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Joint statement on the renewed Quadripartite Memorandum of Understanding regarding cooperation on One Health until 2030
Through the renewal of the Memorandum of Understanding (MoU) on One Health, the Food and Agriculture Organization of the United Nations (FAO), the United Nations Environment Programme (UNEP), the World Health Organization (WHO), and the World Organisation for Animal Health (WOAH) reaffirm their shared commitment to advancing the implementation of the One Health approach.
The U.S. Has Exited the World Health Organization. Here's What That Means for the Country
The U.S. departure from the World Health Organization became official in late January 2026, according to the Trump administration – a year after President Donald Trump signed an executive order on inauguration day of his second term declaring that he was doing so. He first stated his intention to ...
2-month-olds see the world in a more complex way than scientists thought, study suggests
The findings may help doctors and researchers better understand cognitive development in infancy.
Global health systems ‘at risk’ as funding cuts bite, warns WHO
The UN World Health Organization (WHO) warned on Monday that cuts to international aid and persistent funding gaps are undermining the global health system.
A Charming Curiosity Comes to Secret Lair's Chaos Vault
Four Magic artists have brought a woodblock-inspired take on Lorwyn-Shadowmoor's ever-shifting world, and it's available now!
2-month-olds see the world in a more complex way than scientists thought, study suggests
A new study suggests that babies are able to distinguish between the different objects they see around them at 2 months old, which earlier than scientists previously thought.
Iran’s economy falters as internet shutdown hits people, businesses hard
The state-imposed blackout has disconnected Iranians from the world and choked off businesses.
Trump’s America and the Coming Reckoning in Global Sports
The specter of a Donald Trump-led America hangs over the upcoming Olympics and World Cup as the U.S. has changed in the eyes of the world since these sports festivals were last staged.
One of Earth’s most abundant lifeforms has a fatal flaw
SAR11 bacteria dominate the world’s oceans by being incredibly efficient, shedding genes to survive in nutrient-poor waters. But that extreme streamlining appears to backfire when conditions change. Under stress, many cells keep copying their DNA without dividing, creating abnormal cells that grow large and die. This vulnerability may explain why SAR11 populations drop during phytoplankton blooms and could become more important as oceans grow less stable.
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...
Country music world rocked by deaths of 3 legends, including its oldest performer
Country music lost some iconic performers in January.
US can’t isolate itself from the world of science
If things continue on the current trajectory, we will soon lack the ability to understand what the advances in science developed elsewhere mean and how we might exploit them.
Move Fast, but Obey the Rules: China’s Vision for Dominating A.I.
Beijing wants to lead the world in developing cutting-edge artificial intelligence, but it also wants companies to adhere to an increasingly complex set of rules.
Time.so Reports 300% Growth in Business Users
Time.so reports 300% growth in business users as global teams rely on its fast world clock, city times, time zones, and
Hill beaten by Schott in Bahrain play-off
German Freddy Schott beats Scotland's Calum Hill and Patrick Reed in Bahrain for his first DP World Tour title.
Game companies see share prices plummet following the launch of Google's very limited virtual world generator, Project Genie
Gaming companies saw share prices plummet this week after Google rolled out Project Genie 3, an AI tool that lets users…
Caterpillars use tiny hairs to hear
Experiment in one of the world's quietest rooms reveals the hairs detect airborne sounds—like predators.
Health care costs are cannibalizing the economy — consumers can fight back
American health care costs are cannibalizing the economy, with 2024 national health expenditures reaching $5.3 trillion, double the developed-world average, and hidden prices being the main reason …
Why Puerto Rico is considering withdrawing from 2026 World Baseball Classic
Francisco Lindor and other notable Puerto Rican players have not been approved for insurance for the WBC
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 […]
How Alex Pretti’s killing scrambled the world of gun politics
Several niche, left-leaning gun advocacy groups said that since Alex Pretti was killed, they can hardly keep up with the surging demand for firearms training.
Dallas ramps up World Cup logistics, focusing on transit, Fair Park and local businesses
City staff outlines next steps as FIFA planning moves forward before summer matches.
Carlos Alcaraz defeats Novak Djokovic to win Australian Open, becomes youngest player to complete career Grand Slam
Carlos Alcaraz beat Novak Djokovic in straight sets to win the 2026 Australian Open on Sunday, dashing Djokovic's hopes of a 25th Grand Slam victory and cementing his status as the No. 1 player in the world.
A ‘bizarro world’: How Trump’s words have scrambled America’s gun politics
In the wake of a horrific shooting that shocked the nation, President Donald Trump starkly broke with pro-gun groups in off-the-cuff remarks: “Take the guns first, go through due process second,” Trump said during a televised meeting with lawmakers.
A “spiritual entertainment” inspired by faith, international intrigue, and Cardinal Zen
Crafting an interesting story is more difficult than simply pulling something from today’s headlines. However, in the hands of a gifted storyteller, current events can be an inspiration for profoundly interesting and edifying stories. David […]
The world's first trillionaire is coming. Here's what it will mean
Elon Musk may see his net worth surpass the trillion-dollar mark as soon as 2027, if not sooner. And he's not alone
World Laureates Summit: Can science give a blueprint for our future?
In a landmark convergence of intellect and governance, the World Laureates Summit (WLS) opens on Sunday in Dubai, gathering over 150 of the world's most eminent scientists, policymakers, and institutional leaders.Convened alongside the 2026 World Governments
Macau Gaming Revenue Beats Estimate on Entertainment Offerings
Macau’s gaming revenue rose 24% in January, beating analyst estimates as casinos in the world’s biggest gambling hub continued to rely on perks like free concert tickets and entertainment offerings to lure high-spending travelers.
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 […]
Apple Changes How You Order a Mac
Apple recently updated its online store with a new ordering process for Macs, including the MacBook Air, MacBook Pro, iMac, Mac mini, Mac Studio, and Mac Pro. There used to be a handful of standard configurations available for each Mac, but now you must configure a Mac entirely from scratch on a feature-by-feature basis. In other words, ordering a new Mac now works much like ordering an iPad. This change was spotted by Macworld and the French blog Consomac, among others.
Cloud storage payment scam floods inboxes with fake renewals
Over the past few months, a large-scale cloud storage subscription scam campaign has been targeting users worldwide with repeated emails falsely warning recipients that their photos, files, and accounts are about to be blocked or deleted due to an alleged payment failure.
Don’t Think You Have Time to Learn a New Language? This App Says You Do—Save 50% Off a Lifetime Subscription
Babbel forgoes flashcards and memorization in favor of real-world conversations.
US exit from the World Health Organization marks a new era in global health policy – here’s what the US, and world, will lose
The US will no longer participate in the WHO’s global influenza monitoring system – a shift experts say will lead to more flu hospitalizations and deaths.
How viewers around the world responded to Melania Trump’s documentary
Marla Ailor attended President Donald Trump’s inauguration last year with her family, and remembered thinking it was a long day.
Australian Open: Elena Rybakina defeats world No 1 Aryna Sabalenka to win maiden title in Melbourne
Elena Rybakina outhits world No 1 Aryna Sabalenka to win her maiden Australian Open; Watch the ATP and WTA Tours live on Sky Sports Tennis and Sky Sports+, streaming service NOW and the Sky Sports app
Google’s Project Genie Experiment Causes Video Game Stocks to Suddenly Crash as Investors Believe Games Will Be Made Solely with AI
The public release of Google's Project Genie experiment, capable of creating virtual worlds from a prompt, caused video game stocks to crash.
How Singapore is Emphasizing K-pop to Become Asia’s Ultimate Entertainment Hub with BTS and Major Concerts - Travel And Tour World
Explore how Singapore has become a hub for K-pop culture and live entertainment, hosting major concerts and boosting tourism through global collaborations.
Dodgers World Series Champion Linked to Yankees
The New York Yankees reportedly “checked in” on Dodgers free agent Michael Kopech this offseason, per the New York Post’s Jon Heyman. Kopech entered free agency after spending a majority of 2025 on the injured list with the Dodgers. The…
LG joins the rest of the world, accepts that people don’t want 8K TVs
With virtually no content and limited benefits, 8K TVs were doomed.
Video game company stock prices dip after Google introduces an AI world-generation tool
Prediction markets.
Video game stocks nosedive as Google's 'Project Genie' allows virtual world creation
Video game stocks plunge after Google’s Project Genie reveal.
Videogame stocks slide on Google's AI model that turns prompts into playable worlds
Shares of videogame companies fell sharply in afternoon trading on Friday after Alphabet's Google rolled out its artificial intelligence model capable of creating interactive digital worlds with simple prompts.
Apple just completely changed how you buy a new Mac
Each component is treated separately, as if you’re building a machine from scratch.
Sport management practicum gives UMaine students executive-level experience
When Colby Winship enrolled in the Sport Management Practicum at the University of Maine, he knew he was entering a course designed to operate like the professional world. After all, practicum experiences at the Maine Business School are built to move beyond lectures and case studies. This semester, that meant…
The World’s Largest Biological Battle Is Being Fought in Space
But this evolutionary “arms race” looks a little different when playing out in microgravity.
Scientists take first look inside one of world’s most extreme engines
Scientists used optical diagnostic techniques to 'see inside' solid-fuel ramjets, one of the most extreme engines in the world.
Google releases Project Genie AI tool for creating "playable worlds" that can feature copyrighted IP
But legal expert Pete Lewin from Wiggin argues that the companies behind this kind of tech can expect to face "greater scrutiny and pushback from IP owners"
A World Safe for Autocracy: How Chinese Domestic Politics Shapes
China studies expert Jessica Chen Weiss of the Johns Hopkins School of Advanced International Studies reveals how the Chinese Communist Partyʼs pursuit of domestic survival, which balances sovereignty, security, and development, drives
Science Fields and Methodology Came from a Christian Worldview
Is Christianity incompatible with real science? The development and history of science answer a resounding “no.”
Trump nominates Kevin Warsh to succeed Jerome Powell as Federal Reserve chair
The new Federal Reserve chair will step in as the world’s most powerful central bank faces scrutiny over interest rates and rising prices affecting Americans.
Lindsey Vonn airlifted from course after crash in final downhill before the Olympics
Vonn lost control when landing a jump in a World Cup race held in difficult conditions with low visibility and ended up tangled in the safety nets on the upper portion of the course.
Starmer arrives in Shanghai as he looks to boost UK business opportunities
BEIJING (AP) — British Prime Minister Keir Starmer arrived in the Chinese financial center of Shanghai on Friday in his bid to boost business opportunities for U.K. firms in the world's second-largest economy, just hours after U.S. President Donald Trump signaled a possible opposition to any deal...
Starmer arrives in Shanghai as he looks to boost UK business opportunities
BEIJING (AP) — British Prime Minister Keir Starmer arrived in the Chinese financial center of Shanghai on Friday in his bid to boost business opportunities for U.K. firms in the world’s secon…
Starmer arrives in Shanghai as he looks to boost UK business opportunities
British Prime Minister Keir Starmer has arrived in the Chinese financial center of Shanghai in his bid to boost business opportunities for U.K. firms in the world’s second-largest economy, just hours after President Donald Trump signaled a possible opp...
The 10 most profitable sports teams in the world right now
Winning championships is the goal, but for the front office, the real scoreboard is the balance sheet. In an era where media rights, luxury suites, and global branding have turned franchises into financial powerhouses, some teams are simply playing in…
The nation’s cartoonists on the week in politics
Every week political cartoonists throughout the country and across the political spectrum apply their ink-stained skills to capture the foibles, memes, hypocrisies and other head-slapping events in the world of politics. The fruits of these labors are hundreds of cartoons that entertain and enrage readers of all political stripes. Here's an offering of the best of this week's crop, picked fresh off the Toonosphere. Edited by Matt Wuerker.
Getty Images Photographers Recognized at 2026 World Sports Photography Awards
Getty Images Photographers Recognized at 2026 World Sports Photography Awards
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.
Communities unite to address stigma and discrimination affecting people with neglected tropical diseases
Marking World Neglected Tropical Diseases (NTDs) Day, the World Health Organization (WHO) warns that millions of people living with NTDs continue to face profound and often unseen suffering due to discrimination, social stigma and untreated mental health conditions. Under the rallying theme "Unite. Act. Eliminate.", WHO and partners urge governments to integrate mental health care into NTD elimination efforts, ensuring that no one is left behind in pain or isolation.
6 Tactics Black Businesses Can Apply To Spur Revenue Growth In A Post-DEI World
Starting roughly a year ago, DEI rollbacks have meant $217 million in lost federal contracts to small businesses, including Black-owned ones.
Joint Commission partners with STS, ACC on new cardiac care certification
The new certification is intended to focus on the importance of high-quality care and real-world patient outcomes. It will be based on the same data care teams already submit if they participate in the STS Adult Cardiac Surgery Database, ACC CathPCI Registry or STS/ACC TVT Registry.
How to try Google Project Genie, a powerful new 'world model'
The latest project from the DeepMind team is available now.
Google Project Genie lets you create interactive worlds from a photo or prompt
Project Genie lets you generate new worlds 60 seconds at a time, but only if you pay for AI Ultra.
Thom Browne Is the King of the Sports-Fashion Crossover
From dressing LeBron and Serena to hosting an annual football game, few designers are as tapped in to the world of athletics as the shrunken-suit OG.
The chemical genius of Katharine Burr Blodgett
The story of a woman whose discoveries in materials science quietly shape our everyday world but whose legacy was long eclipsed by the famous scientist she worked with at the General Electric Company
A defining week at Davos
Davos was a standout week for Business Insider, bringing our journalism to life on the world stage through standout reporting, smart products, and high-impact events.
I built marshmallow castles in Google’s new AI world generator
Starting Thursday, Google AI Ultra subscribers in the U.S. can play around with Project Genie, which is powered by a combination of Google’s latest world model Genie 3, its image generation model Nano Banana Pro, and Gemini.
World discovers it can hedge US trade risk
It will be many years before the United States' allies can contemplate dispensing with the need for its military might or challenging the tech supremacy of its Silicon Valley giants.
How stroopwafels and saffron tiramisu fit into Starbucks' plan to get to 40,000 stores around the world
The CEO of its international business doesn't see anti-U.S. feeling hurting business.
Fighting for Stronger Political Transparency | IFES - The International Foundation for Electoral Systems
We stand ready to support all actors in strengthening the integrity of political finance around the world.
Health care and academic workers share concerns over halt to H-1B visas in Texas
Since Houston is home to the world's largest medical center, ABC13 wanted to know how Gov. Greg Abbott's directive could affect operations.
FOX Sports Unveils Historic FIFA World Cup 2026™ Broadcast Schedule - Fox Sports Press Pass
Monumental Slate Features 340 Hours of Live First-Run Programming Across FOX Sports Platforms for This Summer’s Global Event All-New Record 70 Matches on Network Television and Unprecedented 40 Matches in Primetime Every Match will Stream Live and On-Demand in 4K on FOX […]
Stop killing your SSD: 6 must-do Windows 11 tweaks
Follow these tips for a long-lasting SSD!
Speedskater Jordan Stolz conquered World Cups. Olympic history is next
Speedskater Jordan Stolz has an almost unbreakable hold on the men's side of the sport. He could leave the 2026 Winter Olympics with four gold medals.
Why is India’s Nipah virus outbreak spooking the world?
The virus spreads from animals to humans, via person-to-person contact or through consuming contaminated food.
Donald Trump promised to make the US the world’s crypto capital. His businesses are seizing on it.
The president's business empire — once known for its hotels and golf courses — has aggressively expanded into the world of cryptocurrencies during his first year back in the White House.
How an inspiring home video launched a main event fighter
How Francesca Hennessy - who headlines on BBC Two on Saturday - went from weight and dyslexia struggles to viral fame and in sight of a world-title shot.
At World’s Busiest Port, China’s Unbalanced Economy Comes Into View
The shipping traffic and factories never stop in China’s port city of Ningbo, but the local housing market has crashed and nearby restaurants sit empty.
Google to foist Gemini pane on Chrome users in automated browsing push
: The world’s most popular browser has gained a dedicated sidebar for AI browsing
'EGREGIOUS!' Sports World Reacts To Bill Belichick’s First-Ballot Hall of Fame Snub
The sports world reacts to the news that NFL coaching legend Bill Belichick will not be a first-ballot Hall of Famer.
'Halide' Co-Founder Sebastiaan de With Joins Apple's Design Team
Sebastiaan de With, co-founder of the popular iPhone camera app Halide, today announced that he has joined the Human Interface Design team at Apple. "So excited to work with the very best team in the world on my favorite products," he said. This marks a return to Apple for de With, who previously worked on things such as iCloud, MobileMe, and the Find My app. He has also completed design work for other companies, such as Sony, Mozilla, Oracle, HP, and EA, in the past.
The Alliance for Primary Health Care in the Americas marks two years and formally welcomes Bolivia and Uruguay as members
PAHO, the World Bank, and the IDB initiative has driven health system transformation and aligned more than one billion dollars in investments across five countries. Brazil expressed its support, signing a letter of intent.Rio de Janeiro, 28 January 2026 — The Alliance for Primary Health Care (PHC) in the Americas, a joint initiative of the Pan American Health Organization (PAHO), the World Bank (WB), and the Inter-American Development Bank (IDB), is celebrating its second anniversary with achievements in transforming health systems across the region.
Opinion | A defense of business leaders’ pragmatic letter about the events in Minnesota
"Maybe public vitriol isn’t the measure by which to judge the words of business leaders in today’s world and with this president," Tom Horner writes.
Can We Protect Science?
Can We Protect Science? It was a burning question at the World Economic Forum last week.
Pulaski County Sports & Entertainment Unveils Official Sportsplex Logo
New Facility Designed to Serve the Community and Welcome the World Pulaski County, Virginia – Pulaski County Sports & Entertainment is proud to unveil the official logo for the Pulaski County Sportsplex, a transformative new indoor sports complex that will serve as a premier destination for athletic competition while providing a year-round recreational asset for […]
Everyone wants to copy the iPhone Fold; Honor developing its own ‘wide’ foldable too
The Android world is bracing for the debut of the first foldable from Apple, expected to be the “iPhone Fold.”...
Amazon layoffs: Leaked memos explain job cuts amid startup shift
Amazon announced 16,000 corporate layoffs on Wednesday. Executives say it aims to transform into the 'world's largest startup' with a cultural reset.
Live Nation Entertainment, DF Entertainment, and Dale Play Live Enter Into Long-Term Partnership With Club Atlético River Plate at Mâs Monumental Stadium
Live Nation Entertainment today announced a long-term partnership with Club Atlético River Plate, alongside DF Entertainment, Argentina’s leading international live entertainment company; and Dale Play Live, Argentina’s leading Latin live entertainment company, to further elevate Mâs Monumental Stadium as one of the world’s premier destinations for global touring artists and…
Samsung's Cool New Gadget Has The First Display Of Its Kind In The World
The 13-inch Samsung Color E-Paper features the world's first display housing made in part with a bio-resin crafted from phytoplankton, a type of microalgae.
NFL Hall of Fame snubs Bill Belichick and sports world is gagged: 'I can't be reading this right'
Sports figures from Patrick Mahomes to LeBron James expressed shock and outrage after news broke that Bill Belichick failed to gain Hall of Fame election on his first ballot.
Chia Pet Film and TV Rights Acquired by Rakia Media and Crystal City Entertainment: ‘We Can’t Wait for Audiences to Check Out the World of Chia in Theaters’ (EXCLUSIVE)
A Chia Pet movie or TV show could be on the horizon, as the media rights to the classic gift brand have been sold.
Leak shows Google's new Aluminium OS in action for the first time
In screenshots and videos, we get a first peek at Google's new operating system that combines Android and ChromeOS.
4 Incredible Techniques Combine to Advance Dark Energy Science
Big, recent investments are paying off as the world's dark energy observatories continue to produce results.
The unique sports collectibles that landed The Realest a $12 million investment round
The sports world is taking notice of The Realest's efforts to expand the definition of collectibles.
As the U.S. bids adieu to the World Health Organization, California says hello
In the wake of the U.S. withdrawal from WHO, California is the first state to participate in the agency's disease monitoring network. Are others following?
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