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Disney’s CEO Choice Reflects Entertainment’s Decline
It’s CEO replacement time. Both Walt Disney Co. and PayPal named new chief executives on Tuesday, with each appointment symbolizing major business shifts. Disney named parks chief Josh D’Amaro to succeed longtime CEO Bob Iger, who turns 75 next week (D’Amaro is Iger’s second successor, after the ...
Relay Resources Adds Vice Presidents of Employee Experience, Business Transformation
PORTLAND, Ore., February 04, 2026--Relay Resources, the Pacific Northwest’s leading social enterprise nonprofit committed to advancing disability inclusion in the workplace, has added two senior leaders to its executive team: Oscar Rico-Cazares was named Vice President, Employee Experience and Talent Management, while Paulien van Uden was promoted to Vice President of Business Transformation.
DOE names 21 science advisers
A new committee will advise the Energy Department’s science office.
Colts star Jonathan Taylor lauds Titans ‘electric’ rookie Pro Bowler
Jonathan Taylor isolated Chimere Dike’s years-long work ethic as what’s stood out in Dike’s road to being named a Pro Bowler in 2026 as a rookie.
Supplemental Health Care Earns Ninth Best of Staffing Talent and Client Awards in 2026
Supplemental Health Care (SHC), a leading tech-enabled workforce solutions provider, has been named a winner of ClearlyRated's 2026 Best of Staffing Client and Talent awards, underscoring the company's commitment to world-class service in behavioral health, education, and healthcare. In addition, SHC has maintained its prestigious Gold status, reflecting a sustained track record of excellence for five or more consecutive years.
ECU Health Chief Nursing Executive Trish Baise named 2025 CNO to know by Becker’s Hospital Review
Recognition highlights Baise’s leadership in advancing rural health care
Tampa’s MOSI reinvents itself as the Museum of Science and Innovation
The landmark sheds “industry” from its name while expanding learning space and leaning into future-focused science education.
Muse Entertainment Hires Jennifer Harkness For Non-Fiction Push
Harkness has been named SVP, Global Development and Partnerships at the company.
CEC ENTERTAINMENT NAMES SCOTT DRAKE PRESIDENT AND CEO
CEC Entertainment, LLC ("CEC"), the parent company of Chuck E. Cheese and Peter Piper Pizza, today announced the appointment of Scott Drake as President and CEO, succeeding David McKillips, effective February 13, 2026.
CEC ENTERTAINMENT NAMES SCOTT DRAKE PRESIDENT AND CEO
/PRNewswire/ -- CEC Entertainment, LLC ("CEC"), the parent company of Chuck E. Cheese and Peter Piper Pizza, today announced the appointment of Scott Drake as...
Disney parks chief Amaro named to succeed Bob Iger as CEO
Disney has named its parks chief Josh D’Amaro to succeed Bob Iger as the entertainment giant’s top executive.
Longtime CEO Bob Iger to retire from Disney
Disney CEO Bob Iger announces retirement as Josh D'Amaro set to take over leadership role in March 2026, with Dana Walden named company president.
Breaking down some boldface names in the Epstein files
The major headlines from the latest dump of files related to convicted sex offender Jeffrey Epstein focus on Donald Trump, Bill Clinton, Bill Gates, Elon Musk and the former Prince Andrew, among others. And rightly so. Those names are sprinkled throughout the documents.
19 Winter Olympic storylines we're watching (they're not just about sports)
The Winter Olympics promise plenty of high adrenaline, fierce competition, historic firsts and emotional moments over 2 1/2 weeks. Here are some of the names and narratives to keep an eye on.
CEC Entertainment names CEO amid expansion push
CFO Scott Drake will become CEO and president of the eatertainment giant beginning Feb. 13, succeeding David McKillips, who has served in the post since 2020.
Analyst names 3 potential trade targets for Chargers this offseason
As the Chargers prepare for the free agency period, Bleacher Report listed a few potential offseason trades they could make.
Underwhelming 49ers offensive weapon named their worst signing of 2025
The San Francisco 49ers added plenty of players last offseason who helped out, but one of them struggled to make much of a positive impact in 2025.
Pittsburgh Steelers Trade Idea Sends Jalen Ramsey to Dallas Cowboys
The Pittsburgh Steelers will have to decide what they want to do in the offseason, and few names are more interesting in trade talks than Jalen Ramsey, whose experience continues to make him a popular name in trade talks.
High school sports bills would allow middle schoolers to compete; regulate name, image and likeness
On Monday, members of the public shared their thoughts on two bills that would change high school sports rules in Nebraska. The Unicameral’s Education Committee heard testimony on LB742, which would allow seventh and eighth grade students to compete on high school sports teams.
SPORTS, ENTERTAINMENT AND OLYMPIC STARS HEADLINE 2026 ANNEXUS PRO-AM
If Wednesday at the WM Phoenix Open feels a little bigger, louder, and more electric than most Pro-Am days, there’s a reason. The 2026 Annexus Pro-Am brings together an all-star mix of professional athletes, entertainers, musicians and Olympians for one of the most anticipated days of tournament week, turning TPC Scottsdale’s Stadium Course into a showcase of star power and personality before competition officially ramps up.
SPORTS, ENTERTAINMENT AND OLYMPIC STARS HEADLINE 2026 ANNEXUS PRO-AM
If Wednesday at the WM Phoenix Open feels a little bigger, louder, and more electric than most Pro-Am days, there’s a reason. The 2026 Annexus Pro-Am brings together an all-star mix of professional athletes, entertainers, musicians and Olympians for one of the most anticipated days of tournament week, turning TPC Scottsdale’s Stadium Course into a showcase of star power and personality before competition officially ramps up.
Accel Entertainment announces management changes
Distributed-gaming operator Accel Entertainment announced Monday that founder and CEO Andy Rubenstein has been named chairman of the company’s Board of Directors, while Accel’s President of U.S. Gaming Mark Phelan has been appointed chief operating officer. Phelan will succeed Rubenstein as both
Scott Drake named CEO of Chuck E. Cheese owner CEC Entertainment
David McKillips, who had led the company for six years, is stepping down. Drake had been the company’s chief financial officer.
The latest release of Jeffrey Epstein files: Who is mentioned and what they are saying in response
Here is a look at some of the notable names in the latest release of files from the U.S. Justice Department pertaining to Jeffrey Epstein. The list includes politicians, entertainment figures, business leaders and Royal Family members, with some releasing statements this past weekend about their interactions with the late accused child sex trafficker.
Two GCPS Students named Regeneron Science Scholars
Two Gwinnett County Public Schools (GCPS) students have been named 2026 Regeneron Science Talent Search Scholars.
DoJ Makes Appalling Mistakes In Release of New Epstein Files
The government included nude photos and failed to redact the names of some victims in its latest document drop.
Blend Named a Leader in AIM Research's PeMa Quadrant: Top Data Science Service Providers 2025
/PRNewswire/ -- Blend, a leading provider of AI-powered data science and analytics services, has been named a Leader in AIM Research's PeMa Quadrant: Top Data...
Regal Ware revives historic West Bend Co. name for cookware factory
West Bend Co., which operates a manufacturing facility in West Bend, also serves as a contract manufacturer for other cookware companies.
Sheppard named Carson College of Business associate dean for strategic initiatives and college culture
Leah Sheppard has been named as associate dean for strategic initiatives and college culture in the Carson College of Business.
The Major Business Names in the Epstein Files
Documents referencing prominent executives like Elon Musk, Howard Lutnick and Bill Gates underscored the wide web of boldfaced names tied to Jeffrey Epstein.
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
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...
NFL quiz: Name every Super Bowl MVP winner since 2000
With each Super Bowl winning team there's also a Super Bowl MVP. Can you name them all since 2000?
Six Nations 2026 schedule in full: Fixtures and results
Everything you need to know ahead of the tournament
SA ready to host AFCON 2028, will be about 'fair play'
South African sports, arts & culture minister Gayton McKenzie told ESPN that his country seeks to host the Africa Cup of Nations (AFCON) 2028, and emphasised that he wanted the tournament to be remembered as one of "fair play".
7,000-plus Huskers named to Deans’ List for fall 2025
More than 7,000 Husker students have been named to the Deans’ List for the fall semester of the 2025-26 academic year.
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".
MLB ALL-STARS AND ENTERTAINMENT ICONS TO PLAY IN 2026 ANNEXUS PRO-AM
Tournament Chairman Jason Eisenberg announced today that Major League Baseball standouts Cal Raleigh, Alex Bregman and Mookie Betts, along with entertainers Colin Jost and Brian Baumgartner, have committed to compete in the 2026 WM Phoenix Open Annexus Pro-Am, set to take place Wednesday, Feb. 4, on the Stadium Course at TPC Scottsdale.
2026 Marquette Women’s Lacrosse Season Preview: Three Big Questions
Sometimes the Big Questions heading into a season are just as simple as scoring, defending, and reaching the Big East tournament.
Kansas City hires former Maryland, Texas A&M coach Mark Turgeon
The Roos hit a home run by bringing on a coach with more than 470 wins and 10 NCAA Tournament appearances
Readers respond: Bipartisanship not holding Legislature back on health care
Letters to the Editor can be submitted to letters@oregonian.com with full name and place of residence.
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.
Surprising things about visiting Hawaii's friendliest island, Molokai
Although I'm a Hawaii local, many things surprised me about my first time visiting Molokai, nicknamed the Friendly Isle, on a recent trip.
Tesla Features Named After Pop Culture — and Their Origins: Sentry Mode, Plaid, Mad Max and More
We take a look at all the Tesla features that have been named after or inspired by pop culture.
Buffalo Bills name Jim Leonhard defensive coordinator
The Buffalo Bills named Jim Leonhard their new defensive coordinator as they head in a new direction on defense in 2026.
Shohei Ohtani won’t pitch in World Baseball Classic
The last time Shohei Ohtani was in the World Baseball Classic, he struck out his then-Angels teammate Mike Trout to give Team Japan their third title in tournament history. Three years later, fans from around the world will only get to see half of the Ohtani experience. After a 22 month absence from pitching on […]
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.
Intel sets a 7467 MT/s+ memory requirement for Panther Lake Arc B-series iGPU branding, slower configs show up as “Intel Graphics”
Intel Arc Xe3 B-Series won't appear with its full marketing name, unless laptop has memory meeting the standard Intel appears to be tying Panther Lake
The best new popular science books of February 2026
Readers are spoiled for choice when it comes to popular science reading this month, with new titles by major names including Maggie Aderin and Michael Pollan
Chargers named potential landing spot for game-changing speedster
The Chargers were named the best landing spot for this home run threat.
Prep Sports Recap: Jan. 31, 2026
PEORIA, Ill. (WMBD) – The winter high school sports postseason is officially underway as IHSA boys wrestling regionals were held around Illinois on Saturday. 2A powerhouse Washington won their tournament at Metamora with eight separate wrestlers winning weight class titles. In 1A, Olympia cruised to a regional title at Dee-Mack with seven weight class titles. […]
SPORTS: Chief Sealth IHS flag-football team headed to state
Congratulations to the Chief Sealth International High School flag-football team, for earning a trip to the state tournament. Head coach Melvin Estes-Glaspie's Seahawks finished third in the district tournament with a 28-14 win this afternoon over, and at, Renton. When the state matchups are set, they'll be on this page; quarterfinals are at ...
CORRECTION Westminster Dog Show
Corrests dogs breed and name - A handler stands with his dog, Gerard, a Standard Poodle, after competing in the Masters Agility Championship Finals at the 150th Westminster Kennel Club
Woad eight shots off lead after play suspended in Orlando
Lottie Woad falls eight shots behind the lead at the Tournament of Champions after blustery conditions in Orlando lead okay to be suspended.
Gov. shutdown, ICE warehouses and 3 millon Epstein files
Carmella gives the top headlines of the day, including a judge ordering the release of a 5-year-old detained by ICE.
Delaware basketball teams support mental health services in the 'SL24 Basketball Classic'
To honor the life and legacy of Sean Locke, Delaware basketball teams participated in a fundraising tournament.
Mamdani names Dr. Alister Martin to lead NYC Health Dept.
Martin is an emergency physician and assistant professor at Harvard Medical School.
Shohei Ohtani WBC Announcement Will Give Dodgers Fans Relief
Los Angeles Dodgers fans no longer have to worry about Shohei Ohtani throwing out his arm during the upcoming World Baseball Classic. That’s because the world’s greatest player won’t be pitching in the WBC, as reported by multiple sources on Saturday. It is apparently Ohtani’s decision not to pitch in the tournament. Ohtani delivered another […]
3 Detroit Lions Who Could Become Cap Casualties
The Detroit Lions could make difficult cap decisions this offseason. Graham Glasgow, Taylor Decker, and David Montgomery are names to watch.
Mamdani names new Department of Correction commissioner
Stanley Richards will become the first formerly incarcerated person to lead the city’s jails.
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.
Wisconsin communities invest in sports tourism to grow hosting opportunities
Tournaments and games — large and small — offer tourism sector opportunities. A pair of Green Bay sporting facilities have projects built around expanding tourism.
Wisconsin communities invest in sports tourism to grow hosting opportunities
Tournaments and games — large and small — offer tourism sector opportunities. A pair of Green Bay sporting facilities have projects built around expanding tourism.
What’s open and closed in this government shutdown
If you're watching this, the government is shut down. Reporter Jacob Bogage breaks down what services are open and closed during the shutdown.
Local philanthropist, businessman Doug Pitt named 2026 Springfieldian
Doug Pitt is the founder of nonprofit Care to Learn and owns a technology firm and a development business.
Sydney Sweeney on “MAGA Barbie” Nickname: “I’ve Never Been Here to Talk About Politics”
"I’ve always been here to make art, so this is just not a conversation I want to be at the forefront of," the 'Christy' star said in conversation with Cosmopolitan.
Fertitta Entertainment names longtime executive as COO
Houston-based Fertitta Entertainment on Friday announced the appointment of Nicki Keenan as chief operating officer, where she will oversee the full scope of Landry’s nationwide operations, including its expansive portfolio
Fertitta Entertainment names Nicki Keenan COO, overseeing Landry's
Longtime Landry's executive Nicki Keenan will oversee the nationwide operations of Tilman Fertitta's entertainment empire, Fertitta Entertainment said Friday.
Upstart San Jose Mayor Matt Mahan joins California governor's race
San Jose Mayor Matt Mahan, a political upstart, and sometimes Newsom critic, enters his name into an already crowded fielid for California governor.
Notre Dame women’s basketball officially on March Madness bubble watch
After losing at Cal on Thursday night, Notre Dame is on bubble watch for the NCAA Tournament. Hannah Hidalgo's awards aren't guaranteed either.
Kevin Couch, senior official at Trump Kennedy Center, abruptly resigns
Kevin Couch, who was named senior vice president of artistic programming at The Trump Kennedy Center earlier this month, has resigned from his role.
Interim tag removed, Jordan Skolnick named Delaware athletic director
Skolnick has been part of Blue Hens' athletic staff since 2016 move from Michigan
Vaulted Deep Named Honoree for the Wichita Business Journal Innovation Awards
Vaulted Deep, a waste management and carbon removal company, has been selected as an honoree for the 2026 Wichita Business Journal Innovation Awards. The award recognizes Vaulted's work modernizing waste management infrastructure while delivering tangible economic and environmental benefits for Kansas communities.
Business Beat : Iconic Coldwater diner goes up for sale
COLDWATER, MI (WTVB) - After 72 years of serving the downtown Coldwater, The Goodie Shop is officially on the ...
California Crypto Billionaires Plan to Spend Tens of Millions on Moderate Candidates
Chris Larsen and Tim Draper, two outspoken Silicon Valley leaders, are planning to spend tens of millions of dollars to elect moderate state lawmakers this year.
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.
March Madness bubble watch: Indiana becomes NCAA Tournament contender
The NCAA men's tournament bubble will only get shorter as February rolls around, and Indiana has inserted itself into the March Madness conversation.
3 potential assistant coaches for Commanders' defensive staff
The Commanders have a new defensive coordinator, which could mean several coaching changes on that side of the ball. We look at three names to watch.
Newcastle United pushing hard to sign Barcelona youth team gem
According to a recent report from SPORT, a new name from Barcelona’s youth setup has begun attracting serious attention from across Europe. As such, Premier League side Newcastle United are making ...
Report: Bears assistant GM Ian Cunningham to become Falcons GM
Chicago Bears assistant GM Ian Cunningham named Falcons general manager, per reports
U.S. News recognizes Loyola's online Master of Science in Data Science
Loyola University Maryland’s Master of Science in Data Science was named one of the “Best Online Master’s in Info Tech Programs for 2026" by U.S. News & World Report, ranking No. 34 out of 106 universities chosen for the list. Loyola rose 17 spots after ranking No. 51 last year.
Ford names a new head to its energy business startup
Executive Lisa Drake has been tapped to run Ford Energy, a new division that will make battery storage systems.
UND Nistler College of Business & Public Administration announces newly named Fransen Department of Real Estate, Economics & Finance
UND alum Bob Fransen's gift establishes real estate major, renames department
Fiesta Bowl to host women's flag football tourney
The Fiesta Bowl will host an eight-team women's collegiate flag football tournament in April, the Fiesta Sports Foundation announced Thursday.
Business Insider wins first duPont-Columbia Award
Columbia Journalism School has named Business Insider a 2026 duPont-Columbia Silver Baton winner.
AHA Committee on Behavioral Health names 2026 officers, new members
The AHA’s Committee on Behavioral Health today announced its officers and new members for 2026.
Xevant Named a 2025 Modern Healthcare Best in Business Company for AI
Xevant, a leader in real-time pharmacy benefits intelligence, today announced it has been named a 2025 Modern Healthcare Best in Business company in the Artificial Intelligence (AI) category. The recognition honors healthcare suppliers and technology partners whose innovations delivered measurable impact across the healthcare ecosystem in 2025.
Joan Esmie MS ’26 Named PAEA Student Health Policy Fellow
Reflecting Ithaca College’s Commitment to Community-Minded Leadership
Where Eagles' pending free agents rank on NFL-wide lists
The Eagles have some big-name free agents this year. Here’s a look at where they rank among the entire NFL.
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.
Louisiana restructured child care tax credits for businesses to help families, workers
State leaders restructured and renamed a tax credit program for childcare businesses and businesses that invest in child care, which early childhood education advocates say will increase the quality of child care and ease parents back into the workforce.
Chicago Bears’ Offensive Player of the Year is Caleb Williams
The Bears name Caleb Williams their Offensive Player of the Year. More here from @thechicagosares.
Open Gaming Collective (OGC) formed to push Linux gaming even further
An exciting new announcement is the formation of the Open Gaming Collective, a collaborative organisation between many names in the Linux sphere.
Sames Auto Arena serves as entertainment hub with 2026 event lineup
In 2026, familiar and big names are returning to the stage, and the Sames Auto Arena is preparing for even more.
Wilmington basketball tournament puts focus on raising funds for mental health
The two-day SL24 Basketball Classic returns to the Chase Fieldhouse to honor Sean Locke, raise funds for mental health programs and encourage open conversations.
Is Wyoming hoops stuck in purgatory within modern college basketball?
Every season for a reasonably successful mid-major university begins in a similar fashion. They schedule a few in-state cupcakes as the season and home openers before, if they are lucky enough, participating in an ever-declining MTE tournament during the week of Thanksgiving. Throw in a dash of high-major money labeled as “buy games” to help […]
This week in Santa Cruz County business: Scotts Valley solar cell company goes dark; passing the torch at Alta Organic Coffee
In her weekly look at Santa Cruz County business, Jessica M. Pasko reports on the demise of Ambient Photonics, notes a generational shift at a local coffee roaster and delivers names, numbers and events to know.
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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