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Sony's gaming division just bought an AI startup that turns photos into 3D volumes
Sony purchased an AI startup called Cinemersive Labs to help improve rendering techniques and gameplay visuals on future games.
Scene One Entertainment completes purchase of Spectrum 8 Theatres, renovations coming soon
It's official: Scene One is the new owner of the Spectrum 8. CEO Joe Masher plans upgrades to parking and seating, as well as lobby renovations for Albany theater.
DHS pauses new immigrant warehouse purchases as all Noem-era contracts are reviewed
The new Homeland Security Secretary, Markwayne Mullin, was sworn in last week to lead a department that was steeped in controversy during Kristi Noem's tenure but also central to President Trump's mass deportation agenda.
New SNAP Purchase Restrictions Take Effect Today | Texas Health and Human Services
HHSC reminds SNAP recipients and vendors that candy or sweetened drinks can no longer be purchased with Lone Star Cards in Texas.
Get AirPods Max 2 on Sale for Launch Day
Apple's new AirPods Max 2 launch today, and Amazon is one of the only retailers offering any sort of discount on the headphones. You can get the Midnight color option for $529.00 on Amazon, down from $549.00. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running.
PS5 Gets Award-Winning Xbox Adventure Game Today on PS Store
An award-winning action-adventure game finally makes its way to PS5 today, and can now be purchased on the PS Store.
Parents fear their children born in the US could become ‘stateless’ if Trump wins birthright case
In the 26 years since she fled Colombia for the United States, “Pilar” has received her working papers, graduated high school, established a career as a paralegal and purchased a home in Florida.
Here’s how to purchase tickets for 2028 Los Angeles Olympic Games
The Los Angeles Summer Olympic Games are still more than two years away, but the window for purchasing tickets officially opens this week.
Scene One Entertainment completes purchase of Spectrum 8 Theaters
Scene One Entertainment says it has completed its purchase of Spectrum 8 Theaters, setting up new upgrades at the longtime movie house.
Anker's New Prime 3-in-1 Foldable Charging Station Hits $104.99 Low Price on Amazon
Anker's new Prime 3-in-1 Wireless Charging Station has been marked down to $104.99 during Amazon's Big Spring Sale, down from $149.99, with no need for a coupon. This accessory just launched last month, and Amazon's sale today represents a new all-time low price. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running.
The Louisiana purchase: Will Wade saga shows what college sports no longer pretends to be
The real reckoning finally came. Will Wade’s hasty exit is a Flagrant 1 against fan morale and not just in Raleigh.
GTCR Completes LiveBarn Purchase, Plans More Youth Sports Deals
GTCR, the PE firm known for fintech and healthcare investments, plans to do more youth sports deals after closing its LiveBarn acquisition.
Nintendo to start charging different prices for first-party digital and physical games
Nintendo just announced it will begin charging different prices for first-party Switch 2 games based on digital or physical purchases. The new Yoshi game will cost $60 digitally, but $70 for a physical copy.
Amex launches new Graphite Business Cash Unlimited Card: Earn unlimited 2% on every purchase
Earn cash back on every purchase with the new American Express Graphite Business Cash Unlimited Card. Here's what business owners should know.
Amazon Prime Day 'Big Spring Sale' Introduces Major Discounts on AirPods, iPads, AirTag, and Much More
Amazon this week is hosting a "Big Spring Sale," which includes deals and offers on everything from Apple devices to clothes, kitchen electronics, furniture, and much more. The new event is set to run through March 31, so you'll have a few days of discounts to shop, with new markdowns appearing every day. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running.
Apple launches iOS 26.4 with AI playlists, purchase sharing, and more
You can now ask Apple Music to generate a playlist based on a description.
ENvue Medical Expands Presence within a Major Michigan Health System and Grows U.S. Hospital Footprint to 39
Premier 714-bed teaching hospital and Level I Trauma Center purchases ENvue™ Navigation Platform system and feeding tubesTYLER, Texas, March 24, 2026 (GLOBE NEWSWIRE) -- ENvue Medical, Inc. (NASDAQ: FEED) (“ENvue,” “ENvue Medical” or the “Company”), a medical technology company specializing in the advancement of intelligent, non-invasive solutions for enteral care across clinical and home care settings, today announced a purchase of the ENvue™ Navigation Platform and feeding tubes by a premier t
Chicago Comic & Entertainment Expo Extra Service
To accommodate passengers attending the Chicago Comic and Entertainment Expo (C2E2) taking place March 27-29, 2026, at McCormick Place, the South Shore Line will be offering extra train service on Saturday, March 28. As McCormick Place is not a scheduled stop, passengers traveling to C2E2 should purchase tickets for Museum Campus. MCCORMICK PLACE SERVICE: Please click here for special […]
Recreation, entertainment top Foy Ranch wish list
By JUNO OGLE Daily Press Staff Outdoor recreation and entertainment were the top two results from a recent survey seeking input on what the city of Bayard could do with the 675 acres of the Foy Ranch it purchased last year — but finding out exactly what that means to people was the object of a public visioning workshop held Tuesday. “Outdoor recreation is kind of a catch-all, and we’d...
Family Sharing in iOS 26.4 No Longer Forces Adults to Share a Payment Method
With iOS 26.4, Apple has made a small but useful change to the way that Family Sharing works. Each adult member of the family can now use their own payment method for purchases, rather than being forced to share a payment method. Apple has long required all of the members of a Family Sharing group to use a single shared payment method for app and content purchases when purchase sharing is turned on, with no option for family members to use separate payment methods.
FNC acquires McPherson-based farm management business
Farmers National Company has acquired a Kansas-based farm management division to help provide sustainability for ag operations. FNC says the purchase from Peoples Bank and Trust in McPherson, Kansas, will give producers access to specialized management, local knowledge, and resources to help maintain profitability for producers. Grant Fitzgerald, Senior Vice President of Farm and […]
Marquee Sports Network now available on Hulu + Live TV
The regional sports network's direct-to-consumer service is now also available for purchase on Prime Video.
XOMA Royalty Reports 2025 Financial Results and Highlights Recent Business Achievements
Portfolio receipts: • Achieved over $50 million of cash receipts, including $33.6 million in royalties and $16.9 million milestones, in full year 2025 • Total receipts increased 9% with royalties up 68% versus full year 2024 Business development: Added 22 assets to portfolio, including five programs in Phase 2 or Phase 3 development Stock buyback program: Repurchased and retired 648,048 shares for an aggregate of $16.0 million Company acquisitions: Completed seven acquisitions, accumulating $11.
Madison County considers rezoning along scenic byway near Marshall
Lonesome Mountain Market owner Johnny Moore purchased the building in 2022 with the purpose of operating a general/convenience store, he said.
Amazon delivery business owner stole $10M to purchase luxury cars, $1 million home
A federal jury found Brittany Hudson guilty on 30 counts of conspiracy, wire fraud, money laundering and forgery. Hudson is one of seven people who have been charged in the scheme, which goes back to ...
Judge mocks White House East Wing ‘alteration’ as a ‘brazen interpretation of the laws of vocabulary’
The Trump administration’s arguments in defense of the massive White House ballroom project on Tuesday found virtually no purchase before a federal judge, who appears ready to rule that the president skirted the law by undertaking construction without congressional approval.
Space Needle, Pacific Science Center finalize $17M property purchase
This week, owners of the Space Needle closed on the $17.25 million purchase of 21% of Pacific Science Center's property.
Space Needle purchases part of Pacific Science Center for $17 million
This week, owners of the Space Needle closed on the $17.25 million purchase of 21% of Pacific Science Center's property.
The top 2026 Las Vegas residencies you don’t want to miss: How to purchase the best tickets
Several artists across multiple genres are planting temporary roots in Las Vegas for some upcoming and highly anticipated Las Vegas residencies at venues including the Sphere, The Colosseum at Caesars Palace and more.
Apple's 2026 Studio Display Hits New Low Prices on Amazon at Up to $100 Off
Apple just launched the new line of Studio Displays this month, and today Amazon has introduced the first discount on the Standard Glass model with Tilt-Adjustable Stand. You can get this Studio Display for $1,499.00, down from $1,599.00, a new all-time low price. Note: MacRumors is an affiliate partner with Amazon. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running.
How Investors May Respond To Flutter Entertainment (FLUT) Earnings Miss Amid New US$250 Million Buyback
Flutter Entertainment’s latest results showed Q4 revenue of US$4.74 billion, up 24.9% year on year but below analyst forecasts for both revenue and earnings per share. On the same day, the company also launched the fifth tranche of its multi‑year share repurchase program, authorizing Goldman Sachs to buy back up to US$250 million of shares to reduce its share count. We’ll now examine how Flutter’s Q4 earnings miss against analyst expectations reshapes the previously optimistic investment...
A Philadelphia-area developer plans to buy, redevelop Concord Mall
Abrams Realty and Development is reportedly under contract to purchase Concord Mall from its current owners, Namdar Realty Group.
Gorgeous PS5 RPG In Legendary Series Out Today on PS Store
I very solid PS5 RPG spin-off from one of gaming's most legendary series is available to purchase on the PlayStation Store now.
Apple Studio Display Gets First Pre-Order Discounts at Up to $300 Off
Amazon today has introduced the first big pre-order discounts on the brand new Apple Studio Display lineup, with up to $300 off these monitors. The Studio Display deals join pre-order discounts on M4 iPad Air, MacBook Neo, and more on Amazon and other retailers. Note: MacRumors is an affiliate partner with Amazon. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running.
Tesla's 'Haha, Yes' Hedgehog: What It Means and Where It Came From
Tesla isn't your typical car company, and here's why it chooses to celebrate your multi-thousand-dollar purchase with a low-resolution meme of a hedgehog
Freeman Health System in Joplin, Mo., to acquire Northwest Health for $112 million - Talk Business & Politics
Joplin, Mo.-based Freeman Health System said Thursday (March 5) that it has agreed to purchase Springdale-based Northwest Health, a subsidiary of Franklin, Tenn.-based Community Health Systems. Freeman will pay $112...
Mac Studio 512GB RAM Option Disappears Amid Global DRAM Shortage
Apple quietly updated Mac Studio configuration options this week, removing the 512GB memory upgrade. As of yesterday, there is no option to purchase a Mac Studio with 512GB RAM, with the machine now maxing out at 256GB. The Mac Studio starts with 36GB RAM, but there were upgrades ranging from 48GB to 512GB, with the higher tier upgrades limited to the M3 Ultra chip. Now there are options ranging from 48GB to 256GB, with wait times into May for the 256GB upgrade.
Sports Show traditions include DNR exhibit, license buying
Among the traditions for visitors to the Milwaukee Journal Sentinel Sports Show is a stop at the DNR exhibit to purchase fishing and hunting licenses.
Apple Does Not Include a Charger With All New MacBooks in UK and EU
None of the new MacBook Neo, MacBook Air, or MacBook Pro models unveiled this week come with a charger in the UK and EU countries, such as Germany, France, Italy, and Spain. This change began with the base 14-inch MacBook Pro last year. If you need a power adapter, you must purchase one separately during checkout or later. In all other countries, Apple includes a charger in the box with these Macs, at no additional cost.
<em>Pokémon Pokopia</em> Is Available Now on Nintendo Switch 2
You can celebrate the release of this cozy new adventure with a special limited-time event and an early-purchase bonus.
New SNAP Purchase Restrictions Take Effect April 1 | Texas Health and Human Services
HHSC reminds SNAP recipients that they can no longer buy candy or sweetened drinks with their Lone Star Cards in Texas starting April 1, 2026.
Longtime Castle Rock businesses would have to vacate following strip mall purchase by Church
Universal Health Services Q4 Earnings Call Highlights
Universal Health Services (NYSE:UHS) executives said the company finished 2025 with “strong results,” pointing to revenue growth, higher profitability metrics, and continued share repurchases, while outlining a 2026 outlook that incorporates several policy and regulatory headwinds. On the company’s
'Big Short' Michael Burry warns Nvidia risk could be 'catastrophic'
Michael Burry of "The Big Short" fame warned of a "troubling" surge in Nvidia's purchase obligations to $95 billion, labeling it a "risky position."
National Bank Beats Estimates as CWB Boosts Major Business Lines
National Bank of Canada beat analyst estimates in its fiscal first quarter after it reported stronger results across the board, boosted by the bank’s purchase of Canadian Western Bank.
Democrats Counter Trump With Their Own Version of a Wall Street Landlords Ban
As the president prepares to deliver a State of the Union address likely to touch on his own plan, Senate Democrats introduced a bill with their own vision for limiting investors’ purchases of single-family homes.
Economist: China’s politics, not prices, driving U.S. ag purchases
The chief commodities economist with StoneX Group says he’s recently become more optimistic about China buying more ag products from the United States. Arlan Suderman tells Brownfield President Xi Jinping is dealing with internal Chinese politics and he needs U.S. support. “My bias at this point is he will survive it, but in the meantime, […]
5 best small business credit cards for perks you’ll actually use in 2026
From lounge access to credits on tech purchases, these credit cards have your business covered.
A massive youth sports complex could be coming to this N.J. city under $6M deal
There's a deal to purchase 108 acres near a local college for a regional sports facility designed to boost tourism and create jobs.
Happy Beer Street becomes Edmonton's newest entertainment district
City council unanimously voted on Wednesday to create the city’s third district, alongside ones on Rice Howard Way and a section of 104 Street. Entertainment districts are places where alcohol can be purchased and consumed within a specific area during pedestrian-friendly events.
Sports Specialty owner, salesperson indicted in multi-million plot
A federal grand jury has indicted three men who are accused of a 13-year bid rigging scheme that allegedly affected at least 44 public schools in Mississippi and 270 purchases totaling more than $1 million in taxpayer funds.
Nintendo's Virtual Boy for Switch is a wonderful way to experience a buried relic, but I'm not keen on its need for both a subscription and a purchase
Is the Virtual Boy for Nintendo Switch Online worth the outlay? Yes and no.
UK plans to buy prominent corner property near campus, possibly for entertainment district
Coliseum Plaza purchase could pave the way for UK athletic fan district and future development projects.
UK plans to buy prominent corner property near campus, possibly for entertainment district
Coliseum Plaza purchase could pave the way for UK athletic fan district and future development projects.
Google Store trade-ins towards Pixel are now an instant discount, but not for everyone
Trade-ins are a key part of modern smartphone purchases, and Google is making a pretty big change for Pixel buyers...
American Express Global Business Travel Doubles Share Repurchase Authorization to $600 Million
NEW YORK, February 17, 2026--American Express Global Business Travel Doubles Share Repurchase Authorization to $600 Million
Earth Science Tech, Inc. (ETST) Reports Third Fiscal Quarter 2026 Results
Revenue of $8.4 million, up 14.1% year-over-yearGross profit margin of 76.3%, up 71 bps year-over-yearNet income of $910,000, up 341% year-over-yearGenerated positive cash from operations of $1.2 million fiscal year-to-datePeaks, the company’s telemedicine platform, surpasses $2.0 million in revenue in less than a year, scaling from $248,000 into a high‑margin growth platformReduced outstanding shares of common stock by 3.6% year over year through share repurchasesGeographic expansion underway w
Who's building and who's buying in Greater Baton Rouge
A look at the latest property transactions in East Baton Rouge and Ascension parishes. East Baton Rouge Parish First National Bank of Louisiana purchased 2.9 acres divided into two parce… Already an INSIDER? Sign in. Already an INSIDER? Sign in
Tesla pulls plug on one time purchases of FSD
Tesla eliminated the option to purchase Full Self-Driving with a one-time fee over the weekend.
How a Trump Tax Break Rescued Horse Racing
Owners spent nearly $1.5 billion last year on racehorses, a big increase over 2024. A new tax provision allows them to immediately deduct the full cost of the purchase.
Why after 70-plus years of readership I won’t renew my Washington Post subscription
My brother and I read a lot growing up. Our Dad, a bomb-designing nuclear engineer with the Atomic Energy Commission (AEC), purchased our first television the day after we graduated from high school. Yes, there was a statement therein regarding his opinion of a pernicious distraction from our academic pursuits. I can’t imagine what he […]
Illinois Quick Hits: Bills filed to create small business accounts
(The Center Square) – Democratic state Sen. Doris Turner, D-Springfield, and Republican state Rep Amy Elik, R-Alton, have filed legislation to create small business asset purchase accounts.
US, Taiwan finalize deal to cut tariffs, boost purchases of US goods
Officials from the Trump administration signed a final agreement on reciprocal trade that confirms a 15% U.S. tariff rate for imports from Taiwan, while committing Taiwan to a schedule for eliminating or lowering tariffs on nearly all U.S. goods.
Local developer buys West County office building, plans renovation
Michael Koch, director of investments at Novus Cos., purchased the 25,000-square-foot Wolf Building in Ballwin for $2.4 million.
A good place to start Trump’s new health care plan: More drugs over the counter
The FDA should make more safe drugs available for over-the-counter purchase, starting with albuterol, in order to reduce costs and increase access to medicine.
Last chance to buy Jurassic Park Classic Games Collection as it's being delisted
Jurassic Park Classic Games Collection, which previously launched on Nintendo Switch, will soon be delisted. Limited Run Games shared the news today that impacts all platforms. The delisting will take place on March 31, 2026. After that date, it will no longer be possible to buy the package from the Nintendo eShop. However, those that previously made a purchase will...
Owner of CT plumbing business buys Fairfield commercial building for $1.2M
The owner of a Westport-based plumbing business has purchased a two-story commercial building in Fairfield for $1.2 million, according to the town’s land records. 158 Kenwood LLC, controlled by Frank […]
Kokua Line: What sales tax are Hawaii businesses supposed to charge?
Question: What sales tax are businesses supposed to be charging in Hawaii? We mean for customer purchases like at stores and restaurants and other places that get a lot of tourists. We’ve noticed that it’s inconsistent.
Horse trail riding business asks for help after beloved horse Charlie dies
DOTHAN, Ala (WDHN) — The New Brockton horse trail riding business 5k Trail Rides has started a gofundme campaign to help cover vet bills and purchase another horse after one of their trail horses, Cha...
Essentia Health, Southern Valley Fire and Rescue celebrate partnership to improve advanced emergency medical care
Essentia Health and Southern Valley Fire and Rescue today are celebrating a milestone that expands emergency medical care for the growing communities the fire department serves. Essentia Health recently contributed $40,000 to support the fire department’s purchase of two advanced defibrillator and cardiac monitor units.
BioSyent to Acquire Oral Science Inc.
Accretive Transaction with Combined Companies’ Pro-Forma Revenue in Excess of $70.00 Million and EBITDA(1) in Excess of $15.75 Million (TTM Sept 30, 2025) MISSISSAUGA, Ontario, Feb. 09, 2026 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture (TSXV): RX) announced today that it has entered into a Share Purchase Agreement (“SPA”) dated February 8, 2026 to acquire Oral Science Inc. (“Oral Science”), a privately-owned Canadian distributor of specialized healthcare products for dental hygiene
4 Handy Amazon Gadgets To Upgrade Your Garage
Your garage is already a versatile space and these Amazon purchases can help make it more usable, comfortable, and efficient.
Trump praises Nexstar-Tegna broadcast television deal he once opposed
President Donald Trump on Saturday endorsed Nexstar Media Group’s $6.2 billion purchase of broadcast rival Tegna, an apparent reversal from earlier criticism of the deal. In November, Trump had criticized
Glazers make huge bid for Indian Premier League teams
Manchester United’s owners, the Glazer family, are planning their next sports purchase.Deeply unpopularIn spite of Ineos and Sir Jim Ratcliffe buying a minority stake in the club and taking over con...
Dingdong Announces Entry into Definitive Agreement to Sell its China Business to Meituan
Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), a leading fresh grocery e-commerce company in China, today announced that it has entered into a definitive Share Purchase Agreement (the "Share Purchase Agreement") with Two Hearts Investments Limited ("Buyer"), a wholly-owned subsidiary of Meituan (HKEX: 3690).
The Dyson PencilVac is finally available and costs $600
The Dyson PencilVac stick vacuum is finally available for purchase in the US. It costs $600.
How GoCab Built A Business With Purpose In Africa And Beyond
GoCab enables drivers in Africa and other emerging markets to purchase their own vehicles so they can build sustainable businesses such as taxi and courier services
Trump cuts deal with India to reduce tariffs, increase oil purchases
Donald Trump said he was lowering the tariff on India as part of a deal for the country to stop buying Russian oil and increase purchases from the United States.
U.S. Bank Business Shield™ Visa® Card Offers Intro 0% APR for up to 18 Billing Cycles
New business credit card offers rewards and access to Spend Management platform to monitor, track, and control spending U.S. Bank, a leading provider of payment services and solutions, today announced a new business credit card designed to help small business owners navigate fluctuations in finances and resources: the U.S. Bank Business Shield™ Visa® Card . The U.S. Bank Business Shield™ Visa® Card offers small business owners a new solution for navigating expected and unexpected expenses. This new business credit card offers a 0% introductory APR on purchases and balance transfers for 18 billing cycles when applying at any U.S. Bank branch and 12 billing cycles when applying in digital channels – all with no annual fee. Plus, cardholders can enjoy a suite of benefits to help navigate the foreseen - and the unforeseen - needs of their small business. “The Business Shield Visa card is designed to help business owners navigate the unpredictable financial and resource challenges that
Apple's online store now lets you build a new Mac exactly the way you want
You can now choose each spec for your new Mac purchase when buying on Apple's website.
Apple's New Lip-Reading Tech Is a Weird Signal of Where We're Heading
Commentary: The purchase of a startup called Q.ai isn't a blip on the radar. The way we use our wearables could be changing in very weird new ways.
Galaxy Z TriFold seemingly won’t allow trade-ins, as it briefly went up for sale early
Samsung announced earlier this week that the Galaxy Z TriFold would be available for purchase in the United States on...
Apple Stops Selling $200 'Pro Apps' Bundle With Final Cut Pro and More
Following the launch of Apple Creator Studio this week, Apple has quietly stopped selling its valuable "Pro Apps Bundle for Education" (archived link). "Pro Apps Bundle for Education" included one-time-purchase versions of Apple's Final Cut Pro, Logic Pro, Motion, Compressor, and MainStage apps at a steep discount, with U.S. pricing set at $199.99. Purchasing each of the included apps separately costs $629.95, so the bundle provided more than $400 in savings.
Schaumburg Boomers officially purchased by REV Entertainment, owner of the Kane County Cougars
REV Entertainment announced Wednesday that the group has acquired the Schaumberg Boomers from the Salvi family.
Arlington-based REV Entertainment buys two independent professional baseball teams
Arlington-based REV Entertainment, the official sports and entertainment partner of the Texas Rangers, today announced it has purchased two independent...
PE-backed CT masonry business acquires New England manufacturer
US Masonry and Building Products said it purchased York Flashings LLC, which manufactures products designed to seal joints and channel moisture out of building walls to help prevent water damage.
Apple's 'Creator Studio' App Bundle Now Available for $12.99 Per Month
Apple today launched the new Creator Studio that was initially unveiled two weeks ago, providing content creators with access to six Apple apps for $12.99 per month or $129 per year. Creator Studio includes Final Cut Pro, Logic Pro, and Pixelmator Pro on Mac and iPad, along with Motion, Compressor, and MainStage on the Mac. Final Cut Pro is Apple's video editing software, Logic Pro is for audio editing and creation, and Pixelmator Pro is an image editing app that Apple purchased in 2024.
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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