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What to know about the Melania Trump documentary
As Melania Trump prepares to walk the red carpet at the newly rebranded Kennedy Center Thursday evening, she is proving that a peek behind the curtain of her life isn’t just a historical record, but a multi-million-dollar commodity.
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
China’s exports surge amid AI-driven demand
Exports grew by 36.3 percent in September, the biggest leap since the COVID-19 pandemic.
US commodities regulator proposes new federal crypto oversight rules
The U.S. Commodity Futures Trading Commission proposes new federal rules for crypto exchanges offering leveraged trading to streamline regulation.
Colorado’s regulations should address policy challenges only as truly needed
As Colorado approaches its 150th birthday, we should remember its first 100 years were characterized by repeated boom-and-bust economic cycles. Dependence on mineral extraction and agricultural commodity prices was subject to the volatility of these markets. In 1972, as I arrived in Denver with Ma Bell, 40,000 metro households were waiting for dial tone since […]
Senate Small Business Hearing Suggests Some Tariff Wariness - Coalition For A Prosperous America
A Senate Committee on Small Business and Entrepreneurship hearing held last week had only one manufacturer serving as a witness. He liked the tariffs because they stopped the bloodletting of cheaper imitations from China. However, he told the Senate that changes could be made to existing tariff policy to help lower costs as commodity and other input prices are rising fast.
After Long Avoiding Politics, Commodity Traders Cozy Up to Trump
(Bloomberg) -- For decades, the world’s biggest commodity traders have sought to remain outside of politics, doing deals with anyone who has natural resources to buy or sell. Now, Donald Trump is changing the rules of the game. Most Read from BloombergHormuz Chaos, Lebanon Clashes Dent Trump Peace Deal HopesNvidia Makes Quantum Computing CEO a Billionaire in DaysTrump Says Iran Will Suspend Nuclear Program as Hormuz OpensThe Jet-Fuel Surge Is Making Global Flight Connections DisappearCongo to To
Iran War Pushes Companies to Raise Prices on Beer, Paint, Fries and More
Sherwin-Williams and the brewer of Samuel Adams are among those facing higher commodity and freight costs.
Will Commodity Sports Last?
If you wanted to bet on the Super Bowl this past weekend, you had options. You may have bet with a friend. If you live in a state where it’s legal, you could have gone to a casino or used a casino’s app. Or, starting last year, you could have entered into an event contract […]
South African Business Optimism Wanes in March on Iran Conflict
South African business confidence moderated in March as the US-Israeli war with Iran roiled financial, commodity and foreign-exchange markets.
CFTC Can’t Tell the Difference Between Sports Betting and Derivatives Trading
WASHINGTON, D.C.— Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement after the Commodity Futures Trading Commission (CFTC) proposed a rule that treats event contracts on sports, elections, and pop culture as financial derivatives and adopted a rule that attempts to distinguish ‘casino-style gambling products’ that it says are not swaps from
Good Intentions, No Easy Solution: Why Income Diversification Needs a Gender Reckoning
When commodity prices drop, the path forward is rarely straightforward, and our recent field research in Côte d’Ivoire’s cocoa communities shows that the costs of getting diversification wrong fall hardest on women and girls.
The RAM Shortage Is Killing Nvidia's Cheapest GPU for 4K Gaming
We can already tell 16GB graphics cards will become an exclusive commodity in 2026.
California trucking business files for bankruptcy
Commodity Transporters initiated the Chapter 11 petition.
Cal-Maine Foods, Inc. (CALM): A Deep Value Commodity Business
As part of our ongoing series at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that may represent a deeply undervalued opportunity hiding in plain sight. This week’s spotlight is Cal-Maine Foods, Inc. (CALM) — the largest producer and distributor of shell eggs in the … Read More
Analysis | Is anything real anymore? In 2025, even sports fans started to doubt.
The integrity of games might be sports’ most precious commodity. This year’s gambling scandals have fans questioning it — a trend some view as an existential threat.
Under Trump, Commodity Futures Trading Commission Scales Back Enforcement, Worrying Farmers
The fate of two cotton brokers highlights how the Commodity Futures Trading Commission has scaled back its regulatory actions not just for crypto cases but also for the kinds of cases it has long policed.
Tarik Skubal landing spots: Eight teams that could land ace at deadline (and why the Tigers may just keep him)
The Tigers ace is the hottest commodity on the market leading up to Aug. 3, but his availability isn't a sure thing
Senators introduce bill to ban sports betting on prediction markets
The new bill would amend the Commodity Exchange Act to ban prediction contracts related to sports events or casino-style games.
After Long Avoiding Politics, Commodity Traders Cozy Up to Trump
For decades, the world’s biggest commodity traders have sought to remain outside of politics, doing deals with anyone who has natural resources to buy or sell. Now, Donald Trump is changing the rules of the game.
Michigan State Extends Offer to 4-Star Tackle
Jonathan Smith targets Illinois powerhouse Ben Coleman, a versatile 285-pound mauler whose rare blend of elite size and soft hands makes him a prized Big Ten commodity.
Giorgio Armani, Stanley Fischer Among Business Leaders Who Died in 2025
A city-enhancing “starchitect,” a savior of IBM, a revered fashion designer and the founding chairman of the US Commodity Futures Trading Commission were among the notable business and finance figures who died in 2025.
Editorial: The Trump administration’s strange affection for prediction markets
There is something genuinely strange happening at the Commodity Futures Trading Commission, the federal agency responsible for regulating derivatives markets. Under Chairman Michael Selig, the CFTC has challenged states seeking
CFTC sues Wisconsin over sports betting lawsuit targeting major prediction markets
The Commodity Futures Trading Commission said it's suing to "reaffirm its exclusive jurisdiction."
CFTC Chairman Says AI Helps Agency Run More Like a Business
The Commodity Futures Trading Commission (CFTC) is using artificial intelligence to boost efficiency, CFTC Chairman Michael S. Selig told a congressional
Amendment narrows ‘agricultural disparagement’ language in sweeping farm bill
The amendment would align the definition with federal commodity classifications.
Shaquille O’Neal has suddenly become a hot commodity …
Shaquille O’Neal has suddenly become a hot commodity …
Why addressing deforestation is a strategic business priority
Companies, governments and investors increasingly see the business value of staying focused on responsible commodity production and sourcing.
BHP Group's first-half profit jumps 22% on higher commodity prices
BHP Group on Tuesday reported a better-than-expected half-year underlying profit, driven by record first-half iron ore production and higher prices for its key commodities, iron ore and copper.
Imagicaaworld Entertainment And 2 Indian Undervalued Stocks To Watch
Global food and commodity prices remain elevated, and that keeps investors focused on cash rich Indian businesses that can handle higher input costs. When markets worry about inflation staying sticky, dependable cash generation often matters more than headline earnings. This article looks at three Indian stocks where current market prices sit below an internally assessed cash flow value. You will see why cash focused value hunters are watching these opportunities now. The three stocks covered...
Global consumer companies face pricing stress test from oil shock
The fragile demand recovery seen by consumer companies globally is at risk of getting stalled by chances of more prices hikes as a result of soaring energy and commodity costs due to the Middle East conflict.
Colorado is turning its back on agriculture
Colorado’s farmers and ranchers already face significant challenges, including volatile commodity prices, rising input costs, labor shortages and unpredictable weather. They should not also have to contend with a state legislature that increasingly seeks to regulate how they protect crops and livestock. Yet that is precisely what Senate Bills 26-062 and 26-065 represent: a top-down […]
How to get involved in research at Eckerd College
Research at Eckerd College is not a commodity limited to students with prior experience, but instead something that is available and should be taken advantage of by all students.
The Hottest Commodity in the Mining Business: American Generals
Companies are bringing in retired military brass to navigate Washington and win Pentagon contracts.
Hormel sells whole-turkey business to another Minnesota company, but Jennie-O remains
Waning consumer demand and volatile commodity prices have put pressure on poultry producers. Life-Science Innovations already owns other bird facilities throughout the state.
The 10 wildest stock, crypto, and commodity market moments of 2025
Come for the Liberation Day stock-market crash. Stay for Nvidia's ascent to a $5 trillion valuation.
Personnel note: Eric Ludin tapped as Of Counsel for Shumaker's St. Pete office
Ludin is a Florida Supreme Court Certified Circuit Mediator, making him a commodity among other lawyers to resolve client disputes.
CFTC warns prediction markets against American-style casino odds
The Commodity Futures Trading Commission told prediction markets to avoid using American-style gambling odds as the US regulator fends off legal challenges alleging the platforms are illicit sports betting operations.