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Patriots Rival Reportedly Loses Defensive Coordinator, Longtime Coach To Packers
The New England Patriots are gearing up for the Super Bowl, but two of their division rivals are in the middle of coaching changes. The Miami Dolphins fired Mike McDaniel to hire Jeff Hafley, the Green Bay Packers’ defensive coordinator for the last two years. The Buffalo Bills promoted Joe Brady to head coach from […]
Fake Moltbot AI Coding Assistant on VS Code Marketplace Drops Malware
A fake VS Code extension posing as a Moltbot AI assistant installed ScreenConnect malware, giving attackers persistent remote access to developer syst
Marco Rubio admits Trump confused Iceland with Greenland
Secretary of State Marco Rubio admitted during a Senate hearing on Jan. 28 that his boss confused Iceland with Greenland during a speech last week.
Disney Afternoon Collection Pops Up On Switch 1 & 2 eShop, Includes Two Additional Games
Digital Eclipse yet to confirm
Paramount+ plans move into short-form video, UGC: internal docs
Paramount executives want to add short-form video and user-generated content to Paramount+, according to leaked emails and presentations.
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.
Snap is Spinning Out Its Specs AR Glasses Business
The subsidiary, Specs Inc., will keep focusing on products that build on the company's Spectacles, which create mixed-reality experiences for wearers.
Black History Celebration to feature special concession offerings, in-arena entertainment
The Sabres will celebrate Black excellence in WNY during their game against the Kings on Jan. 29.
Dispatch is censored on Nintendo Switch 2 and Switch
Although there was initially speculation about Dispatch being censored on Nintendo Switch 2 and Switch, it’s now confirmed that this is indeed the case. In the PC and PS5 versions, the game featured a “Visual Censorship” setting. This is gone on Nintendo Switch 2 and Switch, so you’re always getting the censored experience. All scenes are in tact, but there...
With Apple’s new Creator Studio Pro, AI is a tool to aid creation, not replace it
Apple’s Creator Studio Pro leverages AI to help creators with tedious tasks—like finding clips or building slides—without trying to do the work for them
Exclusive: Bertelsmann launches $200M health tech fund
The fund launch reflects growing international investor interest in digital health.
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
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.
Searows: ‘Death in the Business of Whaling’ review
Searows' sophomore album Death in the Business of Whaling is an expertly crafted collection of songs. The album is sure to please fans of Phoebe Bridgers, Ethel Cain or Iron & Wine.
Join the Conversation at Business Insider
Comments let readers react, question, and build on our journalism together, turning reading into a shared experience.
Learner Tien shuts down Trump question at Australian Open amid political grilling of American players
American tennis players at the Australian Open continue to face political questions about the Trump administration, with rising star Learner Tien becoming the latest to decline comment.
iOS 26.2.1—Update Now Warning Issued To Millions Of iPhone Users
Apple has released iOS 26.2.1, an important update that all iPhone users should apply now. Here's what you need to know.
Review: AMD's Ryzen 7 9850X3D is a little faster and a lot more power-hungry
The tradeoffs for the $499 9850X3D make it hard to get excited about.
WATCH: Coons, Rubio disagree on whether Congress should’ve been consulted before Maduro ouster
Sen. Chris Coons, D-Del., said the Trump administration failed to properly consult with Congress in the months leading up to the dramatic U.S. military raid that ousted President Nicolás Maduro. Secretary of State Marco Rubio said it was "a trigger-based operation."
Manu Ginobili among backers of new planned sports performance project in South Florida
Manu Ginobili is investing in South Florida’s potential with a new venture. The former San Antonio Spurs star is part of a group building the Sports Performance Hub in Homestead, Florida. It’ll be a next-generation sports, education and community development project. It will feature a 10,000-seat stadium for Miami FC, sports training facilities, a basketball facility, a boarding school and more. Groundbreaking is set for March, with plans to open in 2028. Ginobili, along with partners like Riccardo Silva and Juan Sebastian Veron, aims to connect sports training with academics. They believe Miami’s multicultural environment makes it an ideal location.
Leadership turmoil returns to Hispanic Silicon Valley business group
For the second time in seven years, the Hispanic Chamber of Commerce Silicon Valley has found itself embroiled in a leadership dispute that has led to the sudden ouster and replacement of multiple board members.
Google DeepMind launches AI tool to help identify genetic drivers of disease
AlphaGenome can analyse up to 1m letters of DNA code at once and could pave way for new treatments
Google DeepMind launches AI tool to help identify genetic drivers of disease
AlphaGenome can analyse up to 1m letters of DNA code at once and could pave way for new treatments
Read the email Amazon is sending to laid-off employees
The notifications state that employees will receive full pay and benefits for 90 days.
Record-breaking South Carolina measles outbreak nearing 800 cases
The record-breaking measles outbreak in South Carolina has reached nearly 800 cases, making it the largest spread of the disease in the U.S. since it was first declared eliminated at the start of t…
2nd Show Announced for State Fair 2026 Concert Lineup
The Great New York State Fair has announced its second music act for Suburban Park.
Google Pixel’s Tensor chip said to help weather a rocky smartphone market in 2026
A new report forecasts the smartphone chipset market through 2026, and claims that Google’s efforts in building Tensor for Pixel...
With AlphaGenome, Researchers Are Using A.I. to Decode the Human Blueprint
AlphaGenome is a leap forward in the ability to study the human blueprint. But the fine workings of our DNA are still largely a mystery.
Minnesota Wild Announces Partnership with Priority Commerce Sports
Wild selects Priority to streamline ticket payments and drive new revenue
🧪 Science with Sarah: Graham Cracker Plate Tectonics 🌋
Hello parents, teachers and students! Explore our shifting Earth on a mantle of frosting
This 'perfect' Amazon Fire TV is on sale for under $200 right now — plus 5 more can't-miss TV deals
You don't need to spend a fortune to upgrade your TV.
Tory peer’s punishment for fiddling expenses criticised as too lenient
Campaigners demand ‘real consequences’ for peer who claimed expenses for car journeys he did not take
Galaxy S26 Qi2 25W wireless charger is a MagSafe puck, hints you’ll still need a case
It’s no secret that the Galaxy S26 series is rumored to add Qi2 magnets to the device itself, but if...
Maduro was an 'impediment to progress' and refused deal, Rubio says
Secretary of State Marco Rubio made the comments at a Jan. 28 Senate hearing on Venezuela.
Former utility commissioner Tim Echols reflects on Georgia's new power politics
This coverage is made possible through a partnership between WABE and Grist, a nonprofit environmental media organization. The Georgia Public Service Commission has entered a new era. After nearly two […]
KPN Consulting Services Announces Over 20M USD in Business Acquisitions and Launch of Financial Wealth Symposium
CHARLOTTE, NC, UNITED STATES360-Degree Consulting Firm Expands Economic Empowerment Footprint Through Strategic
Shadowing program inspires future health care professionals
ECU Health’s shadowing program is shaping the next generation of caregivers.
The Odds: Is DHS Secy. Noem becoming an unavoidable political problem for President Trump?
New Sony WF-1000XM6 leak reveals new updated colour options
The WF-1000XM6 is set to debut with more launch colour options than Sony's WF-1000XM5 earbuds, according to a new leak. Tipped to debut next month for $329.99 in the US and €299.99 in the Eurozone, the change would be a first for the WF-1000X series.
Health insurers dodge Trump's pricing crackdown, for now
While the president's ire can return on a whim, the prospect of an Oval Office dressing down appears, for the moment, off the table.
Is Wyoming hoops stuck in purgatory within modern college basketball?
Every season for a reasonably successful mid-major university begins in a similar fashion. They schedule a few in-state cupcakes as the season and home openers before, if they are lucky enough, participating in an ever-declining MTE tournament during the week of Thanksgiving. Throw in a dash of high-major money labeled as “buy games” to help […]
Internal messages reveal teams, jobs affected in Amazon layoffs
Amazon is laying off 16,000 corporate employees. Internal messages show that many of the affected employees had software engineering roles.
AMD Ryzen 7 9850X3D Review - The Best Just Got Better
The AMD Ryzen 9850X3D builds on the already excellent 9800X3D without trying to shake up the market. Instead, it focuses on refining what already works. AMD delivers modest improvements with smarter tuning, and the same cache magic that gamers love. Thanks to a reasonable price increase, this processor will be a no-brainer pick for future high-end gaming rigs.
Samsung teases new privacy feature to hide your Galaxy phone screen from onlookers
Samsung said that the upcoming feature will let you protect selected parts of the screen like notification popup area.
‘A sacred space of healing’: Church of Jesus Christ transforms health center in Liberia
A health center in Liberia was in ruins until it was transformed into “a sacred space of healing” through a project funded by The Church of Jesus Christ of Latter-day Saints.
Business Success
Ohio Wesleyan Celebrates Innovation at Second Annual U.S. Entrepreneurship Competition
2026 NFL mock draft: Senior Bowl week begins as Round 1 picture comes into focus
Here are our latest first-round projections with the draft order nearly set ahead of Super Bowl LX.
As More Founders Aim To Build Billion-Dollar, One-Person Businesses, New Research Points To High-Potential Niches
A new report points to areas where it is possible for solo founders to grow to $1 billion in revenue using AI, blockchain and a global team of freelancers.
Patriots LT Will Campbell trending up ahead of Super Bowl
The Patriots’ left tackle had his best game of the postseason in the AFC Championship Game.
Moto G77 launches with a 108MP camera with 3x lossless zoom, 120Hz AMOLED display, and an IP64 rating
Motorola has grown its Moto G series line of smartphones with the launch of a new model. The new Moto G77 has a new camera, a bigger battery, and a brighter display than its predecessor, the Moto G75.
Snap is spinning off its AR glasses into a separate business
Snap’s augmented reality glasses business will now be its own entity, with the company establishing Specs Inc. as a wholly-owned subsidiary.
Starbucks Says Turnaround ‘Ahead of Schedule’ as Sales Rebound
The coffee chain’s stock jumped after a better-than-expected earnings report.
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.
Recognize Data Privacy Day by protecting your small business from cybercriminals
Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.
The week in politics (Jan. 28, 2026)
On Wednesday's show: From special election runoffs to the fallout from shootings in Minneapolis, we discuss the latest developments in politics in our weekly roundup.
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.
18 free agents with connections to Lions coach Mike Kafka
Taking a look at the 2026 NFL free agents who have connections to Detroit Lions coach Mike Kafka.
Kemi Badenoch apologises for Suella Braverman mental health claim
But she branded defectors from the Conservative party "drama queens", saying people who did not agree with the direction she was taking the party "need to get out the way".
OpenAI digs in on a fundamental disconnect in new research: AI is ready for primetime, many businesses aren't
The real challenge isn't building better AI—it's actually using it.
On Data Privacy Day (and every day): Protect your small business
Cybercriminals target companies big and small. Today is Data Privacy Day — a great opportunity to take a look at how you keep your business and customer data protected. Get started with the FTC’s updated resources at ftc.gov/cybersecurity.
The US in brief: DHS’s first report on Pretti
The latest news in US politics, with coverage of Donald Trump’s second term.
How to Communicate About Quantum Technology — Science-Backed Tips For Talking Quantum
Research shows that most people know little about quantum technology, making clear, balanced communication essential.
Viral AI assistant Moltbot rapidly gains popularity but poses security risks
The open source "Jarvis" chats via WhatsApp but requires access to your files and accounts.
FreshBooks 2025 Ontario Small Business Snapshot: Owners More Reserved Than U.S. Peers, but Most Say Their Businesses Are Stable
Ontario survey data shows lower optimism and higher interest-rate sensitivity than U.S. counterparts, while operating conditions stay steady for most businessesTORONTO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Ontario small business owners are entering 2026 with a more reserved outlook than their U.S. counterparts, reflected in lower economic optimism, softer financial sentiment, and greater sensitivity to interest rates, according to a new Ontario snapshot from FreshBooks’ 2025 State of Small Business
Do college sports actually want rules? How high should Indiana be ranked? Mandel’s Mailbag
Plus, why the SEC and Big Ten control the CFP, what coaching hires were actually downgrades and Deion Sanders' future at Colorado.
Kast’s Cabinet Set to Confront Distinctly Political Challenges
Chile’s president-elect has rolled out a pro-business cast of ministers, tasked with finding political solutions, an expert writes.
‘I don’t let bullies win’ Ilhan Omar says after attack, as Trump says he will ‘de-escalate’ in Minneapolis
President had mocked congresswoman hours before she was sprayed with unknown substance during a town hall event
The Two Big Decisions Facing Democrats Ahead of a Shutdown
Plus, senators work on a last-minute budget deal on immigration enforcement, and Tom Homan presented his list of demands to Minnesota leaders.
‘Shameful’: Trump’s EPA accused of prioritizing big business over public health
A year into Trump’s second term, critics say the EPA is rolling back dozens of protections and giving a leg up to polluters
‘Shameful’: Trump’s EPA accused of prioritizing big business over public health
A year into Trump’s second term, critics say the EPA is rolling back dozens of protections and giving a leg up to polluters
‘Rodent droppings, live roach’: Jefferson County’s worst January 2026 restaurant health ratings
In January, 11 restaurants, convenience stores and other food establishments received scores of 84 or below.
Barry Keoghan Is Nearly Unrecognizable with Long Hair in London, Plus Halle Berry, King Charles, Queen Camilla and More
Barry Keoghan is nearly unrecognizable with long hair in London, plus Halle Berry, King Charles, Queen Camilla and more. From London to Los Angeles, and everywhere in between, see what your favorite stars are up to.
What Happens to Your Body When You Take Vitamin D Supplements Every Day Long Term?
A daily vitamin D supplement can support bone strength, muscle function, and balance—especially in people who are vitamin D deficient.
Hidden struggles: Cambridge scientists share the truth behind their success
In a career defined by constant questioning, self-doubt can become an occupational hazard. Now, for the first time, a group of Cambridge scientists reveal the personal struggles they’ve faced – and continue to face – as they strive for success.
Football Announces New Sports Performance Staff Hires - University of Tennessee Athletics
Tennessee football has finalized its sports performance staff with the addition of six new hires under the direction of Derek Owings , head coach Josh Heupel...
Ilitch Sports + Entertainment Event Colleagues Enjoy Special Celebration at Little Caesars Arena
Community
Scientists turn tumor immune cells into cancer killers
Scientists at KAIST have found a way to turn a tumor’s own immune cells into powerful cancer fighters—right inside the body. Tumors are packed with macrophages, immune cells that should attack cancer but are usually silenced by the tumor environment. By injecting a specially designed drug directly into tumors, researchers were able to “reprogram” these dormant cells to recognize and destroy cancer.
Sharing Good News Pays Off for Palm View K-8 Science Teacher
On Friday, we were proud to SURPRISE and announce the second-ever recipient of the School District ...
National Institutes of Health Need Agencywide Strategy to Prioritize and Fund Pediatric Research, Says New Report
Childhood health is foundational to lifelong well-being. A new National Academies report makes recommendations on how NIH and Congress can best support pediatric health research and improve health outcomes through childhood and beyond.
Disaster Preparedness: How Measurement Science Can Help Your Community
Firsthand experience with natural disasters inspired a NIST researcher to study how communities prepare for — and recover from — disasters.
Teamsters California endorses proposed billionaires tax
Teamsters California, with 250,000 members statewide, becomes the largest union to back the proposed November ballot measure to enact a onetime billionaires tax.
New WhatsApp lockdown feature protects high-risk users from hackers
Meta has started rolling out a new WhatsApp lockdown-style security feature designed to protect journalists, public figures, and other high-risk individuals from sophisticated threats, including spyware attacks.
Centrist ideas no longer wanted in Conservative party, says Kemi Badenoch
Party leader tells MPs that one-nation Tories doubting her rightward direction ‘need to get out of the way’
Who was Ajit Pawar, the Indian politician killed in plane crash?
Pawar was a key political figure and served as second-highest elected official in Maharashtra, India's wealthiest state.
Why it’s so hard to uncover the truth about a president’s health
Bruises on Trump’s hands and other apparent ailments have invited speculation. But secrecy, politics, and the vagaries of aging make drawing conclusions difficult.
Vikings, other NFL teams not surprised Commanders hired Daronte Jones
Other NFL executives raved about new Commanders DC Daronte Jones.
Large Businesses Driving Crypto Payments Adoption, PayPal Survey Finds
About 4 in 10 U.S. merchants (40%) now accept crypto at checkout, PayPal and the National Cryptocurrency Association said, citing a Harris Poll survey. 50% ...
New Jacksonville health center to bring expanded services, welcome patients regardless of insurance
A Jacksonville health center is expanding its reach to treat more people, especially those who do not have insurance.
iPhone 18 Pro Could Feature Teleconverter Alongside Variable Aperture
Apple's rumored new variable aperture camera system for this year's iPhone 18 Pro models has reached the sampling stage, according to a new claim from a Chinese leaker. Posting on Weibo today, the account known as "Smart Pikachu" said the feature had entered late-stage engineering samples, while a teleconverter is also "under evaluation" for the device. The iPhone 18 Pro and iPhone 18 Pro Max are expected to launch in September 2026.
Health inspections lead to 4 Central Florida restaurant shutdowns last week
The Department of Business and Professional Regulation shut down four Central Florida dining venues for health code violations during the week from Jan. 18-24.
The surprising science behind how certain foods can make you smell more attractive
Beneath fancy perfumes and deodorants, our food choices may be quietly shaping our natural scent in unexpected ways
Why comedian Katherine Ryan won't make fun of her kids on stage: 'I don't wanna get Brooklyn Beckhamed'
The British-Canadian comedian says she steers clear of making any of her five children the punchline for fearing of stirring up Beckham-style family drama.
Frederick zoning amendment could change rules for home businesses
Frederick business owners who operate out of their homes could have new rules under a zoning amendment being considered by the city's Planning Commission.
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
Commentary: They said Katie Porter was dead politically. I checked her pulse
A one-two punch of unflattering videos caused many to write off Porter's gubernatorial candidacy. But the former O.C. congresswoman remains a top contender.
Inter's Chivu changed team's style and it's working
Chivu has kept Inter at the top of Serie A, but he has changed the way they're playing the game