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Best Entertainment Stocks to Buy in 2026
From streaming, gaming, and movies to live shows, amusement parks, hospitality, and sport franchises, learn what to look for in a good entertainment stock.
Amazon projects $200 billion in capital spending this year
Amazon.com on Thursday joined its Big Tech peers in projecting massive capital expenditures in 2026, the freshest sign yet that tech companies will not be hitting the brakes on their hefty AI investments anytime soon.
Rocket CEO says U.S. mortgage industry is a 'tale of two cities.' His booming business shows a broader reality for American homebuyers
“Mortgage rates dropped to the lowest that they've been in the past three years,” Varun Krishna said, “and Rocket was right there to capitalize.”
The big business of sporting events: Here's what you need to know
Kenny Dichter, Real SLX Founder and Chairman, joins CNBC's 'Halftime Report' to discuss high-end hospitality and how he's turned big events into big business.
Measles outbreak in Mexico prompts health alert in World Cup host Jalisco
ZAPOPAN, Mexico (AP) — The Mexican state of Jalisco on Thursday issued a health alert and mandated the use of face masks in schools as a measles outbreak hit the state capital, a key host city for the…
Measles outbreak in Mexico prompts health alert in World Cup host Jalisco
The Mexican state of Jalisco has issued a health alert and mandated face masks in schools due to a measles outbreak in the state capital
From Silence to Success: Bronx Families Overcome Barriers with Support from Community Health Workers - NYC Health + Hospitals
Bronx, NY — Two Bronx families—one from Ecuador and one from Togo—found life-changing support for their young children with speech and developmental
Ballad Health: 300+ patients treated after carbon monoxide leak at Milligan University
ELIZABETHTON, Tenn. (WJHL) — Ballad Health said in a Thursday update that its hospitals have seen more than 300 patients related to a carbon monoxide leak at Milligan University. The leak was disco…
Welcoming Vanderbilt Clarksville Hospital into the Vanderbilt Health family: Photo gallery
Vanderbilt Health staff traveled from around the region for an Employee Welcome Event on Wednesday, Feb. 4, to greet new colleagues at Vanderbilt Clarksville Hospital, which officially joined the enterprise Feb. 2.
Monumental Sports & Entertainment Unveils “The Halo” At Reinvented Capital One Arena
Monumental Sports & Entertainment (MSE) unveiled The Halo, a multi-level hospitality space for nearly 4,500 venue guests at the 10,000-capacity Capital
With ICE using Medicaid data, hospitals and states are in a bind over warning immigrant patients
The Trump administration’s move to give deportation officials access to Medicaid data is putting hospitals and states in a bind as they weigh whether to alert immigrant patients that their personal information, including home addresses, could be used in efforts to remove them from the country.
Visa Introduces Visa & Main, A New Platform to Accelerate Small Business Growth Across the U.S.
New program aims to tackle biggest challenges for entrepreneurs across three pillars: Business Capital, Business Connect and Business Essentials Visa Main launches $100M working capital facility Visa (NYSE: V) today announced the launch of Visa Main , a new platform designed to give small business owners across the United States better access to the resources they need to succeed. Built in direct response to the most pressing challenges entrepreneurs face—access to capital, reaching customers and adopting modern business tools—the platform brings together capabilities across Visa’s network to help small businesses succeed. Attendees at Visa Main launch event in Atlanta “Small businesses are the heartbeat of local communities and represent nearly half of our country’s economic activity,” said Kim Lawrence, Regional President of North America, Visa. “With Visa Main, we’re connecting Visa’s products and in-house knowledge with the expertise of our clients and
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.
Black Castle Capital Partners Wins Best Venture Capital & Private Equity Business of the Year 2026
LONDON, Feb. 05, 2026 (GLOBE NEWSWIRE) -- London-based consultancy Black Castle Capital Partners has been honoured with the Global 100 – 2026 award for Best Venture Capital & Private Equity Business of the Year in the United Kingdom, recognising its boutique expertise in guiding companies through successful and efficient fundraising processes. Black Castle Capital Partners specialises in tailored introduction services across Private Equity, Venture Capital and Real Estate. The firm’s lean and ni
Beware of MHS GENESIS scam sites: Learn how you can protect your healt
If you get care at a military hospital or clinic, the MHS GENESIS Patient Portal is your main tool for managing your care online. Unfortunately, scammers can create fake websites that look like
Google parent Alphabet forecasts sharp surge in 2026 capital spending
Alphabet said on Wednesday it was targeting capital expenditure of $175 billion to $185 billion this year, in yet another aggressive ramp-up in spending from the Google parent as it deepens its investments to push ahead in the AI race.
Arts in Medicine - History - NYC Health + Hospitals
History WPA Murals: The Foundation of Our Collection At the heart of NYC Health + Hospitals’ esteemed art collection lies a series of New Deal-era murals, originally commissioned as part...
Zulay Henao Joins Billy Bob Thornton In ‘Somedays’ From Director Brian Klugman
EXCLUSIVE: Zulay Henao is set to join Billy Bob Thornton, Ariana Greenblatt and Pamela Anderson in Somedays, a feature film that Brian Klugman is writing and directing. Tucker Tooley Entertainment is financing and producing. Joining Tooley as financiers are Streamline Global, Eighteen 88 and Three Point Capital. The film follows a weary delivery driver with months to …
Prisma Health to implement additional measures in response to measles outbreak
Prisma Health will implement additional measures in its South Carolina hospitals starting Thursday in response to the nation's largest measles outbreak.
Prisma Health to implement mask requirement at SC hospitals amid measles outbreak
One of South Carolina’s biggest healthcare providers is announcing some changes amid a statewide measles outbreak.
Kettering Health Main Campus Named One of the 50 Top Cardiovascular Hospitals in the Nation
Kettering Health Main Campus has been named as one of the nation’s 50 Top Cardiovascular Hospitals® according to Modern Healthcare.
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 […]
Parents of trans kids ask: Does California really protect our rights?
AG Bonta's lawsuit against Rady Children's relies on a merger contract, not civil rights law—leaving trans families wondering what protections work
Capital Allocation Trends At Elevance Health (NYSE:ELV) Aren't Ideal
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll...
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.
Capitals Report Card: Caps’ Winning Streak Snapped by Flyers
The Washington Capitals (28-23-7) were riding high on a three-game winning streak. Unfortunately, that ended with a 4-2 road loss […]
Grizzlies, Kings battle as potential deadline moves still loom
Sacramento Kings fans might get one last chance to say goodbye to Domantas Sabonis as the upcoming trade deadline looms over the Memphis Grizzlies' visit to California's capital on Wednesday night.
Horry Co. approves controversial mental health facility despite community backlash
Horry County Council approved the Asha Vista Behavioral Institute's plan to open a new psychiatric hospital along Highway 707.
Horry County leaders give OK to controversial mental health site; targeted 2027 opening
CONWAY, S.C. (WBTW) — A former assisted living facility in Murrells Inlet is getting new life as a mental health hospital after protests from nearby residents who said it would drag down the …
New LifeEvac base opens at VCU Health Community Memorial Hospital
The newly established VCU Health LifeEvac base in South Hill expands emergency air medical access, with a trained flight team supporting faster care for rural communities.
Children’s Minnesota to pause some pediatric gender health services
Gender-affirming care for transgender youth remains legal in Minnesota, but the hospital says it will pause prescribing puberty-suppressing medications and pubertal hormones to patients under the age of 18.
Mayor Mamdani Joins DCWP and NYC Health + Hospitals to Promote Free Tax Preparation Services for New Yorkers - NYC Health + Hospitals
New York, NY – Today, Mayor Mamdani joined the Department of Consumer and Worker Protection (DCWP), NYC Health + Hospitals
Carbon Health files for Chapter 11 bankruptcy relief with more than $100M in debt
Primary care company Carbon Health filed for Chapter 11 bankruptcy relief in Texas. | The company, which offers both in-person care at nearly 100 clinics and virtual care services, said Monday it reached a restructuring agreement with its existing lenders that establishes a "clear path to recapitalization and new ownership."
ECU Health Chief Nursing Executive Trish Baise named 2025 CNO to know by Becker’s Hospital Review
Recognition highlights Baise’s leadership in advancing rural health care
Key business publications spotlight new Sportservice leaders
Two recently appointed leaders of Delaware North’s Sportservice business – Tom Barney and Adrian Dishington – were profiled this month in Sports Business Journal (SBJ) and Buffalo Business First, respectively. Together, their stories highlight both the company’s deep bench of homegrown talent and its ability to attract global hospitality expertise to Buffalo. Tom Barney featured in Sports Business Journal In an interview […]
IndyCar tabs Monumental Sports & Entertainment as marketing, hospitality agency for Freedom 250 GP
Monumental Sports & Entertainment has been signed to “serve as the official marketing, sponsorships and corporate hospitality sales agency” for the Freedom 250 Grand Prix of Washington D.C., according to the IndyCar Series. MSE owns the Washington Wizards NBA team, the Washington Mystics WNBA team, the Washington Capitals NHL team,...
He had shortness of breath, jitters and blamed anxiety. It was heart failure at 30.
Alex Balmes thought it was anxiety causing his symptoms, but it was heart failure at 30. Here's what this young dad wants others to know.
UNC Health Pardee Reschedules Hiring Event to Wednesday, Feb. 18
UNC Health Pardee Reschedules Hiring Event to Wednesday, Feb. 18
The 37 rising stars shaping the future of venture capital in 2026
These up-and-coming venture capitalists are backing the next generation of startups as the VC industry resets after years of easy money.
University of Pittsburgh grappling with weeks-long delays for imaging results
UPMC, Pennsylvania’s largest hospital system, is reportedly grappling with radiologist shortages, which are forcing the organization to priortize urgent imaging orders in some cases.
Measles at Dilley detention center could overwhelm local hospitals, UT Health doctor warns
SAN ANTONIO — A doctor with UT Health San Antonio is calling for action to prevent the spread of measles following an outbreak at the Dilley detention center.Th
Islanders Dealt Second Straight Loss; Fall 4-1 To Capitals
The Capitals rally with three unanswered goals, erasing an early Islanders lead. Missed opportunities haunt New York in their second consecutive defeat.
State’s biggest business groups sound off on how to make Massachusetts more competitive
"Affordability” seems to be the big watchword among the state’s business groups, and the annual meeting of the Massachusetts Health & Hospital Association was no exception.
Children at gymnastics meet witness double shooting during violent robbery at nearby business
A violent robbery witnessed by multiple children in Jacksonville’s Lakeshore neighborhood sent two men to the hospital and forced nearby businesses — including a kids’ gymnastics meet — to shut down in the middle of the day.
Nursery industry chief navigates politics as 'friend accumulator'
As the Republican scion of Democrat parents, Jeff Stone is no stranger to political debate — nor to to reaching across the aisle.
Proposed hospital bill could send local tax dollars out of county
An effort to increase collaboration and improve health care has some unintended consequences, including more power with less oversight.
LA County sees increase in flu-related ER visits and hospitalizations
The health department said flu activity is expected to remain high in the coming weeks.
NYC Health + Hospitals/Jacobi Celebrates 100th Case Using Ion Robotic-Assisted Bronchoscopy - NYC Health + Hospitals
NYC Health + Hospitals/Jacobi today announced its 100th case using Ion robotic-assisted bronchoscopy to identify early-stage lung cancer. This technology
CARBON HEALTH IMPLEMENTS FINANCIAL RESTRUCTURING
Carbon Health Technologies, Inc., (Carbon Health) a technology-enabled healthcare provider, announced today that it has reached an agreement with its existing lenders on the terms of a comprehensive restructuring that establishes a clear path to recapitalization and new ownership.
RWJBarnabas Health Announces Standardized Visiting Hours Across Its Hospitals
To further support its commitment to delivering a consistent and positive patient experience, RWJBarnabas Health has implemented standardized visiting hours across its acute-care hospitals effective February 2, 2026. Under the updated guidelines, general visiting hours for all RWJBarnabas Health adult acute-care hospitals will be held 8 a.m. to 8 p.m., seven days a week.
Community Health Systems Completes Divestiture of Three Pennsylvania Hospitals to Tenor Health Foundation
FRANKLIN, Tenn., February 02, 2026--Community Health Systems, Inc. (NYSE: CYH) announced today that certain subsidiaries of the Company have completed the divestiture of 186-bed Regional Hospital of Scranton and 122-bed Moses Taylor Hospital in Scranton, Pennsylvania, 369-bed Wilkes-Barre General Hospital in Wilkes-Barre, Pennsylvania, and certain related businesses to affiliates of Tenor Health Foundation for $33 million of cash plus a $15 million promissory note from the buyer. Additional cash
Vanderbilt Health acquires Tennova’s Clarksville hospital and related physician clinics from Community Health Systems
Leaders with Vanderbilt Health announced today completion of the acquisition of Tennova Healthcare-Clarksville Hospital and freestanding emergency room Tennova ER-Sango, along with the hospital’s related businesses, including physician clinics and outpatient services, from Community Health Systems Inc. (CHS). Vanderbilt Health has held a 20% minority interest in these operations since 2021. Under Vanderbilt Health’s ownership, the 270-bed hospital will be named Vanderbilt Clarksville Hospital (VCH) while the freestanding Sango ER will be named Vanderbilt Emergency Sango. Also joining the Vanderbilt Health system through the acquisition are physician practice locations in Clarksville, Dover, Pleasant View and Tiny Town offering, depending on location, orthopaedics, primary care, wound care, digestive health, urology and surgical services. Acquisition of the hospital and its related physician practices expands Vanderbilt Health’s ability to serve patients across the region, supporting its ability to provide high-quality care in more convenient, community settings that are also more cost-effective. “We are thrilled to welcome Vanderbilt Clarksville Hospital into our health system. Providing exceptional care close to home is invaluable, and we are eager to serve the citizens of Clarksville and Montgomery County by expanding the hospital’s programs and services,” said Jeff Balser, MD, PhD, President and CEO of Vanderbilt Health and Dean of Vanderbilt University School of Medicine. This acquisition marks Vanderbilt Health’s fourth regional hospital expansion, further strengthening its presence across Middle Tennessee beyond its already extensive inpatient and ambulatory services in Nashville. VCH joins Vanderbilt Health’s network of regional medical centers that now include Vanderbilt Wilson County Hospital in Lebanon, Vanderbilt Tullahoma-Harton Hospital in Coffee County, and Vanderbilt Bedford Hospital in Shelbyville. With a strong record of growth and investment in people, programs and services for its regional hospitals, residents of Clarksville, Montgomery County and the surrounding region can expect that Vanderbilt Health will bring a host of adult and pediatric services to the area. Initial plans for VCH over the upcoming year include increased staffing for the hospital’s emergency services, including the addition of pediatric emergency medicine specialists with Monroe Carell Jr. Children’s Hospital at Vanderbilt, along with increased surgical specialty offerings. Longer term, physicians and staff will be recruited to bring a broader array of adult and pediatric specialty services to the community. “I am delighted to welcome the physicians, nurses and staff of Vanderbilt Clarksville Hospital into the Vanderbilt Health family and look forward to working closely with the hospital’s medical staff and members of the local health care community to ensure we excel at meeting their needs as caregivers as we pursue the goal of improving the health and wellbeing of the patients we serve,” said Jane Freedman, MD, Deputy Chief Executive Officer and Chief Health System Officer for Vanderbilt Health. Currently, VCH employs approximately 1,100 staff and more than 30 physicians. Through this acquisition Vanderbilt Health has committed to hire substantially all current employees who are in good standing. Services already established by Vanderbilt Health at VCH include an OB-GYN hospitalist program, an array of oncology services provided by a multidisciplinary team with Vanderbilt-Ingram Cancer Center, and neonatal care in the hospital’s Level II Neonatal Intensive Care Unit provided by specialists with Monroe Carell. VCH has been designated as an Accredited Chest Pain Center and a Wound Care Center of Distinction and has earned the Gold Seal of Approval from The Joint Commission. More information about Vanderbilt Clarksville Hospital is available at: vanderbilthealth.com/hospital/vanderbilt-clarksville-hospital
UNC Health Pardee Opens New Outpatient Infusion Center in Hendersonville
UNC Health Pardee Opens New Outpatient Infusion Center in Hendersonville
Intesa Sanpaolo presents its 2026–2029 Business Plan: scaling a proven model with sustainable profitability and strong capital returns
MILAN, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Intesa Sanpaolo unveiled its 2026–2029 Business Plan, setting out a strategy built on businesses already in place, investments already made and a proven operating model. The Plan targets a sustainable ROE >20%, confirms the Group’s Zero-NPL profile and is underpinned by a technology- and fee-driven business model. It is designed to be delivered with no execution risk, supported by Intesa Sanpaolo’s long-standing ability to extract intragroup synergies. Ov
Clock ticks on Santa Paula Hospital as leaders weigh what comes next
Time is running out on Santa Paula Hospital set to close at its current site in 2030, sparking anxiety about care needs of the Santa Clara Valley.
RFK Jr. is now a wellness guru for Republicans in Washington
Conservatives in the capital are taking up the health secretary’s advice, eating their vegetables and eschewing pharmaceuticals.
District 1199J of the National Union of Hospital and Health Care Employees Endorses Tahesha Way for Congress
Date: February 1, 2026 District 1199J of the National Union of Hospital and Health Care Employees Endorses Tahesha Way for Congress WAYNE, NJ – Less than one week before election day, District 1199J of the National Union of Hospital and Health Care Employees (NUHHCE) today endorsed Lieutenant Governor and Secretary of State Tahesha Way in[...]
Hurricanes Thrashed in Controversial Overtime Loss to Capitals
Poor puck-management, bizarre calls (and lack of standard calls), and failure to maintain momentum paved the way to a 4-3 […]
Lake Shore Bank awards Small Business Recovery grant to WMH
WESTFIELD – Lake Shore Bank has awarded a $5,000 grant to the Westfield Memorial Hospital Foundation through the Federal Home Loan Bank of New York Small Business Recovery Grant Program, an initiative designed to support local organizations and economic resilience. The grant will help fund vital equipment, services and resources that benefit patients, families and…
New NKY clinic to offer cardiology, women’s health, labs and primary care under one roof
The Christ Hospital Health Network is expanding into Northern Kentucky with a new $16 million outpatient center.
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.
US exit from the World Health Organization marks a new era in global health policy – here’s what the US, and world, will lose
The US will no longer participate in the WHO’s global influenza monitoring system – a shift experts say will lead to more flu hospitalizations and deaths.
People leaving Massachusetts pose new challenge for Healey, Paley, and the state
Like a true venture capitalist, state economic development secretary Eric Paley sees opportunity in the latest Census data. Even though it looks kind of gloomy.
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
ECU Health North Hospital celebrates first graduating class of new CNA I program
Program invests in local talent, grows workforce pipeline for rural health care
Deadline Approaching for MHA Healthcare Leadership Academy - MHA | Michigan Health & Hospital Association
The enrollment deadline for the MHA Healthcare Leadership Academy (HCLA) is Feb. 6. The cohort meets Feb. 25-27 and May 7-8 at the MHA headquarters in Okemos.
CA groups seek local taxes to offset federal health care cuts
An L.A. health care coalition is trying to qualify a measure for the June ballot in order to head off impending health care funding problems.
New Orleans children's hospital earns Level 1 pediatric trauma center designation
Level 1 trauma centers must have access to pediatric trauma surgeons, specialized pediatric equipment and year-round, 24-hour pediatric intensive care units.
Capitals’ Logan Thompson suffers injury 2 weeks before Olympics
Capitals goaltender Logan Thompson is dealing with a day-to-day upper-body injury ahead of the Winter Olympics.
Stephanie Grace: Washington Mardi Gras attempts to bypass politics. It only somewhat succeeds.
If there’s a key word to the annual Washington Mardi Gras, it’s camaraderie. Yet as columnist Stephanie Grace reports from the nation’s capital, politics are never far from the surface.
Driver seriously injured after crashing into KCK business
One man was taken to the hospital after crashing into a Kansas City, Kansas, building Thursday morning.
Health Care Provider Consolidation
I. Issue Overview Ongoing consolidation among hospitals, physician practices, and other providers poses a serious challenge to the U.S. health care system—offering potential benefits to some but also with significant worrying impact on rising health care prices. Provider consolidation remains pronounced among both hospitals and physician practices. The share of hospitals operating independently declined from … Continued
Nathan Kahane Launches True North; Production & Financier Backed By Entertainment 360 Capital
Nathan Kahane Launches True North; Production & Financier Backed By Entertainment 360 Capital
City & State New York Recognizes Two Leaders From NYC Health + Hospitals And MetroPlusHealth On 2026 "Trailblazers in Healthcare" List - NYC Health + Hospitals
NYC Health + Hospitals announced that NYC Health + Hospitals/Elmhurst Director of Oral and maxillofacial surgery Dr. Maryam Akbari and MetroPlusHealth
Jackson Health CEO to step down. Who will be the new leader?
Carlos Migoya has led Jackson for nearly 15-years and is credited with saving the hospital system from financial ruin.
City & State New York Recognizes Two Leaders From NYC Health + Hospitals And MetroPlusHealth On 2026 "Trainblazers in Healthcare" List - NYC Health + Hospitals
NYC Health + Hospitals announced that NYC Health + Hospitals/Elmhurst Director of Oral and maxillofacial surgery Dr. Maryam Akbari and MetroPlusHealth
SkyLake Adventures teams with Butler Institute for Sports and Entertainment
Under the partnership, Butler University students will receive real-life experience in hospitality and entertainment, and real-life experiences and practical skills in marketing, social media and communications.
The promise and reality of the rural health fund
In the 2025 budget bill, Congress created the $50 billion Rural Health Fund to help struggling hospitals, doctors, and patients in rural America. But rural hospitals are expected to lose three times that through Medicaid cuts in that same budget bill. So, what will it take to keep rural healthcare afloat?
Exclusive: UK’s Schroders discussed private capital tie-ups in growth push, sources say
Schroders has held high-level talks about potential tie-ups to speed up the growth of its private capital business, three people familiar with the matter told Reuters, as the 222-year-old British asset manager seeks to gain scale.
CHOP celebrates placing of final beam for Roberts Children's Health expansion
On Wednesday, the Children’s Hospital of Philadelphia lifted the final beam of its new Roberts Children’s Health expansion into place.
SEC.gov | 45th Annual Small Business Forum
The SEC will host its annual Small Business Forum to discuss capital formation for small businesses.
UNC Health Pardee Open House Hiring Event on Wednesday, Feb. 4
UNC Health Pardee Open House Hiring Event on Wednesday, Feb. 4
Donald Trump promised to make the US the world’s crypto capital. His businesses are seizing on it.
The president's business empire — once known for its hotels and golf courses — has aggressively expanded into the world of cryptocurrencies during his first year back in the White House.
Full-length Replay: Big East Men's: DePaul at Georgetown
From Capital One Arena in Washington, D.C.
Premier Radiology Services acquires rival teleradiology group NRad
Backed by private equity investors at Grovecourt Capital Partners, the Florida firm is buying National Radiology Solutions for an undisclosed sum.
Senate committee reviews Gov. Beshear’s budget proposal
The proposal dedicates $500 million of the budget reserve trust fund to affordable housing, rural hospital assistance and food assistance.
WSOC-TV & KFF Health News Win Prestigious duPont-Columbia Award
The SSA's practice left millions of Americans, including some in the Carolinas, facing unexpected financial hardship and prompted sweeping policy changes in the nation’s capital.
Tenor Health's acquisition of Moses Taylor, Regional and Wilkes-Barre General hospitals gets OK by state, foundation executive says
Get an Expert Guide to What’s Driving D.C.
In our newly relaunched Politics newsletter, Washington coverage chief Damian Paletta illuminates the people and powers shaping the nation’s capital
Madina Ismail joins Essentia Health-Fargo to provide hospitalist care
Essentia Health-Fargo is proud to welcome Madina Ismail, an advanced practice registered nurse and certified nurse practitioner who will provide hospitalist care.
Ray J says he has only a short time left to live after hospitalization: 'Heart is only beating, like, 25 percent'
Ray J says he was notified by doctors that he only has a short time left to live after his recent hospitalization: 'My heart is only beating, like, 25 percent.'
NYC Health + Hospitals/Jacobi | North Central Bronx Appoints Grace Hyun, MD as Chief of Urology and Nassir Mansour, MD as Chief of Neurosurgery - NYC Health + Hospitals
NYC Health + Hospitals/Jacobi | North Central Bronx today announced the appointments of Grace Hyun, MD as Chief of Urology and Nassir Mansour, MD as Chief
Owners of Twin Peaks restaurant file for bankruptcy
Officials with TWNP said in a news release that they will use the filings to strengthen their capital structure through reducing their debt to keep the corporation successful for years to come.
Washington Capitals and Monumental Sports & Entertainment Pride Auction Raises $30,485
Proceeds benefit the Wanda Alston Foundation, with a portion of funds allocated for MSE Foundation
California mental health hospitals warn over cuts after state hands down staffing rules
Psychiatric hospitals could close beds under proposed state rules if regulators don’t allow implementation time, facilities warn.
China’s latest war game uses hospital and science ships for espionage
It is self-evident that Beijing is not promoting peace, health or scientific research.
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
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