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Sony Shuts Down Nearly Its Entire Memory Card Business Due to SSD Shortage
Sony has announced that it is suspending fulfillment of all orders for nearly its entire SD and CFexpress memory card product lines.
Sony Shuts Down Nearly Its Entire Memory Card Business Due to SSD Shortage
Sony has announced that it is suspending fulfillment of all orders for nearly its entire SD and CFexpress memory card product lines.
The Entertainment Report: Paul McCartney, C2E2, and ‘Project Hail Mary’
Cindy Pearlman Gaber, senior writer for the New York Times and entertainment columnist for the Las Vegas Review-Journal, joins Bob Sirott to talk about movies to see this weekend, HallmarkR…
Amazon's plan to build huge, AI-driven superstores to go after Walmart
Amazon's Project Kobe aims to disrupt Walmart with supercenters that blend retail and fulfillment automation, internal documents reveal.
Is a computer science degree still relevant? ASU enrollment trends suggest a shift
Declining computer science enrollment at ASU reflects growing student's uncertainty about the job market and AI.
Woman arrested after investigation at Dallas massage business
A woman was arrested Wednesday after an investigation into alleged criminal activity at a massage business in Dallas, authorities said.
Top Senate Dems blast proposed ACA rule promoting ‘junk coverage’ that would push estimated 2 million off enrollment
A trio of top Senate Democrats led their colleagues in condemning a proposed rule by the Trump administration that would lift restrictions on the number of non-standardized plans that insurers in t…
Proposal overhauls Kentucky State, shifts focus to STEM degrees
The proposal would reduce the school's majors and enrollment; staffing would also be cut.
Pullman Danang Beach Resort Responds to Rising Bleisure Travel with Expanded Business and Leisure Facilities
/PRNewswire/ -- As global travel patterns continue to evolve, "bleisure" travel, which combines business trips with leisure experiences, has become a...
Notre Dame Athletics Unveils Final Sports-Specific Mark Of 2025-26
The University of Notre Dame Athletics Department has unveiled its fourth sport-specific Leprechaun mark. The Golf Leprechaun now joins as the fourth installment of the athletics year.
Political Science Program Encounters Growth in Enrollment
The department chair received numbers indicating political science as a major is on the rise.
A rare active volcano on Mars may be causing the whole planet to spin faster
Data from NASA's InSight mission suggests the Red Planet's Tharsis region is more active than previously thought and may be why Mars is spinning more quickly over time.
We disagreed on politics. We agreed on wine. That was enough.
At the Virginia Governor’s Cup Gala in Richmond earlier this month, a very dapper gentleman approached me and introduced himself. In his light-colored suit and bowtie, he looked very Southern in a classical sense, the sort of Virginia Gentleman you used to see south of the Rappahannock as recently as my college days. “I’m a longtime reader and fan of your writing, if not your politics,” he said. His comment was the proverbial iron fist in a velvet glove, simultaneously conveying praise and disapproval while establishing boundaries. Man, I wish we still discoursed like this instead of shouting bromides and insults to try and “own” our opponents with a funny meme and a furrowed brow. Subscribe “Well, we’ll always have wine to share together,” I said, and thanked him for his kind words. We clinked glasses, exchanged pleasantries about the delicious gold medal-winning wines being poured that evening, and went our separate ways. Our exchange reminded me that more unites us than divides us. Wine brings people together to share a meal and a few hours of joy despite our differences.1 That’s why I refer to the wine community — including readers and consumers — rather than the wine industry. Together, we are so much more than production, distribution and sales statistics. A few minutes later the evening’s awards ceremony began. Applause grew as the 12 winemakers who made the top-scoring wines for the Governor’s Case took the stage, including a loud cheer for Jonathan Wheeler of Trump Winery and his 2018 Blanc de Noir sparkling wine. All the winemakers on stage had reason to be proud, Wheeler perhaps more so. Trump Winery was the only winery to win six gold medals in the competition this year. (Wineries are limited to six entries.) Two of Wheeler’s ciders also won gold medals in a separate competition. When you cover the labels and take the sour taste of politics off your palate, the wines are pretty darn good.2 Then Gov. Abigail Spanberger, newly elected Democrat and Virginia’s first female governor, was introduced to great applause to announce which of the 12 wines had won the Governor’s Cup. She spoke for a few minutes about the importance of wine to Virginia’s economy and tourism and the international acclaim Virginia wine has received. Just two weeks earlier, she gave the Democrats’ response to Trump’s State of the Union speech, but this night wasn’t about politics. That didn’t stop several people in the crowd from speculating on the irony should she have to present the trophy to Trump Winery. In the end, Valley Road Vineyards was displayed on the screen behind Spanberger as the winning winery. Blue Bee Cidery in Richmond took top honors for that category. The crowd cheered a female governor presenting the state’s highest trophy to a female winemaker and then resumed the evening’s festivities, united by their mutual love of wine. A whiff of politics couldn’t dim the cheer of celebration and a community united by its love of wine. In Memoriam: Michel Rolland The global wine community lost a giant March 20, with the passing of Michel Rolland. He was 78. Rolland was the original “flying winemaker,” a globe-trotting consultant who helped Bordeaux regain its mojo in the 1970s and then shaped the rise of Napa Valley cult Cabernet as consultant to Simi, Harlan, Newton, Screaming Eagle, Araujo, Dalle Valle and other wineries. He was instrumental in Argentina’s rise to prominence and even had his own winery, Clos de los Siete, in a partnership with other wine families. Rolland’s career arc paralleled that of Robert Parker, the world’s most influential critic. Parker championed many of the wines Rolland consulted on, helping build his reputation and demand for his services. It also made him a target for Parker’s critics. As W. Blake Gray wrote on Wine-Searcher in his excellent tribute to Rolland: Rolland created the type of wines Parker loved: rich body, plenty of fruit, soft tannins. He sometimes faced the accusation of creating a generic international style of red wine, where the great wines he made in Argentina were indistinguishable from the great wines he made in France. Rolland chafed at that critique, as did many of his fans. He was credited with championing green harvesting and leaf pulling, as well as careful selection of grapes in the winery, practices we nearly universally think of today for high-quality winemaking. “Michel was an incredible innovator who changed how wine was made and how grapes were grown,” Napa Valley winemaker Aaron Pott wrote on Facebook. “His work has transformed the wine trade. He created new ways of looking at wine, tasting wine, evaluating ripeness and quality. … This was not just a man with a ‘style’ that he imposed on vineyards but a man that understood how to make great wine from great sites.” Rolland started his consulting company in 1973 in Libourne, in Bordeaux, with his wife, Dany. Both had graduated the year before from Bordeaux’s Institute d’Oenologie. The couple sold their majority share in the business in 2020, according to Wine Spectator. Over his career, Rolland reportedly worked with more than 100 wineries in 20 countries. He even made it to Virginia, where he consulted for Kluge Estate in the mid-2000s. (Kluge Estate is now Trump Winery.) Reader feedback, please! Last week, I did my first WineLine Live! with Dr. Laura Catena of Catena Zapata winery in Argentina. We enjoyed a fascinating discussion about her efforts to preserve the genetic heritage of old vineyards in Mendoza. I conceived of WineLine Live! for paid subscribers, as a thank you for your financial support. And while only a few people joined live, the video now has more views than I have paid subscribers, so I guess that’s pretty good. Even so, I’m considering opening future installments to anyone on Substack to reach a broader audience. So my questions to you: Should these be public? And what format do you prefer? Live gives a chat feature with the potential for viewers to interact with me and the guest, while a video post would just be that. Another alternative is a podcast, which would just be audio, without video of my chins. Please let me know in the comments. Leave a comment In the Glass A few wines I’ve enjoyed recently: Bonny Doon Vineyard Take Me to Your Liter, Le Cigare Volant, Red Wine of the Earth. 2023, Central Coast, CA. Blend of Grenache, Syrah Cinsaut and Petite Sirah. Delightful wine with expressive red fruit flavors, casual drinking. Doon lovers of a certain age will remember Randall Grahm’s Big House Red; this is more in that style than his original Le Cigare Volant, modeled after Chateauneuf du Pape. The liter bottle makes it an even better value. I see this online at about $15. Great value. Albert Bichot Bourgogne Pinot Noir Origines 2023. 13% - Textbook pinot noir and an excellent, affordable entry (regional) Burgundy. Wine Enthusiast Top 100 Wines of 2025. $24 at Total Wine & More. Loma Larga Pinot Noir 2021 “Coastal Cool Climate Wine”, Valle de Casablanca, Chile. An older sample, showing beautifully. Spicy and fruit forward. I’m seeing widely varied pricing online, from $18-$32. At the lower end, it’s a terrific value. 13.5% Dr. Loosen Riesling Dry 2016, Mosel, Germany. Found this “in the stack.” And it stacked up well, shedding some of its youthful acidity for opulent Riesling character, including a hint of the mineral oil older Riesling often features. A great value, as I’m seeing it as low as $14 online. 12% abv. Red Tail Ridge Blau Franc Blend 2024, Sans Oak, Finger Lakes. 13.4% abv. The name is a neat portmanteau of Blaufrankisch and Cabernet Franc, thus Blau Franc. The blend is 50-50, no oak involved. The Blau dominates on the palate, with the spicy caraway seed (think New York deli rye bread). The Franc adds body. The result is juicy, energetic and joyful. Sokol Blosser Estate Rosé of Pinot Noir 2025, Dundee Hills, Willamette Valley, Oregon. This first rosé of 2025 was a welcome respite to our cold, snowy winter here in the Mid-Atlantic. Oh man, I needed this! Bright and energetic, exuberant even, it perks up the mood and goes down fast. 13%. Certified B Corp. Ingredient and nutrition labeling, and in a modest way that doesn’t occupy a lot of label space. (Since it’s not required, presumably there are no minimum font size requirements.) More wineries should follow this example. Dave McIntyre's WineLine is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe Thanks for reading Dave McIntyre's WineLine! This post is public so feel free to share it. Share 1 Some restraint may be required. 2 Especially the bubblies.
This Web Tool Sabotages AI Chatbots By Making Them Really, Really Slow
Artist Sam Lavigne created ‘Slow LLM’ to make people question their dependence on tools like Claude and ChatGPT. Or at least, make them super annoying to use.
Automatic enrollment in Medicare Advantage plans under consideration, top Trump health official says
The idea could be a major win for the health insurance industry, which has seen a crackdown on Medicare Advantage in recent years.
Unilever Has $40 Billion in Tasty M&A Options
Options have value. And it’s become clear this week that Fernando Fernandez has more than one when it comes to setting a new course for Unilever Plc’s food business, owner of Hellmann’s mayo and Knorr stock cubes. How the consumer giant’s still relatively new chief executive officer plays his hand will likely define his tenure.
Unilever in talks to sell food business to smaller rival McCormick
Unilever, which owns Hellmann's mayonnaise and Knorr stock cubes, seeks to focus on higher-growth businesses.
Marmite maker Unilever in talks to merge food business with US-based McCormick
Group, which also owns Dove and Hellmann’s, will focus more on personal care products if deal agreed
How New Mexico Became an Obamacare Success Story
Affordable Care Act enrollment has dropped across the United States since the enhanced federal subsidies expired. But New Mexico has record numbers of people signing up.
Unilever Confirms Talks on McCormick Offer for Food Business
Unilever Plc said it’s in discussions to sell its food business to McCormick & Co. in a major shift for the maker of Hellmann’s mayonnaise.
Unilever in takeover talks with McCormick for food business
Unilever said on Friday it was in talks with U.S.-based McCormick & Company about selling its foods business, which includes brands such as Hellmann's mayonnaise and Knorr soups and seasonings.
Unilever in Talks to Combine Food Business With McCormick, Report Says
Unilever Plc, the maker of Hellmann’s mayonnaise, is in talks to combine its food business with McCormick & Co., according to a report in the Wall Street Journal citing people familiar with the matter.
Ever Joint Claims Evaluated: What the Science Says About EverJoint Joint Support Ingredients
A 2026 company-issued informational report outlining how Ever Joint positions its joint support formula, ingredient-level research context, oxidative stress claims, pricing structure, and what consumers should verify before purchasingTallmadge, Ohio, March 18, 2026 (GLOBE NEWSWIRE) -- This release is based on information provided by Ever Joint and reflects how the company describes its product, ingredients, and related scientific context. It is not an independent product review or third-party ev
Kagi Translate's AI answers the question "What would horny Margaret Thatcher say?"
Remember when it was fun to play around with LLMs?
Unilever shares fall on investor concerns about food business spin-off
Unilever shares fell 3.5% on Wednesday with investors concerned that the maker of Hellmann's sauces would get "distracted" by the potential spin-off of its food business, questioning the benefits so soon after its protracted ice cream unit split.
Inside SMU’s Strategy for NIL, Revenue Sharing, and the New College Sports Business Model
SMU Athletic Director Damon Evans and Deputy AD Brian Ullmann explain the new financial models, private equity conversations, and renovations needed at Ford Stadium.
How Trump’s Immigration Policies Are Remaking US B-Schools
International enrollment in MBA programs is down and poised to drop further.
'Dragon Mama' review: Part two of Sara Porkalob's Filipina family saga
Writer-performer Sara Porkalob continues her Dragon Cycle trilogy with the Los Angeles premiere of "Dragon Mama," the second installment of the family epic centered on Filipina mothers taking survival into their own hands.
One of Chicago’s biggest warehouse developers is rebranding
The rebranding aims to avoid confusion with similarly-named commercial property developers as the Chicago company expands into new markets.
In Switching to Original Medicare, Beware of Medigap Plan Refusals
Open enrollment season lasts until March 31 for people enrolled in Medicare Advantage who want to switch to original Medicare, but there’s a potential hitch.
Perplexity's Aravind Srinivas Says AI Could Change How Computer Science Is Taught
Aravind Srinivas endorsed a post on X by a physics and AI/ML student that argued large language models (LLMs) are automating routine coding tasks.
Open-Source "GreenBoost" Driver Aims To Augment NVIDIA GPUs vRAM With System RAM & NVMe To Handle Larger LLMs
An open-source, independently developed Linux kernel module called GreenBoost aims to augment the dedicated video memory on NVIDIA discrete GPUs with system memory and NVMe storage
Most popular Netflix film ever is getting a sequel. Here’s what we know.
The streaming platform's most watch film of all time is getting a second installment.
Higher health insurance premiums spark interest in religious cost-share ministries
Enrollment in health care sharing ministries is on the rise in Florida, but research shows they have fewer consumer protections.
Elections 2026 Press Kit
Northwestern University faculty are available to discuss 2026 election topics including redistricting, voter behavior, campaign strategy, election law, misinformation, polarization and political history.
Connect for Health Colorado offers enrollment assistance
Connect for Health Colorado is accepting applications for enrollment and referral partners across the state.
No contest: The uneven playing field of high school sports
Public school athletic programs across Miami-Dade are struggling to keep pace with well-funded private school rivals, as shrinking enrollment, limited budgets and transfer rules reshape the high school sports landscape.
Staff spotlight: Cecelia Carrasco, College of Business
After 20 years of service at New Mexico State University, Cecelia Carrasco continues to find fulfillment in helping students reach their academic goals. Carrasco serves as the academic adviser...
Mehmet Oz says Obamacare enrollment may be ‘too high’
Even as the top official for Medicaid and Medicare claims millions may be falsely enrolled, the Trump administration is urging younger people to sign up for high-deductible ACA plans.
USC Gould School of Law launches new degree in data science
University of Southern California Gould School of Law and the USC School of Advanced Computing have launched a Master of Science in Data Science and Law, now open for enrollment.
Cartesian Therapeutics Reports Full Year 2025 Financial Results and Provides Business Update
Enrollment continues to progress in Phase 3 AURORA trial of Descartes-08 in myasthenia gravis Phase 2 TRITON trial of Descartes-08 in dermatomyositis and antisynthetase syndrome, expected to initiate in 1H26 Phase 1/2 HELIOS pediatric trial of Descartes-08 in juvenile dermatomyositis actively enrolling Approximately $126.9 million cash, cash equivalents and restricted cash as of December 31, 2025, expected to support planned operations into mid-2027, including completion of ongoing Phase 3 AUROR
Where the locals go: Small businesses struggle with relocation on top of a low-snow season
Note to readers: This is the second in an ongoing series on the vitality of Vail (for the first installment click here). As iconic buildings erected in a hurry in the early ’60s boom days require...
Did Oscar’s Reaffirmed 2026 Outlook and Reinsurance Strategy Just Shift Oscar Health's (OSCR) Investment Narrative?
Oscar Health recently presented at the 47th Annual Raymond James Institutional Investor Conference in Orlando, where management reaffirmed its 2026 financial outlook, addressed concerns about the expiration of ACA subsidies, and discussed open enrollment outcomes. A key insight from the presentation was Oscar’s emphasis on its reinsurance capital strategy, with partners covering 55% of required capital, which management highlighted as a way to support stability while the company manages...
GOP 'big beautiful bill' poised to deliver 'shock' to ACA marketplace, health policy experts say
The GOP's "big beautiful bill" made administrative tweaks expected to reduce enrollment in the Affordable Care Act marketplace by millions of people.
Amazon helps McMiller Games grow with supply chain and logistics tools
Julian Miller and David McGranaghan’s McMiller Games relies on Amazon’s global logistics to support growth, exports, and multi-channel fulfillment.
‘Love Me Love Me 2’ sequel coming to Prime Video
The film is the second installment of the saga based on Stefania S.'s international bestselling novels.
‘Not a big part of the work’: Meta’s LLM bet has yet to touch its core ads business
Using large language models for ranking is a future bet, not a current reality at Meta.
AI is prepared to commit science fraud, research finds
ArXiv, a repository for pre-peer-reviewed papers, has been “overwhelmed” with submissions since the rise of LLMs.
Ocugen Provides Business Update with Fourth Quarter and Full Year 2025 Financial Results
Conference Call and Webcast Today at 8:30 a.m. ET Enrollment for the OCU400 Phase 3 liMeliGhT clinical trial—the first and largest gene therapy registrational trial for broad retinitis pigmentosa patients—was completed. Topline Phase 3 data expected in the first quarter 2027, advancing OCU400
CMS set to suspend enrollment in Elevance Health's Medicare Advantage plans
The Trump administration has threatened to sanction Elevance Health's Medicare Advantage plans if the insurer does not address concerns around compliance with requirements for submitting risk adjus | The Trump administration has threatened to sanction Elevance Health's Medicare Advantage plans if the insurer does not address compliance concerns regarding the submission of risk adjustment data.
4 Bad Reasons to Get an MBA
One of the top reasons people choose to pursue an MBA is the career advancement that the degree can offer. But sometimes the reasons spurring enrollment in business school programs aren’t good ones. Here are four bad reasons to enroll in an MBA program. 1. You Want the Letters Behind Your Name, But ...
Elevance Health Stock Slips. CMS to Halt Enrollment in Prescription Drug Plans.
The agency plans to suspend enrollment of beneficiaries into certain Medicare Advantage plans, Elevance says.
PsychAdapter: adapting LLMs to reflect traits, personality, and mental health
npj Artificial Intelligence - PsychAdapter: adapting LLMs to reflect traits, personality, and mental health
New Affordable Care Act enrollment declines by 33% in North Bay
New enrollment in Affordable Care Act health plans declines by 33% in the North Bay due to federal tax credits expiring last year.
Californians are staying insured — but settling for health coverage they may not use
Covered California enrollment fell 2.7% following the end of enhanced federal premium assistance. That’s better than expected, but many people are making concessions to afford staying insured.
Pittsburgh Pests: Scurrying inside our homes, cockroaches bring more than a few health risks
This is the latest installment of Pittsburgh Pests, an occasional series examining the insects and other creatures that pose health risks in our region. They...
Saint Mary's defeats Washington State 83-67
PULLMAN, Wash. (AP) Joshua Dent scored 22 points as Saint Mary's beat Washington State 83-67 on Saturday.
Common pneumonia bacterium may fuel Alzheimer’s disease
A common bacterium best known for causing pneumonia and sinus infections may also play a surprising role in Alzheimer’s disease. Researchers found that Chlamydia pneumoniae can invade the retina and brain, where it sparks inflammation, nerve cell death, and the buildup of amyloid-beta—the hallmark protein linked to Alzheimer’s. Higher levels of the bacterium were found in people with Alzheimer’s, especially those carrying the high-risk APOE4 gene, and were tied to more severe cognitive decline.
Google's new Gemini Pro model has record benchmark scores—again
Gemini 3.1 Pro promises a Google LLM capable of handling more complex forms of work.
KHSAA aims to level private vs. public playing field in football, other sports
Beginning in 2027, enrollments at private schools will count more than public schools for the purposes of placing teams in competitive classes.
Washtenaw Health Project reports sharp drop in healthcare marketplace enrollments
Executive Director Jeremy Lapedis says families are forced to choose between health insurance and basic necessities as costs increase.
ODU comeback bid denied in 10–7 defeat
Old Dominion Monarchs nearly erased a late deficit Wednesday afternoon, but Manhattan Jaspers used a clutch double play in the ninth inning to seal a 10–7 victory at the Ellmer Family Baseball Complex. Down 10–6 in the final frame, Old Dominion mounted one last push. Will Johnson sparked the rally with a leadoff home run to left field.
Governor Bob Ferguson
Under my proposal for a Millionaires' Tax, 170,000 small businesses would pay nothing in B&O taxes. Zero. Another 30,000 businesses would have their B&O tax reduced. Small businesses are going...
Trump’s Black supporters tout minority gains during White House ceremony
Wednesday’s Black History Month event marked a continued defense of a president who has made racial grievance a hallmark of his political ascent.
Eagles Stay or Go 2026: Safety
In our latest installment of Stay or Go, we take a look at the Eagles’ safeties for 2026.
Entertainment calendar
Please email entertainment listings to entertainment518@digitalfirstmedia.com. Thursday, February 26, 2026 THE EGG: 1 Empire State Plaza, Albany. Justin Willman, 7pm. www.theegg.org Friday, Februa…
What is Amazon building at its Cortana fulfillment center?
The online retail giant is building an office in the parking lot of its 9001 Cortana Place fulfillment center.
Eagles Stay or Go 2026: Cornerback
In our latest installment of Stay or Go, we take a look at the Eagles’ cornerbacks for 2026.
Scientists discover brain switches that clear Alzheimer’s plaques
Researchers have identified two brain receptors that help the brain clear away amyloid beta, a hallmark of Alzheimer’s disease. By stimulating these receptors in mice, scientists increased levels of a natural amyloid-breaking enzyme, reduced buildup in the brain, and improved memory-related behavior. Because these receptors are common drug targets, the findings could open the door to affordable pill-based treatments with fewer side effects.
Michigan nurse goes without health insurance as ACA costs double for 2026
Affordable Care Act enrollment in Michigan fell by 34,000 people after federal subsidies expired.
Eagles Stay or Go 2026: Linebacker
In our latest installment of Stay or Go, we take a look at the Eagles’ linebackers for 2026.
Scandals of the 2026 Winter Olympics, from cheating accusations to fraud
While respect, integrity and fairness are all hallmarks of the Olympics, several scandals emerged at the 2026 Winter Games. Here's what we know.
End of enhanced Obamacare subsidies puts tribal health lifeline at risk
Tribal health insurance programs face crisis as ACA enhanced subsidies expire, forcing tribes like Fort Peck and Blackfeet to limit enrollment.
Eagles Stay or Go 2026: Defensive tackle
In our latest installment of Stay or Go, we take a look at the Eagles’ defensive tackles for 2026.
Eagles Stay or Go 2026: Offensive tackle
In our latest installment of Stay or Go, we take a look at the Eagles’ offensive tackles for 2026.
Why the UC system is seeing a drop in computer science enrollment
It was once a degree to some of the highest-paying jobs in the world, but now the University of California is seeing a drop in enrollment for computer science.
Health insurance enrollment up in New Mexico amid national decline – New Mexico Health Care Authority
SANTA FE, NM – Health insurance enrollment has increased 17% in New Mexico thanks to the Health Care Affordability Fund, which lowers premiums and out-of-pocket costs for people who get coverage through BeWell, New Mexico’s Health Insurance Marketplace. Across the country, the loss of enhanced federal subsidies has driven up health insurance costs and contributed […]
Eagles Stay or Go 2026: Interior offensive line
In our latest installment of Stay or Go, we take a look at the interior of the Eagles’ offensive line.
McWane on the Move: Superhero Science comes to Cullman City Primary School
McWane on the Move: Superhero Science comes to Cullman City Primary School - The Cullman Tribune - Education
At a Bonobo’s ‘Tea Party,’ Scientists Find Hints of Imagination
By playing pretend with an ape, scientists found a human hallmark in our closest living relative: the capacity for make-believe.
So yeah, I vibe-coded a log colorizer—and I feel good about it
Some semi-unhinged musings on where LLMs fit into my life—and how I'll keep using them.
Building Systems That Survive Real Life
Sara Nobrega on the transition from data science to AI engineering, using LLMs as a bridge to DevOps, and the one engineering skill junior data scientists need to stay competitive.
Of mice and humans: What to know about the diseases mice can spread in the region
This is the latest installment of Pittsburgh Pests, an occasional series examining the insects and other creatures that pose health risks in our region. As...
Veteran goalie James Reimer to lead Senators vs. Devils
The Ottawa Senators were in dire straits when it came to their goaltending situation. Starter Linus Ullmark recently stepped away to deal with some mental issues, and young backup Leevi Merilainen wasn't ready to replace him.
Smoke BBQ + Skybar owner faces allegations he 'looted' bankrupt business
The allegations, which San Antonio restaurateur Adrian Martinez denies, were leveled by WellMed Medical Management Inc.'s former president.
Deadline Approaching for MHA Healthcare Leadership Academy - MHA | Michigan Health & Hospital Association
The enrollment deadline for the MHA Healthcare Leadership Academy (HCLA) is Feb. 6. The cohort meets Feb. 25-27 and May 7-8 at the MHA headquarters in Okemos.
Livingston v Motherwell: Pick of the stats
Tawanda Maswanhise has scored in his past three league appearances, while a goal here would make him the youngest player (23 years 72 days) to net in four successive Scottish Premiership outings since Malik Tillman for Rangers in April 2023 (20y 308d), and youngest for Motherwell in the top flight since Nick Blackman in November 2010 (21y 9d). Motherwell have only lost one of their past 15 league games (W9 D5), a 1-0 defeat at Rangers in December.
Washington State earns 70-58 victory over Seattle U
PULLMAN, Wash. (AP) Rihards Vavers had 24 points in Washington State's 70-58 win over Seattle U on Wednesday night.
Singer "Kid Rock" & Entertainment Policy Advocates Testify on Concert Ticket Fees
Singer "Kid Rock," Live Nation Entertainment VP Dan Wall & entertainment policy advocates testify to a Senate Commerce subcommittee on ticket prices and fees.
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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