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Will the US attack Iran? Trump weighs options, floats limited strike
'I guess I am considering that,' President Donald Trump said of as he weighed a limited strike on Iran amid nuclear negotiations.
Letters to Sports: Apology or not, UCLA coach Mick Cronin must go
Readers of the Los Angeles Times Sports section give their thoughts on Mick Cronin and his coaching style, Luc Robitaille and the Olympics, as well as other topics.
Trump warns he's considering limited strikes as Iranian diplomat says proposed deal is imminent
President Donald Trump has warned that limited strikes against Iran are possible even as the country’s top diplomat says Tehran expects to have a proposed deal ready in the next few days following nuclear talks with the U.S. Trump’s remarks Friday came a few hours after Iranian Foreign Minister Abbas Aragchi said on MSNOW’s “Morning Joe” show that his country was planning to finalize a draft deal in “the next two to three days” to then send to Washington
Iran says US military build-up ‘unnecessary and unhelpful’, deal achievable
Top Iranian diplomat Abbas Araghchi says US 'has not asked' for zero uranium enrichment in nuclear talks.
3L Ediz Kalkan Builds Practice-Ready Skills through UC Law SF’s Business Law Concentration - UC Law San Francisco (Formerly UC Hastings)
3L student Ediz Kalkan combined rigorous coursework, mentorship, and hands-on client experience to emerge ready for corporate practice. 3L student Ediz Kalkan shares how UC Law SF’s Business Law Concentration helped him gain the practical skills, doctrinal knowledge, and professional confidence to pursue a career advising corporate clients. It’s one of 12 concentrations that allow JD students to gain specialized expertise in a focused area of legal practice. 3L Ediz Kalkan built a strong foundation in corporate law through specialized coursework and mentorship from faculty and industry leaders. He gained hands-on client experience advising startups through the Startup Legal Garage and through roles in-house and at a law firm. He emerged prepared to handle sophisticated legal matters and interact confidently with clients. 3L Ediz Kalkan: I always gravitated toward business law courses at UC Law SF, so it made sense to memorialize that interest by completing the concentration — especially since I already planned to take most of the required coursework. I have taken many practical- and doctrinal-focused courses, including practical-oriented courses such as Mergers and Acquisitions, Venture Capital and Start Ups, Startup Business Lawyering, Private Equity and Hedge Funds, Corporate Governance, Corporate Finance and a few others. On the doctrinal side, I have taken Business Associations and am currently enrolled in Bankruptcy and Securities Regulation. These courses and professors equipped me with a strong foundation in universal corporate legal principals, fluency in the jargon, and insight into how corporate law intersects with markets, public and private companies, and government agencies. I also gained invaluable mentorship and lessons from industry leaders — both from the faculty and the dozens of guest speakers invited to the classroom. At UC Law SF, I participated in the Corporate Module of the Startup Legal Garage, where I observed practicing attorneys and helped real clients with real startup-related legal needs. I learned substantive law, business strategy — and most importantly — was socialized to the practice of law and the etiquette and expectations of being a junior attorney. I spent my 1L summer at AXOS Bank, a commercial bank in San Diego, where I gained experience with securities regulation, enterprise banking, and in-house work at a public company. From January of my 2L year to now, I have worked as a law clerk at Bartko Pavia LLP, gaining experience in a traditional law firm setting. I have had the privilege of working with startups all the way to public companies, as well as international clients. The experience has strengthened my confidence in tackling complex legal issues and interacting with clients. Through these experiences, I’ve learned that effectively advising clients takes more than subject-matter expertise. This work, and my time in the UC Law SF business concentration, have inspired me to pursue an MBA after law school to become a more well-rounded professional. My career plans remain focused on corporate practice and enhancing my value as a business advisor. I would happily recommend UC Law SF and this concentration because of its robust course catalog, highly successful professors and adjuncts, and extensive resources. Not to mention, UC Law SF is uniquely situated just minutes away from many of the world’s most innovative companies, all of which have legal needs — creating meaningful opportunities for students. My peers and I have been incredibly fortunate to have access to this network of industry leaders and legal professionals. Ultimately, business lawyers can take many paths, but all require the strong foundation that the business law concentration and the incredible people at UC Law SF provide. The Evidence of Success series highlights UC Law SF students as they share how the college’s opportunities equip them with the experience, skills, and confidence to excel in the legal profession.
Trump weighs strikes as he gives Iran ‘10 to 15 days’ to agree deal over nuclear programme
The US has amassed an arsenal of military assets in the Middle East that would allow it to launch an aerial bombing campaign against Iran
How the lightning strikes of nuclear science will fill foundational radiation research gaps
One path to becoming a successful researcher is to find an under explored scientific niche and add knowledge where it didn’t exist before.
Wazzu’s three-point barrage buries Pacific in 887-71 win
The Washington State Cougars snapped their three-game losing streak in a big way on Wednesday night, defeating the Pacific Tigers 87-71. WSU’s (12-16 overall, 7-8 in conference) offense went nuclear, finishing with an absurd 1.403 points per possession, their second-best mark of the season, and splashed 14 three-pointers. What makes the performance even more remarkable […]
Daniel Miller
Daniel Miller is a reporter at POLITICO covering the intersection of entertainment, media, sports, technology and politics.Part of POLITICO’s California team since 2026, he examines how Hollywood and Southern California function as engines of political power. Daniel also covers the rainmakers, dealmakers and cultural figures who shape policy debates, elections and public life far beyond the state’s borders.Daniel previously spent 13 years at the Los Angeles Times, most recently as an enterprise reporter in the newspaper’s Metro department, where he worked on investigations and features. He wrote about allegations of sexual misconduct at L.A.’s Magic Castle, chronicled the cratering ventures of a celebrity vegan chef and detailed themystery of a missing million-dollar pocket watch once owned by J.P. Morgan. In 2019, he wrote, reported and hosted "Larger Than Life," an award-winning podcast about the life of an enigmatic L.A. street racer.He previously covered the business of entertainment for The Times, examining the fraught political ties between the Walt Disney Co. and the city of Anaheim, probing the world of second-tier talent agents operating on Hollywood’s fringes and uncovering allegations involving several #MeToo figures.Daniel was named Journalist of the Year at the 2015 National Arts & Entertainment Journalism Awards and, a year later, received the L.A. Press Club’s Entertainment Journalist of the Year award. He was also a finalist for the 2016 Loeb Awards for "Selling Stardom," a series on unscrupulous Hollywood operators. His narrative reporting has been honored by organizations including the Society for Features Journalism, the National Association of Black Journalists and the Motor Press Guild.Daniel began his career reporting in Southern California, writing for the Ventura County Star, the Los Angeles Business Journal and the Hollywood Reporter. He attended Beverly Hills High School and UCLA. He lives in Los Angeles.
MIT nuclear science professor talks U.S. airlifting nuclear reactors
NBC News' Ellison Barber talks to MIT Professor of Nuclear Science Jacopo Buongiorno about the U.S. airlifting nuclear reactors and what that could mean for nuclear power in the country.
Rubio plans to update Netanyahu on US-Iran talks in Israel next week, officials say
Secretary of State Marco Rubio plans to travel to Israel next week to update Israeli Prime Minister Benjamin Netanyahu on the U.S.-Iran nuclear talks
Vanderbilt Health remembers C. Leon Partain, former chair of Radiology
Clarence Leon Partain, MD, PhD, professor emeritus of Radiology and Radiological Sciences, whose work in nuclear medicine and magnetic resonance imaging helped shape the field of academic radiology, died Jan. 28 in Brentwood, Tennessee. He was 85. After beginning his career as a nuclear engineer at Oak Ridge National Laboratory and as faculty at the University of Missouri and the University of North Carolina, Dr. Partain joined the ranks at Vanderbilt Radiology in 1980 and was promoted to professor in 1984. He later became the first Carol D. and Henry P. Pendergrass Professor of Radiology and Radiological Sciences and chair of the department (1992-2000), and subsequently the director of the Center for Imaging Research. Shortly after arriving in Nashville, Dr. Partain began to lead Vanderbilt Radiology’s nuclear medicine division. He remained in this role until he was named the department chair. Dr. Partain specialized in multiple fields, including nuclear medicine, magnetic resonance imaging and positron emission tomography. Following his time as chair, Dr. Partain shifted his focus to research and spent time working clinically with radiology’s chest imaging section. In 2015, he retired and was honored for his years of service and named as emeritus faculty. Dr. Partain also held an appointment as professor of Biomedical Engineering. A Tennessee native, Dr. Partain was born in Memphis and later graduated from high school in Clarksville. He then received his BS in nuclear engineering from the University of Tennessee, his MS and PhD in nuclear engineering from Purdue University and his MD from Washington University. He completed his residency training in diagnostic radiology and nuclear medicine at the University of North Carolina. Dr. Partain was clinically trained and certified in diagnostic radiology and nuclear radiology by the American Board of Radiology (ABR) and the American Board of Nuclear Medicine. Throughout his career, Dr. Partain contributed to the growth of Vanderbilt Radiology and received many academic and research accolades across the specialty through various associations. During his time leading the department, clinical studies increased from 180,000 to 260,000 cases per year, emerging technological imaging equipment expanded the department’s capabilities, and units for angiography and fluoroscopy were added to the tool kit. The department also expanded its footprint with outpatient imaging in Nashville, Bedford County and more. Research continued to expand with continued growth in scientific findings and millions in grant funding for radiopharmaceuticals, functional MRI, nuclear medicine, X-ray, ultrasound and more. Dr. Partain is celebrated for being instrumental in bringing the first MRI and PET/CT machines to the Medical Center. His efforts helped build Vanderbilt Radiology’s prestige in the world of academics and research both nationally and internationally. His society affiliations included the American College of Radiology, the American College of Nuclear Medicine, and the International Society of Magnetic Resonance in Medicine (ISMRM). He served as president of the Radiological Research Alliance of the Association of Academic Radiologists and has held executive roles as a member of many radiological society boards. Dr. Partain was editor-in-chief of the Journal of Magnetic Resonance Imaging from 2000 to 2013 and a member of the editorial boards of Magnetic Resonance in Medicine, Magnetic Resonance Imaging, the American Journal of Roentgenology, Academic Radiology, the Journal of Nuclear Medicine and Investigative Radiology. He has authored/co-authored/edited six textbooks, including one of the first comprehensive textbooks on MRI, “Nuclear Magnetic Resonance (NMR) Imaging.” Dr. Partain has also authored/co-authored/edited approximately 100-plus book chapters and 200-plus journal articles. In 2000, Dr. Partain received the Distinguished Service Award from the ABR. In 2014, he received the Distinguished Service Award from the ISMRM. In 2016, he received the Alumni Achievement Award from Washington University for his “contributions to advance the fields of nuclear medicine and medical imaging.” Dr. Partain served the ABR as an examiner for 20 years, the Accreditation Council for Graduate Medical Education as a member of the Nuclear Medicine Residency Review Committee, and Vanderbilt University School of Medicine in multiple capacities. A devout Baptist deacon and man of committed faith, he is survived by his wife of 62 years, Judy; children, David (Rebecca), Teri (Bland), and Amy; brother, Larry (Deb); brother-in-law, Tom (Cathy); grandchildren, Sarah (Brandon), Amy, Luke, Tucker, Alex, Ryan and Jake; cousins and a host of nieces and nephews. Vanderbilt Health is grateful to Dr. Partain for his decades of service and major contributions to clinical and research imaging.
Women’s basketball bracketology: A No. 1 seed belongs to Texas, for now
While UConn, UCLA and South Carolina seem like locks on the one-line, the fourth No. 1 seed in the NCAA Women's Tournament remains up for grabs.
NANO Nuclear Reports Q1 FY 2026 Financial Results and Provides Business Update
Management to hold webcast today at 5:00 pm EasternNew York, N.Y., Feb. 17, 2026 (GLOBE NEWSWIRE) -- NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NA...
NANO Nuclear Reports Q1 FY 2026 Financial Results and Provides Business Update
Management to hold webcast today at 5:00 pm Eastern
Reexamining the “Nation of Immigrants”: The Politics of ICE Enforcement Keynote and Panel Discussion
The keynote and panel event Reexamining the “Nation of Immigrants”: The Politics of ICE Enforcement was held on Thursday, February 5, 2026 and discussed the current state of immigration enforcement.
Immunotherapy plus chemotherapy before surgery shows promise for pancreatic cancer
While the combination did not produce a clear survival advantage for most patients, a notable subset experienced unusually deep and durable responses.
Live updates: Nuclear talks between US and Iran set to begin in Geneva
The US is planning to meet with Iranian officials today in Geneva, sources tell CNN. Follow here for the latest.
U.S. and Iran Gear Up for Nuclear Talks Amid Rising Tensions
President Trump has called on Iran to reach an immediate accord or else face the threat of a possible U.S. attack.
Three Niche Sports in the 2026 Winter Olympics
As the 2026 Winter Olympics in Milan continue, there are a few sports viewers may not recognize by name. Let’s break down three niche sports that are taking place in the games right now. L
US increases military pressure on Iran ahead of high-stakes talks
The US military is continuing a significant buildup of air and naval assets in the Middle East ahead of planned talks with Iran in Geneva on Tuesday. The pieces are being moved into place both to intimidate Tehran and to have options to strike inside the country should negotiations over its nuclear program fail, multiple sources familiar with the matter told CNN.
Generative AI Revolutionizes the Life Sciences Industry Accelerating Drug Discovery, Cutting Costs, and Enhancing Innovation
According to data published by Precedence Research, Generative AI is transforming the life science sector, driving innovation in drug discovery, clinical trials, and manufacturing, while reducing costs and improving efficiency. With investments in AI, companies are reshaping R&D and achieving faster, smarter, and more personalized healthcare solutions.Ottawa, Feb. 16, 2026 (GLOBE NEWSWIRE) -- As Generative AI moves beyond pilot projects to become a foundational tool in the life sciences, it acce
Rubio meets Orbán in Budapest as US and Hungary are to sign a civilian nuclear pact
U.S. Secretary of State Marco Rubio is meeting Hungary’s Prime Minister Viktor Orbán in Budapest as the two countries move to sign a civilian nuclear cooperation deal
Why after 70-plus years of readership I won’t renew my Washington Post subscription
My brother and I read a lot growing up. Our Dad, a bomb-designing nuclear engineer with the Atomic Energy Commission (AEC), purchased our first television the day after we graduated from high school. Yes, there was a statement therein regarding his opinion of a pernicious distraction from our academic pursuits. I can’t imagine what he […]
No. 2 UCLA thrashes Indiana, wins its 19th straight game
Lauren Betts and Kiki Rice led a pack of UCLA players completely overwhelming Indiana during a 92-48 at Pauley Pavilion on Sunday.
Top 25 And 1: Michigan leaves no doubt at No. 1 spot after dominant win over UCLA
The Wolverines are No. 1 for the sixth-straight day in our daily rankings and should ascend to that spot in the AP Top 25 soon as well
Assessing Suzhou Ribo Life Science’s Valuation After Recent Share Price Weakness
Recent share performance and business profile Suzhou Ribo Life Science (SEHK:6938) has drawn attention after a 5.4% one day decline to HK$70.05, extending a one month return of a 7.9% decline and a year to date return of a 14.7% decline. For context, the company focuses on researching and developing small nucleic acid drugs targeting cardiovascular, metabolic, renal, liver and other diseases, with several candidates in Phase I, Phase II and preclinical trials. See our latest analysis for...
Michigan ends up running away from UCLA
The Wolverines could wind up ranked No. 1 after turning a close game against the Bruins into a 30-point blowout.
Trump's Genesis Mission gets its first set of 26 sure-to-succeed objectives
: DoE bets AI can speed fusion, unlock decades of nuclear data, and probe fundamental physics
Arundhati Roy is right, not Wim Wenders – here are eight films that have changed politics
From ‘honour’ killings to nuclear war, some screen works have led directly legislative action – despite what jury head Wenders suggested at the Berlin film festival
Megan Grant's double life: How UCLA's softball star decided to join the basketball program
Why did one of the best softball players in the country add a second sport during her senior year?
Minnesota officials call Trump administration’s health grant cuts ‘retribution’
Funding supported nurses and others providing rural health access as well as efforts to prepare Minnesota for future pandemics or public health emergencies.
10 Ann Arbor, Dexter small businesses just won major statewide recognitions
From a neuroscience education company to a Dixboro café, local businesses will be celebrated at a premier small business awards gala this spring.
No. 2 UCLA women extend winning streak to 18 games by routing No. 13 Michigan State
Lauren Betts had 22 points and No. 2 UCLA pushed its winning streak to 18 games by defeating Michigan State.
Thomas Edison Tried to Build an EV Battery in 1901. Scientists Just Made It Work
The battery won't power cars as the famous inventor intended, but it's still got a lot of potential.
Live updates: Pam Bondi expected to face questions about Epstein files at House hearing
Get live updates and the latest news as Pam Bondi faces questions from Congress about the Epstein files and Trump meets with Benjamin Netanyahu on Iran's nuclear program.
Netanyahu to push Trump to take tough Iran stance during White House visit
Israeli PM is expected to press the president to take a harder line over Iran’s nuclear program
Meet the USA TODAY Sports Network 2026 Preseason All-America baseball team
UCLA's Roch Cholowsky and LSU coach Jay Johnson highlight the 2026 USA TODAY Sports Network Preseason All-American baseball awards.
Celebrating Women in Science Day 2026 at CERN
Every year, on 11 February, CERN celebrates the International Day of Women and Girls in Science. In an effort to amplify diverse voices in STEM, six women scientists from CERN open up about their careers and the lessons they hope to pass on to the next generation. Francesca is an Italian biomedical engineer pursuing her PhD at CERN, working in the robotics team of the Beams Department. She’s currently working on the MARCHESE project, in affiliation with Campus Bio-Medico University of Rome, focusing on contactless monitoring of physiological parameters. Despite choosing a scientific career and often volunteering in scientific outreach initiatives, Francesca continues to nurture her passion for the humanities and arts. “I firmly believe that collaboration and inclusion are the right paths to improve the world together. I’m driven by a strong curiosity about everything around me.” Berare is a Turkish experimental physicist who worked with the ATLAS experiment during her MSc and PhD on searches for physics beyond the Standard Model. During her PhD, she became a Support Scientist for the Beamline for Schools (BL4S) competition, which marked the beginning of her journey combining research with science communication. She now works for both BL4S and ELISA, the mini proton accelerator at CERN’s Science Gateway. She fondly remembers the moment when the BL4S 2022 winners arrived at the experimental zone: “I felt incredibly lucky to share my passion with young, curious and really passionate people. We spent two weeks of beam time together watching their ideas turn into reality. All the intricate details of running an experiment, we accomplished them as a team.” Mia is a Canadian research fellow in the Accelerator Systems Department, working on beam developments for fundamental physics with radioactive molecules. Mia pursued a bachelor’s degree in mechanical engineering before moving to Vancouver for a master’s degree in engineering physics. Her interest in radioactive ion beam production brought her to CERN, where she studied actinide beams for three years as a PhD student in the Marie Curie European Training network “LISA” (Laser Ionisation and Spectroscopy of Actinides) at ISOLDE – a facility at CERN where scientists study the properties of atomic nuclei, with further applications in fundamental studies, astrophysics, and material and life sciences. Laura is a German mechanical engineer at CERN working on research and development to produce cavities for future accelerators. She studied mechanical and aerospace engineering at the Technical University of Munich. She joined CERN four years ago as a technical student for her master’s thesis and continued as a fellow working on collimators. Laura says that “as a child, I took part in girls’ day initiatives, which sparked my fascination for astrophysics and engineering. Later, it felt natural for me to give something back by organising workshops for young students to make STEM seem less intimidating and more accessible.” She particularly enjoys being close to the CERN Main Workshop and understanding how design ideas become real components. Paraskevi is a Greek physicist working at CERN’s HiRadMat (High-Radiation to Materials) facility, designed to deliver high-intensity beams to an irradiation area where material samples, as well as accelerator component assemblies, can be tested. She studied physics at NKUA, specialising in nuclear and particle physics, and is now pursuing her PhD at HiRadMat in collaboration with the University of Liverpool, studying novel materials for high-intensity beam diagnostics. “Continuous learning is one of my biggest motivators, and I am looking forward to exploring the limits of our knowledge on beam-material interactions,” says Paraskevi. Silvia is a Spanish physicist and deputy project manager for the Muon Drift Tube of the CMS detector, a general-purpose detector at the Large Hadron Collider (LHC). She started her career at CERN more than 20 years ago as a technical student, working on prototypes of the first dipoles for the LHC. “My first motivation came in high school, from my teacher,” says Silvia about what made her pursue a career in STEM. “My favourite part about my job is learning. You can learn something new every day.” In parallel to this initiative, like every year since 2017, from 2 to 6 February 66 women scientists and engineers visited schools in Geneva, Switzerland, and in the Haute-Savoie and Ain regions of France to meet with students. Organised in collaboration with CERN, the University of Geneva, EPFL, LAPP and LAPTh, this event allowed more than 4200 students between 6 and 17 years old to meet a woman scientist, discuss their profession and career path, ask questions and participate in classroom activities.
A forgotten battery design from Thomas Edison—how scientists helped reimagine it
A little-known fact: In the year 1900, electric cars outnumbered gas-powered ones on the American road. The lead-acid auto battery of the time, courtesy of Thomas Edison, was expensive and had a range ...
NANO Nuclear to Hold First Quarter Business Update on February 17, 2026
New York, N.Y., Feb. 10, 2026 (GLOBE NEWSWIRE) -- NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear micro
The Science of Connection
Breaking new ground in understanding human bonds is the mission of a diverse cadre of UCLA researchers.
Young scientists from across the UK shortlisted for largest unrestricted science prize
The Blavatnik Awards for Young Scientists today announced the Finalists for the 2026 Blavatnik Awards for Young Scientists in the United Kingdom. The Awards recognise scientific advances by UK researchers across Life Sciences, Chemical Sciences, and Physical Sciences & Engineering. Now in its ninth year, each Blavatnik Awards Laureate will receive an unrestricted £100,000 (US$135,000) prize, while the remaining six Finalists will be awarded £30,000 (US$40,400) each. This year’s Finalists include: Chemical Sciences Finalists Michael J. Booth, PhD – University College London (UCL) Mathew H. Horrocks, PhD – The University of Edinburgh Maxie M. Roessler, DPhil – Imperial College London Life Sciences Finalists Nicholas R. Casewell, PhD – Liverpool School of Tropical Medicine Thi Hoang Duong (Kelly) Nguyen, PhD – MRC Laboratory of Molecular Biology Pontus Skoglund, PhD – The Francis Crick Institute Physical Sciences & Engineering Finalists Radha Boya, PhD – The University of Manchester Paola Pinilla, PhD – University College London (UCL) Iestyn Woolway, PhD – Bangor University
Champions League Power Rankings: Inter surge into playoffs
The Champions League playoffs will be back next week around Europe
Statistics and data science symposium hosts early-career scientists
Researchers celebrated the role of numerical data in scientific research at a Jan. 26 event at the Meyer and Renee Luskin Conference Center. The Lange Symposium on Computational Statics and Biomedical Data Science – hosted by the UCLA Department of Computational Medicine and Human Genetics – invited six speakers from across the country to discuss their research.
Trump says nuclear talks in Oman were 'very good,' claims Iran wants a deal 'very badly'
President Donald Trump says Iran "wants to make a deal very badly" after indirect nuclear talks mediated by Oman reportedly show diplomatic progress.
US accuses China of secret nuclear test as Trump admin calls for broader nuclear weapons agreement
The United States on Friday accused China of carrying out a secret nuclear test in 2020 as the Trump administration calls for a broader nuclear weapons agreement including both China and Russia.
Live updates: The latest on the Trump administration as US-Iran talks are underway in Oman
Nuclear talks between the US and Iran are underway in Oman. Meanwhile, lawmakers remain sharply divided over DHS and ICE funding. Follow for live news updates.
The perilous age of quantum politics
Think of Donald Trump as an energised particle colliding with a sensitive geopolitical nucleus
DC Wrap: Dems make DHS demands; nuclear treaty expires; Bessent defends tariffs
A look at the day's biggest stories in national politics
Fears of nuclear arms race rise as US-Russia treaty expires
The expiration of the last remaining nuclear treaty between the United States and Russia on Thursday has sparked fears about a nuclear arms race, with the two biggest nuclear superpowers without limits on their arsenals for the first time in decades.
US-Russia nuclear treaty expires as warnings grow of new arms race
A nuclear treaty first signed in 2010 is expiring this week. If it's not replaced, experts say a global arms race could be in the cards.
Indiana football: Tino Sunseri set to return as quarterbacks coach
Sunseri, Indiana’s quarterbacks coach during the 2024 season before departing for UCLA, will return to the program.
College baseball USA TODAY Sports preseason poll has LSU ahead of UCLA
LSU leads the USA TODAY Sports preseason college baseball rankings after finishing at No. 1 following its national title in the College World Series.
The last US-Russia nuclear treaty is about to expire. What happens now?
Is an arms race inevitable in the post-New START world.
UCLA faces Rutgers after disappointing home loss
After a heartbreaking loss in the middle of what was thought to be a momentum-building stretch, UCLA will try to pick up the pieces Tuesday in Los Angeles with a Big Ten Conference visit from Rutgers.
Letters to Sports: Rams came so close to proving Bill Plaschke right
Readers of the Los Angeles Times Sports section give their thoughts on the Rams' playoff loss and Bill Plaschke's prediction as well as UCLA, USC, the Lakers and Dodgers.
UCLA aims to continue recent run against Indiana
Two Big Ten teams trending in the right direction meet when UCLA faces Indiana on Saturday at Los Angeles.
Civic Science Media: Reimagining How We Communicate Science
A 2022 award winner of the National Academies’ Eric and Wendy Schmidt Awards for Excellence in Science Communications, J.D. Allen discusses his civic science media framework, his nuclear energy broadcast initiative, and how incorporating community engagement and solutions-focused journalism improves science storytelling.
ASNC says PET is now the preferred nuclear imaging test for CAD
Which imaging modality is better for evaluating heart patients, PET or SPECT? After years of discussions and debates, the American Society of Nuclear Cardiology is now ready to point to PET as the No. 1 choice. “There are no clinical scenarios or patient subgroups where cardiac PET with myocardial blood flow should be excluded," the group wrote.
Footy Fix: Catch Champions League action only on Paramount+
All eyes will be on Napoli where Chelsea chase top 8 and the hosts look to sneak into the top 24
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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