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Serbia: Reform denounced as a political takeover of justice
In a rushed, opaque procedure, Serbia's ruling majority has pushed through legal amendments that critics say undermine judicial independence and are designed to neutralize the prosecutors investigating organized crime.
A look at the 4 Republican candidates in primary race for attorney general
Texas Attorney General Ken Paxton’s move to run for U.S. Senate leaves the office of attorney general open for the first time in over a decade.
Texas A&M remains 100% healthy before facing Alabama on Wednesday
Texas A&M, outside of forward Mackenzie Mgbako, is entirely healthy before facing Alabama, while the Crimson Tide are also in good shape.
Delgado picks India Walton as running mate in governor's race
Walton ran for Buffalo mayor in 2021, winning the Democratic primary before falling short in the general election.
The science behind the storms
Penn State researchers spent six weeks chasing storms during the first hail research campaign in the United States in four decades. Named the In-situ Collaborative Experiment for the Collection of Hail In the Plains, or ICECHIP, it was the largest, most sophisticated international collaborative hail research campaign to date.
‘Health crime’: Aoun slams Israel over spraying chemicals in south Lebanon
Lebanese president says latest 'aggression' represents an environmental crime and a violation of country's sovereignty.
Analysis: New files deepen a critical mystery about those who partied with Jeffrey Epstein
“The American people need to understand that it isn’t a crime to party with Mr. Epstein.”
Racial Debate Rattles Texas Democratic Primary for Senate
State Representative James Talarico used the word “mediocre” to describe a former House member who is Black. The controversy has repercussions for a key contest.
Grim photo captures polar bear mom and cubs resting in mud in summer heat
An image of polar bears napping along the Hudson Bay coast in Canada has been shortlisted for the Wildlife Photographer of the Year Nuveen People's Choice Award 2026.
Political Realignment and the 2026 Japanese Election II | Council on Foreign Relations
This Sunday, Japanese voters will once again go to the polls. Prime Minister Takaichi Sanae has called this snap election in the hopes of attracting sufficient votes to put her party, the LDP, back in the majority.
2 men charged with health insurance fraud, 1 charged with impersonating a doctor
Two men are facing a several fraud charges after police say a primary care medical doctor knowingly hired a non-licensed person who acted as a doctor at an East Hartford medical group. Police say in doing so, they then fraudulently billed the state Medicaid system. Police say Dr. Sultan Quraishi billed the state over $3,000 worth of fraudulent health insurance claims. Police are…
Carbon Health files for Chapter 11 bankruptcy relief with more than $100M in debt
Primary care company Carbon Health filed for Chapter 11 bankruptcy relief in Texas. | The company, which offers both in-person care at nearly 100 clinics and virtual care services, said Monday it reached a restructuring agreement with its existing lenders that establishes a "clear path to recapitalization and new ownership."
Figure skater Amber Glenn balances mental and physical health for Olympics
U.S. figure skater Amber Glenn says the integration of her mental and physical health has placed her in the “prime” of her career as she prepares for her first Olympic competition in Mi…
Gemini app Tools menu adds ‘Labs’ section, Personal Intelligence toggle
As the Gemini app picks up more features, Google is improving organization of the Tools menu on the web with Experimental Labs.
Crime Pays in Red Dead Online with Triple Rewards on Blood Money Opportunities
Guido Martelli, right hand man to the notorious mob boss Angelo Bronte, invites you to join the dangerous ranks of the criminal underworld.
AI doctors are coming. Should FDA make sure they're safe?
In this edition of STAT Health Tech: A closer look at Doctronic's 'AI doctor' experiment in Utah, HHS' AI use cases, and more.
Candy experiments teach chemistry at Great Lakes Science Center
Smitten with Science programming features Candy Chromatography workshops on Feb. 8, 15 and 22, teaching kids STEM concepts through hands-on candy experiments led by Andy Pallotta.
Creating a Data Pipeline to Monitor Local Crime Trends
A walkthough of creating an ETL pipeline to extract local crime data and visualize it in Metabase.
French prosecutors raid Paris office of Elon Musk’s X
Paris prosecutors said their cybercrime unit, with Europol support, searched the French office of Elon Musk’s X as part of an investigation opened last month.
French office of Elon Musk's X raided by Paris prosecutors
The search is being carried out by a cybercrime unit in relation to an investigation opened in January 2025, the Paris prosecutor's office said.
Texas Senate candidate James Talarico’s campaign roiled as he denies referring to ex-rival as ‘mediocre Black man’
With now just a month to go until Election Day, the Democratic primary for US Senate in Texas has become so fraught that a TikToker’s accusations have roiled the race and prompted a major endorsement in the backlash.
Clintons try to reach agreement for Epstein testimony with contempt of Congress vote looming
Rep. James Comer, the chair of the House Oversight Committee, was advancing criminal contempt of Congress charges against both Clintons Monday evening for defying a congressional subpoena when a spokesman for the Clintons, Angel Ureña, suggested they would testify, posting on social media that the pair “will be there.”
Why Texas Is the Wildest Story in U.S. Politics Right Now
First came a remarkable State Senate upset. Next up: two high-octane U.S. Senate primaries.
Jeffrey Epstein's ties to politicians, business titans and other figures
The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty in 2008 to prostitution charges, including soliciting an underage girl. Evidence in multiple legal and criminal cases has also shed light on these connections.
What’s new in Android’s February 2026 Google System Updates
The monthly “Google System Release Notes” primarily detail what’s new in Play services, Play Store, and Play system update across...
Climate enters the overshoot era—science and policy need to react
The International Court of Justice reiterated in 2025 that the 1.5°C limit is the countries' primary agreed target under the Paris Agreement. With record-high global temperatures in recent years, the ...
Illinois Gov. JB Pritzker spends $5 million to boost his pick for Senate in his state
As early voting starts in the Democratic primary, the billionaire governor is spending big to help his lieutenant governor, Juliana Stratton, overcome a massive fundraising deficit.
Gemini Live rolling out floating pill redesign on Android
Since launch, Gemini Live has primarily been a fullscreen experience, but Google is now rolling out a floating pill redesign on Android.
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
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
Scientists are hunting for a forbidden antimatter transformation
MACE is a next-generation experiment designed to catch muonium transforming into its antimatter twin, a process that would rewrite the rules of particle physics. The last search for this effect ended more than two decades ago, and MACE plans to leap far beyond it using cutting-edge beams, targets, and detectors. A discovery would point to entirely new forces or particles operating at extreme energy scales.
NFL mock draft 2026: AI predicts the entire first round
USA TODAY Sports had Microsoft Copilot AI predict the entire first round of the 2026 NFL Draft. The experiment yielded a surprise omission.
In Houston, the thorny politics of succession are on display in the primary for this redrawn congressional seat
Fresh off of a special election victory, Rep.-elect Christian Menefee now faces a primary with longtime Rep. Al Green and his runoff foe, Amanda Edwards, for a redrawn version of the district.
What happened in Iowa politics the week of Jan. 26-30
Listen as Morning Edition Host Meghan McKinney and IPR's State Government Reporter Katarina Sostaric review the latest from the Iowa Legislature.
How generative AI can help scientists synthesize complex materials
DiffSyn, a computer model developed by MIT researchers, suggests promising ways to synthesize new materials for faster experimentation.
How to watch the Paul McCartney documentary 'Man On The Run' coming to Prime Video February 27
UK’s ex-ambassador Mandelson quits Labour over Epstein links, reports say
Peter Mandelson says he is stepping down to avoid causing further embarrassment to the governing party.
Men’s Swim and Dive Beats Yale, Falls to Princeton | Sports
Men’s Swim and Dive Beats Yale, Falls to Princeton | Sports | The Harvard Crimson
President Trump endorses John E. Sununu in closely watched N.H. race for US Senate
John E. Sununu is competing with Scott Brown, a fellow former US senator, for the GOP nomination, while Chris Pappas leads in the Democratic primary to see who will succeed Jeanne Shaheen.
Florida Supreme Court, Florida Bar discipline 11 lawyers for misconduct
Four of the lawyers were suspended for more egregious cases of behavior.
Caterpillars use tiny hairs to hear
Experiment in one of the world's quietest rooms reveals the hairs detect airborne sounds—like predators.
St. Peter’s Health Partners Medical Associates Welcomes Dr. Olufemi Akinyede
St. Peter's Health Partners Medical Associates is pleased to welcome Olufemi Akinyede, MD, to St. Peter’s Family Medicine in Latham. An experienced family medicine physician, Dr. Akinyede, provides comprehensive primary care and family health services to individuals across all stages of life.
Samsung Galaxy S26 Ultra: First official promotional poster leaked
It is widely known how the camera of the Galaxy S26 Ultra will change, but now we can see it in large format in a first leaked official promotional poster, in the primary color option purple and without any distracting watermarks.
Scientists discover hidden geometry that bends electrons like gravity
Researchers have discovered a hidden quantum geometry inside materials that subtly steers electrons, echoing how gravity warps light in space. Once thought to exist only on paper, this effect has now been observed experimentally in a popular quantum material. The finding reveals a new way to understand and control how materials conduct electricity and interact with light. It could help power future ultra-fast electronics and quantum technologies.
Former Badgers interim head coach lands Bills DC job
The former Badgers assistant is a defensive coordinator once again.
In the latest Epstein files are famous names and new details about an earlier investigation
Newly disclosed government files on Jeffrey Epstein show authorities thought they were close to indicting the wealthy financier on sex crimes nearly two decades ago, before that investigation was suddenly scrapped.
New NKY clinic to offer cardiology, women’s health, labs and primary care under one roof
The Christ Hospital Health Network is expanding into Northern Kentucky with a new $16 million outpatient center.
NOCO Healthcare’s Greeley Primary Care Redefines Community-Focused Medicine
Women-Owned, Locally Operated Practice Earns Over 330 Five-Star Reviews While Expanding Patient-Centered Services NOCO Healthcare’s Greeley Primary Care Redefines Community-Focused Medicine Women-Owned, Locally Operated Practice Earns Over 330 Five-Star Reviews While Expanding Patient-Centered Services Greeley, CO , Jan. 31, 2026 (GLOBE NEWSWIRE) -- NOCO Healthcare is reshaping how patients experience medical care in Northern Colorado through its fast-growing Greeley Primary Care practice, known
Google’s Project Genie Experiment Causes Video Game Stocks to Suddenly Crash as Investors Believe Games Will Be Made Solely with AI
The public release of Google's Project Genie experiment, capable of creating virtual worlds from a prompt, caused video game stocks to crash.
Venezuela’s Rodriguez Announces Amnesty For Political Prisoners
Venezuela’s interim government announced broad amnesty for political prisoners on Friday, a move that could benefit hundreds of people still held in the country’s jails, EFE reported, citing comments from acting President Delcy Rodríguez.
Large Hadron Collider reveals 'primordial soup' of the early universe was surprisingly soupy
Waiter, there's a quark in my soup!
Nevada's first-in-the-nation primary bid gets boost from political group Latino Victory
Nevada, New Hampshire and South Carolina are vying to be the first state to vote in the 2028 Democratic presidential primaries.
'View' star Sara Haines breaks down in tears over covering grim news: 'Why get out of bed?'
'The View' cohost Sara Haines broke down in tears over covering grim news on the talk show, admitting she doesn't 'really have a safe space' amid headlines: 'Why get out of bed?'
'Cool' science experiments to try in the snow, frigid temperatures
Action News reporter Corey Davis put on his science hat to test some interesting experiments that demonstrate the power of freezing temperatures.
Interim tag removed, Jordan Skolnick named Delaware athletic director
Skolnick has been part of Blue Hens' athletic staff since 2016 move from Michigan
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."
Microsoft is experimenting with a top menu bar for Windows 11
Microsoft wants feedback on its dock proposal
Starmer arrives in Shanghai as he looks to boost UK business opportunities
BEIJING (AP) — British Prime Minister Keir Starmer arrived in the Chinese financial center of Shanghai on Friday in his bid to boost business opportunities for U.K. firms in the world's second-largest economy, just hours after U.S. President Donald Trump signaled a possible opposition to any deal...
Starmer arrives in Shanghai as he looks to boost UK business opportunities
BEIJING (AP) — British Prime Minister Keir Starmer arrived in the Chinese financial center of Shanghai on Friday in his bid to boost business opportunities for U.K. firms in the world’s secon…
Starmer arrives in Shanghai as he looks to boost UK business opportunities
British Prime Minister Keir Starmer has arrived in the Chinese financial center of Shanghai in his bid to boost business opportunities for U.K. firms in the world’s second-largest economy, just hours after President Donald Trump signaled a possible opp...
UN criticizes Haiti for lack of progress on a political transition
UNITED NATIONS (AP) — The U.N. Security Council criticized Haitian authorities Thursday for the lack of progress in achieving a political transition and called for urgent security sector reforms to tackle increasing violence by gangs and criminal groups.
A 20-year-old cancer vaccine may hold the key to long-term survival
Two decades after a breast cancer vaccine trial, every participant is still alive—an astonishing result for metastatic disease. Scientists found their immune systems retained long-lasting memory cells primed to recognize cancer. By enhancing a key immune signal called CD27, researchers dramatically improved tumor elimination in lab studies. The findings suggest cancer vaccines may have been missing a crucial ingredient all along.
Communities unite to address stigma and discrimination affecting people with neglected tropical diseases
Marking World Neglected Tropical Diseases (NTDs) Day, the World Health Organization (WHO) warns that millions of people living with NTDs continue to face profound and often unseen suffering due to discrimination, social stigma and untreated mental health conditions. Under the rallying theme "Unite. Act. Eliminate.", WHO and partners urge governments to integrate mental health care into NTD elimination efforts, ensuring that no one is left behind in pain or isolation.
A ‘top priority in this building’: Senate health committee seeks to broaden access to primary care
An expansive bill seeks to change the way patients access primary care by changing the ways the state pays for it.
Nearly 100-year-old candy company files for bankruptcy amid rising costs, heavy debt: report
Nearly century-old Chicago candy maker Primrose Candy Co. files for Chapter 11 bankruptcy protection, seeking to restructure over $12 million in debt.
Talarico says Crockett told him she was “looking at running in 2030” before entering 2026 Senate race
James Talarico said Congresswoman Jasmine Crockett had told him she was “focused on her work in the Congress and was looking at running in 2030” when asked if she had planned to run in the upcoming Senate primary.
‘OPB Politics Now’: ICE, transportation and a looming state budget hole
Oregon lawmakers return to Salem, plus the Republican gubernatorial primary field continues to expand.
Groups Back Larson Challenger, Calling for Generational Change
Three outside political groups are backing Luke Bronin in his primary challenge to Representative John Larson, the 77-year-old Connecticut Democrat.
Ruben Östlund Admits He Bought a Plane to Make ‘The Entertainment System Is Down,’ Cast Keanu Reeves as an Electrician and Says It’s About Today’s Society: ‘We’re Harming Ourselves and We Know It’
Ruben Östlund teases upcoming 'The Entertainment System Is Down' and the experiment that inspired it, says he bought a plane to shoot it.
FOX Sports Unveils Historic FIFA World Cup 2026™ Broadcast Schedule - Fox Sports Press Pass
Monumental Slate Features 340 Hours of Live First-Run Programming Across FOX Sports Platforms for This Summer’s Global Event All-New Record 70 Matches on Network Television and Unprecedented 40 Matches in Primetime Every Match will Stream Live and On-Demand in 4K on FOX […]
James Perkins named interim executive director of Auxiliary and Business Services
Perkins ’92 will provide functional oversight to Auxiliary and Business Services, leading the unit’s operations that support and enhance campus life for students, faculty and staff, alumni, and visitors.
Hungary Business Confidence Drops as Orban’s Stimulus Falls Flat
Hungarian business confidence dropped sharply at the start of the year, reversing recent gains in another blow to Prime Minister Viktor Orban before parliamentary elections.
China, U.K. vow to build long-term strategic partnership in bid to reset strained ties
U.K. Prime Minister Sir Keir Starmer said he hopes to build "more sophisticated" ties with China as the two nations look to revive the bilateral relationships.
Xi-Starmer meeting: Chinese leader tells PM he hopes both countries can ‘rise above differences’
At Beijing talks, British prime minister Keir Starmer tells Xi he wants a ‘more sophisticated’ relationship with China
The Alliance for Primary Health Care in the Americas marks two years and formally welcomes Bolivia and Uruguay as members
PAHO, the World Bank, and the IDB initiative has driven health system transformation and aligned more than one billion dollars in investments across five countries. Brazil expressed its support, signing a letter of intent.Rio de Janeiro, 28 January 2026 — The Alliance for Primary Health Care (PHC) in the Americas, a joint initiative of the Pan American Health Organization (PAHO), the World Bank (WB), and the Inter-American Development Bank (IDB), is celebrating its second anniversary with achievements in transforming health systems across the region.
Wheeling police to host crime watch meetings for businesses
For the first time, the Wheeling Police Department will host crime watch meetings specifically for local businesses, starting Feb. 4.Business owners from downt
Experience space life, training at Orlando Science Center’s new astronaut exhibit
Mission: Astronaut features six immersive zones where guests can train like astronauts, conduct experiments, and explore the future of space travel.
Florida Sheriffs swing behind Byron Donalds in Governor’s race
Law enforcement support builds as Donalds consolidates Republican primary momentum statewide
Scott Pilgrim EX launches March 3
Retro-style side-scrolling adventure brawlerScott Pilgrim EX will launch digitally for PlayStation 5, Xbox Series, PlayStation 4, Switch, and PC via Steam on March 3 for $28.99, developer Tribute G…
Recognize Data Privacy Day by protecting your small business from cybercriminals
Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.
OpenAI digs in on a fundamental disconnect in new research: AI is ready for primetime, many businesses aren't
The real challenge isn't building better AI—it's actually using it.
On Data Privacy Day (and every day): Protect your small business
Cybercriminals target companies big and small. Today is Data Privacy Day — a great opportunity to take a look at how you keep your business and customer data protected. Get started with the FTC’s updated resources at ftc.gov/cybersecurity.
Scott Pilgrim EX Arrives In March, Two New Playable Characters Revealed
Two former enemies of Scott now rally by his side.
David Lammy to face Andrew Griffith at deputy Prime Minister's Questions
The pair will fill in for PM Keir Starmer and Tory party leader Kemi Badenoch in the Commons from midday.
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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