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WM Phoenix Open picks 2026: Is anyone beating Scottie Scheffler?
Probably not ... but maybe?
iOS 26.2.1 Problems Reported by iPhone Users After the Update
iOS 26.2.1 update brings bug fixes and AirTag 2 support, but some iPhone users report crashes, Face ID issues, and Maps problems.
Pioneer heart surgeon Vinay Badhwar elected STS president
Badhwar is a longtime STS member and world leader in robotic technologies. In fact, he and his team recently launched a 40-part educational video series to help educate other clinicians about robotic-assisted cardiac surgery.
NFL has a troubling championship diversity problem
Seahawks-Patriots will be the 10th rematch in the 60-year history of the Super Bowl
Clintons will appear for depositions in Epstein probe, staving off contempt vote
House Oversight Chair James Comer has agreed to the dates Bill and Hillary Clinton proposed for depositions in the panel’s Jeffrey Epstein probe, putting an end to the contempt of Congress proceedings that had been moving forward against them.
Dr. Robert Roose: Our chrysalis moment in health care (Viewpoint)
This is our chrysalis moment where transformation is paramount — to be both high-tech and high-touch, grounded in innovation and trust, driven by strategic collaborations in ways we have not seen before.
RFK Jr.: ‘Fragmented’ addiction treatment system ‘has not worked in this country’
Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. on Monday touted a new $100 million effort to fight opioid addiction highlighting the country’s “fragmented” system for…
Chris Shula not the issue with the Rams defense
The Rams defense struggled late, but Chris Shula isn’t the problem. Here’s why Sean McVay’s philosophy matters more.
NFL coaching carousel: College assistants drawing growing interest
The wave of coaches going from college to the NFL ranks has begun.
Pair of injured Patriots defenders eying Super Bowl return
Robert Spillane and Harold Landry gave injury updates on Super Bowl media night.
Cardinals target Gus Bradley to be DC for Tennessee Titans
While the Cardinals had interest in Gus Bradley to be their new DC, he joins Robert Saleh in Tennessee.
Patriots’ Drake Maye Gives Answer To Famous Tom Brady Question
New England Patriots quarterback Drake Maye was asked a familiar question during Super Bowl Opening Night on Monday. “Who is your hero?” If that sounds familiar, it’s probably because you remember when that same question was asked to Tom Brady prior to Super Bowl LI. “Who’s my hero? That’s a great question. Well, I think […]
Waymo raises $16 billion to take its robotaxi business ‘global’
Waymo says its ambitions are global.
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.
WATCH: RFK Jr. and others launch new addiction and homelessness initiative
Health Secretary Robert F. Kennedy Jr. on Monday announced that his department will devote $100 million toward a pilot program addressing homelessness and substance abuse in eight cities, building on an executive order President Donald Trump signed last week related to addiction.
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
HHS Secy Kennedy Jr., Dr. Oz & Admin Officals Discuss Behavioral Health
Health and Human Services Secretary Robert F. Kennedy Jr., Centers for Medicare and Medicaid Services Administrator Dr. Mehmet Oz, and others announce "Action for Progress," an initiative addressing mental health and addiction.
How Team USA has evolved mental health services for Olympians
U.S. Olympic and Paralympic athletes will benefit from a robust mental health program despite scrutiny it faced in past years, according to the USOPC.
Norton Rose Fulbright expands business practice with five partners in two cities
New arrivals advance firm’s transactional and healthcare capabilities in key US marketsChicago, IL, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Global law firm Norton Rose Fulbright today announced a powerful expansion of its business practice with the addition of an impressive group of corporate, private equity, healthcare, finance and tax lawyers who further enhance the firm’s robust transactional capabilities. Andrew Smolik and Michael Flood join Norton Rose Fulbright’s St. Louis office, as Seth Aigner
Watch live: Top health officials launch initiative addressing mental health, addiction
Health and Human Services Secretary Robert F. Kennedy Jr., Centers for Medicare and Medicaid Services Administrator Mehmet Oz and other officials on Monday will announce an initiative addressing me…
NASA’s IMAP Begins Primary Science Mission
NASA’s IMAP (Interstellar Mapping and Acceleration Probe) began its two-year primary science mission on Feb. 1 to explore and map the boundaries of our
Poll: People View Prior Authorization as Greatest Burden in Navigating the Health System
New KFF polling explores the challenges beyond costs that people with insurance face in navigating the health care system. People cite prior authorization review as their top problem by a wide margin, with a third (32%) saying prior authorization requirements are a “major burden.
Scientists Warn: This “miracle cure” works only by damaging human cells
MMS has long been promoted as a miracle cure, but new research shows it’s essentially a toxic disinfectant. While it can kill bacteria, it only works at levels that also damage human cells and beneficial gut microbes. Scientists warn that homemade MMS mixtures are especially dangerous due to wildly inconsistent dosing. The study calls MMS a clear case where the risks are high—and the benefits are effectively zero.
An incredible sports week arrives with Olympics, Super Bowl. Plus: NFL coaching carousel wraps up
The Pulse Newsletter 📣 | This is The Athletic’s daily sports newsletter. Sign up here to receive The Pulse directly in your inbox. Good morning! It’s the start of a brilliant sports week. Coming up: 🏅 Olympic stars to know 🏈 Super Bowl week, baby ✍️ Coaching carousel problem We often talk about the unmatched glory of a great sports weekend, whether that’s the first two rounds of the NCAA Tournament, MLB’s Opening Day blitz, Thanksgiving weekend in the football world, whatever. We have arrived at one of those junctures — and it’s a full week. Let’s start...
Win-River and Rolling Hills pack February with casino events
Explore February California casino entertainment from Halestorm at Thunder Valley to Smokey Robinson, The Clairvoyants and Queen Revisited.
Justice Department expected to ramp up efforts to deliver on Trump’s ‘weaponization’ priorities
Justice Department officials are expected to meet Monday to discuss how to reenergize probes that are considered a top priority for President Donald Trump — reviewing the actions of officials who investigated him, according to a source familiar with the plan.
Newsom leads resistance to RFK Jr.’s public health upheaval
California Gov. Gavin Newsom (D) is making California the frontline in the resistance to the Trump administration’s revamped healthcare policies under Health Secretary Robert F. Kennedy Jr, in what…
Lee Health: You’re invited to learn more about surgical robots
At Lee Health, we are at the forefront of surgical innovation, embracing robotic-assisted surgery and continuing to grow our fleet of systems.
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 ...
'They've probably been untouched for 49 million years': The New Mexico cave expanding our search for alien life
In one of the most baffling discoveries of the last decade, scientists have found a clue in a cave to how life might survive in deep space without light.
From Katrina to robotics: Mindy Núñez Airhart’s path in steel
SSE Steel Fabrication owner Mindy Núñez Airhart on growing a second-generation steel business in St. Bernard Parish — from post-Katrina rebuilding to robotics, AI and humanoid welding technology shaping the industry’s future.
Carbon Credit Business Report 2026: Market to Grow by 18% to Reach $4,938.7 Bn - Investment Opportunities by 2035: Astute Analytica
The global carbon credit market is experiencing explosive growth, driven by robust corporate demand, net-zero targets, and tightening regulations. This market saw 161 million credits retired in 2023.Chicago, Feb. 02, 2026 (GLOBE NEWSWIRE) -- According to recent data from Astute Analytica, the global carbon credit market was valued at US$ 1,142.40 billion in 2024 and is projected to hit the market valuation of US$ 4,983.7 billion by 2035 at a CAGR of 18% during the forecast period 2025–2035. The
HHS Secy. Kennedy, Dr. Oz & Others Announce New Mental Health Initiative
Health and Human Services Secretary Robert F. Kennedy Jr., Centers for Medicare and Medicaid Services Administrator Dr. Mehmet Oz, and others announce "Action for Progress," an initiative addressing mental health and addiction.
Chicago police issue alert for string of business burglaries, armed robbery on Northwest Side
Chicago police issued an alert on Sunday about a string of business burglaries and an armed robbery on the city's Northwest Side.
Police launch arson investigation of fire behind local business
Police and fire crews responded to the scene of the fire on Jan. 31 around 5 a.m.
Kamen takes leave of absence from FIRST
Dean Kamen agreed to take a leave of absence from FIRST Robotics, a nonprofit organization hosting programming for ages 5-18, while a private firm investigates his connection to Jeffrey Epstein.
49ers hire Raheem Morris as defensive coordinator, AP source says
The San Francisco 49ers are hiring former Atlanta Falcons head coach Raheem Morris as their new defensive coordinator in hopes of finding a long-term solution to a revolving door at the spot. A person familiar with the decision said Sunday that Morris will join the Niners to replace Robert Saleh, who left San Francisco to take over as head coach for the Tennessee Titans.
Korda overcomes 'brutal' conditions to win opener
American Nelly Korda wins the weather-affected Tournament of Champions after "probably the hardest holes I've ever played in professional golf".
Deputy attorney general signals no new Epstein charges, defends Gabbard role in Georgia election search
Deputy Attorney General Todd Blanche defended the Justice Department’s actions on multiple fronts Sunday, signaling that no new charges will be brought in the Jeffrey Epstein investigation, downplaying Director of National Intelligence Tulsi Gabbard’s involvement in a probe into alleged voter fraud in Georgia, and defending the decision to arrest former CNN anchor Don Lemon.
NH's Business: Analyzing the cost of living within the Granite State
Fred Kocher sits down with Rob Dapice with the NH Housing & Finance Authority to talk about the ever-changing cost of living within New Hampshire.
Report: Apple 'exploring' clamshell foldable iPhone as potential follow-up model
In today’s Power On newsletter from Mark Gurman, an interesting new possibility was shared for the iPhone lineup: a smaller,...
Fede Valverde: “I think we played a great match”
He spoke after the win over Rayo Vallecano.
February is Heart Health Awareness Month
When it comes to your child's health, do you think much about their risks for heart disease? Probably not, since so much of keeping kids healthy means dealing with the sore throats, scraped knees, and other ailments happening now.
Armed robber on the run after holding up southwest Colorado Springs business
The armed robbery was reported at an unnamed business on Cheyenne Meadows Road, just east of Highway 115.
China's military has a serious leadership problem
The anti-corruption campaign has left open positions and a lack of senior officials with the experience to fill them.
UND Nistler College of Business of Public Administration to introduce new real estate major
Also, Department of Economics and Finance has been renamed the Fransen Department of Real Estate, Economics and Finance in honor of Robert "Bob" Fransen, who helped the real estate major come to be.
Robert F. Kennedy Jr. is holding Trump's agenda back
The goodwill that voters afforded Robert F. Kennedy Jr. during the election has started to erode in the wake of chaos.
Scientists finally may know why kidney patients die of heart disease
More than half of people with advanced kidney disease develop cardiovascular problems. A new study finds that diseased kidneys release tiny particles that are toxic to the heart.
'Hollywood welcome' - Inside a Wrexham transfer window
With the potential for deadline day deals, BBC Sport looks at how Wrexham's recruitment works under the ownership of Ryan Reynolds and Rob Mac
How the left can win back the internet – and rise again
In the final part of this series, we look at how infighting has ripped the left apart online while the right has flourished – and how some progressives are turning the tide, says digital media academic Robert Topinka
Hinton scores 26 as Harvard knocks off Yale 67-65
NEW HAVEN, Conn. (AP) Robert Hinton had 26 points in Harvard's 67-65 victory against Yale on Saturday.
Scientists discover how to turn gut bacteria into anti-aging factories
Researchers found that small doses of an antibiotic can coax gut bacteria into producing a life-extending compound. In worms, this led to longer lifespans, while mice showed healthier cholesterol and insulin changes. Because the drug stays in the gut, it avoids toxic side effects. The study points to a new way of promoting health by targeting microbes rather than the body itself.
Community health fair offers free screenings, honors Jackie Robinson
Dozens of families gathered at the Lincoln Neighborhood Service Center for a community health fair hosted by the Bethel AME Church Health Is Life Ministry.
Netflix may be turning into an ‘entertainment giant,’ but its stock looks like ‘dead money’ to investors
"They had this really great profitability story," S&P's Melissa Otto says. But when that feels priced in, "that's probably going to spoil the market."
Netflix may be turning into an 'entertainment giant,' but its stock looks like 'dead money' to investors
"They had this really great profitability story," S&P's Melissa Otto says. But when that feels priced in, "that's probably going to spoil the market."
Tulsi Gabbard inserts herself into 2020 election fraud probe
Director of National Intelligence Tulsi Gabbard has taken the extraordinary step of inserting herself into a federal probe of the 2020 election as she hunts for elusive evidence of voter fraud.
How the right won the internet
In the second part of our series on digital politics, we look at how online provocateurs have advanced extreme political ideas – and watched them seep into the mainstream, says digital media academic Robert Topinka
California Attorney General Rob Bonta sues Rady Children's Health for dropping gender-affirming care
California Attorney General Rob Bonta filed a lawsuit against Rady Children's Health on Friday for shuttering its gender-affirming care program for patients under the age of 19.
North Seattle business owners sounding alarm after string of burglaries
Robin Dreisbach is the co-owner of Ravenna Refills, a body and home goods store. They just had their first anniversary – and first break-in.
WMG’s Paul Robinson Accepts Entertainment Law Initiative Award: ‘Absolutely Thrilled’
WMG general counsel Paul Robinson received the Recording Academy’s 2026 Entertainment Law Initiative (ELI) Service Award. Here's a recap of the event.
Former Yankee David Robertson announces retirement from baseball
Time to hang our socks up high in tribute.
Broncos sign another player to reserve/future contract
The Broncos signed CB Jaden Robinson to a reserve/future contract on Friday.
Samsung Soldout Its $3,000 TriFold Phone in Minutes
Galaxy Z TriFold, the $2,899 foldable from Samsung, sells out in minutes. You probably missed it because you didn’t see the need to make a note on your calendar for a... #GalaxyZTriFold #Samsung
‘Innovating weather science’: Met Office launches new two-week forecast
Weather service research finds less accurate probability-based predictions are still considered helpful
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.
Prep talk: Bay League has a trio of top senior pitchers for 2026 baseball season
Garrett Jacobs of Mira Costa, Robby Zimmerman of Redondo Union and Kai Van Scoyoc of Palos Verdes are pitchers to watch this spring in high school baseball.
Another Crisis. Another Offramp. And Washington Chugs Along.
Plus, Tulsi Gabbard has spent months probing the 2020 election and Trump is set to name his pick to lead the Fed.
Strand Larsen future to dominate talk again
Rob Edwards' news conference on Friday is likely to be the latest instalment of the mini Strand Larsen saga, with his move to Crystal Palace in serious doubt. Nothing was ever officially agreed for the Norwegian, even if a £50m deal was struck in principle, and there remains a chance he will stay beyond the deadline - something Wolves would still be happy and comfortable with. Wolves host Bournemouth on Saturday as Edwards tries to maintain momentum, despite last week's defeat by Manchester City, and he will be quizzed about Strand Larsen's future at Compton later.
How liberals lost the internet
In the first part of our series on digital politics, we look at how centrists have lost ground fighting disinformation – when the real battle is over emotion and attention, says digital media academic Robert Topinka
South Dakota knocks off Oral Roberts 77-69
VERMILLION, S.D. (AP) — Uzziah Buntyn had 26 points in South Dakota's 77-69 win over Oral Roberts on Thursday.
Robert Saleh wants to 'bring a championship home' to Nashville
New Titans coach Robert Saleh thanks Titans brass, players and his family in his introductory press conference on Jan. 29.
How Tesla’s grand robotic vision shapes their future business - and how much Musk gets paid
Tittle Law Firm Guides Dallas Businesses Through Chapter 7 Bankruptcy Attorneys Support
When debt problems escalate, local leaders can contact Tittle Law Firm, PLLC for Chapter 7 bankruptcy attorneys support and clear next-step direction. Tittle Law Firm Guides Dallas Businesses Through Chapter 7 Bankruptcy Attorneys Support When debt problems escalate, local leaders can contact Tittle Law Firm, PLLC for Chapter 7 bankruptcy attorneys support and clear next-step direction. Dallas, TX , Jan. 29, 2026 (GLOBE NEWSWIRE) -- Dallas businesses dealing with mounting debt and tightening cas
Takeaways from Titans head coach Robert Saleh press conference
The Titans new coach met the Nashville media for the first time today.
Man clears driveway with autonomous snow blower during storm
Forget robotaxis — a man and his robo-snow blower were the envy of X during the weekend's winter storm.
After assault on Ilhan Omar, Trump responds with another blame-the-victim conspiracy theory
President Donald Trump did it after the 2021 attack on the US Capitol. He did it after the 2022 attack on the husband of then-House Speaker Nancy Pelosi. He did it after the murder last month of filmmaker and Democratic activist Rob Reiner. And he did it again on Tuesday after an attack on another Democrat, Rep. Ilhan Omar of Minnesota.
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.
Marsh's fourth-quarter profit rises on strength in insurance business
Insurance broker Marsh reported a rise in fourth-quarter profit on Thursday, helped by robust performance in its risk and insurance services business.
Scientists found a way to cool quantum computers using noise
Quantum computers need extreme cold to work, but the very systems that keep them cold also create noise that can destroy fragile quantum information. Scientists in Sweden have now flipped that problem on its head by building a tiny quantum refrigerator that actually uses noise to drive cooling instead of fighting it. By carefully steering heat at unimaginably small scales, the device can act as a refrigerator, heat engine, or energy amplifier inside quantum circuits.
Alibaba to merge with China's Zelos on $2 billion robovan business, WSJ reports
Alibaba's logistics arm plans to merge its autonomous-driving unit Cainiao with China's Zelos Technology, forming a new entity valued at approximately $2 billion, the Wall Street Journal reported on Thursday, citing sources familiar with the matter.
Alibaba Teams Up With Zelos on $2 Billion Robovan Business
Alibaba’s logistics arm is merging its autonomous-driving unit with Chinese robovan specialist Zelos Technology.
North Allegheny defeated by Fox Chapel, 44-33
North Allegheny hosted the Fox Chapel Foxes at UPMC Court on Wednesday night in a Section 1-6A contest. Neither offense was very explosive but the Foxes did enough offensively to defeat the Tigers by a score of 44-33. NA got a three-pointer from Will Robertson in the opening frame but trailed 10-5 after a quarter of play. Cole… More »
6 biggest takeaways from Tesla's Q4 earnings call
Tesla CEO Elon Musk announced a $2B investment into xAI and the discontinuation of Model S and Model X in order to support Optimus robot production.
Analysis: Why the Minnesota deportation impasse will be so hard to solve
What happens now that the tough Minnesota deportation crackdown has turned tragic depends on whether President Donald Trump concludes he simply has an optics problem or whether he’s ready to make genuine changes to unpopular hardline policies that are central to his political identity.
Tri-County Community Health Coalition releases first unified health report in Fox Valley
With the Unified Health Report, organizations across the Fox Valley now have the same information on local health problems and can plan together.
Senators probe experts during Capitol Hill investigation into Palisades fire
The state and local response to the Palisades fire last year was back under a microscope
Tom Brady, Robert Kraft respond on Bill Belichick's reported HOF snub: 'If he's not a first-ballot Hall of Famer, there's really no coach that should ever be'
Give Your Problems (and Passwords) to Moltbot, Then Watch It Go
A viral new virtual assistant formerly known as Clawdbot is complex and brings security risks—but some early adopters say it feels like the future.
Shares of GE Vernova slide as investors focus on the wrong part of its business
Our focus is on the continued robust results from the power and electrification businesses, where demand is off the charts.
Business groups back freight brokers in Supreme Court trucking liability fight
U.S. Chamber of Commerce, National Retail Federation among those supporting C.H. Robinson in the brief.
Business groups back freight brokers in Supreme Court trucking liability fight
U.S. Chamber of Commerce, National Retail Federation among those supporting C.H. Robinson in the brief. The post Business groups back freight brokers in Supreme Court trucking liability fight appeared first on FreightWaves.
The Odds: Is DHS Secy. Noem becoming an unavoidable political problem for President Trump?
Our Darwinian Approach to Health Care Costs
In his latest column, President and CEO Dr. Drew Altman presents his Venn diagram of health care cost problems and shows how, in our fragmented health system, reducing one health cost problem often makes another worse.
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.
Nervous Allies and Fox News: How Trump Realized He Had a Big Problem in Minneapolis
President Trump often blusters his way through a crisis, refusing to back down. Minneapolis tested the limits of that strategy.
Scott Pilgrim EX Arrives In March, Two New Playable Characters Revealed
Two former enemies of Scott now rally by his side.
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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