly efficient, shedding genes to survive in nutrient-poor waters. But that extreme streamlining appears to backfire when conditions change. Under stress, many cells keep copying their DNA without dividing, creating abnormal cells that grow large and die. This vulnerability may explain why SAR11 populations drop during phytoplankton blooms and could become more important as oceans grow less stable.
Hefty taxes kick back in for small Philly businesses
Many businesses are likely unprepared and unaware they need to start paying the city's Business Income and Receipts Tax.
Colorado's mental health care providers face too many administrative burdens
Colorado should address the administrative burdens associated with becoming a credentialed mental health care provider on insurance panels.
Using generative AI to help scientists synthesize complex materials
Generative AI models have been used to create enormous libraries of theoretical materials that could help solve all kinds of problems. Now, scientists just have to figure out how to make them. In many ...
It’s 2026 and You’re Uninsured. Now What?
Many Americans are expected to lose ACA or Medicaid coverage in coming months and years as a result of the One Big Beautiful Bill Act and the expiration of enhanced pandemic-era subsidies that helped people afford Obamacare plans. Doctors and researchers say there are still ways to find affordable care.
VASVIK's Annual Industrial Research Awards: Celebrating Indian scientists for their innovation and achievements
VIVIDHLAXI AUDYOGIK SAMSHODHAN VIKAS KENDRA (VASVIK) hosted its 51st Annual Industrial Research Awards on January 31, 2026, at B. J. Hall, Vile Parle (West), Mumbai. BK Radhika Didi, Brahma Kumari, and Lord Dr Frank Mentrup, Mayor of Karlsruhe, Germany, honoured the event as Chief Guests.
Did artificial intelligence really drive layoffs at Amazon and other firms? It can be hard to tell
When Amazon announced it was cutting 16,000 corporate jobs, many assumed it was the latest phase of CEO Andy Jassy’s push to reduce the corporate workforce as AI brings more efficiency gains.
Anchorage parents, students react to potential sports cuts amid ASD budget snag
Anchorage School District superintendent Dr. Jharrett Bryantt’s announcement Friday about its impending $90 million deficit included a myriad of proposed cuts - many of which are athletics.
A happy merger of science and the arts is happening again at Florida State University
The Festival of the Creative Arts aims to explore the many ways the two disciplines intersect and interact.
Trump plans to close Kennedy Center for two years for reconstruction work
The center historically has hosted over 2,000 events per year, although many performers have pulled out of planned shows since Trump's shakeup began.
A tiny light trap could unlock million qubit quantum computers
A new light-based breakthrough could help quantum computers finally scale up. Stanford researchers created miniature optical cavities that efficiently collect light from individual atoms, allowing many qubits to be read at once. The team has already demonstrated working arrays with dozens and even hundreds of cavities. The approach could eventually support massive quantum networks with millions of qubits.
A parent’s guide to preventing measles infection and what to look for
Measles cases are rising in the U.S., and for many parents, it’s a never-before-seen disease. Here's how to spot the rash, and protect your family against this dangerous infection.
Surprising things about visiting Hawaii's friendliest island, Molokai
Although I'm a Hawaii local, many things surprised me about my first time visiting Molokai, nicknamed the Friendly Isle, on a recent trip.
After Sowing Distrust in Fluoridated Water, Kennedy and Skeptics Turn to Obstructing Other Fluoride Sources
Florida and Utah have banned fluoridation, with multiple other states looking to do the same. Critics of fluoride in drinking water point to supplements as an alternative, but many are creating barriers to these very products.
New Guide Aims to Improve UTI Care as Telehealth Use Grows
By I. Edwards HealthDay ReporterSUNDAY, Feb. 1, 2026 (HealthDay News) — Urinary tract infections, or UTIs, send millions of Americans to urgent care every year. But today, many people no longer see a doctor in person. Instead, they message their clinic, use video visits or fill out online forms to get antibiotics, sometimes ...
As Susan Collins awaits, a generational divide splits Maine Democrats in pivotal Senate race
Gov. Janet Mills was laying out her case against Sen. Susan Collins to several dozen supporters earlier this month when one attendee raised a question on the minds of many voters in Maine.
Lake Street business owner joins with Latino nonprofit to raise $1M for families
Effort by Colonial Market one of many Minnesota fundraisers popping up to help people impacted by the immigration crackdown.
How Chinese short-video streaming firms are reshaping Latin America's media landscape
Short-drama apps, many with Chinese origins, are making significant inroads in Latin America as the region becomes more affluent, research shows.
Dominican-Mount Carmel gets settled in shootout, the winner by someone who put in extra work with dad
Dominican senior Kristian Champagne has not had many goal-scoring chances while in high school.
Black Business Expo creates welcoming environment for businesses to grow
At the Columbia College expo, many buisness owners noted the uniquely welcoming setting and collaborative opportunities.
Local Business Spotlight: Borderland Lodge
When guests arrive at Borderland Lodge, owners Dave and Stephanie Shea say they want visitors to experience what many find along the Gunflint Trail, a “sense of magic and wonder.” For the past five years, they have been doing just that. When guests call to book a room or cabin, Dave, Stephanie, and their staff...
When the Doctor Needs a Checkup
The physician work force is aging fast, and some hospitals now require that older clinicians undergo testing for cognitive decline. Many have resisted.
February stargazing: A planet parade comes to town
And why 2026 could be a big year for spotting auroras.
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.
Saints 2025 Year in Review: Defensive tackle John Ridgeway III
What did John Ridgeway III contribute to the New Orleans Saints in 2025? He's one of many free agents the team must choose to re-sign in 2026.
2026 heart health faculty experts list
February is American Heart Month. The University of South Carolina is home to many faculty members who are available to offer their expertise in cardio care and research.
How PFAS harm our health — and why they’re everywhere
What do non-stick pans, firefighting foam and many of our couches, carpets and cosmetics have in common? They’re all made with PFAS. The so-called forever chemicals helped spur innovation, but they’re also insidious to human health. Horizons moderator William Brangham explores these chemicals and how we can protect ourselves with investigative journalist Mariah Blake and scientist Laurel Schaider.
How PFAS harm our health — and why they're everywhere
What do non-stick pans, firefighting foam and many of our couches, carpets and cosmetics have in common? They’re all made with PFAS. The so-called forever chemicals helped spur innovation, but they’re also insidious to human health. Horizons moderator William Brangham explores these chemicals and how we can protect ourselves with investigative journalist Mariah Blake and scientist Laurel Schaider.
Many Richmond businesses close as part of nationwide general strike against recent ICE actions
After many businesses throughout Central Virginia were forced to shutter their doors or alter their hours due to impacts from the winter storm, many have decided to close again on Friday, but for a…
Oops, Scientists May Have Severely Miscalculated How Many Humans Are on Earth
While most estimates place the current human population at around 8.2 billion, a new study suggests we might be vastly underrepresenting rural areas.
'ChatGPT saved my life.' How patients, and doctors, are using AI to make a diagnosis
Hundreds of millions of people are turning to chatbots to help figure out what's wrong with them. Doctors say that's not always a bad thing. In fact, many are using it themselves.
Can Apple's New AirTag Track How Many Fans Tim Cook Just Lost?
Apple releases the 2nd-gen AirTag and Creator Studio subscription in the middle of a tricky public relations week for CEO Tim Cook.
Businesses in Maine, across New England closed today for national ICE protest
Dozens of businesses in Maine and across New England will be closed on Friday as part of a national protest against recent U.S. Immigration and Customs Enforcement actions in Minneapolis and elsewhere. ICE was in Maine as recently as last week, and many Portland businesses have shut down for the day as a way of showing their solidarity with immigrant…
Are you on a high-deductible health plan? What do you wish you knew?
People with ACA health insurance just saw prices surge and many switched to plans with high deductibles and health savings accounts. If that's you, what do you wish you knew about how your plan works?
Businesses in the Triangle feeling the effects of winter weather
Local businesses are feeling the effects of the winter weather, especially when they have to close their doors. Many business owners told WRAL News that weekends are the busiest time, so having their doors closed and with no customers two weekends in a row is hurting their margins.
Kennedy Overhauls Federal Autism Panel in His Own Image
The new panel, which advises the government on research and service priorities for people with autism, includes many members who have argued that vaccines cause the disorder.
Your Halo Story
I’m obsessed with stories. This comes as a shock to many of you, I know. These days when we hear the term, the immediate association is likely with penwoven narratives underpinning myriad entertainment properties and creative content. Or perhaps some variation of a bite-sized window of life viewed through the lens of a social platform. […]
World discovers it can hedge US trade risk
It will be many years before the United States' allies can contemplate dispensing with the need for its military might or challenging the tech supremacy of its Silicon Valley giants.
Nearly 2,000 Products Recalled in 3 States After Being Exposed to Rodent Waste—FDA Issues Risk Warning
Diet Coke, Hershey's, and Tylenol are among the many popular products under recall. They were held in a facility with rodent and bird waste.
IDF accepts Gaza Health Ministry estimate of over 70,000 Palestinians killed in the war
Although Many International Experts Have Accepted the Health Ministry's Data as Reliable, and Even Conservative Relative to the True Death Toll, Israel Had Refused to Accept the Health Ministry's Count Until Noiw
TPS Expiration Under Trump Hits Haitian Workers in Critical Health Care Roles
Haitians are a vital source of employees for health care providers in many communities. The Trump administration is removing legal status next month for 330,000 of them.
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.
Open Gaming Collective (OGC) formed to push Linux gaming even further
An exciting new announcement is the formation of the Open Gaming Collective, a collaborative organisation between many names in the Linux sphere.
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.
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.
Internal messages reveal teams, jobs affected in Amazon layoffs
Amazon is laying off 16,000 corporate employees. Internal messages show that many of the affected employees had software engineering roles.
Recognize Data Privacy Day by protecting your small business from cybercriminals
Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.
OpenAI digs in on a fundamental disconnect in new research: AI is ready for primetime, many businesses aren't
The real challenge isn't building better AI—it's actually using it.
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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