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Anker's Cool New USB Charger Gadget Is On Sale For Only $30
In the market for a new phone charger for your iPhone?? A highly-rated and surprisingly feature-packed phone charger from Anker is currently on sale.
'Rent' and 'Star Trek' Star to Speak in Utica
A Broadway and screen star will appear for a special event in Utica.
2-month-olds see the world in a more complex way than scientists thought, study suggests
A new study suggests that babies are able to distinguish between the different objects they see around them at 2 months old, which earlier than scientists previously thought.
When Can I Trust What Scientists Say?
Claims are based on evidence, and different kinds and quantities of evidence provide different levels of confidence.
Xtalks Announces its Life Science Webinar Calendar for February 2026
Stay on top of current hot topics through free webinars presented by leading experts in the pharma, biotech, medical device and food industries. Access to all webinars is free, so be sure to register today to save your place! Participate in the discussion and stay relevant in your field!
CalMatters’ “visionary” co-founder, Dave Lesher, retires
Co-founder Dave Lesher turned CalMatters into one of California’s most influential newsrooms — and launched new tools to make your government transparent
Galaxy S27 Ultra Could Feature Samsung’s Polar ID, A More Advanced Version Of Face ID That’s As Fast As Current Solutions While Being 50% Smaller
A proper Face ID competitor is said to be developed by Samsung called Polar ID, and best on the latest information, it could debut with the Galaxy S27 Ultra
Fear, tears and stress: Workers allege toxic culture inside Colorado’s Behavioral Health Administration
Nine current and former Colorado Behavioral Health Administration staffers told The Denver Post that Commissioner Dannette Smith fostered a chaotic and stressful work culture.
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
Hartford beats COVID business interruption claim over virus exclusion dispute
What happened when a policyholder demanded 22 different legal analyses for one policy dispute
US can’t isolate itself from the world of science
If things continue on the current trajectory, we will soon lack the ability to understand what the advances in science developed elsewhere mean and how we might exploit them.
Jelly Roll Is Changing His Tune About Talking Current Events: ‘Everybody’s Going to Hear Exactly What I Have to Say in the Most Loud and Clear Way’
Jelly Roll is about to speak out on politics, he vows at the Grammy Awards.
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.
Gershon's Deli in Schenectady closes after 72 years in business
“I will miss seeing you all more than I can put into words,” said current owner Antonia “Toni” Nelson.
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.
Dodgers Sign Pitcher, Brother of River Ryan
The Los Angeles Dodgers signed Ryder Ryan, brother of current pitcher River Ryan, to a minor league deal on Thursday.
I didn't realize how rare my grandparents were until now
A mom shares what it's like raising kids with deeply involved great-grandparents and why she now realizes how rare that bond is.
Apple's Foldable iPhone Rumored to Feature Unrivaled Battery Life
Apple's first foldable could feature the biggest ever iPhone battery and eclipse rival devices, according to a known leaker. In a new post, the Weibo user known as "Fixed Focus Digital" says that the foldable's battery could be over 5,500 mAh in size, which would make it the largest capacity of any current or previous iPhone. The iPhone 17 Pro Max has the biggest iPhone battery to date at 5,088 mAh.
GNU Hurd Is "Almost There" With x86_64, SMP & ~75% Of Debian Packages Building
Samuel Thibault offered up a status update on the current state of GNU/Hurd from a presentation in Brussels at FOSDEM 2026
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.
Politics are everywhere. Is the Super Bowl different?
As the Seahawks prepare for the Super Bowl, the NFL stands as the preeminent cultural force in an America that seems to be tearing itself apart at the seams.
Meet the un-Gavin. Kentucky’s governor sees a different way to the White House
Andy Beshear says voters want a healer in 2028, not someone who'll match President Trump insult for insult. His focus on nuts and bolts makes him a popular blue governor in a very red state.
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 […]
Trent Seaborn Is Exactly What Alabama Football Needs Right Now
Trent Seaborn embodies the loyalty, commitment, and grit Alabama football demands. He's the leader building the next championship foundation.
Democrats narrow GOP House majority as Menefee wins Texas special election
After Menefee is sworn in, Democrats will have 214 House seats. Republicans currently hold 218, giving House Speaker Mike Johnson a razor-thin majority.
SPORTS: Chief Sealth IHS flag-football team headed to state
Congratulations to the Chief Sealth International High School flag-football team, for earning a trip to the state tournament. Head coach Melvin Estes-Glaspie's Seahawks finished third in the district tournament with a 28-14 win this afternoon over, and at, Renton. When the state matchups are set, they'll be on this page; quarterfinals are at ...
Ken Burns describes how current politics ‘rhymes’ with the American Revolution: Full interview
Filmmaker Ken Burns joins Kristen Welker in a “Meet the Moment” conversation to dissect America's origin story and argues democracy was an “unintended consequence” of the American Revolution.
Shohei Ohtani WBC Announcement Will Give Dodgers Fans Relief
Los Angeles Dodgers fans no longer have to worry about Shohei Ohtani throwing out his arm during the upcoming World Baseball Classic. That’s because the world’s greatest player won’t be pitching in the WBC, as reported by multiple sources on Saturday. It is apparently Ohtani’s decision not to pitch in the tournament. Ohtani delivered another […]
Ayaneo's Pocket S Mini has the perfect aspect ratio for revisiting classic console games
The Pocket S Mini is already available on Ayaneo's website and currently starts at $319.
Three new FSU pitchers to know
The 2026 FSU pitching staff will look completely different.
Anti-ICE protests impacting some Southern California businesses
Some businesses chose to close, while others remained open but supported the cause in different ways.
Paul George admits to taking 'improper medication' for mental health issue after NBA suspends him for 25 games
George is averaging 16 points per game for Philadelphia, which is currently sixth in the Eastern Conference standings.
Reusse: Latest generation of Pohlads has made it clear Twins are a business
An organization that was thick with camaraderie for decades appears to be a different entity with Derek Falvey’s departure.
Novak Djokovic and Carlos Alcaraz’s Australian Open final and the weight of tennis history
Carlos Alcaraz and Novak Djokovic are pursuing sporting greatness of different kinds in Melbourne.
'We have weaknesses': How covering sports is like raising kid athletes
Top athletes, like our kids, are more human being than prodigy. Sometimes parents, and their kids who play sports, just need to calm down.
Why Amazon Fresh struggled to break through in grocery: store workers
As Amazon Fresh closes stores, workers say the chain struggled to resonate with customers and differentiate itself from Whole Foods
A Predictor of a Good Social Life? Your Parents.
A decades-long study suggested that close relationships with family members during teenage years could lead to a rich network of friendships in adulthood.
Olympic program review opens path to relax Winter Games mandate for only sports on snow and ice
Olympic winter sports currently must be played on snow and ice
Planned Parenthood, reproductive healthcare could receive $90 million in new state funding
California will bolster funding for Planned Parenthood and other providers of reproductive health with a one-time infusion of $90 million, leaders of the state Legislature announced Friday.
Anchorage School District proposes major cuts to positions, programs, sports and more
In a letter to families, Anchorage Superintendent Jharrett Bryantt said maintaining the status quo is no longer sustainable given current state and local funding levels.
Theo Rossi, Mario Van Peebles & Derek Wilson Sink Teeth Into WeBros’ Vampire Island Thriller ‘Young Blood’
EXCLUSIVE: Theo Rossi, Mario Van Peebles and Derek Wilson are headlining the Ari Schlossberg directed and written vampire island feature Young Blood currently shooting in Key Largo, Florida. The trio join previously announced Myles Truitt, Madison Wolfe, Marley Aliah, Genneya Walton, Alex Aiono and Mitchell Hoog in the WeBros Entertainment production. Young Blood follows three college best friends who …
Kylie Kelce’s Advice for Sports Parents Can Be Summed Up in 2 Words
"It's so hard to get officials for sports nowadays because of the parents and their feedback."
Kylie Kelce’s Advice for Sports Parents Can Be Summed Up in 2 Words
"It's so hard to get officials for sports nowadays because of the parents and their feedback."
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.
Pokémon GO February 2026 Events
The Pokémon GO February 2026 events schedule is here! In February, featured Pokémon are Solgaleo, Lunala and Growlithe. A variety of different Pokémon will be featured throughout the month, and there is a whole host of in-game events to look forward to! Here are all the major events happening in February 2026 in Pokémon GO, as […]
The World’s Largest Biological Battle Is Being Fought in Space
But this evolutionary “arms race” looks a little different when playing out in microgravity.
New movies to watch this weekend: See 'Send Help' in theaters, rent 'Anaconda,' stream 'The Wrecking Crew' on Prime Video
Ahead of the Oscars, rent or buy Wagner Moura's "The Secret Agent" — or stream Rose Byrne's "If I Had Legs I'd Kick You."
Santa Monica's Downtown Drinking Zone Could Triple in Size
Santa Monica's downtown Entertainment Zone could expand from its current 3-block area to include Fourth Street to Ocean Avenue and from Wilshire to Colorado, following DTSM approval.
Atrium Health parent boosts pay for workers in Charlotte and the Carolinas
More than 165,000 Advocate Health workers to receive a bump in pay for minimum wage, as company expands health and retirement perks.
Live and dead pests found in kitchen of restaurant ordered to shut down by Metro Health
Metro Health inspectors issued demerits to two different restaurants in January after finding multiple live and dead pests, including roaches, in the kitchens.
Napoli vs Fiorentina: Preview
The Partenopei are struggling right now but still more than capable of squashing the Viola like a bug.
How Trinity Rodman's deal changed the business of women’s soccer
Trinity Rodman was at the center of the biggest contract dispute in women's sports. Her NWSL peers have her back.
The Observatory and WHO Ukraine reflect on productive partnership and continued collaboration
Why have some health systems coped better than others during the COVID-19 pandemic? Some answers might become clear if we could assess how resilient health systems are in response to crises or shocks, such as the current pandemic and other emergencies, including financial ones, or how well health systems were prepared for such events in the first place. The European Observatory on Health Systems and Policies has just published a new policy brief, “Strengthening health systems resilience”, which includes a framework to help policy-makers understand health system resilience and how to strengthen it. This policy brief highlights the key features of resilience and provides examples of strategies which have been applied in different countries.
Sam Raimi shares 'Doctor Strange 2' scene that made him want to work with Rachel McAdams again
Without 'Doctor Strange in the Multiverse of Madness,' 'Send Help' would've looked a lot different. Director Sam Raimi and star Rachel McAdams explained how Marvel was their stepping stone to the survival horror movie.
Cubs TV voice Jon 'Boog' Sciambi tops sixth annual Chicago sports media power rankings
I ranked the market’s talent exclusively on TV, radio and podcasts based on appeal, quality, longevity and personal preference. Well over 100 people were considered, and the top 20 follow, with last year’s rank in parentheses.
cbdMD Strengthens Regulatory Science Platform to Support Emerging Regulatory Cannabinoid Evaluation Pathways
cbdMD, Inc. (NYSE American: YCBD), a leading innovator in hemp-derived wellness products, today announced a strategic initiative to integrate and expand its regulatory science, safety, and intellectual property assets to establish a differentiated cannabinoid compliance and evidence platform aligned with evolving federal healthcare evaluation frameworks, including emerging CMS and CMMI innovation initiatives.
Explore Utica Zoo's Snowshoe Trails
Snow shoe rentals are a popular winter activity at the Utica Zoo.
‘Where Science Meets Patient Care’: URI College of Pharmacy to host 41st annual Seminar By the Sea
KINGSTON, R.I. — Jan. 29, 2026 — Pharmacists from around the region will earn valuable continuing education credits while discussing some of the most pressing current pharmacy and healthcare issues during the 41st annual Seminar By the Sea Northeast Regional Conference presented by the University of Rhode Island College of Pharmacy’s Office of Healthcare Workforce […]
Survey: Parents a top reason youth coaches quit
Most of America's youth-sport coaches are feeling burned out and fed up with verbal harassment and abuse, mainly from parents of athletes, according to a national survey released Thursday by the U.S. Center for SafeSport.
Rice Business launches new graduate healthcare certificate program to advance leadership in dynamic industry
Rice’s Jesse H. Jones Graduate School of Business today announced the launch of its Graduate Certificate in Healthcare Management program, a 10-month, credit-bearing professional credential designed for current and aspiring leaders seeking deep expertise in the business of healthcare. Situated at the crossroads of Houston’s renowned Texas Medical Center and global healthcare innovation, the program blends rigorous business fundamentals with healthcare-specific strategy, operations and management.
5 Costco TVs That Are Perfect For The Super Bowl
Here are 5 Costco TVs from different brands and across various price points to enjoy the Super Bowl. You can pick from multiple size options.
Are These Unprecedented Times for Science, Really?
A science historian looks to the past to understand our current moment, and how ghostwriting in scientific papers is harming public trust.
‘What if I told you this school had no teachers?’: Is AI schooling the future of education — or a risky bet?
Alpha School, which purports to teach children academics using AI for two hours a day, has got the support of the Trump administration, but leaves some education experts and parents unimpressed.
Meta Overshadows Microsoft by Showing AI Payoff in Ad Business
The Facebook parent’s results highlight the advantages of its simpler, ad-focused business model.
The cost of health care, not food or rent, is now Americans’ top worry
As politicians prepare their pitches for the midterm elections, a survey finds that about 1 in 3 Americans are “very worried” about health care costs.
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.
Louisiana restructured child care tax credits for businesses to help families, workers
State leaders restructured and renamed a tax credit program for childcare businesses and businesses that invest in child care, which early childhood education advocates say will increase the quality of child care and ease parents back into the workforce.
College football transfer portal is 'train wreck.' Ask man who ignited it
One of the creators of the unrestricted transfer portal in college sports calls the current system 'awful' but doesn't regret his involvement.
Reign dominate Canucks in 6th straight home victory
The Ontario Reign (28-12-1-1; 58 points) take a commanding 5-2 victory over the Abbotsford Canucks (15-23-3-3; 36 points) Wednesday night at Toyota Arena. Five different skaters scored for the Reign, coming together for a full team-effort. Ontario remains in first place in the AHL Pacific Division.
ACU Sports Podcast: Wildcat Annual Fund Director Anthony Egbo
Anthony Egbo, former ACU football player and current director of the Wildcat Annual Fund, talks about ACU Athletics' unique approach to philanthropy, what to expect for ACU Gives, and shares stories of how ACU has impacted student-athletes' lives even if they are only a Wildcat for a year or two.
Xavier 68-86 Seton Hall: What was that?
My first job in high school was cleaning bathrooms at a state park campground. Camping is a foul enough activity, but what people did in those bathrooms defies explanation. I say this to let you know I have stared into the dark heart of a man experiencing a bowel emergency and apparently the desire to […]
Business owner speaks out after Ypsilanti parents detained by ICE
Winners of 2026 Southwest Wyoming Regional Science Fair Announced
ROCK SPRINGS — Western Wyoming Community College hosted 68 students from five different schools participating in the Southwest Wyoming Regional Science Fair Jan. 22. “The science fair gives students statewide a chance to showcase their scientific creativity and ingenuity. We deeply appreciate the participating students and the teachers and families who support them,” David Tanner,
Hochul downplays Mamdani's ask for tax hikes
She argued the state has enough cash to pay for current operations.
Floods push crocodiles into Mozambican towns as health concerns rise
Floods in Mozambique have led to a new threat. Crocodiles are appearing in submerged towns and have killed at least three people. Torrential rains and severe flooding over the past month have killed more than 100 people in Mozambique, South Africa, and Zimbabwe. Thousands of homes have been destr...
’Canes Science Bowl brings STEM education to more students
University of Miami student Sabrina Cuba and graduate Alberti Regalado started the ’Canes Science Bowl to build an interest in STEM education in current ’Canes and pre-college education students. Adriana Gonzalez and Aaliyah Davis, the new ’Cane Science Bowl presidents, are keeping the dream alive. They will host the annual spring ’Canes Science Bowl with
Minn. companies pool funds to help small businesses amidst immigration enforcement surge
A couple dozen Minnesota companies have contributed about $4 million to a grant fund to support small businesses in the state as they navigate the challenges of meeting payroll and paying rent amidst the immigration enforcement surge.
🧪 Science with Sarah: Graham Cracker Plate Tectonics 🌋
Hello parents, teachers and students! Explore our shifting Earth on a mantle of frosting
Jon Gruden turns down coaching inquiry from Jets, Aaron Glenn
Jon Gruden may want to return, but apparently not with the New York Jets
Why it’s so hard to uncover the truth about a president’s health
Bruises on Trump’s hands and other apparent ailments have invited speculation. But secrecy, politics, and the vagaries of aging make drawing conclusions difficult.
Inside the minds of two US Olympians — and how they achieve greatness
U.S. Olympians Erin Jackson and Alysa Liu demonstrate how different personality traits and cognitive styles can lead to elite athletic success.
Analysis: Trump’s team almost never backs down from its false claims. This past week has been different
From the start, this has been a say-anything presidential administration.
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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